Flashcards
Sustainable
Cards in this deck (15)
- 1STRATEGIC ANALYSIS -gather information -analyse systematically -take in internal and external environments (Evans, 2015)STRATEGIC OPPURTUNITY
-gap between supply and demand
-demand changes over time
-recognise and exploit market opportunities before competition
LINEAR PROCESS ANALYSIS BEFORE STRATEGY - 2EXTERNAL -identifies strategic threats and opportunities -how the company operates -PESTLE analysisPEST
POLITICAL - political differences
-regulations
-affect foreign market entry
ECONOMIC -consumer spending
-living standards
-market structure
-recession
-macro-economic policies - 3PEST SOCIO-CULTURAL - demographics -aging population -immigration -lifestyles TECHNOLOGY - Influences production/operational costs -trends -innovationCOMP ADV
BENCHMARKING
-collect info on business
-costs/revenue/operational data
-benefit by sharing knowledge
encouragement to employees/stakeholders
MARKET SHARE
MARKET ACTIVITIES - 4COMP ADV BALANCE SCORECARD -monitoring system tracks financial results -monitor company progress -build on current capabilities -acquires assets/knowledge -leads to future growthMARKET DYNAMICS
-trends - sustainability/ethical
-seasonability
-specific world events
-demand
-opportunities - 5INTERNAL -assess environment -processes -structure of business -understand own business -analyse own performance -analyse own service/internal dataDEMOGRAPHIC COHORTS
-recognise customer traits
-target audience - 6MILLLENIAL -18 to 34 -represent 3/4 of global workforce -prefer customised experience -personalisation -design/ambience is important -technology -gourmet experience at reasonable priceGENERATION X
- born 1965-1979
-embrace change
-emphasis on work/home balance
-like material possessions - 7PRODUCT AND SERVICE PERFORMANCE -customer data -feedback -questionnaire's -mystery shopper ANALYSIS -profit and loss -revenue -infrastructure/machineryHR AUDIT
-profile of employees
-skills
-how to develop
-maximise skills
-retention of staff
-challenge in industry - 8SWOT -on completion of internal and external -provides helpful info matching current resources and capabilities with competitive environment (Berg et al., 2014) -summarise key issues identified -appraisal of differences between current performance and stated objectivesSWOT INTERNAL
-strengths and weaknesses
-completed through company research
-employees
-technology
-facilities
-finance - 9SWOT EXTERNAL -opportunities and threats -completed through market research -consumers -competitors -economy PROVIDES COMP ADV AND SUPERIOR PERFORMANCEKEY ISSUE STATEMENT
-from swot leads to creation
-identify challenges
-aspects of improvement
-define objectives/strategy
-sufficient significance
-strategic response - 10STRATEGIC OPTIONS ANSOFF MATRIX -logical way to deliver scope and direction of firms strategic development -assess existing product/market combinations -analyse feasibility and intended direction -gain comp adv (Berg et al., 2014)MARKET DEVELOPMENT
-using new market
-provide existing products
-profitable idea
-require new or modified products
-customer/channel/market researched and understood - 11PRODUCT DEVELOPMENT -existing market -create/develop new products -products are modified to current target segments -gain new custom for these products -takes time and money to develop -conduct detailed surveyMARKET PENETRATION
-existing market
-existing product
-attract customers from competition
-attract non-users
-convince current clients
-least risky way for a business to grow
-ways to increase consumption
-offer new ways of using product
-promote products to new buyers - 12DIVERSIFICATION -new market -new product -when current market is saturated -means revenues/profit are lower -very risky -outside f scope of existing business unit -entering new markets with no presence before (virgin trains/planes/ internet)PORTERS GENERIC STRATEGY
-creates comp adv
-four strategies - 13COST LEADERSHIP -lowering costs -providing to a mass market -higher price charge equal or lower than competition -increase profit and market share -erects barrier to entry for competitorsWYNDHAM RESORTS
-focus on relatively inexpensive hotel prices
-continually growing
-largest hotel chain in US - 14DIFFERENTIATION -command premium price -to mass market -price elasticity is lower than demand for competitors -results in above average profit -creates additional barriers for entry for potential competitorsFOCUS OR NOT TO FOCUS
BROAD
-Whole Market
NARROW
-one or more particular segment
-lower investment
-specific segment knowledge
-barriers to entry lower
-easier to navigate - 15FOCUS DIFFERENTIATION ROLEX -premium product -exclusive market
Information
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- Hospitality/Tourism Flashcards on Sustainable, created by Hannah Tomlinson on 15/05/2018.
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- Hannah Tomlinson
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