Strategic management, explained and applied

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Strategic Management

Table of contents

Introduction 3

1: An introduction to strategic management 4

2: Strategic Management; how is it used? 5

3: The different models 6
McKinsey’s 7S-model 6
Porter’s Five Forces 7
PEST-analysis 8

4: Hospes Maricel 10

5: Applying themodels 11
The 7S-model 11
Porter’s Five Forces 16
PEST-analysis 18

6: Conclusion of the models 20

7: Final conclusion 22

Bibliography 23

Introduction

Dear reader,

Strategic management was conceived around the 1950’s and 60’s. It’s most important players consisted of the following men: Alfred D. Chandler,Philip Selznick, Igor Ansoff and Peter Drucker. These men were the most influential pioneers at the beginning stages of this still developing management tool. Their innovative ideas are what brought about the models we have presented below.

These models can easily be applied to any hotel, at any time, in any location. We believe they present an organized strategy to view the strengths andweaknesses of the hotel industry as well as separate organizations within the industry. In order to manage a hotel, it is important to view the company from all viewpoints and combining these models can introduce topics that may not have been thought of previously.

In the following report we have defined strategic management and discovered how it is implemented as a management tool; for example:creating a new company standard operating procedure

We have established which general models are used in today’s hospitality industry and they include: McKinsey’s 7S-model, Porter’s Five Forces, and the Pest model.

Lastly we have applied them to our own experiences from working in the industry.

Enjoy reading this report.

With kind regards,

Luis Vizcaino Sánchez
Emily Kotyza
LorenzoRiera Segui
Manon Keuren

1: An Introduction to Strategic Management

The birth of strategic management

Strategic management originated in the 1950’s and 60’s. The most influential pioneers were Alfred D. Chandler, Philip Selznick, Igor Ansoff and Peter Drucker.

Alfred Chandler recognized the importance of coordinating the various aspects of management under one all-covering strategy.He also stressed the importance of taking a long-term perspective when looking to the future. He showed that a long-term coordinated strategy was necessary to give a company structure, direction and focus. Quote: “structure follows strategy”.

In 1957, Philip Selznick introduced the idea of matching the organization’s internal factors with external environmental circumstances. The core idea wasdeveloped into what we now call SWOT-analysis. Strengths and weaknesses of the company are assessed in light of the opportunities and threats from the business environment.

Igor Ansoff developed Chandlers work more by adding a range of strategic concepts and compared market penetration strategies, product development strategies, market development strategies and horizontal and verticalintegration and diversification strategies. These strategies could be used to systematically prepare for future opportunities and challenges.

Peter Drucker was a strategy theorist. He emphasizes the importance of objectives. According to Drucker, the procedure of setting objectives and monitoring the progress towards them should involve the entire organization.

In 1985, Ellen-Earle Chaffeesummarized what she thought were the main elements of strategic management theory. Strategic management:

• Involves adapting the organization to its business environment
• Is fluid and complex. Change creates new combinations of circumstances requiring unstructured non-repetitive responses.
• Affects the entire organization by providing direction
• Involves both strategy formation...
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