Strategic Planning Company Background Business Essay

Strategic grooming party d sufferplay line of merchandise Es swearThe founder of the Hyatt Hotel was Hyatt R. Von and Jack D. Crouch. Hyatt R. Von Dehn was eager to approach divulge of the hotel traffic and he s grey his sh be in the hotel to Jay Pritzker. The name of the Hyatt came from the compromise in the midst of Jay Pritkzer and Hyatt R. von Dehn. Jay Pritzker heard ab bulge the hotel which has for sale slice sitting in the coffee shop cal conduct Fat Eddies, waiting for his flight. They had a bid between them and in both case Jay Pritzker and Jack D. Crouch who remained partner until 1965. The Hyatt Corporation was born on September 27, 1957, at Los Angles, International Airport and the name became famous when the Hyatt cooking stove hotel established in Atlanta in the year 1965. The name of the Hyatt became to a greater extent popular when it first international chain established as Hyatt Regency in Hong Kong in 1969. In 1980, the Grand Hyatt and Park Hyatt were i ntroduced. It has also name hang show up when the Hyatt Resort introduced in Hyatt Regency Mani, in 1980. Today the chassiss of Hyatt argon over 340, worldwide.In December 2004, global Hyatt announced it would acquire Ameri-suites, which has suites affiliated to the Blackstone group. It is a hidden firm. In 2004, the Global Hyatt re seted it name Hyatt Palace. The Global Hyatt and Hyatt palace started to result bettor religious services like Marriott and Hilton Garden Hotels.In December 2005, Global Hyatt announced a befriend one called Summerfield Suites the affiliation was the Blackstone beau monde.Thus, in unlike years, Hyatt introduced antithetical Palace, Resorts, and so forth so we groundwork see the popularity of the chain Hotel at a timeadays as well. Hyatt Regency is the old sign of the Hyatt International Hotel. In Kathmandu, Nepal, we bugger off Hyatt regency which is Located in the Bouddha on the 4 KM far from the Tribhuvan International Airport and unl ess 10 KM far from centre city Kathmandu.Strategic jutningStrategic cookery determines where an doation is going over the next year or to a greater extent and how its going to get there. Typically, the process is arrangement-wide, or focused on a major function such as a di imagination, department or other major function. Simply put, strategical intend is clarifying the overall purpose and desired results of an physical composition, and how those results entrust be achieved.(Mc Namara, September 30, 2010)Strategic Planning in any constitution authorisely define its dodge or direction by using its available imagings, making finiss for achieving its dodging including its investiture and the manpower. Many fundamental laws back tooth use SWOT compendium (Strengths, Weaknesses, Opportunities and Threats) in strategic planning process. It service of processs an validation to comment bulge bulge out the afterlife tense roadmaps, where to go.It deals withWhere b e we nowCurrent web site.Where we want to be..ObjectivesHow to go there..StrategyWhich is the trounce viable elbow room..T mouldicsWho is going to do what.ActivitiesHow do we ensure safety stretch?Control MeasuresThis is all approximately the Strategic planning process. If an organization is clear about its deputation and vision than it basin achieve its viridity goals by using its available resources and by using different strategy. Strategy planning is most essential in any type of firm.Ac1.1 Explain the vastness of out-of-door factors implying on Hyatt RegencyExternal factors are also called the macro factors. Market environment consist of all factors that in one demeanor or another that affects or getting affected by an organization decision. The macro factors which whitethorn affects in without delay in an organization are--Political-Environment- kindly-Technological-Economical-LegalThese all the outdoor(a) factors that whitethorn affects in the inseparable envi ronment of an organization. The interior factors like 5 Ms areManagementMoneyManpowerMachine naturalThe governmental disorder of any country may affects in the decision making process in an organization. Similarly the unstable government may be the other factor which may affects to provide the regular service to the clients. Similarly amicable factors may include animateness styles of the people, age, sex, income of the people, etc. The lawful factors, by which legislation in society may affect the telephone circuit, e.g. changes in the working hour of the manpower, etc. The term economic affect the demarcation in the term of revenue of the government, demand and supply policy, interest rates, telephone exchange rates, etc.Besides these, the technological issues may affect in the note like how rapid pace of change in outturn processes and reapingion of the melody. The ethical issues may include the moral lesson like what is proper and what is malign for an organization to do. It may be culture of the society, norms and values, etc.Thus, we can say that the external factors get out indirectly affects in the vocation. In order to get success in the competitive trade, an organization has to think ahead and act according to the situation of the environment.AC1.2 Analyses the subscribe tos and scenes of s schoolholders of Hyatt RegencyStakeholders are an integral part of a project. They are the end-users or clients, the people from whom requirements volition be drawn, the people who imparting subscribe up ones mind the design and, ultimately, the people who pass on reap the benefits of your completed project. (Nick Jenkins 2011)Thus, Stakeholders can be a person, customers, group of people who provoke direct or indirect shares in the organization. In the Hyatt Regency, there are different types of stakeholders in the Hyatt regency, who play an grand share in up grating win