Podcast
Questions and Answers
Reasons for the low success rate of strategy implementation: Failing to ______
Reasons for the low success rate of strategy implementation: Failing to ______
segment markets appropriately
The Nature of Strategy Implementation Ways to ______:
The Nature of Strategy Implementation Ways to ______:
successful Strategy Implementation
Marketing decisions requiring policies: Whether to use ______
Marketing decisions requiring policies: Whether to use ______
exclusive dealerships – multiple channels of distribution
Whether to use ______
Whether to use ______
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Whether to ______
Whether to ______
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Study Notes
Nature of Strategy Implementation
- Strategy implementation is crucial for success in tourism and hospitality management.
- Low success rates in implementation often arise from several key issues.
Reasons for Low Success Rate
- Inadequate market segmentation leads to ineffective targeting of customers.
- Overpaying for acquisitions can strain finances and reduce profit margins.
- Insufficient investment in research and development hampers innovation and competitive edge.
- Failure to leverage computer technology restricts efficiency in managing information systems.
Successful Strategies for Implementation
- Effective marketing of goods and services is essential for growth and visibility.
- Securing adequate working capital is critical for operational stability and expansion.
- Products must be technologically sound to meet customer expectations and industry standards.
- Establishing robust information systems enhances decision-making and operational efficiency.
Marketing Issues
- Key marketing decisions include:
- Choosing between exclusive dealerships or multiple distribution channels.
- Determining the approach to television advertising, balancing heavy, light, or no advertising.
- Developing reward systems for sales personnel to incentivize performance.
- Deciding on pricing strategy: being a price leader or follower to position brand competitively.
- Evaluating the need for online advertising and its potential impact on reach and engagement.
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Description
Test your knowledge of strategic management in tourism and hospitality with this quiz on implementing strategies. Explore marketing, finance/accounting, R&D, and MIS issues, and understand the reasons for the low success rate of strategy implementation. Topics include market segmentation, acquisition costs, and staying competitive in the industry.
