Strategic Mgmt for the future

Each group will present a topic, taken from the course learning outcomes. The purpose of this exercise is to have students learn about and present topics that relate to Strategic Management, while practicing presentation skills and learning by teaching. Work together for a cohesive effort, covering the assigned topic. You will be graded individually, however. Use/incorporate the assigned reading, in addition to anything else relevant you might find while researching your topic. Instructions are in the rubric.

STRATEGIC MANAGEMENT IN HOSPITALITY FIRMS IN THE FUTURE Without question, the greatest managerial challenges lie ahead. It is difficult to predict with precision the kind of business environment the next generation of managers will face, buc judging from the recent past, it will probably be associated with increasing global comples, and interconnectedness. Major events are also difficult to predict, yet they result in sweeping global changes in the business environment. Regional and global economic booms and buses terrorism, and political and environmental crises will all shape the performance of the hospital ity industry in unpredictable ways. Table 10.3 contains a few of the characteristics that, based on recent trends, might be expected to exist in the business environment of the 21st century. Globalization and technological innovation are likely to be key factors in the future of hospitality. Large hotel companies will continue to extend their reach, and free markets will enable more capital to move across countries and into developing nations. Restaurant chains have learned a great deal from the groundwork of McDonald's and Yum! Brands on how to go global successfully. Technological innovations will enable the development of new distribution TABLE 10.3 Strategic Management for the Future PO Increasing levels of global trade and global awareness Global and domestic social turbulence Increased terrorism and a worldwide effort to eliminate it Increased sensitivity to ethical issues and environmental concerns Rapidly advancing technology, especially in communications Continued erosion of buying power in the U.S. and other economies Continued development of third world economies Increases in U.S. and global strategic alliances Revolution in the U.S. health-care industry Greater emphasis on security and crisis management AGRES SOM channels and ways of managing customer relationships. Some predict that we will see fully mobile reservations and sales, location-aware marketing, the outfitting of all front-line staff with mobile devices, automatic transmission of preferences from embedded storage devices, and biometric footprinting of guests. 81 How do you prepare for this future? Advice abounds on how to become ready for what lies ahead; some crucial actions for managers are: . Pay global attention by looking after the global traveler at home and the local traveler abroad and by extending the global reach of your portfolio. Uncover the unexpected experiences that excite and delight your customers. Invest in your guest by developing a comprehensive framework for guest interactions. Become agile by integrating your businesses across business units, brands, and locations into a common business infrastructure for back-of-house and key front-of-house functions, and consider strategic outsourcing opportunities. Rethink revenues to focus on "return on investment management." Polish your GEMs to transform front-line staff into "guest experience managers." Extend the experience before the trip begins and after it ends. 82 . What kind of leaders will be needed to navigate through the business environment of the future? They will be strategic thinkers-people who are willing to break with conventional norms, but at the same time learn from and respect the past. They will be revolutionaries who don't simply seek incremental improvements to existing business systems to increase efficiency, but invent new business concepts.83 As Bill Gates said of Microsoft, any company can be "two jears away from failure."84 They will be global thinkers, eager to establish relationships with autstanding companies, to obtain the best resources, and to sell in the most advantageous markets, regardless of where they are found. They will be sensitive to the organizational and esternal environment, realizing that long-term success requires a broad attitude regarding what and who is important. Finally, they will be able to instill in organizational members an urgent sense of vision. The tools, theories, and techniques found in this book can help you become an effective leader for the 21st century. I encourage you to apply what you have learned to current and misture business situations in which you and your organizations are found