Hospitality Bus Strategy (W)
Hospitality Bus Strategy (W) HB 489
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This 3 page Class Notes was uploaded by Ms. Ambrose Hills on Saturday September 19, 2015. The Class Notes belongs to HB 489 at Michigan State University taught by L. Zhang in Fall. Since its upload, it has received 69 views. For similar materials see /class/207506/hb-489-michigan-state-university in OTHER at Michigan State University.
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Date Created: 09/19/15
HB 489 Quiz 2 Case study 1 was trying to change the image Case study 2 is going to be group based Broad vs Focused End of Chapter 3 Two more components 1 Setting performance objectives 2 Creating a strategy Objectives 0 A specific measurable amp attainable performance target to be achieved within a specific period 0 2 types financial objectives amp strategic objectives 1 ranked I Financial easier to determine than strategic Strategy 0 Low cost providing something really cheap ex Ford 0 Manufacturing capabilities process efficiencies amp market share building 0 Differentiation providing something unique ex Tesla 0 Marketing capabilities research amp development and product innovation Organization Types 0 Defenders highly efficient Limited area Focus only on 1 thing 0 Prospectors opportunities amp trends Creator of change amp all about the NEW Not quite as efficient as defenders o Analyzers Huge companies sort ofin between half defender amp half prospector o Reactors not able to respond to the changes Social Responsibility 0 Economic such as the obligation to be productive and profitable and meet the consumer needs of society 0 Be productive profitable 0 Legal to achieve economic goals within the confines ofwritten law 0 Follow policies rules laws 8 regulations 0 Make money amp follow the rules you will be good 0 Moral to abide by unwritten codes norms amp values implicitly derived from society 0 Discretionary that are volitional or philanthropic in nature Cor orate Social Res onsibl CSR Six broad domains 0 Community support 0 Diversity 0 Employee support 0 Environment 0 Reuse save energy save plant 0 Non US operations 0 Internet gives us insight on all over the world causes awareness 0 Product related activities 0 Food safety type of thing CauseRelated Marketing 0 Consumers responses 0 Purchase intention amp loyalty 0 Less sensitive about price increase 0 Higher satisfaction 0 Better financial performance 0 Skepticism Chapter 4 1 Internal Analysis Profitability external environment ampinternal resources Xray why External analysis incomplete amp internal 2 shows the breakissue Can use Porter s 5 models to help buyer supplier entrants substitute amp rivalry Internal factors resources amp capabilities cancel 36 0 Hammer resources amp capabilities is how you use the hammer 0 External factors only cancel 21 Resources 1 Financial resources 2 Physical resources 3 Humanbased resources 4 Employees 5 Structure amp culture 6 Knowledgebased resources 7 General Organizational resources ResourceBased View 0 Two assumptions 0 Resources heterogeneity o Imperfect resource mobility 0 You can39t just buy the reputation need to buy the whole hotel company STICKY VRIO Value Rarity Imitability and Organized o Valuable 0 Increased perceived value 0 Lower cost 0 m 0 Common resources X o Eg Apple files for a patent Imitate o Costly to imitate 0 Cannot copy 0 Reasonable price o Organized 0 Well positioned 0 Capture value Value Chain 1 The business ofa firm can best be described as a value chain Porter 2 Industry 3 Monitoring 0 You do your own while doing others Chapter 5amp 6 Levels of Strategies 0 Corporate 75 long term amp 25 short term 0 Business 50 long term amp 50 short term 0 Functional 25 long term amp 75 short term Corporate Strategies 0 Concentration strategies 0 Do one thing amp do it well 0 Integration strategies 0 Forward integration I Seeking ownership or gaining control over distributors or retailers I Example Ikea amp Marriott Moxy o Backward integration I Increase ownership or control over suppliers I Example Starbucks 0 Horizontal integration I Buying out competitors I Example Pearson amp Random House Publishing joining together 0 Intensive strategies 0 Market penetration I Increase sales in the current market with the current product I quotPresent product Present market Greater market effort 0 Market development I Promote today s product to a newdifferent market I quotSame product Different market I Example Ikea amp Pepsi 0 Product development I quotNew product Same market I Example Burger King new drinks Disney baby line 0 Diversification strategies 0 Related diversification I Doing something slightly different but adding it to current business I Example Starbucks ampTeavana o Unrelated diversification I Doing something totally different with its original company
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