...Evaluate current issues and topics relevant to the industry and apply the frameworks to evaluate the current issues affecting a known Hospitality environment • Make recommendations for companies to gain competitive advantage Skills Mapped: As listed in the course handbook. Feedback Assessment Criteria Weight % Actual % Strength Areas of Improvement Explain factors that affect the Macro environment –Overview of the UK Hospitality/Tourism/Culinary Arts Industry in general and application to the chosen industry. 30% Evaluate the impact of the past, current and future issues on a hospitality/tourism/culinary arts industry of your choice 30% Make suggestions to the industry of your choice in relation to how they shou ld react to the current trends and contemporary issues and gain competitive advantage. 30% Self – please see hand in guidelines for reports, essays and presentations below. 10% Deductions: Late Submission Total mark out of 100% 100% Contents Page 1: Introduction; aims and objectives 2: Size and scope of the UK hospitality industry 3: The Michelin starred restaurant sector 1. Size and scope 2.Historic overview 4: PESTEL and the macro/micro environment 1. Past 10 years 2. Current 3. Future 10 years 5. Competitive advantage within the sector 6: Conclusion and recommendations 7. Bibliography 8. Appendices Hospitality Management:...
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...financial measures over time.) Your task is to conduct analyses and discover possible problems facing the company, not to just present data. What are the organization’s current mission, objectives, strategies and policies? B. Corporate Governance Who are the Board of Directors and what is their level of involvement in strategic management? C. Top Management What person or group constitutes top management? Have they established a systematic approach to strategic management? Are strategic decisions made ethically in a socially responsible manner? Is top management sufficiently skilled to cope with likely future challenges? II. External Environment A. General Environment (required) What general environmental forces are currently affecting both the organization and the industries in which it competes? Which of these forces present future threats or opportunities? Are these forces...
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... What is Competitive Advantage? Competitive advantage. It is a superior performance relative to other competitors in the same industry or the industry average. Sustainable - competitive advantage. When a company is able to outperform its competitors or the industry average over a prolonged period of time. Competitive disadvantage Underperformance relative to other competitors in the same industry or the industry average. Competitive Parity Performance of two or more firms at the same level. The firm that possesses competitive advantage provides superior value to customers at a competitive price or acceptable value at a lower price. What is strategy? Strategy describes the goal – directed actions a firm intends to take in its quest to gain and sustain competitive advantage. Strategy is about creating superior value, while containing the cost to create it. Strategy is not a zero-sum game. It is not always the case that one party wins while all others lose. Win- win scenarios: when competitors cooperate, occasionally, with one another to achieve strategic objectives, we call this co-opetition. Strategic positioning is staking out a unique position in an industry that allows the firm to provide value to customers, while controlling costs. Strategy as a Theory of How to Compete. It provides managers with a roadmap to navigate the competitive territory. A firm´s strategy can be seen as its managers’ theory about how to gain and sustain competitive advantage. (A theory...
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...first assignment and create a future plan that is consistent with federal procurement opportunity’s mission or strategic plan. To expand upon the action plan in Assignment 1 for Resource Management, Inc (RM), a future action plan needs to focus on what is the best interest to grow the success of the firm as well as make sure it is in alignment with the federal procurement opportunity’s mission or strategic plan. An agency at the Defense Department, TRICARE, is seeking assistance to provide required HIPAA, privacy, and ethics training to their government staff. They are seeking a firm with the knowledge and capabilities to provide the staff comprehensive and adequate training. The Request for Proposal (RFP) will be advertised through small business opportunity. RM has the experience of working with TRICARE and understands the government’s needs for this requirement. They have the capability to provide these training services and will rely on that knowledge and experience when writing their proposal. Prior to the release of the RFP, RM must begin developing a business plan to strengthen the division in their firm that would be responsible for working on the new opportunity. The firm will need to invest money to begin developing or modifying training materials and strategies on best ways to approach the new opportunity should they be awarded the contract. This investment of resources will help RM gain the competitive advantage to win opportunities that best...
