MGT 314 MGT314 Week 2 Learning Team Discussion Strategic Planning (Phoenix)
Management and leadership within the hospitality and tourism industry requires strategic planning in order to be successful. Running and operating a hotel is full of twists and turns down every corner, so having a strategic plan in place helps to keep things on track. It is important as a hotel owner to fully think through what goals and vision you are trying to achieve, and in order to stay on track they should create a strategic plan. Having a solid strategic plan in place will help the business to reach its goals and also reduce the risk of failure. Our group discussed how strategic planning can be seen as a way of forecasting to view the future, and also how corporate, business, and functional strategies can be applied to business ventures.