Strategic Management in Tourism and Hospitality - Essay Example

The paper “Strategic Management in Tourism and Hospitality” is an affecting example of the essay on management. SWOT analysis was created by major voices of the business world in the 1960s. These included the voices of Edmund P. Learned, Kenneth Andrews, William D. Book, and C. Roland Christensen. They originally intended for SWOT analysis to be used in business, but its users have since expanded its functions beyond the business world to areas concerning personal development (Learned, 1969).

SWOT analysis is an analytical tool designed to help entrepreneurs build a strong business by ensuring that they have all their bases covered with regard to their venture’s weaknesses, strengths, opportunities, and threats. As the former statement implies, SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. A company in the market place needs to consider all these parameters in order to be and stay successful. It needs to define and capitalize on its strengths, increase efforts in the minimization of its weaknesses or develop strategies to counter them, single out opportunities which should benefit the company thus deciding on what is the best decision to make with regard to planning for the future and making changes to its systems. Finally, threats facing the company which may come in the form of competition from similar businesses, and environmental hazards among others. It can, therefore, be said that a SWOT analysis allows the identification of both the internal and external influences of a company.

The first two dimensions: strengths and weaknesses focus on the internal state of the company- these features of the company can be gauged by examining the company’s reputation, location, what patents it has or needs to seek, and so on. A company’s strengths and weaknesses are prone to change depending on the type and amount of effort the company dedicates in for this purpose. The other two dimensions: opportunities and threats are found within the marketplace, they are not subject to the company’s efforts or lack thereof and can only be countered through adaptation but not altered directly. These include competitors, suppliers, and customers.

A SWOT analysis can be conducted on an already existing business or a business that is just being created. In both cases, the main reason for the analysis is to ensure that a business is tailor-made for its changing environment and is made as strong as it can possibly be to maximize its chances of succeeding in the marketplace. This paper will contain a SWOT analysis of the company Artisans of Leisure and describe the critical strategic issues facing the company and their relevance to the tourism industry.

SWOT analysis template
Here is a SWOT Analysis template with some examples filled in:

Strengths

Weaknesses

• Political support
• Funding available
• Market experience
• Strong leadership

• Project is very complex
• Likely to be costly
• May have an environmental impact
• Staff resources are already stretched

Opportunities

Threats

• The project may improve the local economy
• Will improve safety
• The project will boost the company's public image

• Environmental constraints
• Time delays
• Opposition to change