Strategic Recommendations and Action Plan for MGM Resorts International - Essay Example

Strategic Recommendations and Action Plan for MGM Resorts InternationalStrategic Recommendations for MGM Resorts InternationalFor the continuity of the organization, MGM Resorts International should focus on long-term strategies that will eventually facilitate the growth of the business. For instance, the company has to focus on five main strategies including analysis of tourism impacts, financial and economic analysis, analysis of tourism and analysis of tourism demand.The management team of MGM Resorts International should engage in the assessment of developmental impacts and their shortcomings.

First, a close focus of tourism demand should be employed on the basis of the markets intended for visitors for the destination. In this case, market trends, travel patterns and tourist arrivals should be analyzed thoroughly, as it will help in internalization of the competition that exists in other destinations having the same attractions.Secondly, focusing of tourism supply should be initiated with regard to facilities, accommodation and attractions. The experience of visitors should be considered through the analysis of human resources, infrastructure and transportation.

When assessing new developments in remote areas, a critical factor will be a selection of the site, for erection of commercial buildings and the proposed hotels. However, in the assessment of complex structures in areas where integrated resorts will be in question, a number of factors will have to be considered. In such a case, MGM Resorts International will have to consider addressing a number of issues. First, the link between tourist attraction and the site should be addressed and secondly, access to sufficient housing and local work force.

Thirdly, the perception of the resident population towards development should be looked at as well as the access to utilities infrastructure and transport systems. Similarly, availability of regional attractions and tourism gateways should be explored. Hand in hand, ready availability of ample land for development should be looked at. Lastly, the attraction of the physical environment and the nature of climate should be given some attention. Similarly, the capacity of services and products of the resorts should be adequate and up to date.

The management team of MGM Resorts International should employ the present technology, in the process of providing its services and products on a daily basis. The skills and technical knowledge of the company’s service and sales staff should be acceptable, and the variety and quality of the company's services and products marketed in the tourism industry should be exclusive. This strategy will focus on improving the technology of the company’s services and products, while meeting the needs of customers in the market.

Thirdly, the company should focus on tourism impacts with regard to social and cultural developmental impacts. In this case, sustainability in the industry should be entailed with regard to waste disposal, natural scenery, water quality and use of land. The current world is advocating for environmental protection 'therefore' MGM Resorts International should consider the protection of the natural environment as a tourism impact strategy, and overuse of natural resources should be minimized to manageable levels.

Lastly, financial and economic strategies should be laid out with regard to the benefits for the local economy, including the creation of employment and spending. The management, monitoring and utilization of resources for the company’s advancement, should be defined by this strategy. For instance, MGM Resorts International should engage in the recruitment of healthy professionals, who have experiences and potentials of higher levels, besides providing employees with a suitable environment in the workplace.

Other than that, the company should how the company’s accesses capital and controls over inventory and purchases, with regard to tourism activities. More so, the management of credit and cash, management of finance and budgets, the accounting skills in the company’s management and the quality of all the systems of checking in and out customers should be analyzed thoroughly. Economic analysis should focus on the social practices and roles, standards of living, consumption patterns and changing work.

Action Plan for MGM Resorts InternationalMGM Resorts International should have an action plan, which will help the management team to focus on the laid strategies. The action plan will assist management in achieving the set goals. In designing the implementation plan, the company’s management must consider the changes required in the management systems within the tourism industry, for the achievement of developmental objectives (Moulder, 2010). Given that the action plan is the final step in the developmental process; MGM Resorts International should consider formulating it according to the goals of the strategies.

For instance, a clear and precise summary on all the data that was applicable in the planning process should be conducted and thereafter analyzed. This will enable the creation of perfect schedules and guidelines for the development of the company. For instance, the management team should engage in the review of the company's progress and achievements, as well as self-assessing it. Then, they should cite the desired goals to be achieved by the company, alongside defining the strategies necessary for the achievement of the set goals.

After the creation of appropriate schedules, MGM Resorts International should consider maintaining the developmental process through careful management. This includes identification of the company’s objectives, setting of measurable and achievable objectives (Moulder, 2010), and effective allocation of priorities to every task. Similarly, identification of the necessary steps vital of achievement of desired goals, resource allocation and executing tasks effectively with subjection to pressure should be considered, alongside meeting deadlines while working effectively and formulation of a contingency plan.

ReferencesMoulder, E., (2010). Do business attraction plans make a difference? Public Management, 92(11), 12-16.