Strategic Planning for the Hospitality Industry

Strategic Planning for
the Hospitality
Industry
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Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Critically analyse the most appropriate factors to implement a chosen strategy...................3
Research about creative business strategies for your chosen organisation’s future strategy
selection to be competitive in the hospitality industry...........................................................5
Analyse and evaluate the different performance metrics.......................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Strategic planning is considered as procedure of documenting as well as establishing a
direction of a business unit by assessing where they are and where they are going. Moreover,
strategic planning provide a place to record mission, value and vision as well as in respect of
long term they considered attainment of goal and action plan successfully (Ojha, Patel and
Sridharan, 2020). The selected hotel for respective assignment is NYX Hotel London, Holborn
which offer 213 luxurious suits and bedrooms as well as it also offer several facilities like air
conditioning, Wi Fi, flat screen TV, facilities of making tea and coffee, en suite bathrooms and
many others. Topics covered in respective report are analysis of most appropriate factor to
implement strategy as well as it also include creative business strategies for company's future
strategy selection which help in be competitive in hospitality industry. Along with this, it also
include evaluation of different performance metrics such as critical success factors , balance
scorecard and key performance indicators.
MAIN BODY
Critically analyse the most appropriate factors to implement a chosen strategy.
There are several factors which can be adopted by NYX Hotel London in order to expand
their business at worldwide level through franchise. It is essentials to adopt those factors because
through that a company can manage their work effectively as well as it also leads to adopting
franchise successful (DiPietro, Moreo and Cain, 2020). By which NYX Hotel London able to
attain their desire goal and objective successfully as they able to expand their market base as well
as they also able to attract more and more customers in new market. Below some of the most
appropriate factors are given which are essential to adopted by NYX Hotel London for
conducting effective franchising in order to enhance business:-
 Have creative and unique business concept – It is one of the main factor that a
company must have unique and creative concept so that it can be easily replicate in
several locations. Creative as well as unique concept also help a company in attracting
more and more customers at potential market that also enhance sales. This will also
encourage other to take franchise from the company. In respect of NYX Hotel London it
is essential to for them to have unique and creative idea so that they can attract more and
more franchisee who ready to take their franchise.
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