Concepts In Strategic Management And Business Policy Globalization Innovation And Sustainability 15th Global Edition J. Hunger Alan Hoffman Charles Bamford Thomas Wheelen - Solutions

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Who are the key players in the restaurant industry? Lodging industry? How did you arrive at your lists?
Identify deliberate and emerging strategies for various hotel companies. You may fi nd the following industry news web sites useful in your search for examples of strategies:www.globalhotelnetwork.com www.hotelinteractive.com www.hotel - online.com
Name several hospitality fi rms that you think outperform others. Why are they higher performers? What would the traditional perspective have to say about these high performers?
List an industry revolutionary. What makes this person or company revolutionary?
Research McDonald ’ s “ Plan to Win ”initiative. Will the focus on “ Brand McDonald ’ s ”yield maximum return? Why or why not? You can start your efforts at www.mcdon alds.com .
China has been criticized for its unsafe products recently. There appears to be a backlash in the United States, a movement against buying Chinese products. Consumers are avoiding products made in China and questioning providers about the origin of products. In light of this, should hospitality
Identify the most important elements of the broad environment, including the sociocultural, economic, political, and technological contexts.
Know the difference between a trend and a fad.
Understand Porter ’ s fi ve forces model and the nature of industry structure.
Explain the difference between the operating environment and the broad environment.
List and explain the various tactics managers can use to infl uence stakeholders.
Why is analysis of the broad environment important for effective strategic management?
What are the major components of the broad environment? Give an example of a trend in each area that could affect the welfare of a business organization.
What is the difference between a trend and a fad? Give an example of a fad.
Why should sociocultural infl uences be monitored? What are some of the current sociocultural forces in Europe?
What are some of the most important factors to track in the global economy? Why are these factors important to organizations?
Explain the three characteristics of technological innovation and how an understanding of those characteristics can be used to develop a technological forecasting process.
What are the major differences between the operating and broad environments?Can an organization effectively infl uence its broad environment? Its operating environment?
What are the fi ve forces of competition? Describe their potential infl uence on competition in an industry with which you are familiar (except airlines).
What are the primary factors that make some stakeholders more important than others? How do management techniques for high - priority stakeholders differ from those of low - priority stakeholders? Give examples.
Describe the major forms of interorganizational relationships, and provide one possible advantage of each form.
Identify recent sociocultural, economic, political, and technological trends that signifi cantly affect hospitality organizations. List the key trends. Now, briefl y explain the two most critical trends affecting the hospitality industry and why. What fads do you currently see in the industry? You
Select a company. Now complete Table 2.3for the company you selected. Based on what the table assessment suggests, which opportunities and threats should the company monitor carefully, and which should it just scan from time to time? Why?
Conduct a fi ve forces model for the industry of your choice (except airlines).Clearly defi ne your industry before you begin (in other words, how broadly are you defi ning your industry?). To guide your analysis, begin with the bargaining power of buyers and suppliers. Who are the buyers and
Know the key questions managers must ask and answer to create a strategic direction.
Understand the challenge of structural inertia and how it limits organizations.
Explain the difference between a vision and mission statement, and why values are important to organizational decision makers.
List the fi ve different components of social responsibility.
Defi ne enterprise strategy and give examples of fi rms that link ethics and strategy.
Explain the fi ve ethical frames of reference and how they shape values.
What are some of the key forces infl uencing strategic direction in an organization?What is structural inertia, and how can it lead a successful fi rm to failure?
Describe the three elements that are critical in defi ning the business or businesses of an organization.
Defi ne the business of a large, diversifi ed organization with which you are familiar.Do not use a company that was described in this chapter.
What is an organizational mission? What can a mission include? Does a mission have to be formally written down to be effective?
What is a vision? What should a vision include? What is the difference between a mission and a vision?
How does the establishment of organization values help guide decision making?
How important is environmental sustainability and community involvement to the hospitality industry? Is it more important in hospitality than in other industries?Why or why not?
What are fi ve common ethical frames of reference? What are their limitations?
What is an enterprise strategy? Why is an enterprise strategy important to an organization? Write an enterprise strategy for a fi rm with which you are familiar.
Create a strategic direction for the university or college you are attending. Make any logical assumptions that are necessary to complete the task. Include all of the elements of strategic direction, including a vision, a mission statement, and a list of organizational values.
Is the hospitality industry just giving lip service to concerns for the environment?Make the case for why green hotelkeeping is a real and important movement, and then prepare a counterargument for why it is a public - relations and marketing ploy.Provide evidence for both arguments.
Select several hotel companies and call the corporate reservations number, or a specifi c property directly, or both. Ask the simple question, “ Could you please tell me the vision of your company? ”Then record the reactions to the question. Summarize the results of your phone call.What did
Research any company you like, and fi nd the organization ’ s vision, mission statement, and values. Prepare a one - minute speech that captures this company ’ s vision of the future. To help craft your brief speech, here are some suggestions:What does this company believe in?What does it
Ask six key questions to determine whether an organizational resource or capability will lead to a sustainable competitive advantage.
Understand the value chain and know how to create an industry or subindustry value chain.
Know the difference between tangible and intangible resources.
Determine which of fi ve key resource areas is likely to lead to a sustainable competitive advantage.
Understand what types of knowledge are more likely to be associated with a sustainable competitive advantage.
Appreciate the importance of patents, copyrights, trademarks, brands, and reputations in determining the competitiveness of a fi rm.
What six questions must be asked to determine whether a resource or capability will lead to a sustainable competitive advantage?
