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strategic management
Strategic Management In The Hospitality Industry 3rd Edition Michael D Olsen, Joseph J West - Solutions
What have the forces driving change done to the requirements for today’s hospitality manager.
Using McDonald’s as an example, discuss the efficacy of using the coalignment model to assist the firm in responding to changes in the external environment and adapting its internal operations.
McDonald’s advocates promotion from within when it comes to succession of executive positions. Briefly discuss the importance of leadership in turning around McDonald’s from declining sales and profits.
Identify the key decisions that have resulted in the most recent successful turnaround for McDonald’s.
Based on your analysis, explain how the company’s implementation of changes in strategy reflected conditions in its environment.
Understand that strategic management is a way of thinking about the future.
Describe the differences among corporate, business, and functional strategies.
Comprehend the key concepts of strategy and their role in organizational success.
Utilize the strategic management model to develop effective strategies for the future success of the hospitality enterprise.
Explain the similarities among corporate, business, and functional strategies.
Discuss why strategy is a way of thinking as opposed to simply a process.
Explain the key relationships among the constructs of the coalignment model.
Discuss how the mission statement reflects the strategy of the firm.
How does strategic thinking add value to the firm?
How has the role of the life cycle changed for the restaurant industry from the 1970s to the present time?
Why is multibranding a strategy to pursue in the mature quick-service industry? What are the claimed benefits? What are the challenges? What are the pros and cons for cobranding or multibranding in the foodservice industry? Discuss the issues from the perspective of operations, marketing, and
What environmental events led to Yum!Brands’ decision to adopt the multibranding strategy?
Besides cobranding, what are other viable strategies that would allow for survival and prosperity in a maturing industry?
Understand the importance of the environment in making strategic decisions that are future oriented.
Describe the major concepts underpinning the environmental assessment process.
Understand the dynamic and complex nature of the business environment.
Have an appreciation for the challenges and uncertainties associated with the business environment.
What is meant by expanding ones perceptual window?
Discuss the classification scheme for the environment provided in this chapter and explain how a force emerges in the remote environment and works its way into the decision making investment opportunities for the manager.
Discuss why it is essential that the manager seek to combine cognitive, perceptual and experiential skills for the purpose of improving the risk return relationship in making strategic investment decisions.
Discuss which of the dimensions of the environment brings about the greatest challenge for management.
Describe the major issues the manager must face when trying to scan the business environment.
Identify any recent environment events which you feel have occurred and the firms in the hospitality industry failed to recognize (the boiling frog). Likewise, identify and discuss events that the industry has seemed to be ahead on.
Briefly discuss the challenges and barriers to developing and managing of eco-friendly hotels. How can hotels integrate environmental responsibility into their practices while ensuring customer satisfaction at the same time?
Using Orchid Hotel as an example, discuss the importance of the environment in making strategic decisions that are future oriented.
Do you foresee all hotels in the future being built and operated in an eco-friendly manner like the Orchid? Why or why not?
Think through how the Orchid may have gathered information, statistics, and other ideas to formulate the importance of the environment in the future. Discuss how this process may be established within a hospitality firm. Who should be involved and how should it be managed to achieve the excellent
Discuss how the timing of the decisions leading up to the investments in the hotel may have affected the types of environmental programs initiated.
Identify the most valid and reliable sources of information about the environment that may be utilized in arriving at the same conclusions as the management of the Orchid Hotel.
Develop the skills necessary to scan the business environment effectively.
Establish and maintain an effective environmental scanning system.
Why is it essential for managers to identify the forces driving change in their environments?
Briefly outline the elements in establishing an environmental scanning system.
What are the criteria used in defining a business domain?
What is the function of organizational structure in regard to environmental scanning?
How do you determine information needs, medium, and sources when assessing the environment?
Discuss the need for information sharing, feedback, and evaluation.
Briefly discuss how the impact of technological advancement in the environment changes our lifestyle and the way that business responds to these changes.
Using InterContinental as an illustration, discuss how the company commits to technology as one of its competitive methods to gain industry advantage.
Briefly discuss the challenges of using technology in hospitality organizations as competitive methods to differentiate among competitors and gain market share.
Identify the key determinants behind technology advancement. Identify and support the three you believe to be most important.
Comment on IHG’s timing of its investments in technology and compare this to the investments made by its competitors over the same period. How long was the timing advantage for IHG?
Are there domain differences between the corporation and the two hotels cited as examples at the end of the case?
