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Why are some companies successful, while so many other businesses fail? Some organizations may just be lucky, but success based solely on luck probably will not last. For an organization to have sustained success, it must stay competitive in the market; it simply cannot survive without effectively differentiating itself from its competitors. What sets your organization apart from your adversaries? A winning strategy will enable you to take on the market, maximize performance, and boost profitability.
In this course, you will work through key activities in the strategy formulation process. First, you will investigate what a good strategy is, how to think like a strategist, and how to identify the foundations of your firm’s strategies. You will then analyze the broad and operating environments. A broad environmental analysis forms the context in which the firm and its operating environment exist, as stakeholders also have the potential to exert influence over strategy formulation. Crafting a successful strategy includes the consideration of your organization's internal environment to determine what resources, capabilities, and strengths can be leveraged or developed to form future strategies. Organizations work to create advantage through the development of resources and capabilities. Toward the end of your learning experience, you’ll have an opportunity to identify patterns that exist between your internal and external factors, and you will devise possible strategies.
Faculty AuthorCathy A. Enz, PhD, Professor
Benefits to the Learner
- Examine the key elements in the strategic management process
- Describe and analyze your firm's strategies
- Perform an external analysis of the broad environment (PEST Analysis)
- Identify the tactics you can use to influence stakeholders
- Determine whether your organization's resources and capabilities will lead to a sustainable competitive advantage (VRIO Analysis)
- Identify possible future strategies for your organization
- Senior leadership at hotel properties
- General managers
- Executive committee personnel
- Managers hoping to move into a senior leadership position
- Hotel owners
- Corporate-level managers interested in formulating business-unit and corporate strategy