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Essay / Research Paper Abstract
This 10 page paper considers what is meant by strategy, how it can be formulated with reference to the external and internal environment, using tools such as Porter Five Forces model, and then how that strategy should be implemented, looking at the more traditional or military style implementation as well as the more recent emergent strategy. The paper is written with reference to the hospitality industry, but may be equally applied to other industries. The bibliography cites 15 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEstrhos.rtf
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Unformatted sample text from the term paper:
a competitive advantage. The need for this advantage to be perceived by the customers is doubly important in terms of strategy in this industry, due to the transitory nature of
the service. There is a lasting impression and an experience, but as a service, rather than a physical long term product, there is a need to communicate the difference and
make sure that it is one which adds value to the customer. To develop a strategy there are several stages and considerations. If we consider what is meant as strategy
; in business terms it is defined by the English dictionary as "A plan of action or policy in business or politics"(Oxford Concise English Dictionary 1991:1205). Although accurate this can
be taken further "Strategic management is synthesis of analysis and planning for value creation and delivery" (Thompson, 1998). Therefore it needs to be an analysis of the situation and a
plan. The first stage is the analysis. The company needs to fist consider its position within the market. There are many different sectors in the hospitality industry. In each
sector there will be different needs and different priorities, there will also be a cross very in some areas more so that is other industries.
To understand this it is best first to understand how a market is made up in the different levels and the different consumers which are aimed at.
To do this we can us a chart which demonstrates the different positions of different companies in a single sector.
Fig 1; Strategic Positioning (Source; Thompson, 1997)
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