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strategic management 5th
Strategic Management For Hospitality And Tourism 1st Edition Fevzi Okumus Levent Altinay Prakash Chathoth - Solutions
Describe the roles of resources, capabilities, and competencies in strategy formulation.
Explain positioning and generic business strategies and their role in a firm’s valuecreation process.
Define competitive strategies.
What are the implications of a centralized organisational structure for an H&T organisation operating internationally?
How do organisational structure, culture, and leadership influence the strategy development and implementation?
How important are these factors for an H&T organisation?
What are the factors in an organisation’s internal environment that have influence on and a bearing on its functioning?
What are the implications of a tight, centralised management structure?
What is the importance of country managers in implementing strategy in different country markets?
Please identify different control tactics used by the case study organisation to ensure that the strategy is properly implemented.
How would you describe the management structure of the case study organisation? Please provide evidence to illustrate your answer.
Evaluate the influence of organisational variables/factors on strategy formulation and implementation, and provide recommendations to overcome potential challenges in this process.
Analyze an H&T organisation’s internal environment.
Discuss the complexity of H&T organisations’ internal environment.
Identify different elements of an H&T organisation’s internal environment.
What is strategic myopia, and how it can be overcome?
Who should analyze the external environment and how often?
What are the potential challenges in analyzing the external environment?
How can Porter’s five forces model be used to analyze the task environment?
What is the task environment, and how does it influence the firm?
How can we classify the external environment?
Why do we need to analyze the external environment?
How does the environment affect the hotel’s formulation of strategies?
How do customer-related factors affect the hotel as well as its competitors? Make assumptions where necessary.
Assess the impact of the environment on the Great Eastern Hotel. Make assumptions where necessary.
Discuss challenges in analyzing the general macro and the task environments
Assess industry-related competitive factors and structures.
Define and analyze the firm’s task environment.
Classify the environment into specific categories.
Explain strategy formulation from a contingency perspective.
Define and explain the role of the external environment in the context of the hospitality and tourism businesses.
Discuss the types of skills that this executive may need in this new position.
Discuss what type of challenges this new executive may face in this position.
Why has the current level of strategy research in the H&T field been limited?
In what situations can strategic management help H&T organizations?
In what areas do the industry characteristics influence the management practices in H&T organizations?
How can we better apply strategic management theories in H&T organizations?
How much do the unique characteristics of H&T organizations impact the strategic management practices in H&T organizations?
How are managing H&T organizations different from managing manufacturing organizations?
Can we make generalizations about H&T organizations?
What are the main characteristics of H&T organizations?
How can we define the H&T industry?
In your view, what are the differences in managing a restaurant compared to managing an ice cream factory?
If he accepts this position, what type of skills will Mark need in managing a restaurant compared to being a manager in an ice cream factory?
Do you think Mark should accept this offer? Explain why or why not.
Evaluate the current level of strategy research in the H&T field.
Discuss how characteristics of H&T organizations may influence the application of strategic management practices in H&T organizations.
Evaluate characteristics and types of H&T organizations.
Define the hospitality and tourism (H&T) context.
Do you think it is important for H&T companies to have such statements? If yes, why? If no, why not?
Define strategic management, vision, mission, goals, objectives, and tactics.
Why are there different schools of thought on strategic management? Do you think it is confusing to have several different views on strategic management?
List the main schools of thought, and explain their premises on strategic management.
Explain the origins of strategy and strategic management.
Do managers and executives in hospitality and tourism organizations always have sufficient and reliable information to make decisions?
Why is it difficult to answer the preceding questions? Do we have clear answers for issues and challenges in real life?
What should the hotel do in the short term and in the long term? Make assumptions where necessary to arrive at your decisions.
Given the preceding information, what are Jerry’s options? How should they be evaluated? Make assumptions where necessary.
What issues should Jerry and the executive committee address? Why? (Hint: Make assumptions where necessary, including mission and vision statements, as well as goals, strategies, and objectives.)
Assess various perspectives of strategic management and their significance.
Define key terms pertaining to strategic management.
Describe the strategic management framework and its objectives.
Identify the schools of thought on strategic management.
Discuss the historical origins of strategic management.
How can we determine the effect of a change in one variable on another if many other variables are changing at the same time?
How confident are we in our results?
How can we best fit an economic relationship to actual data?
A health insurance company tries to prevent the moral hazard of “excessive” dentist visits by limiting the number of compensated visits that a patient can make in a year. How does such a restriction affect moral hazard and risk bearing? Show in a graph.
In the Application “Layoffs Versus Pay Cuts,” the firm either uses a pay cut or layoffs. Can you derive a superior approach that benefits both the firm and the workers? (Hint: Suppose that the firm’s profit or some other variable is observable.)7. Challenge
List some necessary conditions for a firm to be able to sort potential employees by providing them with a choice of contracts.6. Checks on Principals
Adrienne, a manager of a large firm, must decide whether to launch a new product or make a minor change to an existing product. The new product has a 30% chance of being a big success and generating profits of $20 million, a 40% chance of being fairly successful and generating profits of $5
In 2012, Hewlett-Packard Co. announced that its new chief executive, Meg Whitman, would receive a salary of $1 and about $16.1 million in stock options, which are valuable if the stock does well(marketwatch.com, February 3, 2012). How would you feel about this compensation package if you were a
When rental cars are sold on the used car market they are sold for lower prices than cars of the same model and year that were owned by individuals.Does this price difference reflect adverse selection or moral hazard? Could car rental companies reduce this problem by carefully inspecting rental
Starting in 2008, Medicare would not cover the cost of a surgeon leaving an instrument in a patient, giving a patient transfusions of the wrong blood type, certain types of hospital-acquired infections, or other “preventable” mistakes (Liz Marlantes,“Medicare Won’t Cover Hospital Mistakes:
In Exercise 4.2, suppose that, for each extra $1,000 of bonding the firm requires a worker to post, the firm must pay that worker $10 more per period to get the worker to work for the firm. What is the minimum bond that deters stealing? (Hint: See Solved Problem 19.3.) M
In Solved Problem 19.3, a firm calculates the optimal level of monitoring to prevent stealing. If G = $500 and θ = 20%, what is the minimum bond that deters stealing? M
Many law firms consist of partners who share profits. On being made a partner, a lawyer must post a bond, a large payment to the firm that will be forfeited on bad behavior. Why?
