Strategic Management - Trip Advisor

Running head: STRATEGIC MANAGEMENT
STRATEGIC MANAGEMENT
Name of the Student
Name of the University
Author Note

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Table of Contents
Assignment 1..............................................................................................................................2
Executive summary....................................................................................................................2
Introduction................................................................................................................................3
Strategic formulation..................................................................................................................5
Customer relationship management strategy.........................................................................6
Social media strategy.............................................................................................................7
Product development strategy................................................................................................8
Manner in which Business strategy supports innovation and change......................................10
Implementation of the strategy.................................................................................................11
Stakeholder expectation fulfillment.....................................................................................15
Recommendations....................................................................................................................16
Conclusion................................................................................................................................16
References................................................................................................................................18
Assignment 2............................................................................................................................21
Part 1....................................................................................................................................21
Part 2....................................................................................................................................28

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Assignment 1
Executive summary
The strategic management can be understood to be an essential strategy which can be
generally adopted by the enterprise before proceeding with new offerings or before entering
new markets. In relation to this, it can be rightfully mentioned that, the given study is based
on the performance of Trip Advisor. The Trip advisor is an international travelling website
which offers great deals to the different customers as present. The main aim of the study is to
outline the current issues being faced by the firm and to recommend a plausible set of
strategies. The report has followed a comprehensive layout whereby a brief background about
the firm is followed by the analysis of the external factors and the examination of the
influence on the company. A strategy has been formulated and its linkage to innovation and
stakeholder management has been done. The implementation plan for the firm along with
product development recommendations has been advised.

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Introduction
The strategic management can be rightfully defined as a branch of management which
is essentially involved with ensuring that a company is being able to manage its overall
strategies in a successful manner. In relation to this, it becomes important to consider that all
firms who are involved in the business operations to formulate suitable strategies for the
purpose of the firm (Ambrosini, Jenkins and Mowbray 2015). In association with this, the
main aim of the report is to highlight the current condition of the chosen organization named
the Trip advisor so as to understand that its operational conditions can be improved
adequately. Relating to this, the main reason why the firm has been chosen for the purpose of
the analysis is the Trip Advisor has been suffering considerate losses from the past few years.
The reason for these losses can be understood to be the low booking rates which have been
greatly affected (Andersen and Sax 2019). In association with this, it is critical to mention
that the study will be following a systematic format whereby the beginning of the study will
be highlighting the relationships which generally tend to exist between the between the
different stakeholder groups and how the stakeholder relationships have to be met with
accordingly. In association with this, it becomes critical to mention that, other aspects which
will be considerably discussed can be understood to be the influence of the external factors
on the enterprise, internal factors and how a strategy can be formed in a sound manner
(Ansoff et al. 2018). Based on this, a particular strategy will be selected and in relation to
this, an implementation strategy for the firm shall also be determined which shall assist in
understanding how the strategy can be formulated for the purpose of the firm and how it will
be carried out. Certain recommendations to improve the scenario will also be provided.

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Figures 1, 2 and 3: The current stock market positioning of Trip Advisor
(Source: Cnbc.com 2020).
Strategic formulation
The strategic formulation can be described as the act of formulating strategies for the
enterprise in order to bring about a change management program (Baumgartner and Rauter
2017). As the firm aims to engage in successful operations, the firm would be required to
revive its existing strategies. From the strategic formulation tools, it could be rightfully
mentioned that the Pestle analysis of the firm indicated that the competition for the enterprise
had become very fierce and hence, certain steps to improve the scenario had to be undertaken
so as to ensure that the overall performance of the enterprise could be improved. In
connection to this, it is important to mention that price competitions are not the solution to
reviving the firm and competing with the different competitors in the market. In place of this,
the firm would be required to see to it that it is being able to adopt the strategies which
compete in terms of service (Bonnafous-Boucher and Rendtorff 2016). If the service of the
firm is improved, the enterprise will be able to compete with the different companies who are
providing stiff competition. In addition to this, the Trip advisor would also be required to see
to it that, it is being able to formulate a sound marketing strategy whereby it needs to improve
its target market selection and segmentation along with the mediums with the help of which
the firm reaches out to the different customers. Once the firm will be successful in doing that,
it will be able to see an increase in its regular revenue and an improvement in the current
market share as well.
Hence, installation of the customer relationship management software will be highly
beneficial for the firm as it will help in communicating with the different customers on a
regular basis and in addition to this, it will also be able to assure the customers that they are

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being able to customize their needs and associate their travelling requirements with trip
advisor (David and David 2016). In consideration of this, applying the CRM strategy along
with the marketing strategy will help the firm in adopting the needs and requirements of the
customers. From these results, the plan will move towards adopting a Product development
strategy with the help of which the product alignment will be done with the customer needs
and the three fold procedure will help in attaining entrepreneur success. Hence, to discuss the
strategy and analyze its effectiveness, the three strategies will be examined:
Customer relationship management strategy
The customer relationship management can be described as an initiative which is
undertaken by the enterprise in order to strengthen their overall relationship with the different
customers. In the customer relationship management strategy, a firm generally tends to
develop a long term association with the customer and help in fulfilling their needs. This
association with the customer begins at a very early stage and goes on till the end of the
customer journey (De Gooyert et al. 2017). Hence, Trip advisor has first planned to install
Customer relationship software whereby it tends to interact with the customer on a regular
basis and in association with this, it intends to record the customer data, analyze trends,
predict consumer needs and monitor interactions with the help of which adequate scope for
improvement can be easily examined and assessed. In association with this, it becomes
critical to mention that, through the installation of the customer relationship strategy, the firm
will be able to understand what kind of products does the customer require and what would
be the effective way to serve the different customers (Ethiraj, Gambardella and Helfat 2016).
This strategy will be useful for the enterprise as it would contribute in identifying the
appropriate strategy for the enterprise and along with this, would also ensure that the firm is

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being able to understand the manner in which the overall associations with the enterprise can
be formulated and what products do they require.
Figure 4: The customer relationship management
(Source: Ferlie and Ongaro 2015)
Social media strategy
The social media strategy can be mentioned to be the second step of the three fold
strategy which shall be applied for the firm to improve its current situation and attain the
entrepreneur objectives. In consideration of this, it is relevant to mention that this strategy of
the enterprise is aimed at ensuring that the overall aims of the organization can be attained
and that the brand name of the firm can be improved accordingly. The social media strategy