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...achieve an organization’s vision a process of strategy formulation is the course of action. Management will factor in goals and objectives derived from organization’s mission statement. Competitive strategy formulation’s purpose is to develop effective performance to improve and secure future position. Steps in the process are measuring internal and external environments, competitive business strategies, creating value sustainable for competitive advantage, and measuring guidelines. This data collection process is essential to successful planning and implementation of innovation Internal Environmental Measurements: Vicki Environmental scanning involves the collection, examination, and distribution of internal and external information for development of a strategic process. Internal analysis is the first step of environmental scanning. Examinations consist of organizational structure, brand awareness, shareholder interactions, natural resource access, operational potential, and employee interactions with management, and other employees ("Management Study Guide," 2008 - 2013). In strategy formulation factors of a SWOT analysis of internal strengths and weaknesses are examined. Management considers the resources of financial, intellectual, and location in the decision-making process. The advantages of cost from intangible assets such as proprietary knowledge, creativity, and intellectual capital are some internal core factors essential to profit, and process. Other sources of...
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...Company’s Competitive Advantage Prepared By: Trishita Chowdhury 081 358 030 Tahmina Jahan 082 302 030 Sharmin Akhter Khan 082 635 030 Tahasin Ali 093 0523 530 Tania Sultana 093 0541 030 Md. Abu Sayed 093 0216 030 Naved Mohammad Khan 101 0549 530 Prepared By: Trishita Chowdhury 081 358 030 Tahmina Jahan 082 302 030 Sharmin Akhter Khan 082 635 030 Tahasin Ali 093 0523 530 Tania Sultana 093 0541 030 Md. Abu Sayed 093 0216 030 Naved Mohammad Khan 101 0549 530 Prepared For AKM Mominul Haque Talukder (MHT) Senior Lecturer Course: Human Resource Planning Course Code: HRM 360 North South University Date of Submission: 11th April 2012 April 09, 2012 A.K.M. Mominul Haque Talukder Senior Lecturer, School of Business & Assistant Proctor North South University Bashundhara, Dhaka 1229 Dear Sir, Subject: Research Report on Level of Satisfaction of the employees of Avery Dennison. We have the honor to present to you the research report entitled ‘Factors of Human Resource Planning Affecting a Company’s Competitive Advantage’. The main purpose of this report was to assess the relationship between the seven different variables of human resource planning and the independent variable namely competitive advantage...
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...Robin Muncy Nintendo: Maintaining Competitive Advantage Copyright 2011. Gatton Student Research Publication. Volume 3, Number 1.Gatton College of Business & Economics, University of Kentucky MGT 499 Spring 2011 2 Abstract Nintendo has been a major contender in the video game industry for the past several decades, and has faced the challenge of developing and maintaining competitive advantage over the years. With the introduction of the Nintendo Wii console, the company gained a stronghold as a leader in the video gaming industry. However, competitors Sony and Microsoft are quickly gaining on Nintendo’s competitive advantage, forcing the company to monitor and reevaluate its strategies. To maintain a competitive advantage, Nintendo must look toward influencing the customers of Sony and Microsoft, continue developing innovative technologies, and also consider the impact of social networking and mobile devices on the gaming industry. 3 History of Nintendo Nintendo Co. Ltd began its long history at the turn of the twentieth century as a Japanese manufacturer of playing cards. The company went public in the 1960s, and by the 1970s Nintendo had begun directing its focus toward electronic toys and video games. Nintendo became a leader in the video game industry in the ‘80s and ‘90s with its home video game consoles and popular game titles. Competitors began to emerge in the ‘90s; the release of Sony’s PlayStation platform broadened the video game market, and the rising...
