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Tools to Make Better Strategic Decisions - Literature review Example

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The following literature review "Tools to Make Better Strategic Decisions" is focused on the establishment and development of tour operators and companies providing travel services by offering desired deals and packages to the target market that has been at the forefront of leisure travel in Europe…
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Tools to Make Better Strategic Decisions
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Download file to see previous pages It is understood that the recent wave of expansion that has hit the European travel market has been an application of strategic tools and techniques in order to achieve the organizational objectives of profit maximization, increased customer base, and cost-efficiency. According to the information presented by Page and Connell (2006: p129) the vast scope of the European travel market is such that 53% of the population residing in the continent was reportedly away on holiday with most holiday goers belonging to the western region of the continent which essentially represents the differences in incomes and savings of individuals residing in various parts of Europe. As per the guidelines set by strategic management, major tour operators in Europe have benefitted from various modes of integration in order to obtain a larger share of the overall market. Page and Connell (2006: p130) identify that due to the adoption of such practices of horizontal and vertical integration the landscape of the travel market in Europe is dominated by certain key players in the industry of which TUI AG and Thomas Cook AG are standout contenders on the list. As highlighted earlier, aspects of strategic management are pivotal to an organization’s success and this statement is also applicable within the context of major European tour operators. The tools, techniques, and procedures that are involved in the assessment of a company’s internal analysis are used to define its value-creating process and uncover its strategic capabilities. The implementation of these techniques consequently defines the optimal distribution of resources in an organization so that the achievement of economic advantages may guide the business towards prosperity and success (Bensoussan and Fleisher 2012). The purpose of this paper is to effectively utilize the tools of internal analysis which are, Value Chain Analysis and Balanced Scorecard with regards to the European tour operators TUI AG and Thomas Cook AG respectively. Accordingly, the concluding section of the paper examines the key aspects of the internal analysis to provide suitable suggestions and recommendations in light of the discussion. 2. Value Chain Analysis According to Bensoussan and Fleisher (2012) the procedure which follows the implementation of a Value Chain Analysis can be described as a series of activities that are undertaken to guide products from the stage of inception till they are delivered to the final customers. Henceforth, the division of the Value Chain Analysis is based on the categories of primary activities and support activities which must be initiated for the achievement of various organizational objectives. This section of the paper focuses on the Value Chain Analysis for TUI AG on the basis of the aforementioned categories. The primary activities of the business can be examined on the basis of several categories that are classified as inbound logistics, operations, outbound logistics, marketing and sales, and service. The inbound logistics of TUI AG include aircraft, hotels, cruise ships, and cruise liners. Accordingly, the operations of the business can be defined under the categories of tourism, travel and hospitality services. Outbound logistics of TUI AG are highly extensive which reflects the vast scope of its global operations, infrastructures comprising of the outbound facilities are travel agencies, airlines, retail stores, high street outlets, incoming agencies, tour operations, online sale points, travel shops, car rental services, and car parking services. ...Download file to see next pagesRead More
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