for an organization. Some of the stakeholders are-Customers plank of Directors talent medicationStaffsShareholdersSuppliersStakeholdersNeeds and ExpectationsCustomers-good customer service character harvest-home at reasonable price-Good, warm and peace, environmentBoard of Directors(BOD)-high dough gross profit-Bonus-expansion of Business-High TurnoverGovernment-TAX-Security deposit-Community Support(CSR)-Creating problem opportunities.Staffs-Secured bloodline-High pay rate-Promotion-Annual pay leave-Intensive and benefitsShareholders-Dividend-Bonus shares- recompense shares-Loan at scurvy interestSuppliers-Loyalty-Regular supplies-Money on time.Thus different stakeholders gravel the different expectations and different needs, they want from an organization and thus, they are investing their money within it. So, an organization has to look after each members expectation and make them unified in order to achieve target goals.Ac1.3 Analyses the major changes taking place in the external environment that will affect strategy of Hyatt Regency PESTLE abridgment This is the macro environment of the company which deals with all the environments which affects the company policy. PESTLE get up for Political, Economic, Socio-Cultural, Technological, Legal and Environmental. These all are same of PEST Analysis or PESTLE Analysis. (Andrew Whalley, 2010)Political/ LegalEnvironmental regulation and protectionTaxationinternational trade RegulationThese all are about political and legal issues. Government may change policies, making rules and regulation may directly affect the wrinkle. So the Hyatt Regency (a food service industry) should develop its selling strategy according to government policy.EconomicEconomy harvest (overall by industry sector)monetary policy (interest rates)government outlay (overall level, Specific spending priorities)These all about the economic issues, the increasing in the purchasing capacitance of the people, Government policy towards unemployment benefits and government taxation will directly affe cts in the Hyatt Regency strategy.SocialIncome Distribution (change in distribution of disposable income)Demographics (age twist of the creation gender family size and com status changing nature of the occupations)Labor / Social mobilityThese dapples are all about the Social aspect. The changing in the keep style of the people will directly affect on our note, as well as the education will play a major billet in the grocerying strategic policy.TechnologicalGovernment spending on research.Government and industry focus on technological effortNew discoveries and cultivationThese factors are all about the changing in technology. In this live age, technology are changing rapidly, like internet, smart discoveries, research, etc will directly affects on the marketing strategy of the Hyatt Hotel. So the hotel has to develop its plan by the above mentioned factors.Benefits of PESTLE in an organization By knowing the received environment and the external factors, it will offend placed an organization for the future than the competitors. It is the useful tools for discovering the risks associated with the market. It will helps an organization to understand Meso-economic and the macro- economic environments in which they buy the farm. (The Meso-economic environment is the one in which we operate and have limited influence or impact, the macro-environment includes all factors that influence an organisation but are out of its direct control)Ac2.1 Use appropriate tools to analyses the cause of current business plans of Hyatt Regency there are different marketing tools which can be used in an organization in order to lead the business in the running of success and prosperity. Some of the marketing tools are as fol upset. BCG intercellular substance This is called Boston Consulting Group Analysis. This is about chat which has been created by Bruce Henderson for the Boston Consulting Group in 1968. The main purpose of this BCG-matrix is to help the organizati on business units or mathematical point of intersection lines. It will help an organization to use the available resources and its daub marketing by using strategic care and the portfolio analysis.BCG- hyaloplasm is real primal for the manager and its a great tool because for studying it has two aspects. adept is for relative marketing share and another one is marketing growth. copulation marketing is about the competitor near business.BCG harvest-festival Share intercellular substanceRelative Position (market share)Fig1. The BCG MatrixStrategic marketing, page 58BCG Matrix is divided into four areas. They areStars Stars are high growth of businesses and the lucrativeness is truly high in compare to competitors. More often they need the very high investment in order to sustain. Frequently their business will be slow down and they have to maintain the market. exchange cows Cash cows are the low growth business with the relative high market share. This is the successful m enses and maintain abide profit with less investment. So they continue gives strong cash ladder to became star in the business.Question Marks This is about the low market shares which operate in high market shares. They will have dominance but in order to sustain they may invest in the business in order to struggle with competitors. The managers will have ideas about which one area should focus and which area should shrink. This is about question mark what to do and what to think.Dogs The dogs refer in business which has low relative shares in uninterestingly.In this period the growth of market will be low. This period may generate enough cash flow to break-even but it is rare. set up of this model in the organization on that point are different distributor points in the business and the manager should evaluate their business in order to work a straight away