The Strategic Planning Process Chapter 16 Hospitality Management

The Strategic Planning Process Chapter 16 Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle River, N. J. 07458

Strategic Plan n A structured but flexible document that concisely states what the corporation wishes to achieve and how it plans to reach this goal. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Strategic Planning n n n n Preface Executive Summary Competitive and Environmental Assessment Mission Statement Goals and Objectives Strategies and Tactics Driving Forces Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Strategic Planning n n n n Recommendations Visions Slogans Issues Measurements and Results Budget Appendices Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Preface n Introductory statement that briefly delineates what the document is all about or what to expect in the document. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

The Executive Summary n n This is the key to presenting, communicating, and convincing those you need for support to listen and to read on. The summary should articulate your mission statement, goals and objectives, strategies and tactics, as well as state the recommendations. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Competitive and Environmental Assessment n Provides a realistic assessment of the your strengths, weaknesses, opportunities, and threats (SWOT analysis) and then takes a close look at the competition. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Strength n n An asset or a resource which can be used to improve the competitive situation. Examples: n Quality n Location n Pricing Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Weakness n A lack of a resource or capability that may cause you to have a less competitive position which can adversely affect your business. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Opportunities n Developed from your strengths or set of positive circumstances that can create a favorable situation. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Threats n Problems that focus on your weaknesses and that can make for a potentially negative situation. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

The Mission Statement n n n A concise narrative statement summarizing your objectives and ultimate goals. Provides a clear direction. Basis for communication. Asserts a philosophy for doing business. Basis for evaluating your performance. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Goals and Objectives n n Goals are both qualitative and quantitative. Objectives n What needs to be accomplished during the time frame of a plan n Must be specific n Measurable in a quantifiable manner n Relate to a specific time period n Focus on affecting the behavior of your market Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Strategies and Tactics n Strategies are simple action plan statements that detail how the plan objectives will be achieved. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Strategies and Tactics n Specific items or steps needed to implement the strategies. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Recommendations n n For both a short term and long term perspective. Related to the objectives from the goals and objective section. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

The Vision n n A statement which vividly describes the desired outcome of the overall strategic plan. May also present alternative scenarios for its future while providing both direction and purpose for the interim strategies and activities. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

The Slogan n n Helps build identity and can convey a position in the marketplace. Becomes a rallying point in which everyone can identify with. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Issues n n n Issues will surface during the development of a strategic marketing plan. Collect issues and discuss them at the end of the plan document. Addressing the issues at the end of the plan enables the plans to be put into perspective. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Measurements and Results n n To be successful, all activities in the plan must be measurable. Achieved in two ways: n n n Results are specific and quantifiable. Results are tied into key dates, milestones, or timetables. Qualitative results can be measured by: n n n Polls Image assessments Opinion surveys Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Measurements and Results n Specifying these expectations is critical in determining which goals are being achieved, and as a result, whether strategies need to be modified. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Budget and Planning n n n Determine the plan’s priorities and the cost associated with their execution. Weigh what needs to be accomplished with what is affordable. Numerous scenarios or options may be selected, and each may be inter-linked with existing and new marketing strategies. Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458

Appendices n n n Relevant statistical data and research findings. Help ensure that the document will remain an action document. What is included: n Contacts list for research information n Potential acquisitions n New product development schedules Hospitality Management Strategies © 2005 Pearson Education, Inc. By R. A. Nykiel Upper Saddle, River, N. J. 07458