Strategy Planning: Hyatt Corporation (Essay Sample)
I have selected publicly traded company Hyatt Hotels. Below are three articles that will help start my portfolio project.
Inside Hyatt's growth plans. (2014). Hotel Management, 14.
Phillips, P., Davies, F., & Moutinho, L. (1999). The interactive effects of strategic planning on hotel performance: a neural network analysis. Management Decision, 279-288.
Said, E. (2016). Managers' autonomy, strategic control, organizational politics and strategic planning effectiveness: An empirical investigation into missing links in the hotel sector. Tourism Management, 210-220.
For this Portfolio Project, synthesize and apply the concepts, principles, and theories studied in this course, as related to a practical scenario. You are required to develop or expand your outline from Week Four based on the following hypothetical scenario and/or additional information:
The primary focus of this Portfolio Project is to convey to your instructor that you understand the strategy creation process and that you can identify specific examples or actions of strategic planning activities, as specifically related to your selected company.
You work in the strategic planning department of your chosen organization. For the past five years, you have served in several roles within the organization. Recently, the organization's senior leadership team determined that a more effective strategy planning process is needed. You've gladly stepped into this role to help determine what the improved processes or activities might be.
You've been asked by your manager to put together a project to help the executive leadership team better understand the concepts and principles of a well-designed strategy process. In addition, the document is to include a set of examples of strategy planning activities, which are specific to your organization or industry. For this project, the concepts, examples, and principles are used as a basis for discussion at an upcoming executive leadership team retreat.
Portfolio Project Requirements:
In your paper, present the following topics:
The strategy concepts, theories, and principles, which are important for the senior executive leadership team to understand the strategy creation process.
Identify seven examples of strategy planning activities, or tools, appropriate for your selected organization, such as Internal Factor Evaluation, External Factor Evaluation, Five Forces Model and other tools that would benefit your selected organization's planning process.
At least one original table(s) and/or figure(s) that relate(s) to your selected company. Inserting tables and figures from published sources is not considered original. (You must be creative in designing your tables and/or figures). Be sure to format the table(s) and/or figure(s) in accordance with guidelines.
When writing your final paper, be sure to follow these guidelines:
10 to 12 pages in length, organized, and well written in conformity with CSU-Global Guide to Writing & APA
Support your answers using at least 10 peer-reviewed articles or scholarly journals in addition to the textbooks. The CSU-Global Library is a good place to find these references.
Include a title page, section headers, introduction, conclusion, and reference page.
Strategy Planning: Hyatt Corporation
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 significant questions like where are we? How can we achieve our overall objectives? And how can we evaluate our progress? (Johnson, Scholes & Whittington, 2008). Therefore, a strategic plan provides us with the opportunity to confront the various deviations in our internal and external environments so that we can respond to emerging challenges and accomplish the organizational goals. The strategic plan aligns our organization with its environment to be in a position of acc...
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