Louisa is an avid cyclist who is currently working on her business degree. She normally rides an$800 bike to class. If Louisa locks her bike carefully—locks both wheels—the chance of theft for the term is 5%, but this careful locking procedure is time consuming. If she is less careful—just
Fourteen states have laws that limit whether a franchisor (such as McDonald’s) can terminate a franchise agreement. Franchisees (such as firms that run individual McDonald’s outlets) typically pay the franchisor a fixed fee or a share of revenues. What effects do such laws have on production
Padma has the rights to any treasure on the sunken ship the Golden Calf. Aaron is a diver who specializes in marine salvage. If Padma is risk averse and Aaron is risk neutral, does paying Aaron a fixed fee result in efficiency in risk bearing and production? Does your answer turn on how predictable
Traditionally, doctors have been paid on a fee-forservice basis. Now doctors are increasingly paid on a capitated basis: They get paid for treating a patient for a year, regardless of how much treatment is required. In this arrangement, doctors form a group and sign a capitation contract whereby
Book retailers can return unsold copies to publishers. Effectively, retailers pay for the books they order only after they sell them. Dowell’s Books believes that it will sell, with 1 2 probability each, either zero or one copy of The Fool’s Handbook of Macroeconomics. The bookstore also
In the National Basketball Association (NBA), the owners share revenue but not costs. Suppose that one team, the L.A. Clippers, sells only generaladmission seats to a home game with the visiting Philadelphia 76ers (Sixers). The inverse demand for the Clippers-Sixers tickets is p = 100 - 0.004Q.The
John manages Rachel’s used CD music store. To provide John with the incentive to sell CDs, Rachel offers him 50% of the store’s profit. John has the opportunity to misrepresent sales by fraudulently recording sales that actually did not take place. Let t represent his fraudulent profit.
Suppose now that the publisher in Exercise 2.6 faces a downward-sloping demand curve. The revenue is R(Q), and the publisher’s cost of printing and distributing the book is C(Q). Compare the equilibria for the following compensation methods in which the author receives the same total compensation
The author of a science fiction novel is paid a royalty of β share of the revenue from sales, where the revenue is R = pq, p is the competitive market price for novels, and q is the number of copies of this book sold. The publisher’s cost of printing and distributing the book is C(q). Determine
In the duck-carving example with limited information (summarized in the third and fourth columns of Table 19.1), is a fixed-fee contract efficient? If so, why? If not, are there additional steps that Paula can take to ensure efficiency?
In the duck-carving example with full information(summarized in the second column of Table 19.1), is a contract efficient if it requires Paula to give Arthur a fixed-fee salary of $168 and leaves all the decisions to Arthur? If so, why? If not, are there additional steps that Paula can take to
In Solved Problem 19.1, does joint profit increase, decrease, or remain the same as the share of revenue going to Arthur increases?
Zhihua and Pu are partners in a store in which they do all the work. They split the store’s business profit equally (ignoring the opportunity cost of their own time in calculating this profit). Does their business profit-sharing contract give them an incentive to maximize their joint economic
When I was in graduate school, I shared an apartment with a fellow who was madly in love with a woman who lived in another city. They agreed to split the costs of their long-distance phone calls equally, regardless of who placed the calls. (In those days, long-distance calls were expensive and
In 2012, a California environmental group found that 14 plum and ginger candies imported from Asia contained 4 to 96 times the level of lead allowed under California law (Lee, Stephanie M., “Lead Found in Asian Candies,” San Francisco Chronicle, August 14, 2012). Some observers predicted that
A study by Jean Mitchell found that urologists in group practices that profit from tests for prostate cancer order more of them than doctors who send samples to independent laboratories. Doctors’groups that perform their own lab work bill Medicare for analyzing 72% more prostate tissue samples
A flyer from one of the world’s largest brokers says,“Most personal investment managers base their fees on a percentage of assets managed. We believe this is in your best interest because your manager is paid for investment management, not solely on the basis of trading commissions charged to
A promoter arranges for various restaurants to set up booths to sell Cajun-Creole food at a fair. Appropriate music and other entertainment are provided.Customers can buy food using only “Cajun Cash,”which is scrip that has the same denominations as actual cash and is sold by the fair promoter.
California provides earthquake insurance. Because the state agency in charge has few staff members, it pays private insurance carriers to handle claims for earthquake damage. These insurance firms receive 9% of each approved claim. Is this compensation scheme likely to lead to opportunistic
What is the minimum fine that the government could levy on firms that do not invest in safety that would lead to a Nash equilibrium in which both firms invest?
When is statistical discrimination privately inefficient? When is it socially inefficient? Does it always harm members of the discriminated-against group?Explain.6. Challenge
In Exercises 5.5 and 5.6, describe the equilibrium if cl … ch. (Hint: See Solved Problem 18.4.) M
In Exercise 5.5, under what conditions is a pooling equilibrium possible? (Hint: See Solved Problem 18.4.) M
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