Strategic Management In The Hospitality Industry 3rd Edition Michael D Olsen, Joseph J West - Solutions

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Discuss the competitive forces model with reference to what you know about the global market for commercial jet aircraft (see the Opening Case). What does the model tell you about the level of competition in this industry? LO4
Discuss the source of competitive advantage LO1
Identify and explore the role of efficiency, quality, innovation, and customer responsiveness in building and maintaining a competitive advantage LO2
Explain the concept of the value chain LO3
Understand the link between competitive advantage and profitability LO4
Explain what impacts the durability of a company’s competitive advantage LO5
What are the primary implications of the material discussed in this chapter for strategy formulation? LO3
When is a company’s competitive advantage most likely to endure over time? LO3
I t is possible for a company to be the lowestcost producer in its industry and simultaneously have an output that is the most valued by customers.Discuss this statement. LO3
Why is it important to understand the drivers of profitability, as measured by the return on invested capital? LO3
Which is more important in explaining the success and failure of companies: strategizing or luck? LO3
Explain how an enterprise can use functionallevel strategies to increase its efficiency LO1
Explain how an enterprise can use functionallevel strategies to increase its quality LO2
Explain how an enterprise can use functionallevel strategies to increase its innovation LO3
Explain how an enterprise can use functionallevel strategies to increase its customer responsiveness LO4
How are the four generic building blocks of competitive advantage related to each other? LO2
What role can top management play in helping a company achieve superior efficiency, quality, innovation, and responsiveness to customers? LO2
Over time, will the adoption of Six Sigma quality improvement processes give a company a competitive advantage, or will it be required only to achieve parity with competitors? LO2
From what perspective might innovation be called “the single most important building block” of competitive advantage? LO2
Explain the difference between low-cost and differentiation strategies. LO1
Articulate how the attainment of a differentiated or low-cost position can give a company a competitive advantage. LO2
Explain how a company executes its business-level strategy through functionlevel strategies and organizational arrangements. LO3
Describe what is meant by the term“value innovation.” LO4
Discuss the concept of blue ocean strategy, and explain how innovation in business-level strategy can change the competitive game in an industry, giving the innovator a sustained competitive advantage. LO5
What are the main differences between a lowcost strategy and a differentiation strategy? LO1
Why is market segmentation such an important step in the process of formulating a businesslevel strategy? LO1
How can a business-level strategy of (a) low cost and (b) differentiation offer some protection against competitive forces in a company’s industry? LO1
What is required to transform a business-level strategy from an idea into reality? LO1
What do we mean by the term value innovation?Can you identify a company not discussed in the text that has established a strong competitive position through value innovation? LO1
How do the changes in the environment influence international hotel players to adapt their expansion strategy?
What factors allow Accor to establish itself as a successful key international hospitality organization?
How does Accor adapt its competitive methods in each country/region it enters?
What are the competitive methods that contribute to Accor’s success?
When considering the value proposition offered by Accor’s various brands, estimate the share price implications of each.
What is Accor’s WACC, and how is it affected by the risks associated with entering into emerging markets?
What political and economic risks do you find Accor facing, given its strategy of pushing into China and Asia in general?
What aspects of Accor’s strategy do you believe to be most sustainable?
Compare Accor’s technology utilization with their competitors. How do they perform on this industry CSF, and what actions should they pursue, if any?
Define competitive methods
Provide a definition of the life cycle of a competitive method and link the life cycle to environmental scanning.
Discuss managements role in reviewing the performance of current competitive methods.
How should the manager make a choice among, CSFs, current CMs and future CMs in the context of scarce resources?
Explain how a firm can explain its market value using the concept of competitive methods and the NPV.
How can management achieve the growth in market capitalization desired by investors?
Provide your interpretation of the service exchange and illustrate its importance in adding value to the firm.
Define what is meant by core competencies;peripheral competencies and linking systems.
Discuss the various frameworks for understanding the strengths and weaknesses of the competencies of the firm.
