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Strategic Management for The International Hospitality Industry - Doc

   

Added on  2021-05-27

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Running Header: Strategic Management for The International Hospitality Industry Strategic Management for The International Hospitality Industry Authors ID:Authors Name:
Strategic Management for The International Hospitality Industry - Doc_1

Strategic Management for The International Hospitality IndustryContentsIntroduction......................................................................................................................................3Review of the key indicators...........................................................................................................3REVPAR......................................................................................................................................4Gross profit Ratio.........................................................................................................................5ROCE...........................................................................................................................................6Return on Capital Employed........................................................................................................6Market share.................................................................................................................................7Guest satisfaction.........................................................................................................................8Staff satisfaction...........................................................................................................................9ADR.............................................................................................................................................9Occupancy rate.............................................................................................................................9Public awareness..........................................................................................................................9Hotel quality index.......................................................................................................................9Annual staff turnover.................................................................................................................10Explanation of key indicators........................................................................................................10Development..............................................................................................................................11Market positions.........................................................................................................................11Customer Satisfaction................................................................................................................11Strategic plan.................................................................................................................................11Conclusion.....................................................................................................................................14
Strategic Management for The International Hospitality Industry - Doc_2

Strategic Management for The International Hospitality IndustryIntroduction The process of determining the vision for the future and also identification of goals andobjectives for the organization is known as the process of a strategic plan. This process andprocedure also involve establishing and developing the sequence in which those goals should fallso that the business corporation is enabling d to reach its stated vision (Bakker, 2014). Astrategic plan can also be considered as a document that can be used to communicate with thebusiness corporation and the organizational goals, the actions and the activities needed forattaining those goals and all of the other critical elements developed during the planningexercises. Moreover, a strategic planning is also considered as an organizational managementpractice that can be used for setting and establishing priorities, focusing energy and resources.After analyzing the concept it has been understood that exertion that produces principal choicesand activities that shape and guide what an association is, who it serves, what it does, and why itdoes it, with an attention on what's to come. Compelling key arranging explains not just wherean association is going and the activities expected to gain ground, yet in addition how it willknow whether it is effective (Barney & Hesterly, 2010). The below-executed analysis has beenmade focused on the strategic plan that has been presented for Hilton in Australia. The businessentity is a multinational corporation and is a making use of HOTS simulation for providingtraining sessions to give them learning on various aspects within the hospitality sector.Review of the key indicators A key performance indicator is a measurable value that depicts the effectiveness of the businesscorporation that can be used for attaining the business goals and objectives. Organizations useKPIs at multiple levels to evaluate their success at reaching targets. High-level KPIs may focuson the overall performance of the enterprise, while low-level KPIs may focus on processes indepartments such as sales, marketing or a call center (Buckingham, 2011). The concept ofbalance scorecard is considered as a strategic planning and management system that can beutilized by the business corporation for communicating the objectives that are required to beattained by the business corporation, alignment of the routine activities and practices that are tobe executed by every individual with strategy, prioritize, projects, products and services etc. Thebelow mentioned are the main key indicators that are required to be.
Strategic Management for The International Hospitality Industry - Doc_3

Strategic Management for The International Hospitality IndustryStrategic Priorities ObjectivesMeasures TargetsInitiatives Financial ROCEROCECustomer Internal Learning & GrowthREVPARRevenue per available room is a metric used to measure the performance of the hotel industry.The calculation of the REVPAR is done by multiplying the average daily rate of the hotel by theoccupancy rate (Carroll, Primo & Richter, 2014). It may also be calculated by dividing the totalrevenue of the hotel by the total number of the rooms which are available for a particularfinancial period.
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