Strategy Planning: Hyatt Corporation

Strategy Planning: Hyatt Corporation Student’s Name Institutional Affiliation Strategy Planning: Hyatt Corporation Hyatt was first established in 1957 by Pritzker when he purchased the Hyatt House motel adjacent to the Los Angeles International Airport. Few years later, the Pritzker family grew into a North American management and hotel ownership company that went public in 1962. Six years later (1968), another separate and public Hyatt International company was formed. The companies were later taken private by the Pritzker family in 1979 and 1982 respectively. Later, on December 31 2004, both companies were consolidated to form a single entity by the name Hyatt Hotels Corporation. Hyatt is an international hospitality organization with well recognized leading brands and a tradition of innovation that has been developed throughout the organization’s history. Hyatt develops, manages, franchises and owns Hyatt branded hospitality properties across the world. As of 31 December 2017, the company’s lodging portfolio included “more than 700 properties in more than 50 countries across the world,” (Hyatt, n.d). The organization manages luxury hotels in Latin America, Asia Pacific, Middle East and Europe providing travelers with 14 distinct brands that include: Hyatt Place, Andaz, Hyatt resorts, Grand Hyatt, Hyatt Zilara, Park Hyatt, Hyat Ziva and others. However, the subsidiaries of the company are responsible for development, ownership, operation, management, franchising, licensing and provision of services to the company’s brand portfolios. The organization strives to maintain is market position despite stiff competition from its rivals Marriott International Inc. and Hilton Worldwide in certain overseas markets like Asia. In the current competitive market environment, Hyatt Hotels Corporation distinguishes itself from its rivals with strong brands that meets the tastes and preferences of their customers leaving them with a memorable experience. All the properties of the company share core values and offers their guests with exceptional services. Being a private company, the organization is driven by the values of providing their guests with exceptional services rather than shareholder and has been in a position to grow its brands based on its mission. Reason for choosing the company After a careful search for the organization for my case study, I found it interesting to study Hyatt Hotels Corporation due to its wide brand portfolio. This can enable me know some of the strategies and management policies that have enabled it develop and grow into a strong brand across the world. Aims and Objectives of this study The primary aim of this study is to understand strategic planning and know how it is implemented through the case study. The objectives include: analyze strategic planning and study its implementation. Strategic Planning Process The aim of a strategic plan is to develop strategic facilities, outline the agreed guidelines, follow the plan to the utmost and ensure there is operative participation. Strategic planning is closely related to foresight or forecast but the latter provides a detailed action plan on how the objectives will be achieved. In the strategic planning process, we are supposed to answer various sig...