Business Strategy for Enhancing Firm Performance in Hospitality Industry

This document discusses the importance of business strategy in the hospitality industry for enhancing firm performance. It covers different types of strategies, the significance of strategic choice, and the role of brand image. The document also emphasizes the need for a formulated strategic plan to gather resources for implementing the desired strategic choice. References are provided for further reading.

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Business
strategy

Table of Contents
Summary.....................................................................................................................................................2
References...................................................................................................................................................3
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Summary
There are different types of strategies used by various organizations to enhance their concerned
business processes. An intuitive strategy can effectively play vital role in the development of a
particular business as well as the corporate behavior (Akter et al., 2016). There are few of the
firms throughout the hospitality industry those who manage their business procedures
strategically without being properly aware of it, and it, therefore, becomes vital for them to
understand the business strategies effectively (Baraibar‐Diez, Odriozola and Fernández Sánchez,
2017). The strategic choice is referred to as the strategy which crucially depends on the strengths
as well as the competencies of the concerned organization and helps in grabbing the
opportunities from the environment to execute the relevant business processes (Bentley-Goode,
Newton and Thompson, 2017). In many of the saturated market segments, there are different
organizations those choose a maintenance strategy reflecting on the various distinctive image as
well as the quality dimensions of the concerned property (González-Rodríguez et al., 2018).
Therefore, enhancing the brand image of the firm helps in facilitating the overall growth of the
firm throughout a larger area of the market segments. Considering the example, the Ritz-Carlton
within the Boston specializes in the elite segment, and it is engaged in maintaining as well as
improving their distinctive image along with the reputation without looking to increase the
desired market share (Higgins, Omer, and Phillips, 2015). It needs to be understood that a
formulated strategic plan includes crucial statement regarding the gathering of the resources that
will be required to implement the desired strategic choice for the evaluation of the concerned
business processes (Reichel, 1983).
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References
Akter, S., Wamba, S.F., Gunasekaran, A., Dubey, R. and Childe, S.J., 2016. How to improve
firm performance using big data analytics capability and business strategy
alignment?. International Journal of Production Economics, 182, pp.113-131.
Baraibar‐Diez, E., Odriozola, M.D. and Fernández Sánchez, J.L., 2017. A survey of
transparency: An intrinsic aspect of business strategy. Business Strategy and the
Environment, 26(4), pp.480-489.
Bentley-Goode, K.A., Newton, N.J. and Thompson, A.M., 2017. Business strategy, internal
control over financial reporting, and audit reporting quality. Auditing: A Journal of Practice &
Theory, 36(4), pp.49-69.
González-Rodríguez, M.R., Jiménez-Caballero, J.L., Martín-Samper, R.C., Köseoglu, M.A. and
Okumus, F., 2018. Revisiting the link between business strategy and performance: Evidence
from hotels. International Journal of Hospitality Management, 72, pp.21-31.
Higgins, D., Omer, T.C. and Phillips, J.D., 2015. The influence of a firm's business strategy on
its tax aggressiveness. Contemporary Accounting Research, 32(2), pp.674-702.
Reichel, A., 1983. Strategic management: How to apply it to firms in the hospitality
industry. The Service Industries Journal, 3(3), pp.329-343.
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