2.2.2.2. Marketing work 33
2.2.2.3. Human resources work 33
2.3. Wooshu Hotel's business strategy and results achieved in the past 34
2.3.1. Marketing Mix Strategy 34
2.3.1.1. Product strategy 34
2.3.1.2. Pricing strategy 35
2.3.1.3. Distribution strategy 36
2.3.1.4. Promotion strategy 36
2.3.2. Business performance of hotel 37
2.4. The effectiveness of Wooshu Hotel's business strategy over the past 40 years
2.4.1. Achievements 40
2.4.2. Unachieved aspects 41
2.5. Building business strategies to 2015 42
2.5.1. Purpose of strategy building 42
2.5.2. Hotel goals by 2015 42
2.5.2.1. Basis for building target 42
2.5.2.2. Hotel goals by 2015 43
2.5.3. SWOT matrix of Wooshu Hotel 44
2.5.4. Forming strategies 46
2.5.4.1. SO 46 strategic group
2.5.4.2. Strategic group ST 46
2.5.4.3. WO 47 strategic group
2.5.4.4. WT 47 strategic group
2.5.5. Strategic choices 48
2.5.5.1. Qualitative Strategic Planning Matrix (QSPM) .. 48 2.5.5.2. Selected Strategies 51
Chapter 3: SOLUTIONS AND RECOMMENDATIONS TO IMPLEMENT THE BUSINESS STRATEGY FOR WOOSHU HOTEL TO 2015
.......................................................................................................................... 52
3.1. Solutions to implement business strategy 52
3.1.1. Marketing Solutions 52
3.1.1.1. Product solutions 52
3.1.1.2. Price solution 53
3.1.1.3. Distribution channel solutions 54
3.1.1.4. Promotion solutions 54
3.1.2. Human resource solutions 55
3.1.3. Solutions on organization, operation and management 56
3.2. Some recommendations 57
3.2.1. For the state 57
3.2.2. For industry 57
3.2.3. For hotel 58
CONCLUSION 59
REFERENCES 60
ABBREVIATIONS
LLC: Limited Liability
LIST OF FIGURES, TABLES AND DIAGRAMS USED
STT
IMAGE | PAGE | |
1.1 | Stages and activities in the strategic management process | 5 |
1.2 | Comprehensive strategic management model | 7 |
1.3 | Testing process | 17 |
STT | BOARD | PAGE |
1.1 | SWOT Matrix | 20 |
2.1 | Hotel room classification | 24 |
2.2 | Human resources situation in the hotel | 33 |
2.3 | Wooshu Hotel's operating results in 2010 | 38 |
2.4 | Wooshu Hotel's operating results for the first 6 months of the year 2011 | 39 |
2.5 | Revenue of hotel departments | 40 |
2.6 | SWOT Matrix of Wooshu Hotel | 44 |
2.7 | QSPM Matrix – SO Group | 48 |
2.8 | QSPM Matrix – ST group | 49 |
2.9 | QSPM Matrix – WO Group | 50 |
2.10 | QSPM Matrix – WT group | 51 |
STT | CHART, GRAPH | PAGE |
2.2 | Hotel organization | 23 |
2.1 | Hotel revenue in 2010 | 28 |
2.2 | Hotel revenue for the first 6 months of 2011 | 39 |
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1. Urgency of the topic:
INTRODUCTION
Vietnam's economy is increasingly developing and affirming its position in the world economy. A significant contribution to promoting economic development is an economic sector that is considered to bring the greatest benefits without requiring much investment, which is the service sector. In developed countries, the service sector accounts for over 79% of GDP, in developing countries it accounts for over 50% of GDP. The service sector is considered a "smokeless" economic sector, it does not directly produce material wealth but accounts for a high proportion of the economy. Realizing the great benefits brought by the service sector, in recent years Vietnam has increasingly focused on investing in the service sector, including the restaurant and hotel business. Vietnam is a country with great potential for tourism, so every year the number of international visitors to Vietnam is increasing. Realizing this, the State, famous hotel business groups in the world, as well as private investors have invested and built many hotels in Vietnam. This has created a strong competition between hotels. To survive and develop, hotels must build for themselves correct and effective business strategies.
For hotels managed by companies with no experience in the field of accommodation business, newly established hotels, building an effective business strategy is very important, so I chose Wooshu Hotel, where I also did my internship, to conduct this research topic. Wooshu Hotel was newly established in early 2010 under the management of Vinh Tuong Company Limited. Wooshu is the first four-star hotel in Dong Nai province. The hotel was built to meet the needs of business guests from countries coming to work and work in Dong Nai province.
2. Research objectives:
The purpose of the topic is to apply the knowledge learned into practice, helping to better understand the development of business strategies. At the same time, analyze and evaluate the current state of operations of Wooshu Hotel in the recent past, thereby building a business strategy for the hotel until 2015. And provide solutions.
