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Formulating an effective strategy requires that an organization ask the right questions and then answer them thoughtfully and thoroughly. This course raises and helps you answer some of the most critical interrelated questions, such as: How does my company choose the right strategies to define where and how we will compete? What is my firm’s vision and mission? How does my firm create value?
You will begin by exploring the importance of direction setting in the strategy formulation process. You will then examine general business-level strategies focused on creating value, such as cost advantage and differentiation, by answering how your firm competes at the level of the hotel or business unit. In addition, you will examine corporate strategies like diversification, concentration, and vertical integration, which help organizations answer the question of where to compete in related and unrelated industries.
Given that no two strategies are alike, you will classify both business and corporate strategies into common strategic characteristics to help you better identify your own organization’s competitive positioning, as well as those of the competitors. What's more, you will explore the structure of an industry as the definition of industries and the competitive playing field continue to evolve and change.
It is recommended to only take this course if you have completed “Fundamentals of Hospitality Strategy” or have equivalent experience.
Faculty AuthorCathy A. Enz, PhD, Professor
Benefits to the Learner
- Analyze the key elements of direction setting and develop a strategic vision and mission
- Explore the structure and competitive landscape of an industry
- Examine business-level and corporate-level strategies and how firms compete to create value
- Identify the risk factors associated with pursuing various business strategies
- 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