The GBCA358 hospitality industry’s strategic planning and Porter’s five forces article focuses on internal and external forces influencing the hospitality industry. Strategic Planning related to hospitality is a continuous process that requires analyzing and monitoring and making necessary changes. Moreover, the changes relate to the data obtained subjected to environmental conditions. The SWOT analysis in the hospitality industry is vital in highlighting internal and external factors affecting the hospitality industry. There is a need for a long-term vision in strategic planning. Furthermore, it should go in terms with the image of the destination among the public. Additionally, the GBCA358 hospitality industry’s strategic plan and Porter’s five forces assignment helps in understanding the hospitality industry’s environmental factors.
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PORTER’S FIVE FORCES AND HOW THEY APPLY TO THE HOSPITALITY INDUSTRY
Porter’s five forces are essential in understanding the factors that affect the hospitality industry. Porter identified five forces that make up the competitive environment, and which can erode your profitability. The SWOT analysis in the hospitality industry used with Porter’s five forces helps in identifying internal and external factors. Firstly, there is a competitive rivalry which looks at the number and strength of your competitors. Where competition is intense, companies can attract customers with aggressive price cuts and high-impact marketing campaigns. Secondly, there is supplier power. How easy it is for your suppliers to increase their prices. Also, the GBCA358 hospitality industry’s strategic planning and Porter’s five forces assignment focuses on competitive factors for the hospitality industry.
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SWOT ANALYSIS IN THE HOSPITALITY INDUSTRY AND HOW TO USE IT
The SWOT analysis in the hospitality industry is a useful tool in driving the strategic goals of a hotel. The SWOT analysis is a very well-known approach that has been around for almost 50 years. Moreover, it requires the user to investigate the internal Strengths and Weaknesses of their organization. Above all, a good understanding of the market environment is necessary to arrive at an accurate external analysis. Porter’s five forces help in accurately conducting a SWOT analysis. To perform a SWOT analysis, we need an insider who truly understands his or her hotel. Lastly, the GBCA358 hospitality industry’s strategic planning and Porter’s five forces article helps in highlighting SWOT analysis importance for hotels.
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