Strategic Planning for the Hospitality Industry

Strategic Planning for the
Hospitality Industry

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
TASK 1............................................................................................................................................3
Critically analyse the most appropriate factors to implement a chosen strategy........................3
TASK 2............................................................................................................................................5
Research about creative business strategies for your chosen organisation’s future strategy
selection to be competitive in the hospitality industry................................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES ...............................................................................................................................7

INTRODUCTION
Strategy can be defined as the overall direction which can be rendered to the business in
order to attain long term business objectives. In current time changing environment is existed
and for cop up with the same resources are configured in such a manner that expectations of all
the stakeholders can be met in sufficient manner (Kotler and et. al., 2017). Business
competencies are required to be met in such a way that whole environment is undertaken in the
same and long term decisions can be taken at managerial level so as to meet vision and mission
of the organisation. This report is prepared in order to understand strategic planning of
hospitality industry in order to undertake prominent decisions which could lead the business to
inhale advantage over their competitors. The company taken in this report is The Hoxton which
is a series of open house providing comfortable room services, dining facilities to their
customers. The company is headquartered in Shoreditch, London, UK in the year of 2006. The
Hoxton is having their business operations in London, Europe, North America and it is
prominently known in these segment of market.
MAIN BODY
TASK 1
Critically analyse the most appropriate factors to implement a chosen strategy
Joint venture is defined as one of the most appropriate strategy which can be used by
business in order to pool resources and to attain prominence over specific task. Joint venture is
categorised by involvement of two parties in which risk and return are being shared and project
is executed by both the parties involving in joint venture. In the context of The Hoxton, the
company is willing to tap into new segment of international market and joint venture is the most
suitable strategy for them. Joint venture could lead The Hoxton to attain more market size and
customers as well. There are numerous factors which are having appropriate impact over
implementing of Joint venture for The Hoxton, these are elaborated as under:
Significance
New insight and expertise: Initiating joint venture leads to provide opportunities in such
a manner that new business insight can be inhaled. This improves accessibility of the business in
new market segment Carter and Carter, 2020 (Millar, 2016). On the other side joint venture
brings new resources through which equipments can be used in needful manner. In the