Untitled Quiz

Different approaches organizations use to achieve their goals, such as portfolio and competence approaches.

A 400-level, 2-credit unit course focusing on Strategic Management in Hospitality and Tourism, available to B.Sc Tourism Studies students.

A corporate strategy focusing on managing diverse business units or parts within a company.

A higher-level undergraduate course in a university program.

A course that requires a specific amount of workload, usually a set number of hours needed to complete the class.

A corporate strategy focusing on building and leveraging specific skills or capabilities.

A Bachelor of Science degree program focusing on the area of tourism.

Collaborations between companies to achieve shared goals.

A division or department of a university handling management-related subjects.

The process of developing and implementing strategies within an organization.

Number of separate topics that consist of strategic management in hospitality and tourism.

Businesses providing lodging, food, and services to tourists and visitors.

Technology enabling communication and information exchange.

The course is organized into three major sections of the HCM441.

A university providing flexible distance learning opportunities.

Changing a company's position or methods to stay competitive.

Strategy formation driven by negotiation and power plays among organizations.

Strategy emerges from collective action and social interactions within an organization.

Strategy is reactive, shaped by the external environment, and the firm adapts based on macro and micro forces.

Strategy involves transforming organizational structure to match a changing environment.

Unique resources or capabilities that allow a firm to outperform competitors, usually arising from their culture.

Individuals or groups with an interest in a company's success.

Creating value for stakeholders through competitive advantage.

Process of determining how an organization will achieve its goals.

The process of developing and implementing strategies to achieve organizational goals.

A method for evaluating internal strengths and weaknesses, along with external opportunities and threats to make strategic decisions.

Choices among options that impact long-term organizational direction and success.

The process of determining a company's future course of action.

Putting a strategy into action by designing organizational structure and systems.

An advantage a company maintains over others through its strategies, to gain a long term market advantage.

Assessing a company's strengths and weaknesses.

Evaluating opportunities and threats.

Hospitality services have both tangible (e.g., a hotel room) and intangible (e.g., service quality) aspects. Tangible parts are physical, while intangible components are experiences and interactions.

Customers can't fully experience or test services before buying them, potentially leading to dissatisfaction.

Hospitality services vary significantly, reflecting the human element in delivery, making standardization hard.

In some hospitality settings (e.g., pubs), interactions between customers are part of the overall experience (for good or bad).

Hospitality businesses are affected by outside events like disasters or economic trends.

A strategy to mitigate intangible service issues by promising customer satisfaction and offering a guarantee.

Major events (like terrorist attacks or natural disasters) decrease demand for hospitality services.

Hospitality businesses offer a combination of physical products (rooms, food) and intangible services (service quality, atmosphere).

Using share prices, earnings per share, and return on capital employed (ROCE) to assess a company's financial health.

A process where employees discuss targets with managers and review performance against prior goals.

Evaluating an organization's performance by comparing it to its past performance, industry benchmarks, or best practices.

Generating, evaluating, and selecting strategies to gain a competitive edge over competitors, typically by offering products that are cheaper, better, or both.

Focusing on offering the lowest prices in the industry by using basic designs and reducing costs.

Creating high product quality and uniqueness, often through design, innovation, quality control, and advertising.

Putting a chosen strategy into action, involving logistical and operational considerations.

Combines high quality with low prices, challenging to achieve due to increased costs associated with added value.