Write a section for your strategic plan in which you add your strategies and tactics to implement and realize your strategic objectives, measures, and targets. Include marketing and information technology strategies and tactics. Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally. Finally, recommend actions needed to address ethical, legal, and regulatory issues faced by the organization, and how they can improve corporate citizenship.
Any organization requires a strategic plan if it has to achieve its long term goals and objectives. The research paper details the essential strategies that are necessary for an organization in the hotel industry to achieve its strategic objectives. It highlights the methods used to monitor and control the proposed strategies in order to advance the organization both financially and operationally. Furthermore, it looks at how the ethical, legal and regulatory issues facing an organization can be addressed to improve corporate citizenship.
A strategic plan highlights the long term needs of any organization and the necessary procedures to achieve these needs. It therefore defines the resources to be deployed (money, people and time) for the organization to be where it wants to be in the future. SWOT analysis is mainly used to develop a strategic plan where it analyzes the opportunities and threats facing the organization (external factors), as well as the strengths and weaknesses (internal factors) (May, 2010).
There is always demand for the products and services offered by hotels. Hotels can serve as meeting joints for corporate executives, tourists and even the common man wishing to enjoy a holiday at luxurious hotels. Provided the organization can meet the needs of these interest groups then it is sure to succeed in the hotel industry.
Sometimes when an organization can not manage to make a lasting impression to its customers then it is likely to go out of businesses especially when competitors are offering better and sophisticated services.
Major strengths for an organization in the hotel industry could include: offering quality services, establishing a unique brand name, having customer goodwill such that its customers help in marketing on their behalf, and also having competent workforce.
They could include: poor quality services offered, incompetent workforce, provision of inadequate facilities and lack of skilled management to foresee the running of the organization.
THE STRATEGIC PLAN
Intense marketing will enable the organization stay in business. Marketing ensures that the organization is made known to the public in terms of the services offered, quality of services offered, pricing mechanism used and many others.
Marketing should not be seen as an exercise that only takes place at the beginning of a business venture but it should be a continuous exercise. It will ensure that the business will never cease to appeal to its customers. Advertisements and promotions could be used to lure customers into visiting the hotel. The organization should also ensure that it appreciates the views of its customers and the public, and it should work towards meeting those needs
Information technology will ensure that the business adopts the modern services. Gone are the days when business was done on a personal basis. With the innovation of the internet, organizations can advertise their products through online advertising and even sell their products through the internet.
Before the organization can embark on advertising and selling products through the internet, it should first ensure that it has developed an appealing website and that it customizes the website to meet the needs of every customer.
Corporate Social Responsibility
Engaging in CSR will ensure that the organization not only seeks to maximize shareholder wealth but also puts the interests of other stakeholders into consideration. When organizations behave in a responsible way towards the society, it is likely to gain goodwill from it.
Society requires every organization to work towards positively impacting its needs. The organization should refrain from activities that will damage the environment, and any other that does not show respect for humanity.
Methods to monitor and control these strategies
Monitoring and controlling strategies ensure that the strategies are in line with the goals of the organization and where appropriate action can be taken against those which are deviating from the plan (May, 2010).
The following methods can be used to monitor and control the above strategies:
Setting up an appropriate organizational structure will ensure that the organization is configured in the best way possible to meet its goals. This may include setting up a functional structure where each function has its own manager. The managers will ensure that their functions are contributing to the attainment of organizational goals. Functional structures will ensure that each department is adequately contributing to the finances of the organization unlike if the organization decides to operate as a single unit. Operationally, they will help to distinguish each department’s output from another’s.
Employing the right human resources will ensure that skilled and qualified individuals are involved in the operations of the organization and that their output is of greater financial value.
Having appropriate time schedules will ensure that all strategies are implemented within the relevant periods and that periodic reviews are made to the strategies to ensure that they are contributing to operational efficiency and achieving value for money.
Availing adequate funds for the marketing, information and CSR strategies is also a key way to monitor and control the strategies. Without money the strategies can not be implemented according to plan. Even though they require a great commitment of funds, the benefits outweigh the costs.
Actions to address the ethical, legal and regulatory issues facing the organization
Choosing to act ethically towards its stakeholders makes society appreciate the organization and hence improve its corporate image. Any organization should choose ethics above self interest because it is only moral to do so.
Complying with the legal standards of the country in which the hotel operates will ensure that the organization avoids litigation. Society appreciates any organization that complies with the law; it only shows that the organization practices business probity.
Regulations govern the operations of any organization. Choosing to abide by such regulations will ensure that the organization does not get into problems with the regulatory bodies. This will help to boost the organization’s image among the society members.
Setting up a strategic plan is only a means to an end. To achieve the goals set it is essential that the strategies are monitored and appropriate action taken where they are not going according to the plan. Organizations also need to ensure that they are behaving ethically, and that they comply with the laws and regulations set in order to boost their corporate image.
May, G. (2010). Strategic Planning. Business Expert Press.