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Strategic Planning in Tourism and Hospitality Business Venture

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Strategic Planning in Tourism and Hospitality Business Venture

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Questions and Answers

What is the goal of developing a strategic plan?

To create a distinct image in the minds of potential customers

To monitor accurate controls

To identify the organization's core competencies

To assess the business standing and direction (correct)

Which step is involved in the strategic management process?

Scrutinizing the competition (correct)

Developing strategic options

Establishing company goals and objectives

Recording a clear mission and vision

What does the vision statement in strategic planning address?

The future direction of the business (correct)

Market segmentation of the business

The environment for notable opportunities and threats

The core competencies of the organization

What does strategic planning aim to create for a small business?

A unique position in the market Signup and view all the answers

Why is it important to evaluate the firm's strengths and weaknesses in strategic management?

To determine key success factors in the business Signup and view all the answers

In strategic management, why is it crucial to examine the environment for opportunities and threats?

To develop strategic options Signup and view all the answers

What is the purpose of a mission statement in an organization?

To give a sense of direction and purpose of existence Signup and view all the answers

What are core competencies of an organization?

Resources and capabilities that give a business a strategic advantage Signup and view all the answers

What is the relationship between key success factors and a firm's ability to compete?

Key success factors influence a firm's ability to compete effectively Signup and view all the answers

In strategic options, what does 'Differentiation' involve?

Providing customers with something unique compared to competitors Signup and view all the answers

Why should employees be involved in the strategic management process?

So they have a better understanding of steps required to achieve goals Signup and view all the answers

What is the purpose of monitoring accurate controls in strategic management?

To compare actual performance vs. projected targets and objectives Signup and view all the answers