Hospitality, Tourism,
and Strategies
Presented by:
Greggy M. Lauron Jr.
Strategic planning is the process
of identifying a company's
internal and external
characteristics which will
contribute to the attainment of its
goal pointing to a specific
direction while formulating
different policies on how best to
achieve it.
Three Key Components of Strategic Planning
1. The identification of long-term goals and objectives
concerning the conceptualization of coherent and
achievable strategic objectives.
2. The adoption of different courses of action should
also be in place to assure that actions taken to arrive at
objectives are already set.
3. The allotment of resources is also set in place.
Applying strategic planning to
services can help companies
identify competitors and satisfy
guests.
Michael Porter is an esteemed economist,
researcher, author, and professor at Harvard Business
School. He is renowned for his work in the field of
competitive strategy and business management. Porter
is best known for his theories on competitive
advantage, industry analysis, and strategic planning,
which have had a profound impact on the way
businesses approach competition and strategy. His
seminal works include books such as "Competitive
Strategy" and "Competitive Advantage," which are
considered foundational texts in the field of business
strategy. Porter's frameworks, such as the Five Forces
analysis and the Value Chain, are widely used by
businesses and
academics
worldwide
to analyze
First-year
revenue
of the project
industries and develop strategic plans.
PORTER'S
GENERIC
STRATEGIES
are strategic
approaches outlined
by Michael Porter
in his book
"Competitive
Advantage."
Cost Leadership
Strategy: (Maximize
Profit and Minimize
Costs)
This involves
becoming the lowest-cost producer
in the industry. Companies
pursuing this strategy aim to offer
products or services at a lower cost
than their competitors while still
maintaining acceptable quality.
This can be achieved through
efficient production processes,
economies of scale, technology
investments, or tight cost control
measures. Examples include
Walmart in retail and Southwest
Airlines in the airline industry.
Differentiation
Strategy
Focuses on making a
company's service being attractive
and unique in comparison to those
of its competitors. With this
strategy, companies seek to
differentiate their products or
services from competitors in ways
that are valued by customers. This
can be achieved through unique
features, branding, quality,
customer service, or marketing
efforts. Differentiation allows
companies to command premium
prices and build customer loyalty.
Examples include Apple with its
innovative design and Nike with its
strong brand image.
Focus Strategy
The focus strategy
involves concentrating on a
specific market segment or niche.
Instead of trying to serve the entire
market, companies focus on a
smaller group of customers with
particular needs or preferences.
This allows them to better
understand and cater to the needs
of that segment, often leading to
higher customer satisfaction and
loyalty. Focus can be based on
factors such as demographics,
geography, or product/service
attributes. Examples include
Ferrari in luxury sports cars and
Amazon with its focus on online
retail.
These strategies provide a
framework for businesses to
achieve competitive
advantage in their respective
industries by either offering
lower costs, differentiated
products/services, or
focusing on a specific
market segment.
Hospitality, Tourism,
and Strategies
THANKS!