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Essay / Research Paper Abstract
This 9 page paper looks at the following quote; "The time is right now for Small and Medium Enterprises (SMEs) in the hospitality industry to integrate the deployment of business process initiatives with the formal strategic planning processes" and critically discusses the impact of formal strategic planning on the business performance of Hospitality SMEs in U.K. The bibliography cites 15 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEhospstrat.rtf
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Unformatted sample text from the term paper:
UK was worth ?8.8 billion, an increase of 2.8% on 2002 (Euromonitor, 2004). This is a growing market, but it is a very fragmented market. The major player; Granada, only
makes up 9% of the market, whereas the small to medium sized operations, defined as hotels with less than fifty rooms, make up the majority and are still expected to
account for 84% of the industry in terms of turnover by 2008 (Euromonitor, 2004). There is a similar pattern seen in restaurants and catering, fragmentation is not as high, but
is still p[resent and small to medium sized enterprises are an important part of the market (Euromonitor, 2004). The development of the industry is one that is following a
pattern similar to many other industries. There are growth, maturity and renewal stages, or where there is no renewal there will be decline. The hospitality industry is one that is
in constant development, but many areas, such as the hotel sector, are fast reaching maturity with some areas seeing saturation point being achieved. This means that competition is becoming increasingly
difficult and to survive companies need to develop and maintain a competitive advantage. This means companies need to look at how they compete.
Basic strategy theory indicates there are two major ways of competing. Michael Porter has considered the way in which firms compete, and defined two types of competitive advantage.
These are cost advantage and differentiation. These are two different ways a competitor may get the edge on its rivals. To attain then keep one of these advantages there may
need to be changes in the way strategy is developed and implemented and the business support processes that are required for the competitive advantage to be gained and sustained.
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