Hospitality
Title: Team Project 2 – Strategy Formulation and Core Competencies
Objective: Building upon your team’s work from the first project, your team will now formulate an innovative and future-oriented strategy that can help your chosen company attain a competitive advantage over the next 5-10 years. You will also identify core competencies necessary for executing the strategy and evaluate them using the VRIO framework. Finally, you will explain the investment and the anticipated impact of your proposed strategy on the company’s revenue and operating expenses.
Instructions:
Strategy Formulation:
- Based on your team’s analysis of the general and industry environments from Project 1, identify the key opportunities and threats that the company faces (It is expected you use the opportunities and threats identified in project 1, but if you need to change some, you may do so, but notify that in the paper).
- As a senior manager of the company your team analyzed in team project 1, develop a forward-thinking and innovative strategy that tackles the identified opportunities and threats. In your description, make sure to include the following aspects of your strategy:
- Type of strategy (e.g., cost leadership, differentiation, focus, backward integration, forward integration, product development, market development, etc.)
- Target market segments
- Key products or services
- Geographic locations
- Distribution channels
- Any other relevant details
- Clearly articulate the rationale for your proposed strategy, including why it is well-suited to address the identified opportunities and threats.
- Discuss the potential benefits and risks associated with implementing your proposed strategy.
Core Competencies:
- Identify the core competencies necessary for implementing your proposed strategy.
- Evaluate each competency using the VRIO framework (Value, Rarity, Imitability, and Organization) and discuss how these core competencies contribute to your company’s competitive advantage.
- Value: Assess whether the competency is valuable and helps the company exploit opportunities or neutralize threats in the environment.
- Rarity: Analyze whether the competency is rare and not widely possessed by competing firms.
- Imitability: Determine whether the competency is difficult to imitate or replicate, either due to cost or complexity.
- Organization: Examine whether the company is organized to exploit the full potential of the competency, including having the right processes, systems, and management in place.
- Identify strengths and weaknesses from the competencies evaluated. Address weaknesses to ensure successful implementation of the strategy.
Anticipated Financial Impact:
- Investment Requirements: Identify the investment requirements for implementing the proposed strategy, considering aspects such as land, construction, equipment, legal fees, etc.
- Useful Life Span: Estimate the useful life span of the strategy, determining how long it can provide competitive advantages for the company.
- Changes in Revenue and Expenses: Explain the changes in revenue and/or expenses as a result of implementing the proposed strategy. Consider factors such as market share, customer acquisition, cost savings, or operational efficiency.
Presentation:
- Prepare a clear and concise presentation that summarizes your team’s findings and recommendations.
- Ensure that your presentation is well-organized and visually appealing, with appropriate use of graphs, charts, and other visuals.
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