Strategic Planning for the Hospitality Industry

Strategic Planning for the
Hospitality Industry

Contents
INTRODUCTION.......................................................................................................................................3
Critical analyze of most appropriate factors for implementing a strategy................................................3
Researching about creative business strategies of organizational future strategy selection for being
competitive in hospitality industry...........................................................................................................5
Different performance metrics:................................................................................................................7
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................11

INTRODUCTION
Strategic plaining is defined as a process of documenting & establishing a direction of a
company by assessing where they are going and where they are. In addition to this, strategic
planning gives a place to record value, mission and vision of long term considered to achieve
objective and plans action successfully (Ali, 2018). For the present report, Park Plaza London is
taken into consideration. It is one the hotel chain which offer luxurious service to customer. It
was founded in the year 1997 and it has presence in all over the world. In addition to this, it also
has resorts, luxurious suites that involve services such as Wi-Fi, TV, air conditioning and many
more. The report will discuss about appropriate factors to implement strategy. In addition to this,
there is discussion about creative business strategy for future growth that assist in remaining
competitive at marketplace. Moreover, evaluation of various performance metrics such as
balance scorecard, key performance indicators and critical success factors were elaborated in a
proper manner.
Critical analyze of most appropriate factors for implementing a strategy
Strategy is defined as plan which is used by business entity to attain both short-term as
well as long-term objectives. It is significant for organizations to formulate an effective strategy
in order to become successful at marketplace. It is determined that an effective strategy help
company to deal with the challenges and cope up with this diverse environment. Park Plaza
London is used franchisee method in order to expand operations and enhance market
performance. At the time of implementing franchisee strategy, there are various factors that is
needed to consider by higher authorities. In context to Park Plaza London, the appropriate factors
to implement franchising strategy is discussed below:
Dedicated resources: In order to become successful in executing franchising strategy,
dedicated resources plays an important role. Resources are basically any form of talent and
outside supply that support & assist in enhancing performance level. The major factors needed in
order to implement strategy are financial resources, intellectual resources, human resources and
so on. At the time of execution strategy, the main factors needed by higher authorities of Park
Plaza London is dedicated resources as it assist in declining the level of cost and improve