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Strategic Hospitality Management - Essay Example

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Strategic management process refers to the method that is highly supportive for the companies and firms in devising of schemes in response to the latest challenges being made within the business environment. Hence, almost all the activities involved in the devising, formulating,…
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Strategic Hospitality Management
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Strategic Hospitality Management

Download file to see previous pages... Planning, leading, directing, supervising and regulating of activities related to the strategy are essential parts of strategic management process. Planning is the most important phenomenon in strategic management that maintains the foremost significance in respect of presenting the outline of the strategy. Hence, selection of corporate scheme, establishment of goals and objectives, identification of strategic options, planning and allocation of resources, organizational structure and design, managing structure change, and in-depth analyses of corporate environment are included in strategic management process.
Both external and internal analyses play imperative part in strategic management process. Internal influences include strengths and weakness of a firm, while external influences include opportunities a corporate firm enjoys as well as the threats and challenges it undergoes from its competitors during the exercise of its strategic scheme. Every organization, whether large or small, or local or international, devises strategy keeping in view the strengths, weaknesses, opportunities and threats. For instance, the unabated popularity, wide range of consumers, universality and unique brand serve as the strength of the Coca-Cola Company (TCCC). Similarly, Red Hat’s work force, innovative ideas and extraordinary technical skills include among its strengths. On the other hand, health damages, high price and banishment of tobacco consumption include the weaknesses of international brand Marlboro. In the same way, fulfillment of the demands of wide range of consumer in all parts of the world along with unique products, swift changes according to the latest challenges and production of new technological equipments are the opportunities before world famous brand Microsoft Corporation. In addition, ban of the products of Danish commodities in Muslim countries are the threats faced by the north European countries while entering the global markets. It is therefore ...Download file to see next pagesRead More
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