In this work, the author writes about hospitality and tourism strategic management, which is the art and science of formulating, implementing and evaluating multi-functional business approaches and decisions in order to make sure that the business firm achieves its goals effectively…
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This "Hospitality and tourism strategic management" essay describes an importance of strategic management, its key elements and also writes about role of Information technology in the hospitality industry. Strategic planning has seen a vast improvement and has evolved in recent times, more so with the volatile economy and intense market competition. However, there is still a tendency of the senior management to keep the formal strategic planning in their purview rather than making it transparent and developing a clear communication with the middle managers and other employees. This approach will not only prove to be detrimental for the future of organizational objectives, but also will not allow a complete harmony between the various levels of employees. The middle management will not be equipped to handle and execute the strategic planning of the senior management until and unless they have a clear understanding of the future vision of the organization. The hospitality and tourism industry has evolved from late eighties and has seen tremendous growth, making the competition stringent with most of the developing countries focusing and formulating friendly policies due to the industry’s immense potential. With advanced tools being introduced to make the services as pleasing for the customer as possible, the focus has more or less now shifted on the unit and the departmental levels of industry players. Hence, the senior management needs to realize the importance involving all the employees in strategic decision making. as they are the ones, who deal one on one with the existing and prospective customers, which eventually decides the company’s reputation and future market base (Scott and Laws 2006). Business Environment The external environment that any company in the hospitality industry needs to do a thorough analysis on can be divided into the operating environment and the organisational environment. Many developed and primarily developing countries have come up with hospitality industry friendly policies and procedures due to the immense potential of the hospitality and tourism industry to generate huge amounts of economic benefits for any country, benefits like, employment, foreign exchange, tax revenues etc. (Kotler 2008). Managers must give a detailed consideration to the macro-environment factors. Firstly, political factors - governments enforce rules and regulations within which the company must operate, such as subsidies or lenient tax laws for new businesses. Governments can shut companies for not complying with the enforced laws. Therefore, being compliant with the laws
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