Crafting

Crafting and Executing Strategy

Aspen M. Parrott

Dr. Phyllis Parise

Strategic Management

14 July 2013

I created a hotel chain that would be called The Olympic Hotels, and they would be located around the world in cities that have hosted either the Winter Olympics or the Summer Olympics or the Paralympics. When I was deciding how I wanted to get this business off the ground, I had to develop a strategic plan to build the buildings, hire the staff, how to design the hotel, who my target market would be, what our mission and vision would be, and how we would be able to build a solid clientele and retain their business over the years. According to our textbook, a company’s “strategic plan lays out its future direction, performance targets, and strategy” (Thompson, et. al., 2009). Basically this strategic plan is going to guide the business through the industry and will help when dealing with the competition, handling the actions of the industry’s key players, and will help guide the company through obstacles and challenges that it faces during its tenure. It is crucial for The Olympic Hotels to have a solid strategic plan so that we know what we need to do in order to stand out in this cutthroat industry. Since it is a large boutique-style themed hotel, we are part of a smaller niche in the industry, and it can be a struggle to become successful with all of the other major brand hotels that people are accustomed to. We need to know every move we are going to make before we make it, and we need to be prepared to work extremely hard to get to where we want to be in the hotel industry. We need to be ready for anything that comes our way, and with a solid strategic plan we will be able to face obstacles that may stand in our way. The strategic plan needs to cover every single aspect of the company and in detail explain how everything that goes on with The Olympic Hotels should be geared to accomplishing our mission.

A strategic mission...