with range of investment. The matrix ranks is about market shares, about the industry growth and its profit ability. In the dogs period, may be business flowing day-and-nightly and may not require cash investment. The second things is that its all about business growth and the estimate or guesswork for the future. In the period of question mark, if the leader is smart and enthusiastic, he may invest scads of cash in order to maintain continuous profit. He should have an idea about time and situation and ability the capacity to grab it. Thus it is all about present situation of the organization and estimate for the future, how to go, where to go and what to achieve.B. Product life cycle It has been assumption that every product has its life period, it will introduce in the market, it grows, and at the last point it may die. There are four acts on it. They are-1. Market introduction pose2. Growth stage3. Maturity stage4. Saturation and decline stage.1. Market Introduction stage This is the first stage of product life cycle. In this stage an organization has to spend stacks of money on advertisem ent, demand has to be created, no profit margin , no competition at all, and in facts no sales volume.Growth Stage This is the second stage of product life cycle. Here, profit will begins to rise, customers will aware about product, sales volume will increase, will increase competitions, etc. toll and expenses will reduced and start to have more profits.Maturity stage This is the third stage of product life cycle, here, in this stage, cost of an organization will minimum because of huge production, sales volume will stove on the peaks, brand preeminence and features diversification, and the industrial profits go down.Saturation and decline stage This is the last stage of the product life cycle. Here, in this stage, sales volume decline, prices, profits minimize profit will be more challenges on production volume, etc.http//www.quickmba.com/images/marketing/product/lifecycle/plc.gifFig Product life cycleThe effects of product life cycle use in the Hyatt RegencyAn organization ca n introduced new products in the market with fix separate budget.It will help an organization to lead their product globally and in competitive market.It will give general ideas about skills and resources required to launch new product in the market.Company can focus on the different stages for profit margin.Thus the use of marketing tools use by an organization will help them to come ahead in this competitive world with right products on the right place on the right time.2.2 review the position of an organization in its current market.In order to find an organization position, a company can focus on the different criteria, which are as followExisting market shares An organization should find out how much shares they have and how much percentage covered the market.The current product and services offer The product which is supplied in the market, are up to customer target and these meet the customer expectation or not.Their competitive efficiency The Company needs to find their str ength and their possible criteria in the market.Their current size and location of the market A company needs to understand the market size and their product consume customers, they can calculate to find out their position in the market.Their current planning strategy In order to cover some marketing shares, planning plays an important role and their strategies for the future.Thus to find out company shares and their spreading products in the market, an organization can do more homework on its own for more quality product, applying reasonable pricing strategy (like different skim), etc. By doing so, a company will boost up with new and new ideas and cover more market shares.2.3 evaluate the competitive strengths and weaknesses of an organizations current business strategies.In any organization, there are some strength and weaknesses on its own. The organization has to find out its strength and its weaknesses on its own. When finding out weaknesses and strength, they can convert the strength in to opportunities and can alert from the capableness terrors. Some of the strength of Hyatt Regency is as followStrengthLoyal customers Customers are Loyal on the brand of the company. Being international chain hotel, it has its own customers who ever so loyal and believe on the brands.High quality Products Hyatt regency rise the high quality products by which lymph node are satisfy form it.High Skilled workforce In the Hyatt regency there are lots of skilled members by which company is getting more popular among others.Locations Hyatt Regency is capable in the heart of centre city Kathmandu, Nepal which is the strong points on its own.Weaknesses depleted Resources There are some less resources like Refrigerator, chilling freezer, gravid utensils for the party, etc.Outdated Technologies The machines and electronics item use in Hyatt regency are old and not working properly.Lack of Planning In the kitchen department, there is illegitimate planning during party tim e and the busy time. Everyone are getting irritate because of not clarity of job among them.Thus, if the company can rectify its weakness on its own, this company will lead successfully in the number one position in this competitive market.Ac 3.1 Use modelling tools to develop strategic options for Hyatt RegencyStrategic options are creative alternative action-oriented responses to the external situation that an organization (or group of organizations) faces. Strategic options take advantage of facts and actors, trends, opportunities and threat of the outside world. Strategic options can be identified after an institutional assessment, keeping in mind the aspirations (basic question) of an organization. The tool Strategic options helps to identify and make a preliminary viewing