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Strategic Planning for Hospitality Industry

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Added on  2021-01-02

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Thomas Cook group plans their aim to promote several methods that is based on expansion and renewal of Tourism Company. Thomas Cook group plans their aim to promote several methods that is based on expansion and renewal of Tourism Company. SMART stands for: S- Specific, M- Measurable, A- achievable, R- Relevant and T- Time Bound Specific- In implementation of strategy for achieving the goal of company it very important that it should be specific.

Strategic Planning for Hospitality Industry

   Added on 2021-01-02

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Strategic Planning forHospitality Industry
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Critically evaluate the contribution of SMART targets to achievement of strategyimplementation. ..........................................................................................................................12. Critically evaluate the appropriateness of alternative strategies relating to market entry,substantive growth, limited growth or retrenchment for Thomas Cook group. .........................33. Critically evaluate the various kinds of performance metrics which can be used in ThomasCook group. ................................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTIONStrategic planning is an approach to meet the changes effectively of an organisation.There are various changes such as technological, economic and social changes that are takingplace very fast. In strategic planning company analysis their future goals. Before starting anybusiness, it is very important to determine its strengths and weaknesses, economic, social andpolitical situations critically so organisation can able to achieve its mission and goals (Phillips,and Moutinho, 2014). Thomas Cook company has been chosen for this report. It is a hospitality industryoperating in tourism sector. It was founded in 1841 by Thomas Cook & Son. It is the biggestBritish travel company listed on London Stock Exchange. Its operating income is about £330million in 2017. The present report will evaluate how SMART Targets is used in the implementation ofstrategy of Thomas Cook group. This report will also make understand the analysis ofappropriateness of alternative strategies. Further, this assignment will evaluate different types ofperformance metrics used in company. MAIN BODY1. Critically evaluate the contribution of SMART targets to achievement of strategyimplementation. Strategic planning in tourism industry is very essential as it considers the main activity ofmanagement that is used to set priorities, focus energy and resources of company. Thomas Cookgroup plans their aim to promote several methods that is based on expansion and renewal ofTourism Company. Strategic planning of Thomas Cook Group is very fast as it allows tools ofmarkets into practice of management of tourism. In order to achieve the organisational goals,planning for strategy is very essential as it focuses on development and growth of company.Thomas Cook Group uses SMART targets to achieve the implementation strategy.SMART goals are secret of achieving targets as well as overcoming all challenges coming in theoperation of the company (Madera, Dawson, Guchait and Belarmino, 2017). It provides guidance
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