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...Robin Muncy Nintendo: Maintaining Competitive Advantage Copyright 2011. Gatton Student Research Publication. Volume 3, Number 1.Gatton College of Business & Economics, University of Kentucky MGT 499 Spring 2011 2 Abstract Nintendo has been a major contender in the video game industry for the past several decades, and has faced the challenge of developing and maintaining competitive advantage over the years. With the introduction of the Nintendo Wii console, the company gained a stronghold as a leader in the video gaming industry. However, competitors Sony and Microsoft are quickly gaining on Nintendo’s competitive advantage, forcing the company to monitor and reevaluate its strategies. To maintain a competitive advantage, Nintendo must look toward influencing the customers of Sony and Microsoft, continue developing innovative technologies, and also consider the impact of social networking and mobile devices on the gaming industry. 3 History of Nintendo Nintendo Co. Ltd began its long history at the turn of the twentieth century as a Japanese manufacturer of playing cards. The company went public in the 1960s, and by the 1970s Nintendo had begun directing its focus toward electronic toys and video games. Nintendo became a leader in the video game industry in the ‘80s and ‘90s with its home video game consoles and popular game titles. Competitors began to emerge in the ‘90s; the release of Sony’s PlayStation platform broadened the video game market, and the rising...
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...(1)Nonprofit organizations deliver critical services, and it is important to devote maximum resources to supporting your cause. That is why it makes sense to ensure your staff and volunteer resources are operating with maximum efficiency. In the nonprofit sector, creating a competitive compensation and benefits strategy is important to attract talent, but developing a total rewards package may be more important. “Employees nowadays are looking at the whole package: ‘What’s my base salary, do I have incentives, what are my benefits, can I telecommute, can I have flex time, can I have a relaxed dress code and is it family-friendly?’” Glantz said. “[If] a not-for-profit can offer what’s considered an attractive total rewards package, [it’s] going to help that company.” The argument now is that these intangibles need to be measured and monitored, and subsequently tied to the bottom line. Re-defining the bottom to include intangibles such as leadership practices, organizational capabilities, and the ability to attract talented people is necessary. In addition, as organizations continue to automate business processes using technology, in order to remain competitive against others that are doing the same, they must now focus on their talent. Additionally, though talent can be cultivated and developed, it can also leave the organization, become sick, de-motivated, and perhaps influence others to behave in ways unfavorable for the organization. Worst of all, talent can deliver the “double-whammy”...
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...practices to gain competitive advantage in the face of increasingly volatile technological innovation, customer expectations, and global competition. Technology innovations nowadays do not guarantee success as competitors can copy it easily. Customer expectation are increasing dramatically and so as the fierce competition from foreign companies. HR professionals must learn to integrate strategic and HR planning as well. Past literature suggests that it is necessary for an organization to obtain knowledge about the situation of labor in and out of the organization which can help them to make successful decisions regarding hiring, retaining and developing human resources. In today’s contemporary organization, employees’ skills and knowledge can make a positive impact on the firm‘s productivity. (Guzzo, Jette & Katzell, 1985). And so, developing employees’ knowledge, skills and abilities via training is tightly related with the competitive advantage of the organization. According to Patel & Cardon (2010) compensation is vital for contemporary organization as it contributes to attract and retain high skilled workers with superior salaries, and it encourages a desired stakeholder behavior regarding recognition and legitimacy. Minbaeva et al. (2003) inferred that compensation would enhance motivation among personnel too. HR planning should therefore incorporate compensation too in order to sustain competitiveness in the future. Hypothesis H1: Future orientation on...
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...C.K. Claridge, Inc. Case What are the interests of the various players in the Varacil market? * CKC: Obtain the least costly ending for the lawsuit, considering the future effects of the outcome with respect to market share and future profits. * Tolemite: Obtain a payment of all past and future liabilities at the highest royalty possible, or the highest payment. * BARD: They would benefit from two situations: 1.CKC wining the trial, as they would not have to pay royalties anymore, which could decrease CKC’s cost competitive advantage if BARD decides to lower the price of the product. Thus they can become more competitive and may increase their market share this way. 2. CKC having to pay a royalty of 4% or more. The same logic as above applies. What should Mr. Purcell do? If you think he should propose a settlement, what amount do you recommend, and how should it be communicated? I believe Mr. Purcell should propose a settlement with Tolemite. The process started on 2005, and only in 2009 they are going to trial, which means 4 years of related costs, including time and monetary costs. Moreover, if they do go to trial, the process may continue, as appeals can be made if they win the case. This will mean more years with this problem in mind, and costly lawyers and advisors. By the time the trial is over, the patent will be close to expiring (2017), thus decreasing the importance of the trial itself. Regardless of the calculations made...
