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Questions and Answers
A hospitality company decides to expand its services by acquiring a local transportation service to provide seamless travel experiences for its guests. Which type of integrative growth strategy does this best exemplify?
A hospitality company decides to expand its services by acquiring a local transportation service to provide seamless travel experiences for its guests. Which type of integrative growth strategy does this best exemplify?
Which of the following refers to the range of regions, countries, or country groups where a corporation chooses to operate?
Which of the following refers to the range of regions, countries, or country groups where a corporation chooses to operate?
What is the primary role of corporate headquarters in the strategic planning process according to the content?
What is the primary role of corporate headquarters in the strategic planning process according to the content?
In the context of SWOT analysis, what differentiates 'threats' from 'weaknesses'?
In the context of SWOT analysis, what differentiates 'threats' from 'weaknesses'?
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When is a negatively stated stem appropriate in a multiple-choice question?
When is a negatively stated stem appropriate in a multiple-choice question?
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A hotel chain decides to acquire a company that produces its linens and towels. This is an example of which type of integrative growth?
A hotel chain decides to acquire a company that produces its linens and towels. This is an example of which type of integrative growth?
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Which scope defines the number of channel levels, from raw materials to final product and distribution, in which a company will engage?
Which scope defines the number of channel levels, from raw materials to final product and distribution, in which a company will engage?
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Using the BCG matrix, how would a business unit with a high market share in a low-growth market typically be classified?
Using the BCG matrix, how would a business unit with a high market share in a low-growth market typically be classified?
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What is the primary advantage of establishing strategic alliances in the hospitality and tourism industry?
What is the primary advantage of establishing strategic alliances in the hospitality and tourism industry?
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A restaurant chain decides to add a line of branded cookware to its retail offerings. This move is best described as which type of diversification strategy?
A restaurant chain decides to add a line of branded cookware to its retail offerings. This move is best described as which type of diversification strategy?
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Which element is NOT considered a key component of a high-performance business?
Which element is NOT considered a key component of a high-performance business?
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What is the primary focus of market-oriented strategic planning?
What is the primary focus of market-oriented strategic planning?
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In strategic planning, how should a company's businesses be primarily viewed?
In strategic planning, how should a company's businesses be primarily viewed?
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What is the purpose of assessing future profit potential in strategic planning?
What is the purpose of assessing future profit potential in strategic planning?
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What is the role of stakeholders in a high-performance business context?
What is the role of stakeholders in a high-performance business context?
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Which of the following best describes the dynamic relationship among stakeholder groups?
Which of the following best describes the dynamic relationship among stakeholder groups?
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Why is it important for a company to define its mission?
Why is it important for a company to define its mission?
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What is the purpose of 'control' in the context of analysis, planning, implementation, and control?
What is the purpose of 'control' in the context of analysis, planning, implementation, and control?
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In designing business portfolios, what should a company primarily consider?
In designing business portfolios, what should a company primarily consider?
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What would be the best approach when setting goals and objectives?
What would be the best approach when setting goals and objectives?
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Flashcards
Strategic Planning
Strategic Planning
A managerial process to align organizational goals with market opportunities.
Market-Oriented Strategic Planning
Market-Oriented Strategic Planning
Developing a fit between an organization's goals and evolving market opportunities.
Investment Portfolio Management
Investment Portfolio Management
Managing a company's businesses as if they were assets in a portfolio.
Profit Potential Assessment
Profit Potential Assessment
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Corporate Strategy
Corporate Strategy
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Stakeholders
Stakeholders
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Business Portfolio Design
Business Portfolio Design
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Goals and Objectives
Goals and Objectives
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Planning Activities
Planning Activities
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High-Performance Business
High-Performance Business
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Corporate Mission
Corporate Mission
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Strategic Business Unit (SBU)
Strategic Business Unit (SBU)
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Competitive Scope
Competitive Scope
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Boston Consulting Group (BCG) Matrix
Boston Consulting Group (BCG) Matrix
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SWOT Analysis
SWOT Analysis
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Diversification Growth
Diversification Growth
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Integrative Growth
Integrative Growth
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Goal Formulation
Goal Formulation
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Strategic Alliances
Strategic Alliances
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Business Strategy Planning
Business Strategy Planning
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Study Notes
Marketing for Hospitality and Tourism - Chapter 3
- Chapter 3, titled "The Role of Marketing in Strategic Planning," discusses the significance of strategic planning in the hospitality and tourism industries.
