Strategic Planning for the Hospitality Industry

Strategic Planning for the
Hospitality Industry 9

Table of Contents
Introduction......................................................................................................................................1
1. Critical analysis of factors for implementation of strategy in The Savoy Hotel................1
2. Conduct research related with business strategies for having competitive edge within
hospitality industry.................................................................................................................3
3. Analysis and evaluation of distinct performance metrics...................................................5
Conclusion.......................................................................................................................................7
References........................................................................................................................................8

Introduction
Strategic planning is defined as procedure for documentation and establishment of
direction for a business unit by assessment of where they are at present and where want to be in
future. Furthermore, strategic planning renders a place for recording mission, their values along
with vision in context of long term as emphasis is laid on achieving goals by formulation of
action plans successfully (Chen and Cherkassky, 2020). In order to acknowledge concept of
hospitality, The Savoy Hotel is considered, that is a luxury hotel present in central London. This
was founded on August 6th, 1889 and is managed via Fairmont Hotels. The report comprises of
analysis of relevant factors for execution of strategies along with creative business actions for
future of organisation will be devised in order to aid hotel to have competitive edge.
Furthermore, this also involves assessment of performance metrics like balance scorecards, key
performance indicator and critical success factors.
1. Critical analysis of factors for implementation of strategy in The Savoy Hotel
Various factors are there which can be utilised via hospitality industry for expansion of
business at global level. For this, The Savoy Hotel can opt for making use of franchise. This is
crucial for firms to opt for these factors as this will enable them to manage work in an efficacious
manner. Through this, The Savoy Hotel will be able to acquire desired objectives along with
goals in successful manner as this allows them to expand themselves within a huge market base.
This leads to attract ample of customers towards services offered by them. Some essential factors
that can be opted by The Savoy Hotel are illustrated beneath that will enable them to carry out
franchising in an appropriate manner. Unique & creative business concept: This is major factor which illustrates that firm
needs to deliver innovative services so that they cannot be replicated by anyone else in
different locations. These concepts aids firm within attracting ample of customers within
the potential market through which overall sales of firm can be amplified (Lin and et.al.,
2020). With reference to The Savoy Hotel, it is crucial for them to have creative and
unique idea for attracting more franchisee who can have their franchise. Selection of right person to take brand forward: As per this factor, it is crucial for
organisation to carry out market analysis in relevant manner so that they can hire best
people who will be liable for representing brand within peculiar marketplace. It is
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