Question

All organizations, regardless of their size and type are set up for a purpose. Whether the purpose will actually be served or not is partly dependent on the strategy employed by the organization. A strategy that fits the goals of the organization and its internal and external environment will likely result in success but plans and actions which are done without thorough analysis or basis will only waste valuable resources. To help you acquire the skill to develop a strategic plan, your task this semester is to conduct a comprehensive environmental audit, systematically choose a strategy and draw a blueprint of how to implement it for a small or medium-sized business of your own choice. Since no man is an island, you are expected to polish your teamwork skill by working in a group of four or five students (depending on the class size) to complete this assignment.

Choose a small or medium sized business related to any one of the following:

Boutique hotel

Your write-up must contain the following:

Brief background of the organization (not exceeding two pages). This includes its history, its vision and mission (if available), the key people in the organization, the nature of the business, its target market and its revenue/profit for the last six months.

If the organization does not have any vision and/or mission statement develop them for the organization. Similarly, if the existing statements are deemed as inappropriate or incomplete, improve them.

Key external factors which affect the business. You are expected to identify the factors, describe them in detail and explain how they affect the business.

Summary of your external analysis findings in an appropriate matrix

Key internal factors of the business. Similar to item 3 above, you have to identify and explain how each of the factors strengthen or weaken the business.

Summary of your internal analysis findings in an appropriate matrix

Conclusion of your analyses in no more than 150 words.

Suggestion of an optimal strategy to be adopted by your chosen business. Use any ONE of the strategy generation tools that you learn in the course followed by a matrix to choose the optimal strategy.

Objectives for your strategy (which support the vision and mission of the business). Remember that objectives must be specific, measurable and timely.

A minimum of one action plan for your chosen strategy. This includes policies, budget and timeline to implement the strategy. For example, if your optimal strategy is market penetration, instead of preparing action plans for all media advertisement and roadshows, you may concentrate on print ads only.

In the appendix (to be placed AFTER your list of references) write a short (roughly half a page) description of your research methodology. The methodology refers to the whole process of gathering, validating and analyzing the data from the business. If you use questionnaire/survey form to collect information on the business, please attach the completed questionnaire in your methodology section. If you use interview to collect data record the interview and save it (burn it into a CD and submit the CD) or save it in OneDrive and share the link to your file with the instructor. If you use observation technique, submit your observation diary that has date and time of observation, name of observer and details of observation (you can include photos in the diary).

Answer 1

The college project entails developing a strategic plan for a boutique hotel, which includes an environmental audit, strategy identification, and an action plan with measurable objectives. The strategy chosen should align with the hotel's mission and vision, and the implementation process requires detailed budgeting and scheduling.

Step-by-step explanation:

The student's project involves developing a strategic plan for a chosen small or medium-sized business, in this case, a boutique hotel. The comprehensive plan will start with a background of the organization, including its history, vision, and mission. The student will conduct an environmental audit to identify key external and internal factors that affect the business, analyze these factors, and present findings in appropriate matrices. Upon conclusion of the analysis, the student is to suggest an optimal strategy, supported by objectives that are specific, measurable, and timely, alongside an action plan for implementation.

Planning and Organization

Strategic planning for a boutique hotel requires considering the organization's purpose and aligning the strategy with both internal competencies and external market conditions. The project includes the creation of a comprehensive environmental audit that outlines the critical external and internal factors influencing the business. After a thorough analysis, the student will identify an optimal strategy to achieve the hotel's goals.

Strategy Creation

The optimal strategy might involve market penetration, product development, or even diversification, depending on what the audit reveals. Crucial steps such as establishing a vision and mission statement, identifying and analyzing external and internal factors, and detailed action plans are central to this project. The student will utilize strategy generation tools learned in the course to aid in the decision-making process.

Implementation and Review

To efficiently implement the chosen strategy, an action plan including policies, budget, and timeline is required, focusing on measurable objectives that align with the boutique hotel's vision and mission. The process will be documented through research methodology, diversified data collection techniques, and may involve use of questionnaires, interviews, observation diaries, or analysis of financial data.