- The chapter objectives include explaining company-wide strategic planning, understanding stakeholders, processes, resources, and organizational structure, and outlining the four core planning activities in corporate strategic planning.
- These objectives also include defining a company's mission and goals, designing business portfolios and growth strategies, and detailing the business strategy planning process.
- Market-oriented strategic planning is a managerial process that aims to create a sustainable fit between the organization's goals, skills, and resources, and the constantly changing market opportunities.
- Key elements of strategic planning include managing businesses as an investment portfolio, assessing future profit potential, and developing the actual strategic plan.
- A high-performing business considers stakeholders, processes, resources, and organization to ensure success. This involves various stakeholders like employees, governments, customers, communities, and investors.
- The relationship between analysis, planning, implementation, and control is crucial for success. Analysis informs planning, planning guides implementation, implementation facilitates the evaluation of results and, in return, corrective actions lead to further improvements.
- The high-performance business strategy prioritizes key stakeholders while improving critical processes and ensuring resource alignment to achieve organizational goals.
- Dynamic relationships exist among stakeholder groups that drive positive outcomes. Stakeholder satisfaction, enhanced product quality, advancements in services, and innovations lead to growth and profitability.
- Corporate strategic planning involves corporate headquarters directing the planning process, emphasizing employee empowerment, and recognizing the multicultural nature of hospitality and tourism.
- Corporate strategic plans often include a defined vision, mission, and values to guide the organization's overall direction.
- Defining the company mission is a key aspect of corporate strategic planning; shaping the mission based on the business history and resources is important, and the mission should highlight distinctive competencies of the organization.
- Defining competitive scopes involves determining the industries, products, applications, technological, and other core competencies the organization intends to pursue.
- Market segments, vertical scope (raw materials to final distribution), and geographic scope are crucial elements in determining competitive scopes.
- Strategic business units (SBUs) are single businesses or related businesses that can be independently planned and managed. Each SBU has its own competencies, and a manager responsible for strategic planning and profit performance.
- Tools like the Boston Consulting Group (BCG) Growth-Share Matrix are used to classify SBUs based on profit potential, classifying businesses into categories like stars, question marks, cash cows, and dogs.
- Various growth strategies exist, categorized based on whether the company targets existing or new markets and products and whether these are related to the core business. Examples include market penetration, market development, product development, and diversification.
- There are different types of diversification including concentric, horizontal, and conglomerate diversification strategies.
- Integrative growth strategies involve acquiring suppliers (backward), distributors (forward), or competitors (horizontal).
- Business strategy planning includes activities like defining business mission, conducting SWOT analysis, formulating goals, setting strategies, formulating programs, and evaluating results.
- The hotel industry faces unique challenges, including varied ownership structures, limitations in owner knowledge of their properties, and inconsistent training of professional managers on aspects of strategic planning.
- Best practices in strategic planning include learning from successful examples such as Howard Schultz's introduction of Starbucks, adapting innovations to stay ahead of competition, and the strategic approaches used by corporations like The Inn on Biltmore Estates, Tricon Global Restaurants, Jack in the Box, Las Vegas Hilton, Hyatt Hotels, and Boston Greater Convention and Visitors Bureau.
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Description
Explore Chapter 3, 'The Role of Marketing in Strategic Planning' from the Marketing for Hospitality and Tourism textbook. This chapter highlights the importance of strategic planning, its core activities, and how it can align organizational goals with market opportunities. Understand the processes, resources, and stakeholders involved in effective marketing strategies.
