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Wynn Las Vegas Functional Strategy Audit - Assignment Example

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Its location on the Las Vegas Strip is quite strategic (Wynnlasvegas.com, 2015). It also consists of a casino and traces its name after the developer of the casino, Steve Wynn. It is the leading property…
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Wynn Las Vegas Functional Strategy Audit
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Wynn Las Vegas Functional Strategy Audit Insert Insert Describe how you will achieve your business level strategies using two components from each of the six functional areas.
Introduction
The Wynn Las Vegas refers to a luxury resort located in Paradise Nevada. Its location on the Las Vegas Strip is quite strategic (Wynnlasvegas.com, 2015). It also consists of a casino and traces its name after the developer of the casino, Steve Wynn. It is the leading property of Wynn Resorts Limited. The Wynn is rated the one of the top United States hotel with outstanding performance in the hotel, restaurant, and Casino. It is peculiar to an example of a process of formulating plans and successfully implementing them. Distinguishing the roles that each level handles is necessary. The latter will build on the initiative of the corporate stage to align the strategies. The strategies at the business level mainly center on navigating within the market systems whereas, at the corporate level, the strategies concentrate on defining the market. In addition, the policies at the functional level are responsible for complementing the strategies at the business and corporate levels.
The strategies at the enterprise level in Las Vegas will mainly address issues on performance. Entities focus on a particular market, product or even an industry. The unit has strategies as well as competitors. The strategies here will center on a particular line of service or product for that matter. They involve decisions in regard to these services or products. To achieve this, the business will analyze the target customers. These persons exist either as groups or individuals. Getting to understand their needs and suggestions is at the core of the strategies. They are the end users and know best how they need the service. That goes hand in hand with the plan on pricing of the products. It should be wholly inclusive to accommodate discounts, bonuses, variations on premiums and promotions. Having a favorable deal will increase customer trust as well as reliability.
Issues of strategies of operation culminate around the choice of locating the business and embracing technology in the delivery of the services. For example, is the current location of the Wynn suitable to meet its future aims? A proper location will include one that is accessible to the consumers, to the workers and has an affordable network of transportation. The integration of information technology will ensure accurate delivery of services in a shorter while. Further, there is need to have people well acquainted with the use of the new technologies (Consultants, 2015). The preceding couples with the use of the internet for communication with customers on new products and confirmation of house delivery. Moreover, strategies for recruitment of workforce should be clear on who is being chosen. That goes along with the kind of work the person is to handle and how critical this is to the Wynn.
For continuous delivery of quality service, the Wynn needs to integrate innovation with the services, the processes, and entire applications. By setting priorities on the creativity, time set for it and including it in the budget is a step in achieving this. Finally, the strategy has to have a financial dimension that establishes a means of sourcing funds through equities or internally. Further, it maintains a record of the use of finances within and outside the business.
Describe how you will achieve your corporate level strategies using two components from each of the six functional areas.
Corporate strategies target the entire business that the Wynn Las Vegas is a part. It holds the larger image of the enterprise carefully choosing the product to compete in, the services, and the location of the business and resources distribution (Brand Quarterly, 2014).They mainly concern with the growth of the business, the possibility to join with other companies in a similar business or acquire others that will help them achieve their objectives.
First, the Wynn will choose whether to diversify or not. They select the company that will represent the future of the enterprise. For instance, the choice to run the hotel, the casino, and the restaurant. That will include termination or entrance of other business to pursue that which is viable. The management will consequently weigh the practices of promotion and choose reliable channels to distribute through. They also have a say on the workforce that will help achieve their goals. The following will affect levels of training of the workers. The choice of technological equipment will depend on their targets. That will also include the experts, the security means and recovery plans during a disaster.
At the corporate level, the Wynn will focus on innovation and its orientation. They choose people to lead the sector and ascertain the products and services of real concern. Entrepreneurship at the corporate level is integral to achieving its functionalities (Wynnlasvegas.com, 2015). They also determine how to motivate management for the good work through bonuses and adjusting appraisal concerns. Finally, they ensure that a budget is always there and woo financiers into the business to boost it. Consequently, they have to monitor the financial reports keenly now and then.
References
(2015). Retrieved 18 April 2015, from https://www.pwc.be/en/systems-process-assurance/pwc-strategic-internal-audit.pdf
Brand Quarterly, (2014). Shape Your Marketing Strategy with A Marketing Audit - Brand Quarterly. Retrieved 18 April 2015, from http://www.brandquarterly.com/shape-marketing-strategy-marketing-audit
Consultants, R. (2015). Strategy audit | Corporate Excellence | Functional know-how | Expertise | Roland Berger. Www.rolandberger.com. Retrieved 18 April 2015, from http://www.rolandberger.com/expertise/functional_issues/strategy_and_corporate_excellence/strategy_audit/
Wynnlasvegas.com, (2015). Las Vegas Luxury Hotel Rooms & Suites | Wynn Las Vegas & Encore. Retrieved 18 April 2015, from http://www.wynnlasvegas.com/RoomsSuites Read More
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