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Overview of Strategic Management

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Vaishnav Sankark
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65 views

Overview of Strategic Management

Uploaded by

Vaishnav Sankark
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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UNIVERSITY OF BEDFORDSHIRE

Student id: 1923684

Name: Amarnath Balakrishnan

Unit:Hospitality and sustainable development

For companies and organizations to efficiently accomplish their goals, strategic


management is crucial.
Comprehending the subtleties of strategic management in niche markets like ho
spitality and events is essential to the accomplishment of customized solutions.
This essay examines and highlights the differences in strategic management tech
niques between the hospitality and events sector and general business.

Overview of Strategic Management

The creation and application of strategies to achieve organizational objectives ar


e included in strategic management (Evans, 2020, p. 2).
Strategic management is essential for negotiating competitive environments and
satisfying client expectations in the hospitality and events industry (Harrington &
Ottenbacher, 2011, p. 441).
Vision, mission, goals, and strategic planning procedures are typical components
of strategic management (Evans, 2020, pp. 6–8).
These components help organizations stay aligned with long-term goals by givin
g their operations direction and coherence.

Distinctive Characteristics of the Hospitality and Events Industry

Strategic management practices are influenced by the distinct socio-cultural fra


mework in which the hotel and events business functions (Koseoglu et al., 2018).
The importance of the customer experience and happiness makes tactics center
ed on service quality and personalization necessary (Wickham et al., 2021).
Additionally, given the perishable nature of events and hospitality services, quick
strategic reactions to shifts in consumer demand and industry trends are require
d (Koseoglu et al., 2019).
Thus, in this market, adaptation and flexibility become crucial aspects of strategi
c management

Distinctive Characteristics of Strategic Management in General Business

On the other hand, market share and financial performance are frequently priori
tized in general business strategy management (Lisse, 2023).
Although it is still crucial, customer satisfaction might not be as vital as it is in eve
nts and hospitality.
Furthermore, general business typically has a longer strategic planning horizon t
hat emphasizes competitive advantage and steady expansion (Evans, 2020, p. 44
).
In contrast, the dynamic hospitality and events sector typically has shorter planni
ng periods.
The strategic management methodologies employed by the hospitality and even
ts business are shaped by distinct characteristics. Among them are:

Customer-Centric Focus

Customer happiness, customisation, and emotional connections are key compon


ents of strategic management in the hotel and events sector (Evans, 2020, p. 2-
11).
Businesses in this sector are aware that delivering clients with unforgettable exp
eriences is essential to their success (Köseoglu et al., 2019).
To improve the guest experience, for example, premium hotels frequently use cu
stomized services like welcome items and concierge support (Wickham et al., 202
1).
Furthermore, to preserve solid client relationships and promote repeat business,
loyalty programs and CRM systems are frequently used (Harrington & Ottenbach
er, 2011, p. 439-462).

Operational Flexibility and Adaptability

Because of its dynamic character and always changing market conditions, the ho
spitality and events sector demands agility and adaptation (Evans, 2020, p. 42-
72).
Companies in this sector need to adapt quickly to shifting consumer needs and t
echnical breakthroughs (Lisse, 2023).
For instance, in order to improve the client experience and maintain their compe
titiveness in the digital era, several hotels have adopted digital room keys and m
obile check-in alternatives (Wickham et al., 2021).
Furthermore, to accommodate different event requirements and attendee prefer
ences, event planners frequently use modular setups and changeable event spac
es (Wickham et al., 2021)

Risk Management and Resilience

Risks specific to the hospitality and events sector include those related to financ
es, reputation, and operations (Harrington & Ottenbacher, 2011, p. 439-462).
Through thorough risk assessment and mitigation techniques, businesses must
proactively manage these risks (Wickham et al., 2021).
To handle unanticipated events like natural disasters or public health emergenci
es, for example, contingency plans and crisis response protocols are crucial (Wic
kham et al., 2021).
Moreover, firms can strengthen their resilience against financial shocks by invest
ing in insurance coverage and diversifying their sources of income (Wickham et a
l., 2021).

Collaboration and Stakeholder Engagement

In the hospitality and events sector, cooperation and stakeholder involvement ar


e essential elements of strategic management (Köseoglu et al., 2019).
To improve visitor experiences and promote sustainable practices, businesses fr
equently collaborate with regional suppliers, vendors, and community organizati
ons (Wickham et al., 2021).
To promote local businesses and enhance the overall guest experience, hotels sh
ould partner with adjacent eateries to provide dining discounts to their customer
s (Köseoglu et al., 2018).
Additionally, keeping up with industry trends and regulatory changes through int
eraction with government agencies and industry groups helps businesses succee
d in the long run (Evans, 2020, p. 2-11).