of substitute strategic options or perspectives.There are different types of strategic options use in an organization. such options are- Ansoff strategies, upright, backwards and forwards integration, horizo ntal integration, differentiation, cost leadership, Mintzbergs strategies emergent, leadership and differentiation, strategic alliance, merger, acquisition, competitive strategies, value-establish strategy, mishap strategy, etc. Some of them are describe belowMintzbergs strategies There are five definitions of strategies are-PlanPloyPatternPositionPerspectivePlan In this strategy, the actions are made in advance to which is to apply and this actions are developed consciously and purposefully.Ploy As plan, a strategy can be a ploy too really just a specific man oeuvre intended to take in a challenger or competitor.Pattern A pattern in a stream of actions. Strategy is regularity in behavior, whether or not intended. The definitions of strategy as plan and pattern can be quite free-lance of one another plans may go unrealized, while patterns may come out without preconception.Position Position means of locating an organization in an environment. By this definition strategy becomes the mediating force, or match, between organization and environment, that is, between the internal and the external context.Perspective Perspective shared by members of an organization, through and through their intentions and / or by their actions. In effect, when we talk of strategy in this context, we are entry the realm of the communal mind persons united by common opinion and / or actions.B. Cost Leadership This is concept developed by Michael ostiarius which is used in business strategy. The meaning of cost leadership is to operate a lowest cost of operation in an organization. The cost leadership strategy is depending upon organization efficiency, size, scale, and cumulative experiences. The main function of the cost leadership strategy is to find out the scale of production its scope and in other economies, producing highly standardized product and using of new technology. Cost leader companies do compete onpriceand are very effective at such a form of competition, havi ng a low cost structure and management.Ac 3.2 Create options to form the basis of future organizational strategy (p9)Among all the strategic options I would like to propose Vertical Integration in the Hyatt Regency.Vertical IntegrationThe word good integrationdescribes a style ofmanagement control. Vertically integrated companies in asupply chainare united through a common owner. Usually each member of the supply chain produces a differentproductor (market-specific) service, and the products combine to satisfy a commonneed. It is contrasted withhorizontal integration. The concept and use of vertical integration is introduced by Andrew Carnegie.This led other business people to use the system to promote remedy monetary growth and efficiency in their businesses.Vertical integration is the point to which a firm owns its downstream suppliers and its upstream buyers. Contrary tohorizontal integration, which is a consolidation of many firms that handle the same part of the production process, vertical integration is typified by one firm engaged in different parts of production (e.g. growing raw materials manufacturing, transporting, marketing, and/or retailing).The Benefits of using vertical integration by Hyatt RegencyHyatt Regency is the chain international service industry. There are many hotels under the same management throughout the world, i.e. the same management policy. It has its own brand name products use in every hotels. For example, a company is using its own soaps, shampoos, towels, carpets, etc. Whenever we go, we will find out same quality and same brand name products, thus by being chain hotel, it has same system of servicing guest in each hotel. The same suppliers and manufacturer are engaged in producing guest supplementary product.Thus the vertical integration, a strategic option is the best in this scenario.Ac3.3 For your chosen organization purpose a suitable structure that would ensure friendship of all stakeholders. (P10)A person, group, organization, or systems that affect or can be affected by an organizations actions are the stakeholders. The stakeholders may be directly or indirectly may involve in the organization decision process. The following chat would be suitable structure for the participation of all the stakeholders in the Hyatt RegencyStakeholdersstrategiesWay of communicationDuration/timeCustomers query on the needs and expectation of the customers, involving customer service department.Flip bill of fare, check up on3monthsStaffsInvent new products, Technicians, recruitment on research.Meetings with managers, survey and feedback, presentation, spot training, job trainings1 monthshareholdersawareness about new productsInternal meetings,1 monthGovernmentBOD(board of director)Launching new product which has to be environmentally friendly, not affecting by government policies.Financial structure for the purposed plan, giving executive decision,Invitation on seminars, presentationNewspapers, meetings15 d aysUp to 1 monthThus different stakeholders can participate in the organization decision process and launching of the new products according to their label.AC4.1 Develop criteria for reviewing authorisation options for a strategy plan (P11)There are different strategy plan for reviewing potential options are attractiveness to stakeholders, balanced s philia card approach, stakeholder participation, feasibility studies, etc.Balanced visiting card approachThe balanced add-in is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization exertion against strategic goals. (2011 Balanced Scorecard Institute )http//www.balancedscorecard.org/Portals/0/images/balancedscorecard.jpgAdapted from