can be viewed as the most important activities undertaken by any business or public sector organization

are the key decisions which have to be taken by any organization: and from the strategic decisions which establish the framework.

generally involves setting goals and priorities

a strategy describes how the ___ will be achieved by the _____

is the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives

Is a company’s game plan

______ among firms in most industries are so slim that there is little room for error in the overall strategic plan.

___suggested that nobody can claim to own the word “strategy” and that the term can legitimately be used in several ways

sometimes called factors of production are those inputs that are essential to the normal functioning of the organizational process.

these are the inputs without which an organization simply could not continue to exist or meet its objectives.

money for capital investment and working capital. sources include shareholders, bank, bondholders, etc

Appropriately skilled employees to add value in operations and to support those that add value

land, buildings, plant, equipment

Inputs that cannot be seen or felt but which are essential for continuing business success

A ___ is probably the way in which most people use the word strategy. It tends to imply something that is intentionally put in place and its progress is monitored from the start to a predetermined finish.

a __ is generally taken to mean a short-term strategy, and is concerned with the detailed tactical actions that will be taken. it tends to have a very limited objectives and it may subject to change

a pattern of behavior is one in which progess is made by adopting a consistent form of behavior

is appropriate when the most important issue to an organization is perceived to be how it relates or is positioned in respect to its competitors or its markets

are about changing the culture of a certain group of people

_____ in an organization can be classified in three broad and sometimes overlapping categories:

stated in quantitative terms, specific in form and timescale

stated in qualitative terms, general in form and timescale

defines the organization’sc purpose and primary objectives

goals and aspirations of an organization

beliefs, philosophies and principles

____ are tangible/ things you can own

____ are intangible/ things done on your behalf or for your benefit

services cannot normally be seen, touched, smelt

unlike mass produced manufactured goods, are never identical

when a customer buys a manufactured product there will usually be a document such as receipt etc

Specific Service characteristics

the products are often represented a relatively ____ purchase for the customer

seasonal patterns of demands

Barriers to entry

the difficulties defining and delineating the component parts of tourism, hospitality, and events

perhaps the one area where tourism is unique in its impacts on society

are important in the hospitality and tourism industry as they contribute to building a competitive advantage, driving performance

Making your product or service unique in a way that is valued by customers

being ahead of the competition in terms of development

having a lower cost structure than competitors

a strong brand and high quality products

leveraging information and technology to improve processes and decision making

a highly trained workforce

focusing on specific customer segment

in the hospitality and tourism industry can be defined as the unique strengths, capabilities, knowledge, skills, and resources that set a business apart

this includes being able to communicate effectively, emphatize with customers

working well in a team environment

understandingg the various aspects of hospitality operations

developing and implementing effective marketing strategies

attributes possesed by most organizations in a sector of industry

are non technical skills

inputs employed in the activitited of the business

most important holdingd thag appreciate and generate a return for a company

refers to the process of developing and implementingg new ideas, products