Tourism and Hospitality business strategy : Hotel Marriott International
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Added on 2020-01-28
Tourism and Hospitality business strategy : Hotel Marriott International
Added on 2020-01-28
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TOURISMAND HOSPITALITYBUSINESSSTRATEGY
Table of ContentsINTRODUCTION................................................................................................................................3LO 1......................................................................................................................................................31.1 Definition of corporate strategies..............................................................................................31.2 Definition of corporate strategy to chosen organization............................................................41.3 Evaluate the definitions stated above.........................................................................................5LO 2......................................................................................................................................................52.1 Range of analytical models........................................................................................................52.2 Apply the models to specific business.......................................................................................52.3 Evaluate the model in terms of theories and applicability aspects...........................................62.4 Critically evaluate organizational strategies..............................................................................62.5 Justify recommendations for future strategic development.......................................................7LO 3......................................................................................................................................................83.1 Assess management of diverse, individual, groups and teams..................................................83.2 Ways in which organizational culture can impact on strategy development and implementation................................................................................................................................93.3 Evaluate the impact of organizational culture on strategic development and implementation.......................................................................................................................................................10LO 4....................................................................................................................................................114.1 Advantages and disadvantages of various approaches that organizations can take towards internationalization........................................................................................................................114.2 Most appropriate growth strategy............................................................................................11LO 5....................................................................................................................................................115.1 Portfolio management theory and principle of resource allocation.........................................115.2 Apply the theory of portfolio management and the principle of resource allocation..............135.3 Assess the relevance of portfolio management and resource allocation..................................13LO 6....................................................................................................................................................146.1 Key external environmental factors.........................................................................................146.2 Establish the key external environment factors facing the organization.................................146.3 Critically appraise how these factors may impact on business................................................15CONCLUSION..................................................................................................................................17REFERENCES...................................................................................................................................182| P a g e
INTRODUCTIONTourism and hospitality industry seems to be the most important sector in the contemporaryscenario because it facilitates large number of innovations and developments in the businessservices and facilities (Zhang Chong and Jenkins, 2002). The present research study has been madeon Hotel Marriott International which delivers the best services to the clients as per therequirements. Internal and external conditions of the business entity have been stated in the researchstudy along with the strategies which the subsequent hotel has developed to manage work processesas per the corporate strategies. Furthermore, researcher has also discussed the need of effectiveportfolio and resource allocation management in growth of the business. Apparently, challengesarise at the time when hotel Marriott International works across the globe. Similarly, severalstrategies have been formulated by the hotel entity for the purpose of reaching all the aims andobjectives.LO 11.1 Definition of corporate strategiesCorporate strategy is the most widespread view that improves the competitive strategies ofthe pertaining units and it also works as the essence of organizational strategies. It is essential forthe hotel entity to formulate corporate strategies so that long term aims and objectives can beacquired and at the same time, competitive advantage can also be acquired through this aspect(Kárpáti, 2001). Market research analysis is required so that external and internal businessenvironment can be found out and through this; essential strategies can be formulated for businessmanagement. In general, it can be said that Marriott has developed wide range of strategies throughwhich all the functions of business are managed. These strategies work as guidelines for the entityand the strategies also develops the scope of same. Further, for the same aspect, it is essential forMarriott International hotel to develop strategies in different sectors and areas so that every workprocess can produce optimum result for the business management (Jayawardena and et.al, 2013). Itis vital for the hotel entity to align organizational strategies with corporate objectives because thisaids in developing more opportunities for growth and success.Emphasis is required to be given on cultural norms and values because that generates manyissues in business entity. Further, on the other hand, it has been observed that business strategies ofMarriott International are competent and efficient and that aids the entity to reach towardsorganizational aims and objectives (Hjalager, 2001). Similar to this, Marriott International has alsodeveloped several marketing strategies which help the business entity to promote the servicesamong different customer segments. Moreover, chief emphasis has been given on productdevelopment and market development strategies which support the business to facilitate moresuccess and growth. Apart from this, Marriott seems to be focused towards the expansion and3| P a g e
diversification aspects wherein business involves new product and services so that customersatisfaction rate can be enhanced to new terms (Hemmington and King, 2000). MarriottInternational hotel believes in promoting different cultural aspects and for that purpose, they recruitmore number of people from different parts of the world. It has been seen that employees of thehotel are satisfied because they are valued by the management. This not only promotes theorganizational culture but also aids the management to derive support from all the employees in anadequate manner (Hassanien, 2006). 1.2 Definition of corporate strategy to chosen organizationThe views of different authors state that corporate strategy is the direction which anorganization takes with the aim of achieving business success in the long term.As per the corporate culture, Marriott International hotel gives more concern to corporatecultural facets wherein employees are allowed to communicate with the top managementadequately. This allows them to encourage the employees for more growth and success and at thesame time, it also aids in retaining them for longer span. Nonetheless, employees of MarriottInternational hotel have been delivering prominent services to the clients and on the next hand, itsatisfies them. This helps them to promote the services to other customer segments as well and as aresult, market share of the business entity is enhanced. Similarly, under corporate culture,employees are directed to consider social, cultural and legal aspects so that business functions canbe properly operated as per the dimensions (Dollinger, 2006). Moreover, ethical aspects are alsomaintained by the employees which helps Marriott International hotel to become successful andcompetent entity. Ethical dimensions help customers to get accurate services which they see in theadvertisements. 1.3 Evaluate the definitions stated aboveEvaluating the above definitions, Marriott International should have to develop effectual andcompetent strategies so that business can differentiate itself with that to the competitors (Ireland andet.al, 2008). Similarly, Marriott International hotel has to develop wide range of corporate strategiesespecially at the time when the business enters into international market place (Inskipp, 2008). Thisis essential because changes arise at the time when new things are involved and adopted in theworkplace. Corporate strategies of Marriott International generally describe the aims, vision,mission and other things which give proper direction to the business entity. LO 22.1 Range of analytical modelsBusiness models needs to be developed by the organizational members so that theirconcerned activities can be properly managed in a specific direction. In the present research study,Marriott International hotel has been using competency framework model where in resources are4| P a g e
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