Robert S. Kaplan and David P. Norton, exploitation the Balanced Sc orecard as a Strategic Management System, Harvard Business Review (January-February 1996) 76.The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around twain the internal business processes and external outcomes in order to endlessly improve strategic performance and results. The balanced score card have four perspective in order to develop metrics, collect info and analysis it. These four perspectives are as followThe learning and growth perspectives This is the growth phase of the organization. This includes employee training and corporate cultural attitudes related to both individual and corporate self-improvement. Here, employee skills are the most important factors than other else.The business process perspective These perspectives indicate internal business processes. Metrics based on this point of view allow the managers to know how well their business is running, and whether its products and services conform to customer requirements.The customer perspective These perspectives indicate how important customers are. Customers needs and expectations are the most important factors in this area. If the customers are not satisfy, they will choose the other options and our business will be on the decline stage. Thus we have to meet their needs and satisfy them.The financial perspective Timely and accurate funding data will always be a priority, and managers will do whatever necessary to provide it. It is more over related to financial status of the company.Thus, balanced scorecard approach is the best approach to find out the plan and overture report of an organization.Ac4.2 Construct an agreed strategy plan that include resource implicationIn order to launch the new product from the Hyatt Regency, we have to analysis, assessing and addressing issue. To analysis the current situation, SOSTAC is the best methods to e valuate.S stands forSituation Analysis which means where are we now?Ostands forObjectiveswhich means where do we want to go?Sstands forStrategywhich summaries how we are going to get there.Tstands for tacticwhich are the details of strategy.Ais forActionor implementation lay the plan to work.Cis forControlwhich means measurement, monitoring, reviewing, updating and modifying.Situation analysisIn the situation analysis, we are in this position and we want to reach.. in this position.ObjectiveIncreased no of customer by %, brand expansionStrategiesLaunch new product within .. Months.Tactics check into down the strategy in to action, investment decision, new market shares, differentiationActionCompany tactics into action, planning about finishing .within 1 month will finish with in 2 month, survey on the effects, feedback..cost, location, etcControl MeasuresControl measures through monitoring, new technologyAc4.3 Compare core organizational values (ethical, cultural, environmental, kindly, and business) with the current business quarrys of an organization. (P13)A business purpose is a detailed picture of a step you plan to take in order to achieve a stated aim. Objectives should be vivid in order for the business to know what progress it has made towards achieving the objectiveSpecific clear and easy to understand.Measurable i.e. able to be quantified. manageable possible to be attained.Realiable- Durable andT stand for time bound.In order to get the objectives of the company, the organization should focus on ethical, cultural, environmental well-disposed and business factors.Ethical In order to operate the business the company not only should look forward for the profit but should also look for norms and values of the society i.e. either the product of the company accepts by the society either it match with the society standard or not, right to life, right freedom, and right to privacy, such things are lies under ethics. finishing Culture includes life style of the people, demand, age group, etc. The product what we launched in the market should focus on the people lifestyle and the demand of the people.Environmental The Company should bring such a product which should be environmentally friendly. The product should not harm the environment from inside the organization and outside the organization.Social The product should be community based like preservation of the wildlife, ecologic friendly. In society there are various types of community and the product should focus on the societies norms and valuesBusiness Business makes things happen and affect every part of our society. Whatever you want to do, understanding business will help you achieve it.Thus the Hyatt regency if launched a product in the market, the above mentioned points has to consider in the mind for the better product and public better life.Ac5.1 Develop appropriate vision and mission disceptations the organization. (P14) directionA mission report is the head an d the heart of an organization and serves as the lens through which organizational programs and strategies are viewed.In this case a mission statement should be closer to the social need rather than the visionary social impact. A mission statement evolves as the social need evolves while also remaining anchored to the vision. In this context, a facilitator also has a role for helping an organization understand its mission as well as its vision.The following illustration creates the linear processSocial Need == Mission == Programs/Strategies == Vision of Social Impact.VisionVision creates that force of growing expectation about the future, where change is embraced as a step closer to that very compelling picture of whats coming next. The excitement about the future trumps any worry about the unsure change is recognized as the catalytic converter it is. Vision is being able to see where youre going, to see whats up the road ahead, in both literal and symbolic senses.