Strategic Management In The Hospitality Industry

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Strategic Management in the Hospitality Industry Strategic management is obligatory in all aspects of the hospitality industry to successfully comprehend and navigate the fundamental issues challenging the industry today, developing specific tactics to address those issues, understanding the inherent strengths and weaknesses of those strategies, identifying the unique hospitality industry characteristics and principles, planning strategic marketing strategies and grasping the similarities, and remaining ever vigilant to external factors to include governmental regulations, economic trends, and societal issues. Efficacious hospitality industry leaders epitomize strategic management by providing a competent roadmap outlining who and where they…show more content…
The number one issue facing the hospitality industry today in every aspect and segment is technology. The greatest challenge with technology has and always will be how and when to integrate it successfully and safeguard your organization from the potential pitfalls at the same time. Advancements in technology occur at a blistering rate and any business choosing to ignore it, will eventually fade away with time and leaders who decide to act, but choose the wrong technology, could be in for a very expensive lesson and receive the same fate as choosing not to act. This is the reason that technology keeps management up at night and demands comprehensive strategic management. Additionally, this technology should be seamless and enhance…show more content…
Social media certainly is one of the top trending items in the hospitality industry and may be referred to as catering to millennials, but it goes ways beyond that as it is redefining the future of the industry. The Millennial segment of the market has been projected to make up over 50 percent of all travelers by 2020 which is certainly very important for the industry to consider. However, in 2016, there were 4.8 billion distinctive mobile phone subscribers, 65 percent of the world’s population, and that number is projected to increase to 5.7 billion by 2020, 73 percent of the world’s population (Quach, 2017). The surge is these mobile devices has altered the entire landscape of the hospitality industry and extends well beyond Millennials. The single greatest impact these devices have made on the industry is altering consumer expectations. Today’s guest expects immediate gratification and wants an overall experience instead of what you are able to provide at that time because they know they can find service elsewhere in a matter of seconds if their expectations (whether real or perceived) are not met. In fact, the expansion of the mobile device has transformed guest’s expectations faster than the industry can react to meet their

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