Comparison with Strategic Management in General Business

There are some clear parallels and distinctions between general business and th
e hospitality and events sector's strategic management.
While customer pleasure is important in general company, product quality and e
fficiency may also be priorities in addition to emotional connections (Lisse, 2023)
.
All sectors place a high priority on operational flexibility and adaptability, but the
hospitality and events industry may experience more abrupt and dramatic chang
es due to things like seasonal variations or abrupt adjustments in customer pref
erences (Wickham et al., 2021).While risk management is a fundamental aspect o
f corporate operations, the hospitality and events sector faces particular risks pe
rtaining to reputation, service delivery, and outside influences such as regulatory
changes or natural disasters (Harrington & Ottenbacher, 2011).Similar to general
business, cooperation and stakeholder engagement are essential, but in the hos
pitality and events sector

Conclusion

Finally, this essay has clarified the ways in which strategic management differs in
the hospitality and events sector from general business, emphasizing how impor
tant it is for academics and practitioners in both domains to be aware of these di
stinctions. The customer-
centric focus, operational flexibility, risk management strategies, and stakeholder
collaboration that characterize the hospitality and events industry's strategic ma
nagement approaches set them apart (Evans, 2020; Harrington & Ottenbacher, 2
011; Köseoglu et al., 2019; Wickham et al., 2021; Evans, 2023).
The hospitality and events sector places a higher priority on client pleasure and t
ailored experiences than general business, which frequently prioritizes financial
performance and market share (Lisse, 2023).
Furthermore, because of the industry's dynamic character, thorough risk manag
ement techniques catered to its particular difficulties are required, as well as qui
ck responses to market trends and consumer requests. Wickham

It is essential for both practitioners and academics to comprehend these differen


ces.
In the hotel and events industry, practitioners can improve organizational perfor
mance and competitiveness by realizing the value of stakeholder involvement, o
perational flexibility, and customer happiness (Evans, 2020; Köseoglu et al., 2018;
Evans, 2023).
On the other hand, scholars stand to gain from delving further into the subtle va
riations in approaches to strategic management throughout industries, as this wi
ll enhance comprehension of the opportunities and difficulties unique to each b
usiness (Evans, 2020; Wickham et al., 2021).
Future studies should concentrate on topics like how technology developments a
ffect the hospitality and events sector's strategic management practices, how sus
tainability influences strategic choices, and how well risk management technique
s work to reduce industry-specific risks.
Köseoglu and colleagues, 2018; Wickham and

Conclusively, the unique strategic management approaches employed by the ho


spitality and events sector highlight the significance of customized strategies that
give precedence to stakeholder engagement, operational flexibility, and custome
r pleasure.
Success in academia and business can be fueled by identifying these distinctions
and looking into potential areas for additional study.

References:
Evans, N. (2019) ‘Strategic management for tourism, hospitality and event organizations’,
Strategic Management for Tourism, Hospitality and Events, pp. 616–634.
doi:10.4324/9780429437601-20.
Evans, N.G. (2024) ‘Strategic management for tourism, hospitality and event organizations –
strategy in practice’, Strategic Management for Tourism, Hospitality and Events, pp.
626–636. doi:10.4324/9781003318613-22.
J. Harrington, R. and C. Ottenbacher, M. (2011) ‘Strategic management’, International
Journal of Contemporary Hospitality Management, 23(4), pp. 439–462.
doi:10.1108/09596111111129977.
Koseoglu, M.A., Law, R. and Dogan, I.C. (2018) ‘Exploring the social structure of Strategic
Management Research with a hospitality industry focus’, International Journal of
Contemporary Hospitality Management, 32(2), pp. 463–488. doi:10.1108/ijchm-11-
2017-0764.
Köseoglu, M.A. et al. (2019) ‘Intellectual structure of strategic management research in the
Hospitality Management Field: A co-citation analysis’, International Journal of
Hospitality Management, 78, pp. 234–250. doi:10.1016/j.ijhm.2018.09.006.
Lisse, S. (2023) ‘Strategic Management and Business Model’, Tehnika, 78(2), pp. 237–244.
doi:10.5937/tehnika2302237l.
Wickham, M., Donnelly, T. and French, L. (2021) ‘Strategic Sustainability Management in
the event sector’, Event Management, 25(3), pp. 279–296.
doi:10.3727/152599519x15506259856318.

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