Describe organizational structure and its dimensions. Indicate how they may affect hospitality firms based upon the type of service level that they deliver.
Briefly discuss the function of loyalty program in retaining repeat customers.
Explain the cost and effectiveness of loyalty program.
Link loyalty program to branding competencies in creating sustainable competitive advantage.
Loyalty programs are considered as competitive methods because they serve the role of driving top-of-the-line performance. Given this fact, identify the key core competencies that must be developed within a firm to execute this CM successfully.
How can you track resources allocated to this CC from studying company documents and materials?
What PCs do you believe a firm must have to execute a loyalty program successfully?
What linking mechanisms do you believe are necessary to achieve success with loyalty programs?
What loyalty programs are considered the leaders in various sectors of the hospitality industry, and are there common CCs within sectors?
Understand the contingency relationships affecting leadership.
Have a full appreciation for why leadership will be different in the future.
Understand the visioning process.
Understand the process of leading change.
Appreciate the challenges resulting from a both changing workplace and the nature of work within it.
Using Barry Sternlicht and Howard Schultz as examples, briefly discuss the concept of visionary strategist for Starwood and Starbucks, respectively.
What makes the two leaders featured here different than leaders in the past in managing change?
New management calls for managers/leaders to be boundary spanners. Discuss how Sternlicht and Schultz carry out this role in their respective companies.
How do these two leaders practice the coalignment management process?
What environmental events did these leaders face, and how do you think they were able to address them in terms of the company’s investments?
Are these two leaders characteristic of change agents?
Do you consider these leaders to be innovative and creative? If not, why?
Do you believe these leaders have consciously behaved in a contingency mindset, reflecting the changing needs of the companies they ran and the constituencies they served?
Assess the degree of alignment between competitive methods (CM) and core competencies (CCs).
Understand the complexities associated with implementing strategy.
Demonstrate how context and process variables impact the strategy implementation process.
Describe the process used to integrate the context and process variables to achieve effective implementation.
Have an appreciation for the role of leadership in achieving successful implementation.
Understand the implementation planning process.
Provide your assessment of how alignment can be achieved in boutique and servicedapartment hotel concepts.
Discuss the differences in operating systems between boutique and serviced-apartment hotels.
How would these hotel concepts be differently organized in terms of management structure, communications systems, and other process and contextual variables?
Discuss the differences between the integrating mechanisms that may be utilized in each of the hotels.
Design a resource allocation process for each type of hotel.
Discuss how the rewards and incentive systems may differ between the two types of hotel accommodations.
Discuss what is meant by alignment.
Provide an description of your understanding of how best to assess and measure alignment.
Provide a thorough discussion of the what is meant by implementation.
What role is a management information system in achieving implementation.
Explain how you believe that reward systems should be linked to alignment.
Understand the concept of strategic management as applied to the service and hospitality industry. Lo1
Be able to describe the coalignment model and its application to the hospitality industry. Lo1
Appreciate that strategic management is a way of thinking, not a process to be performed annually and then forgotten for a year.Lo1
Understand the supply-and-demand and technology relationships that exist in the service industry and how they affect strategy.Lo1
Understand the unique elements, especially quality and value, of the service industry and how they affect strategy making.Lo1
Develop an appreciation of the forces driving change in the hospitality industry and what impact they will have on the manager of the future.Lo1
Understand the importance of leadership to the strategic management process.Lo1
Why is it important to consider the management of a hospitality enterprise in the context of the coalignment model?
How does the service industry differ from the manufacturing industry?
Why is strategy viewed as a way of thinking and not a process?
What is meant by the concept of adding value and how is it applied within the coalignment model?
Describe the key concepts within the coalignment model.
How is leadership different in the hospitality industry vs. the manufacturing industry?
What is unique about the hospitality industry within the context of the overall service industry?

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Strategic Management In The Hospitality Industry 3rd Edition Michael D Olsen, Joseph J West - Solutions

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