Strategy

Cornell Hotel and Restaurant Administration

Quarterly

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Strategic Analysis for the Hospitality Industry

Jeffrey S. Harrison

Cornell Hotel and Restaurant Administration Quarterly 2003; 44; 139

DOI: 10.1177/0010880403442013

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STRATEGIC ANALYSIS

FOCUS ON RESEARCH

Strategic Analysis for

the Hospitality Industry

Hospitality executives must analyze both external factors and internal resources to develop a

strategic plan.

BY

JEFFREY S. HARRISON

n a recent worldwide survey of firms from a variety of

industries, 81 percent of companies reported conducting

strategic planning. Furthermore, executives reported a

higher level of satisfaction with strategic planning than with

most other management tools.1 The increasing popularity of

strategic planning in recent times can be attributed to accelerating changes in industries and economies and increasing

global competition,2 as well as the rapid development of strategic-planning methods that executives find useful. Firms that

engage in strategic planning tend to have higher performance

I

than those that do not.3 For example, a recent study of hotels

in the United Kingdom found that business performance was

positively associated with the thoroughness, sophistication,

participation, and formality of strategic-planning processes.4

Strategic analysis, that...