What information would be helpful in determining the overall demand for the technology investments IHG has made over the years?
What information sources do you think would be useful in tracking developments in technology for the travel industry?
Achieve a more practical understanding of how to scan the remote environment.
Understand the role of value drivers as determinants of causal relationships between the firm and its environment.
Develop an understanding of the timing of value driver movements and how they impact the firm and its future cash flow streams associated with key competitive methods.
Achieve a greater understanding of the role of probability theory with respect to creating managerial theories about the firm.
The hospitality and tourism industry is considered as the industry that is competing for consumers’ discretionary income and time.Discuss the environmental factors that affect this industry in both positive and negative ways.
What lessons can we learn as an industry from these factors, and what can we do to tackle these threats and crises?
What would you recommend relative to establishing a scanning process to monitor the outbreak of infectious diseases?
Explain how you would go about establishing a causal link between the impact of a disease like SARS and the firm’s ability to maintain cash flow.
What key value drivers would be important to identify to determine a causal link to the firm?
Based on the overview in this case, provide your own theory of how you would respond as a manager to this information.
Provide an understanding of how you would estimate the timing associated with this event.
Discuss the roles of inductive and deductive thinking when scanning the remote environment.
Discuss the types of value drivers that exist and indicate the challenges that managers will experience when relying on them for forecasting purposes.
When using value drivers such as those identified as the hotel industry cycle and the leading indicators associated with it provide your understanding of what the leading indicators can do to assist in helping managers improve their revenue forecasts.
Develop an improved understanding of the relationships between the remote and task environments.
Be capable of establishing the appropriate domain definition for the firm.
Achieve a greater understanding of the structure of the industry, including customers, competitors, suppliers, regulators, and potential competitors.
Discuss the changes in the industry structure throughout the decades and how this affected the growth of the casual-dining segment.
How does Darden define its domain throughout its company history? Briefly discuss how the company performance was affected due to these changes in the remote and task environment.
Darden is one of the few foodservice organizations that commit to internally developed concepts, whereas other competitors turn to mergers and acquisitions for their growth vehicles. Discuss the pros and cons of the two approaches.
Identify the key determinants of the demand curve for each of Darden’s current concepts. Discuss the similarities and differences as you see them.
Determine who the key competitors are for each of Darden’s key concepts.
In assessing the key competitors, identify those with the necessary financial resources to compete with Darden’s investments in new products and services.
Considering the Red Lobster chain, discuss the key elements of the supplier, regulator, substitute, and potential competitor subcategories of the task environment.
What do you conclude from the analysis of Darden regarding the nature of the casual theme restaurant industry sector, and how do you anticipate it changing over the next five years?
Provide an overview of how the remote and task environments can be integrated in support of the manager’s responsibility to make effective investments in competitive methods.
Discuss the challenges with estimating the demand curve of the business. What value drivers do you propose to assist in this difficult task?
What is the manager’s most important priority in assessing the competitor?
Discuss how you would go about comprehensively estimating the financial position of those firms in your strategic group or competitive set.
How would you go about establishing environmental scanning for the regulator, supplier, and competitor categories of the task environment?
After reading and studying the environment summarize what you believe to be the most important learning contributions regarding the environment.
Understand the role of the manager in adding value to the firm.
Develop an understanding of the investor’s requirements for return on invested capital.
Relate the estimation of cash flows, cost of capital, risk, and investment to the responsibility of adding value.
Apply the use of the net present value (NPV) discounted cash flow technique to the adding value imperative of all managers.
Explain why the hotel companies’ responses to third-party intermediaries are considered competitive methods.
Identify the key value drivers used to determine the cash flow streams associated with investments of this type.
What factors may influence the cost of capital associated with investments of this type?
Are there any unique risk factors to be considered with investments of this type?
How would you effectively determine the life cycle of this investment?
Examine whether or not the intermediaries have the same value drivers as the hotel companies.
Discuss the similarities and difference between the independent hotels and the chain hotels regarding the investment in competitive methods.
Discuss the challenges with identifying cash flows associated with such a complex competitive method.
Provide a thorough understanding of what you understand to be the three imperatives all investors seek from investments in competitive methods.
What is a competitive method?
Explain how you would go about estimating a firm’s cost of capital.
Link the process of estimating cash flows to the chapters on environmental scanning.
Discuss the role of risk in estimating the NPV of investments in competitive methods.
Indicate how you interpret the four pillars related to the investment decision.
Define a competitive method (CM) as a portfolio of products and services.
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