Strategic Management for Tourism, Hospitality, and Events

STRATEGIC
MANAGEMENT FOR
TOURISM
HOSPITALITY AND
EVENTS

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
STRATEGIC POSITION ...............................................................................................................1
Porter's five forces model............................................................................................................1
VRIO analysis.............................................................................................................................3
Stakeholder mapping...................................................................................................................4
STRATEGIC CHOICE ...................................................................................................................5
Critical evaluation of appropriate future strategic direction for organisation.............................5
STRATEGIC EVALUATION ........................................................................................................8
An evaluation of recommended strategic direction using Suitability, acceptability and
feasibility.....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Strategic management refers to the process of the ongoing planning, evaluating,
assessing all the goals and objectives of the organisation within the marketplace. In this changes
within the business enterprises are effectively get the successful results by appropriately apply
the strategies management within the business enterprise. The major aim of developing their
report is to understand the factors related to gaining the high profitable results and gaining the
competitive advantage within the marketplace. It basically involves the implementation of the
goals on behalf of the top authorities by the employees so that high sustainability can be enjoyed
in rival marketplace(Andrades and Dimanche, 2019).
To complete this project understanding this report includes the Bank Sadler is a leading event
organisation that is ranked at the 5th largest agency within the UK where person can do a creative
production team that can includes the graphic designers, creative producers, video producers
technical manager that are highly supportive to make the virtual event effective, impressive and
engaging. The company is pretty larger on the culture where they are working for growing and
delighted to hear the customers preferences. This report includes the analysis of the strategic
analysis using porter's five forces model, VRIO analysis, stakeholder mapping so that
capabilities can be easily identified and strategy can be implemented successfully. Further it
includes the strategic choice by critical evaluate the future direction of the Bank Sadler. At last it
involves the evaluation of recommendation by using the SAF model is that high sustainability
can be enjoyed by the company in the current marketplace.
MAIN BODY
STRATEGIC POSITION
Porter's five forces model
It refers to that framework which is used to examine the competition within the
marketplace. It is highly effective for the organisation to gain the higher profits and revenues by
effectively analysing the industry in the business environment(Chang, 2018). In case of Bank
Sadler manager can highly focus on adopting the porter's five forces model so that they can gain
the high competitive advantage within marketplace that can be shown below:
 Bargaining power of customers- It refers to that aspect in which organisation can highly
focus on the customers so that firm will sustain within the marketplace. In Hospitality
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and tourism sector the bargaining power of customers are mainly based on lowering the
price of the products and services and getting the high quality services. In this their power
is highly based on their overall purchased. In terms of Bank Sadler, the bargaining power
of customers are high because of limited number of buyers are available within
marketplace because of the COVID impact in the country. Due to this firms cannot get
the high orders from the customers side and due to this buyers can effectively bargain the
services at their own cost. This will impact the profits margin of the organisation but at
the same time it will attracts the large base of customers(Dickson, Milne and Werner,
2018).
 Bargaining power of suppliers- It includes the power of suppliers to the hospitality
industry especially for event organisation. In terms of Bank Sadler, company cannot face
the high bargaining of suppliers within market as there are number of buyers are present
in the marketplace. In this due to the impact of COVID 19, organisation can face major
issue related to availability of differentiate of products related to organise a event and it
will majorly impact the firm decision making to effectively organise the event with more
of the resources.
 Threats of new entrant- This aspect is based on the fear of new entry within the
marketplace. In hospitality industry, the threat of new entry is low because to operate the
business within marketplace they need to high investment. In terms of Bank Sadler, the
threat of new entrant is quite difficult for the new operate. And due to the situation of
COVID 19, the crises are majorly occur within the business industry so it also impact
negatively to the new firm to open their event organisation for attracting customers. This
will beneficial for the Bank Sadler to gain and sustain for a longer period of time.
 Threat of a substitutes- Within the hospitality sector there are several number of event
companies are to be present within the marketplace and to gain the high market share it is
very beneficial for the Bank Sadler to examine their competitors that are available within
the market such as Oxygen, Clive agency limited, Eventique etc, who also offers the
same services to their customers which contains the major threat for the organisation.
This aspect contains the high power on the business enterprise(Harrington and et. al.,
2019).
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