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...technology industry by innovating and continuing to advance within the market. As a major leader in the technology industry it is important to understand the current strategies used along with future strategies that may assist IMB in future growth and success. According to Watkins (2007), “A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision making” (Para 1). Having a clear understanding of what a business strategy is and how it can affect the success of a business is the first step in determining the different strategies and the advantages of each. At the start of IBM, a product differentiation strategy was implemented in order to gain entrance into the market. At the time IBM was starting a new idea of cloud computing began to emerge. Cloud computing is a model for enabling convenient, on-demand network access to a shared pool of configurable computing resources (Grigoriou, Retana, and Rothaermel, 2013). The advantage to using a product differentiation strategy is to gain entrance into the market by producing a new and innovative product that consumers not only want but need. After years of developing the product it would be in the best interest of IMB to utilize the business strategy of competitive advantage. IBM can accomplish this business strategy by offering the innovative cloud computing within the market allows IBM to offer a higher price for the product. The idea of offering a higher...
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...business environment in the past decade as a result of privatization and globalization leading to difference in company’s strategies. A strategy can be defined in many ways and has many different viewpoints. This article aims to explain and critically evaluate the approaches of Jay Barney and Michael E. Porter, two leading strategy theorists, in-turn explaining the basis leading to the difference. What is Strategy & Competitive Advantage? Strategy is the creation of unique and valuable position involving a different set of activities.1 A firm is said to have competitive advantage when it is implementing a strategy which is not is being implemented by it’s current or potential competitors and also sustains profits that exceed the average for it’s industry. " Is Competitive Advantage enough? The goal of much of business strategy is to achieve a sustainable competitive advantage which is the same as competitive advantage but the advantages of the strategy cannot be duplicated by the competitors. (Barney, 1989). Different authors have different viewpoint in regard to sustainable competitive advantage. A sustained competitive advantage is simply a competitive advantage that lasts for a longer period of calendar time (Porter, 1985). A competitive advantage is sustained only after the efforts to duplicate the advantages of the strategy have been ceased (Lippman and Rumelt,1982). " Michael Porter’s Viewpoint Sustainable competitive advantage is when a strategy is implemented...
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... the products and services Service level Product selection (merchandise line width and depth) Location or access: the overall convenience of shopping the retailer behaviors in the purchase process) Walmart competes primarily on prices (everyday low prices). It also provides a greater product selection compared to peers (one-‐stop shopping). Competitive Advantage Perhaps the most critical judgment in the valuation of a business is the estimation of its competitive advantage. Lacking any competitive advantage, a business is usually worth no more than the replacement cost of its assets. Only in the presence of sustainable competitive advantage would it be possible to value a firm on the basis of its earning power. Retailing is an industry that is characterized by intense competition with few competitive advantages of any kind. However, Walmart has been able to develop significant competitive advantage via several strategies and its relative heft. 1. Low cost distributor and merchandiser of basic goods. Company philosophy of everyday low costs results in continuous focus on reducing prices by eliminating much inefficiency in...
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...company no matter how well it is doing professionally as well as financially always has room to grow and better themselves. Riordan has thought of different ways to remain competitive in an ever-dynamic environment, Riordan Manufacturing must stay current with the latest technology, recent developments in the industry, and attend to the needs of its customers. After telecommunications and data networking systems require an upgrade to a better support of the company’s recent and future growth needs, long-term relationships will be required by maintaining rigorous quality controls, innovative solutions, reasonable pricing, and a responsive business attitude. (B, 2009) Riordan Manufacturing will strive to be a solution provider for their customers and not be a part of theirs customer’s challenges. Future is must be focused in maintaining and achieving reasonable profitability to assure that the human capital and financial is available for sustained growth. (B, 2009) Riordan has many similarities to the company Nike. Both companies have made changes throughout the years to stay competitive in their respective markets. Like many international companies Riordan and Nike both have manufacturing plants in China. Having the production done in other countries can reduce cost greatly. The competitive...
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