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hospatility and tourism strategic planning :based on the travelodge
Pages 20 (5020 words)
Task 1: HOSPITALITY AND TOURISM STRATEGIC MANAGEMENT Introduction The art and science of formulating, implementing and evaluating multi-functional business approaches and decisions in order to make sure that the business firm achieves its goals and objectives effectively in the short and the long run is the Strategic management.
Strategic Management planning and decisions are made by the top management of any organization and is often initiated and led by the board of directors and practically executed by the firm's Chief Executive Officer (CEO), Chief Operations Officer and other executives. The foresightedness and clear vision of a firm’s management and their awareness of the company’s external environment with the anticipated problems, prediction of market trends and ability to come with new and realistic ideas decides the future of the company (Okumus, Taylor and Chathoth 2010). This is even more so true in today’s global volatile economy. Management’s foresightedness enables them to identify opportunities and detect threats, and helps the ground level managers in developing strategies and formulate and implement them for sustainable growth of the company (Enz 2009). Strategic Management: Need of the Hour Strategic planning has seen a vast improvement and has evolved in recent times, more so with the volatile economy and intense market competition. ...
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