HTH668 Hospitality Strategic Management Assignment Sample UiTM Malaysia
HTH668 provides an excellent grounding in the skills needed for work within hospitality. With a focus on strategic management, you will develop critical thinking and analytical abilities along with knowledge of industry best practices that apply to any environment or setting; all this is delivered through our innovative learning methodologies.
This programme is designed to develop your ability to critically analyse and evaluate the strategic issues facing businesses in the hospitality industry. It will also provide you with an understanding of how to develop and implement strategies that are aligned with organisational goals and objectives.
In addition to the core modules, you will have the opportunity to choose from a range of optional modules to suit your interests and career aspirations. You can also complete an internship with a hospitality organisation as part of your degree. Throughout your studies, you will be encouraged to think creatively and challenge the status quo. This innovative thinking, combined with the strong practical focus of the course, will prepare you for a successful career in hospitality.
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Assignment Brief 1: Distinguish The Different Perspectives, Tools And Techniques Used In Hospitality Strategic Management.
Strategic management is the process of envisioning a company’s future and developing the plans and strategies to make that future a reality. It encompasses everything from long-term vision and planning to near-term marketing and operations tactics.
Many different tools and techniques can be used in strategic management in hospitality. One of the most important is market analysis. To identify opportunities and threats, Hospitality businesses must understand the current market trends and how they are likely to change in the future. This information can be gathered through primary research, such as surveys and interviews, or secondary research, such as industry reports.
Another key tool in strategic management is financial analysis. This helps companies to understand their financial situation and make informed decisions about where to allocate their resources. Financial analysis can be used to assess a company’s overall financial health, as well as to identify specific areas of concern.
Once the market and financial analysis have been conducted, it is time to start developing strategies. Many different approaches can be taken here, but some of the most common include product/service differentiation, market expansion, and cost reduction. The best approach for a particular company will depend on its unique circumstances.
Assignment Brief 2: Demonstrate Managerial Skills By Using Strategic Management Tools Applicable To Various Hospitality Firms’ Situations.
Strategic management tools can be used to assess and improve the performance of hospitality firms in a variety of situations.
One strategic tool, SWOT analysis, can be used to assess a firm’s strengths, weaknesses, opportunities, and threats.
A second strategic tool, the Ansoff matrix, can be used to help hospitality managers develop growth strategies for their businesses. The four cells of the matrix represent different growth strategies: market penetration (selling more products/services in current markets), product development (offering new products/services in current markets), market expansion (selling products/services in new markets), and diversification (offering new products/services in new markets).
A third strategic tool, the BCG matrix, can be used to help hospitality managers allocate resources among different business units. The four quadrants of the matrix represent different types of business units: stars (high growth, high market share), question marks (high growth, low market share), cash cows (low growth, high market share), and dogs (low growth, low market share).
Finally, the resource allocation matrix can be used to help hospitality managers allocate resources (e.g., labour, capital, and materials) among different business activities. The four quadrants of the matrix represent different types of business activities: primary activities (e.g., production), support activities (e.g., marketing), overhead activities (e.g., administration), and non-operating activities (e.g., research and development).
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Assignment Brief 3: Display A Range Of Effective Leadership Skills In Hospitality Strategic Management.
There are several effective leadership skills in hospitality strategic management. They include the ability to set clear goals and objectives, create and implement action plans, delegate authority appropriately, communicate effectively with all stakeholders, motivate and inspire team members, and much more.
Some additional important skills for leaders in this field include being able to think creatively to solve problems, being decisive in times of crisis, and having excellent people skills. Hospitality managers must also have a thorough understanding of the business they are in and its specific challenges to be successful.
Leaders in hospitality strategic management must be able to wear many different hats – they must be both very detail-oriented and good at thinking big picture. They also need to have a strong understanding of the financial aspects of their business and be able to make sound decisions that will help their company thrive.
To be an effective leader in hospitality strategic management, it is essential to have a wide range of skills. Those who are successful in this field are usually well-rounded and able to handle many different aspects of the business. If you want to be a leader in this field, it is important to continuously work on developing your skills so that you can be the best possible leader for your team.
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