Strategic Planning in Hospitality Industry

   

Added on  2021-01-02

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Strategic Planning forHospitality Industry
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Knowledge and understanding of strategic options................................................................1TASK 2............................................................................................................................................3Factors affecting implementation of strategies.......................................................................3TASK 3............................................................................................................................................6Analysing and evaluation of performance metrics.................................................................6CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONStrategic planning refers to defining of decisions or directions or making of strategies forproper allocation of resources. It can also be defined as the framing of plans and policies throughwhich organisation's objectives can be achieved. The following report will describe knowledgeand understanding of popular strategies which are used for achieving organisation's goals.Furthermore, it will analyse the factors which are affecting the implementation of strategies someof them are leadership, structural design information and control systems as well as humanresources. Present study will evaluate the performance metrics with the help of critical successfactors, key performance indicators and balance scorecard of organisation. TASK 1Knowledge and understanding of strategic optionsStrategic options can be defined as a plan which are made to achieve organisation's goalsand objectives. These are based on smart choices which are helpful in dealing with thecomplexities and increasing success of organisation. The strategic options which are used byHoliday Inn are as follows:Franchising- This is concerned with determining whether business is all set to expand ornot and that franchising can be proved to be a beneficial strategy for the firm or not. Thisdecision can be taken on the basis of company's success and its growth level. Franchisingdecision can be suitable for hotel Holiday Inn as they have a recognised brand and salespropositions is clear to consumers. Hotel Holiday Inn provides the best and friendly experienceto their customers which is helpful in increasing success of organisation and so, they have anopportunity for expansion (Bai and Sarkis, 2014). Franchising decision can prove to bebeneficial for the organisation as they will help in further development and growth of businessand will attract a greater number of customers towards them. Franchising decisions is based onproper research of markets and making appropriate plans to expand the business. This willinclude research made on the basis of market and formation of strategic plans. Franchising willalso help in introducing new ideas and welcoming of new talents for the growth of hotel HolidayInn.1
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Mergers and Acquisitions- It refers to combining of two companies to form onecompany. Merger happens when two companies joins together and Acquisition occurs when onecompany is sold to another company. The final results of this both processes are similar butrelationship of the two companies are different based on type of process occurred. Mergers andacquisitions play a very significant roles for growth and success of the company. These twoprocesses can prove to be profitable for hotel Holiday Inn as these are helpful in accelerating acompany's growth and productivity by merging with another organisation (Cassidy, 2016). Thesewould be helpful in using new ideas and resources of other company for the development ofhotel Holiday Inn. Merging of hotel Holiday Inn with other firm can give an advantage ofcoming of more qualified persons and use of other company's brand image for attracting agreater number of customers. This will also help in reducing financial constraints and debtcapacity can be enhanced.Joint Ventures- It is a partnership between two companies to contribute cash, personnelor other assets. These companies agree to share its profits, revenues and costs for a specific timeperiod for completion of a project. A joint venture for hotel Holiday Inn can give them theopportunity to encourage access of greater technology and specialised staff with new capacity.Through joint ventures, Holiday Inn can have a chance of entering new markets and share the2Illustration 1: Franchising(Source: THE BENEFITS OF FRANCHISING, 2017)
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