Question $4(25$ marks$)$

STRATEGIC PLANS AT FelCor LODGING TRUST For FelCor Lodging Trust, one of the largest hotel real estate investment trusts $($REITs$)$ in the United States, a strategic planning exercise led the company to rethink its strategy. Calling itself the $$New FelCor$,$ the firm has made dramatic steps toward repositioning itself. The firm$$s business strategy is to dispose of nonstrategic hotels, including all of its Holiday Inn Hotels located in secondary and tertiary markets. After the sale, it will have lower exposure to markets with low barriers to entry.

$1)$ Based on the above case study, outline other elements of the new business strategy that you can apply. $(3$ marks$)$

$2)$ Define Strategic Management $(2$ marks$)$