For courses in Strategic Management or Policy in Hospitality Programs. Based on scientific research within the industry, this book outlines a strategic model that can be used to improve decision making and policy within the hospitality field. Combining quality research and experience, it discusses key topics such as: environmental scanning, competitive strategies, structure and implementation, and performance. Placing a responsibility on the learner, the book offers a combination of cumulative learning exercises, simulated decision making settings, and a text specific website. This edition clearly discusses the role of strategy in creating firm value and growth and stresses the relationship between leadership theory, strategic thinking and financial management.
New to the Edition
New! Two chapters focus on investing in competitive methods-see Chapter 7 and Chapter 8.
· Addresses how finance and strategy are related.
New! Two chapters address the resource and capability school of thought-see Chapter 9 and Chapter 10.
· Offers new ways of valuing a firm's core competencies and the importance of aligning them with the key investments that add value.
Hallmark Features
Discusses strategic management for the hospitality industry-based on25 years of research within the industry.
· Addresses the basic requirements for strategy/policy courses in business schools which house hospitality programs.
· Relates leadership theory, strategic thinking and financial management directly to the hospitality and tourism industry.
Uses the Co-Alignment Model as a springboard for discussion-see Chapter 2.
· Offers material that has been validated in a scientific manner and combines the best research and experience to date, both within the hospitality industry and the field of strategy.
· Helps show how firms must align themselves with forces driving change.
Looks at strategy as a means of creating firm value-and growth.
· Shows how strategy helps the organization sustain itself and create long term value for the firm.
Focuses on strategy as a repeated way of thinking-not just a process.
· Discusses how strategic management is a function of the cognitive, experiential and informational skills of the manager.
· Shows why strategic thinking requires a constant evaluation of the firm's direction and resource allocation.
Includes cumulative exercises and mini-cases-that develop readers' inductive and deductive reasoning skills.
· Allows students to look at the entire strategic process from start to finish, using one company they self-select.
· Gives students practice making key decisions relative to the future success or failure of a firm.
Includes a text website-built to support cumulative learning exercises and cases.
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