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Strategic Management in Hospitality & Events: Key Characteristics and Objectives

Learn about the essential characteristics and challenges of the hospitality and events industry, along with strategic management objectives. Understand the control of environments, vision, mission, and values in this dynamic field.

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Strategic Management in Hospitality & Events: Key Characteristics and Objectives

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  1. Introduction to StrategyHospitality and Events Strategic Management for Tourism Hospitality & Events

  2. Hospitality and Events – Characteristics • intangibility–hotels and events easier to test, because more standardised; • inseparability– production and consumption take place at the same time; • perishability– products cannot be stored; • heterogeneity– products are not identical; • ownership– customers use services rather than own products. Strategic Management for Tourism Hospitality & Events

  3. high cost – Hospitality and Events wider cost spread; • seasonality– depending on type more or less seasonal patterns of demand; • ease of entry/exit – barriers to entry/exit higher than in many parts of tourism; • interdependence– H&E sectors are linked, but less so than T; • impact on society – impacts of THE are often less wide-ranging and controversial; • effect of external shocks – H&E sectors are even more prone to external shocks (immobility of Hospitality). Strategic Management for Tourism Hospitality & Events

  4. Control of environment – Hospitality and Events: • Hospitality: • Easier to influence – own property, householder‘s rights, still quality hard to control • Event: • One time or periodical – often own/rented property, often relying on outside forces (weather, politics) • One off less relying on brand value building • Mega events to small events different • Example Winter Olympic Games vs. Wacken Strategic Management for Tourism Hospitality & Events

  5. Objectives Broadly: what the organisation is trying to be and trying to achieve; • require congruency and fit between levels; • an overall enduring purpose – Mission; • a desired future position – Vision; • translating mission and vision into specific targets: • corporate objectives • business objectives • unit and personal objectives. Strategic Management for Tourism Hospitality & Events

  6. Vision Mission Values • http://hiltonworldwide.com/about/mission/ • http://www.visitflorida.org/about-us/what-we-do/ • https://investor-relations.lufthansagroup.com/en/fakten-zum-unternehmen/group-strategy.html#c10942 • http://doc.rero.ch/record/255098/files/Rio_2016_-_Style_guide_final_january_2015.pdf

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