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Introduction to Management : Doc

   

Added on  2021-05-30

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Running head: INTRODUCTION TO MANAGEMENT Introduction to ManagementName of the Student Name of the University Author’s Note

1INTRODUCTION TO MANAGEMENT Table of Contents 1. Introduction:................................................................................................................................22. PESTEL analysis:........................................................................................................................23. Porter’s five force analysis (competitive environment)...............................................................64. Five major recommendations in terms of strategic management:...............................................85. Conclusion:................................................................................................................................10Reference List:...............................................................................................................................11

2INTRODUCTION TO MANAGEMENT 1. Introduction: (211 words)Before expanding the entire process of business in market, the organizational executivesneed to make critical industry analysis and competitive analysis. Based on the externalenvironmental factors business experts have to make suitable strategies and policies formaintaining business sustainability. This very specific study has provided to make detailedoverview about environmental analysis of Fragrance Hotel riverside in order to know its threatsand opportunities in the hospitality industry. Fragrance Hotel riverside has established their business in 20 Hongkong St, Singapore059663. Endowed with modern styling features with free Wi-Fi and flat screen TV FragranceHotel riverside is 7 minutes away from metro station. As per location, this specific hotel is verymuch convenient for guests. Service providers are very much professional and they are havingown dignity and manner while communicating with guests. Fitness rooms and businessconference hall is already existed within the campus (fragrancehotel.com 2018). As a result,guests do not have to go outside for fulfilling their personal commitment. A rooftop pool andinformal bar has added the beauty of this hotel which attracts the attention of customers moreeffectively. However, this very specific study has focused to make detailed overview on how theorganization should evaluate their external factors for gaining competitors’ market advantage. 2. PESTEL analysis: (668 words)An effective PESTEL analysis identifies the political, economic, socio-cultural,technological, environmental and legal factors of a specific location based on which the businessprocess is established (Hsieh 2012). In this very specific study, an effective PESTEL analysis is

3INTRODUCTION TO MANAGEMENT conducted based on the hospitality environment of Singapore. After evaluating theenvironmental factors, Fragrance Hotel Riversidewould analyze their scopes and opportunitiesof business in the hospitality industry. In the below table an overview of the PESTEL factors isidentified:PoliticalStable political set upTransparent government rules andregulations Being a democratic country people electrepresentatives Economic Vibrant free market economy Economically developed Increasing rate of labor cost Socio-culturalCultural diversity gets priority in SingaporePeople are cordial and flexible amongdiverse cultures and attitudes TechnologicalPraise worthy IT infrastructure People belonging to Singapore areadvanced in technology EnvironmentalLack of water resource Pollution is highImplementation of pollution Control andDrainage Act can measure the issue LegalImport export procedure is not complicatedStable taxation policy Table 1: PESTEL analysis (Source: Kang et al. 2012)Analysis:Political:As per the reportPolitical and Economic Risk Consultancy Singapore is considered aslowest politically risk country. Being a democratic country, Singapore government structure isimmensely dependent on the public vote (De Grosbois 2012). The government regulations and

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