Importance of determining business-level strategy
The hospitality industry such as other industries are facing dynamic changes in the market, however they seem to be experiencing more challenges as compared to other industries. Particularly because hospitality is mostly in a service industry which means the customers are virtually not able to experience what is offered unless they buy it. This underlines the importance of hospitality organizations to determine the business-level strategies they plan to use. Hospitality organizations seek to establish as well maintain a distinctive or clear place or image of the organization or what it is offering. As a result the target or potential market will be able to understand as well as appreciate what the firm stands for compared to its competitors (Hassanien, Dale & Clarke, 2010)
The strategies therefore become objectives such as cost leadership, where the organization seeks to low-cost producer, differentiation, where the organization seeks to have a unique offering within the market or focus strategy, where the organization seeks to concentrate on a particular product line, customer or market niche. Therefore these objectives must be those that it’s capable of achieving, that it can quantify and can sustain in the midst of competition (Thomas, n.d).
Importance of changing business strategies
Organizations always formulate strategies after analyzing their environments, therefore they come up with strategies that can help them capitalize on the opportunities presented by the environment and define ways of countering their threats. They also find ways of maximizing on their strengths and minimizing their weaknesses. However when the environment changes the strategies that were designed to produce a certain result in the future will have to be changed. Particularly because what was expected to take place in the future will also change and therefore the organization should restructure its strategies to adjust in to the changes. Therefore an organization that does not change its approach (strategy) when change occurs is likely to be unable to achieve its targets (Malhotra, 1997).
For instance an organization that uses differentiation strategy, whereby it develops unique attributes in its products and offers them at a relatively higher price, will be forced to change its strategy when customers start it serves start to prefer low prices over quality. This is because the business will not have customers to sell to as the consumers preferences have changed. As a result it can change its strategy low-prices or cost leadership. This therefore shows that for a business to be successful it must be flexible to change in terms of its strategies and hence its objectives (Enz, 2009).
Examples of differentiation, best value and cost leadership strategy
Ryan air is an airline company that uses the low-cost approach and through this strategy it has been able to offer low prices for its services as compared to the large flagship carriers in Europe. The company responded to deregulation measures by the European Union and has entered markets that were previously protected for the national carriers Universia Knowledge, 2006). Microsoft Corporation uses value based approach in marketing its Microsoft office application software such as 2010 version. The version can let people store data on the web instead of personal computers. This approach is working for the company because most users want to have user friendly software which competitors have not been able to achieve (New York Times, 2010). Apple is an example of a firm that uses differentiation strategy, which it has managed by being to pioneer in innovations. Its rivals such as Sumsang mainly focus on imitating the innovations that have already been developed (Kim, 2011)
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