Research Paper: Managing Hospitality Issues

Pages: 4 (1201 words)  ·  Bibliography Sources: 3  ·  Level: College Senior  ·  Topic: Business - Management  ·  Buy This Paper

Managing Hospitality Issues:

The hospitality sector is the largest service industry across the globe because of the number of customers it serves on a daily basis. This industry is also characterized by a huge number of competitors or hospitality establishments in the market. For the managers of these establishments, there are various factors that determine their success of failure such as brand identity, pricing, cost cutting, and marketing. These factors play a crucial role in determining success of failure of the establishments because of market volatility, which is the norm in the hospitality industry. Market volatility is attributed to various factors such as the ever increasing changes in the tastes of customers. Notably, managers of these hospitality establishments have to deal with several issues and challenges in daily operations of their businesses. In the past few years, occupancy and average room rate have become crucial issues that act as acid tests of what work or does not work in hospitality industry.

Strategic Management Process:

The Strategic Management process is generally defined as the process through which managers think of, develop, and execute a plan that contributes to a sustainable competitive advantage (Jurevicius, 2013). This encompasses establishing business objectives and developing strategies or courses of action that are geared towards achieving business goals within a specified timeframe and evaluating progress and results. This process is usually a by-product of several procedures i.e. initial assessment, situation analysis, formulation of strategy, implementation of strategy, and strategy monitoring. These procedures are basically considered as the main components of the strategic management process. Similar to other businesses, hospitality establishments need to perform strategic management in attempts to develop sustainable competitive advantages over rivals.

External and Internal Influences that Impact Strategic Management:

The strategic management process is usually influenced by various external and internal factors, which are identified when conducting situational analysis. Situation analysis helps in the identification of internal and external influences that impact strategic management because it involves gathering information and relevant data in the accomplishment of a firm's vision (Clayton, n.d.). Generally, the focus of situational analysis is to understand the needs of the company as a sustainable entity, the strategic direction of the business, and identifying measures that promote the growth of the business. In addition to identifying the strengths and weaknesses of the business, situational analysis should include evaluation of any external and internal issues that may affect business' goals and objectives.

Some of the major external influences that impact strategic management include competition and micro and macro environments. Micro environment influences impact the firm in its industry while macro environment influences affect the business in the global environment. On the contrary, the internal influences that impact strategic management include the organization's resources and its core competencies and activities. The organization's resources include both tangible ones like land, capital, and equipment and intangible resources like organizational culture, brand, and copyrights and trademarks. In contrast, the organization's core competencies include skills in relationship with customers and supply chain management while activities include the entire production process and value chain.

The external influences that affect strategic management are evident in Michael's lemonade business because decisions on positioning, staffing, pricing, and advertising had to be made in a greater environment with high stakes. Michael had to consider several factors in the intensely competitive hospitality industry and market and the changing market conditions. These considerations demonstrate that the external influences include factors in the global business environment. In this case, Michael had to examine macro environmental factors like ever-changing tastes of customers, market volatility, marketing, and pricing in this industry.

The internal influences that have… [END OF PREVIEW]

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APA Format

Managing Hospitality Issues.  (2014, January 25).  Retrieved July 20, 2019, from https://www.essaytown.com/subjects/paper/managing-hospitality-issues/3341986

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"Managing Hospitality Issues."  25 January 2014.  Web.  20 July 2019. <https://www.essaytown.com/subjects/paper/managing-hospitality-issues/3341986>.

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"Managing Hospitality Issues."  Essaytown.com.  January 25, 2014.  Accessed July 20, 2019.
https://www.essaytown.com/subjects/paper/managing-hospitality-issues/3341986.