Describe the value - adding activities of a typical restaurant (not a chain). Determine which of these activities are core and support. How can the restaurant use this information to help determine ways to create competitive advantage?
What is the difference between tangible and intangible assets? What fi ve resource areas should an organization analyze to determine internal sources of competitive advantage? Why must a fi rm pay attention to all fi ve areas?
Describe the fi ve distinct leadership approaches or styles CEOs use. Which of these styles is more authoritarian? Which is more participative? Is any one style the best?Why?
What is an agency problem? How can agency problems be avoided?
Why is human resource management becoming an even more important part of strategic management in many organizations?
Name four common cultural orientations that are often associated with excellent performance. How can these orientations lead to extremes that ultimately lead to poor performance?
What is the difference between core knowledge and integrative knowledge? Which type of knowledge is more likely to be associated with a sustainable competitive advantage? Why? What is the difference between tacit knowledge and codifi ed knowledge? Which type of knowledge is more likely to be
Name several factors and organizational conditions that can lead an organization to enhance organizational learning from interorganizational relationships.
Which sources of competitive advantage are usually more sustainable: a patent or a brand? Why?
What is an organizational or destination reputation? What are the benefi ts of having an excellent reputation? Are those benefi ts typically sustainable?
Develop a value chain for a hotel company and search for sources of added value.Identify the primary and support activities. Primary activities are involved with a hotel ’ s primary service delivery or operations. Support activities provide the assistance necessary for the primary activities to
Pick any pair of rivals in the industry. Explain why one company outperforms another. Focus on the competitive advantage that the one fi rm has over the other. That is, examine the things one organization can do that its competitor can ’ t or something an organization has that its competitor
Do a strengths and weaknesses analysis of any company you wish. Identify and list factors you consider to be the strengths and weaknesses of the company.To identify the strengths, ask yourself the following questions about the company:• What does this company do exceptionally well?• What
Distinguish the business - level strategy of any hospitality organization by determining if it is a cost leader, differentiator, or best value and whether it addresses a broad or narrow market focus.
Identify the risk factors associated with pursuing various business strategies.
Explain the key factors fi rms use to create a low - cost or differentiation strategy.
Know the defi nition of creative destruction and why it is important for making sense of competitive dynamics.
List the offensive and defensive strategies fi rms can use to compete effectively.
Create a strategic group map to help you understand the strategies of competitors in an industry.
What are the strategic management responsibilities of a business - unit manager?Explain what each of these responsibilities entails.
Describe the generic business - level strategies found in this chapter. Provide an example of hospitality brands that you think are pursuing each of these strategies.
How can an organization pursue the business - level strategy of low - cost leadership?
How can an organization pursue a differentiation strategy?
What are some of the risks associated with a cost leadership, differentiation, best value, and focus strategy?
How can an emphasis on quality help a fi rm that is pursuing a best - value strategy?
What are competitive dynamics? Why has competition become more dynamic in the past few decades?
Describe the eight strategies that refl ect competitive dynamics.
Of the strategies that refl ect competitive dynamics, which one seems to be the highest risk? Why? Which one seems to be the lowest risk? Why?
If you were a market leader in a segment of the hotel industry, which of the strategies that refl ect competitive dynamics would probably be the most attractive to you?If you were a weak competitor with few resources, which strategy would you likely fi nd attractive?
You have been asked to develop two contrasting brand concepts for presentation to the senior management of a major chain. Begin by deciding what business - level strategies your two concepts will be based on (i.e., low cost, differentiation, best value, either narrow or broad). Using the following
Select any two hospitality fi rms that compete on the basis of differentiation. Compare and contrast these two players. Which one is more successful and why? If a fi rm were to enter the market and pursue a focused differentiation strategy, how might it outfocus the two fi rms you examined.
Develop a strategic - group map. First, identify characteristics that differentiate fi rms in the industry. Plot the fi rms on a two - variable map. Assign fi rms that fall in about the same space to the same strategic group. Draw circles around each group, making the circles proportional to the
Defi ne corporate - level strategy and explain the major responsibilities for a corporate - level manager.
Distinguish among concentration, vertical integration, and diversifi cation strategies.
Describe the advantages and disadvantages of a concentration strategy.
Know the meaning of forward and backward integration.
Explain the reasons why fi rms diversify.
Understand the sources of synergy that can be obtained from diversifi cation and what undermines its use.
Know the reasons for mergers and acquisitions and some of the problems attached to this strategy.
List and explain the most common restructuring approaches, including turnaround, downsizing, refocusing, bankruptcy, and leveraged buyouts.
Create a BCG Portfolio Matrix.
Why is strategic management considered important for global market competition?
What is the impact of sustainability on business practice?
Define strategic flexibility and explain its implications.Why is organizational learning important to the long-term development of strategic flexibility of organizations that intend to enter overseas markets?
What is a triggering event? List a few triggering events that stimulate strategic changes.
What is the most preferred planning mode of strategic decision-making for organizations competing internationally?
What changes do you think this might cause in the immediate task environment for a business operating within the financial service industry? Look at the Financial Times online for information.
How do these changes impact on corporate, business, and functional level strategies of financial service businesses? Are these changes going to affect you as customers?
How do you think a learning organization would act in this dynamic environment? What survival chances do the stagnant organizations have?
What are the roles and responsibilities of an effective and active Board of Directors?

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Concepts In Strategic Management And Business Policy Globalization Innovation And Sustainability 15th Global Edition J. Hunger Alan Hoffman Charles Bamford Thomas Wheelen - Solutions

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