Implement strategies to help the hotel enhance its image and continuously develop.
3. Research object and scope
The topic of research on the operation of Wooshu Hotel since its establishment until now. Based on considering related factors to propose the hotel's business strategies until 2015.
4. Research method:
Information collection method: through books, newspapers, internet, documents related to building business strategies. Documents on hotel operations.
Methods of information analysis and evaluation: Through tools in building business strategies (matrices), SWOT analysis of the hotel, comparing operating results in each specific period.
5. Structure of the MA/KLTN:
Includes 3 chapters:
Chapter 1: THEORETICAL BASIS OF BUSINESS STRATEGY
Chapter 2: ANALYSIS OF THE CURRENT STATUS OF BUSINESS STRATEGY OF WOOSHU HOTEL IN THE PAST
Chapter 3: SOLUTIONS AND RECOMMENDATIONS TO IMPLEMENT THE BUSINESS STRATEGY FOR WOOSHU HOTEL TO 2015
Chapter 1: THEORETICAL BASIS OF BUSINESS STRATEGY
1.1. Concept of business strategy
1.1.1. Concept of business strategy
There are many different views on business strategy today:
According to Fred David, “Strategy is the means by which long-term objectives are achieved. Business strategies may include: territorial expansion, diversification, acquisition, product development, market penetration, cost reduction, liquidation and joint ventures.”
According to Michael Porter, "Strategy is the creation of a unique and valuable position including differentiation, trade-off choices to focus resources to create advantages for the business".
According to Jonh I Thompson, “Strategy is the combination of resources, environment and values to be achieved”.
But in general, business strategy is defined as follows: "Business strategy is a synthesis of long-term goals, solutions and policies on production and business, finance and human resources in a competitive environment to bring the production and business activities of the enterprise to a higher quality state or in other words, business strategy is a general action program that the enterprise outlines to achieve its goals in a certain period of time".
1.1.2. The role of business strategy
Business strategy plays an important role in business operations. The specific roles are as follows:
- Orientation of long-term activities and a solid foundation for implementing operational activities. Lack of strategy or unclear strategy will cause business activities to lose direction, only seeing the immediate and not the long-term.
- Create a solid foundation for research and development activities, investment development, and human resource training and development.
- Create a foundation for businesses to proactively develop business directions suitable to the environment on the basis of taking advantage of opportunities, avoiding risks, and promoting business advantages.
1.2. Strategic management
1.2.1. Concept of strategic management
Up to now there are many different concepts of strategic management:
According to Alfred Chandler, “Strategic management is the process of determining the basic long-term goals of an enterprise, adopting courses of action and allocating resources necessary for carrying out those goals.”
According to Jonh Pearce and Richard B. Robinson, “Strategic management is a system of decisions and actions to form and implement plans to achieve the goals of the business”.
However, these concepts can be grouped into three common approaches:
- Environmental approach: “Strategic management is a decision process aimed at linking the internal capabilities of the organization with the opportunities and threats of the external environment”.
- Approach to goals and measures: "Strategic management is a set of management decisions and actions that determine the long-term performance of an enterprise".
- Action approach: “Strategic management is the process of examining the current and future environments, formulating organizational goals, making decisions, implementing decisions, and controlling the implementation of decisions, in order to achieve goals in the current and future environments”.
From the above approaches we can derive the following concept:
“Strategic management is the process of examining present and future environments, formulating an organization's objectives, and formulating, implementing, and controlling decisions designed to achieve these objectives in the present and future environments to enhance the organization's ability to perform its functions.”
1.2.2. Model of strategic management
1.2.2.1. Levels of strategic management
Corporate level strategy
As a pattern of decisions in a company, it defines and outlines the company's purpose, objectives, determines the business activities that the company pursues, creates policies and basic plans to achieve the company's goals.
In an organization of this size and diversity, corporate-level strategy typically applies to the entire business.
Business level strategy (SBU)
Business level strategy is formulated to determine the choice of specific products or markets for individual business activities within the company. Business unit level strategy of the company determines how each business unit will try to achieve its objectives to contribute to the completion of corporate level objectives. If the company is a single industry, the business unit level strategy can be considered as corporate level strategy.
Functional level strategy
Focus support on the layout of corporate strategy and focus on operational areas, business areas.
1.2.2.2. Stages of strategic management
Figure 1.1: Stages and activities in the strategic management process
STAGE
WORK | |||
Forming a strategy | Conduct research | Analysis | Make a decision |
Strategy execution | Set short term goals | Propose policies | Allocating resources |
Strategic Assessment | Review internal factors and outside | Compare results with standards | Perform adjust |
Strategy formation stage:
Strategy formulation is the process of establishing a business mission, conducting research to identify internal strengths and weaknesses and external opportunities and threats, setting long-term goals, and selecting alternative strategies.
Strategy formulation involves three basic activities: conducting research, performing analysis, and making decisions.