a strategic management plan for a regional tourism association or business within the hospitality industry. The focus of the strategic management plan will be the application of contemporary theory taking into account emerging and long-term trends and developments.
The report must address the following:
1. A brief overview of the business including; size, location, vision and mission
2. Situation Analysis
a. General environmental analysis (chapter 2). Evaluate the following trends and predict the segments that you expect to have the most influence over your business and why.
i. Technological trends
ii. Demographic trends
iii. Economic trends
iv. Political/legal trends
v. Sociocultural trends
vi. Global trends
vii. Physical environment
b. Industry analysis
i. Porter’s five forces model. Discuss and evaluate how attractive the industry is in which your firm is competing.
c. Competitor analysis
i. Identify key competitors and overview their objectives, strategies, strengths, weaknesses and capabilities.
d. Internal analysis
i. Assess the firm’s strengths and weaknesses through a value chain analysis. Note, strengths are internal resources and capabilities that have the potential to be core competencies place the firm at a competitive advantage and visa versa for weaknesses.
3. Identification of Environmental Opportunities and Threats and Firm Strengths and Weaknesses (SWOT analysis).
a. Attempt to match firm strengths with opportunities. How would you minimize environmental threats?
4. Strategy Formulation
a. Strategic alternatives
i. Identify 2-4 alternative strategies (business-level chapter 4, corporate-level, chapter 6).
ii. Demonstrate how each alternative links in with the firm’s strengths, capabilities and core competencies. How do these alternatives take advantage of opportunities and minimize environmental threats?
iii. Which alternative is the best and why?
5. Implementation and Action Plan of Strategic Alternatives
a. Implementation issues, e.g. structural changes, leadership, new controls, incentives, etc.
b. Action plan- brief overview of who, what, where, when and how.
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