Homework answers / question archive / ASSESSMENT THREE: FINAL REPORT MGM3107 Strategic Management in Tourism and Hospitality ASSESSMENT THREE: FINAL REPORT – SWOT OUTCOME – STRATEGY FORMATION – STRATEGY IMPLEMENTATION Task Length: 2000 words (Allowable range +/-10%) Task Type Individual Due week and submission Week 11 - SUNDAY – 6 June 2021 – 23:59 deadline Value Written Report - 40% Task Description a

ASSESSMENT THREE: FINAL REPORT MGM3107 Strategic Management in Tourism and Hospitality ASSESSMENT THREE: FINAL REPORT – SWOT OUTCOME – STRATEGY FORMATION – STRATEGY IMPLEMENTATION Task Length: 2000 words (Allowable range +/-10%) Task Type Individual Due week and submission Week 11 - SUNDAY – 6 June 2021 – 23:59 deadline Value Written Report - 40% Task Description a

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ASSESSMENT THREE: FINAL REPORT MGM3107 Strategic Management in Tourism and Hospitality ASSESSMENT THREE: FINAL REPORT – SWOT OUTCOME – STRATEGY FORMATION – STRATEGY IMPLEMENTATION Task Length: 2000 words (Allowable range +/-10%) Task Type Individual Due week and submission Week 11 - SUNDAY – 6 June 2021 – 23:59 deadline Value Written Report - 40% Task Description a. This is an Individual written Assessment and it’s a continuation of your assessment 2, on the same chosen business. You are not allowed to change any report business at this stage. b. Based on the SWOT analysis, from the listed 5 weaknesses, identify two critical strategic issues relevant to the organisation. Marks are based on the strength of the argument concerning the criticality of the two business issues, i.e., why are these issues critical to the chosen business? c. In the next part, the student will work creatively to suggest optimal solutions for the two issues identified in in the previous section of this report. These solutions should be briefly explained: not just as bullet points. d. The Student will then select one solution for each of the issues and justify why the solution is strategic to the organisation and explain its implementation and implications for the brand image of the organisation and the company’s triple bottom-line (profit, social, environment). Assessment Criteria Students should demonstrate the ability to: 1. Make appropriate use of the concepts of strategic management in written forms. 2. Clearly demonstrate linkages between factors in the internal/external environment and proposed future business strategies. 3. Propose and justify a clear set of future strategies for a current real-time case organisation. 4. Analyse the business environment and conduct a stakeholder analysis. 5. Assess the strategic position of an existing tourism and hospitality enterprise, taking into account socio-cultural, economic and sustainability influences. 6. Communicate complex information clearly and succinctly in written form. 7. Develop a strong, credible argument. 8. Demonstrate research skills and the use of appropriate strategic management literature. Estimated Student Workload: 20 to 24 hours See Separate Marking Guide for detailed marking allocation Links to Subject Learning Outcomes: Learning outcome 3 and 4 are assessed in this task. Submission Details: Submissions must be online on the LMS portal. Feedback and Return of Work: Feedback and marks will be provided via Turnitin in the LMS within two weeks of submission. 1|Page ASSESSMENT THREE: FINAL REPORT – SWOT OUTCOME – STRATEGY FORMATION – STRATEGY IMPLEMENTATION Task Length: 2000 words (Allowable range +/-10%) Task Type Individual A due week and the submission deadline Week 11 - SUNDAY – 6 June 2021 – 23:59 Value Written Report - 40% Task Description a. This is an Individual written Assessment and it’s a continuation of your assessment 2, on the same chosen business. You are not allowed to change any report business at this stage. b. Based on the SWOT analysis, from the listed 5 weaknesses, identify two critical strategic issues relevant to the organisation. Marks are based on the strength of the argument concerning the criticality of the two business issues, i.e., why are these issues critical to the chosen business? c. In the next part, the student will work creatively to suggest optimal solutions for the two issues identified in the previous section of this report. These solutions should be briefly explained: not just as bullet points. d. The Student will then select one solution for each of the issues and justify why the solution is strategic to the organisation and explain its implementation and implications for the brand image of the organisation and the company’s triple-bottom-line (profit, social, environment). Assessment Criteria Students should demonstrate the ability to: 1. Make appropriate use of the concepts of strategic management in written forms. 2. Clearly demonstrate linkages between factors in the internal/external environment and proposed future business strategies. 3. Propose and justify a clear set of future strategies for a current real-time case organisation. 4. Analyse the business environment and conduct a stakeholder analysis. 5. Assess the strategic position of existing tourism and hospitality enterprise, taking into account socio-cultural, economic and sustainability influences. 6. Communicate complex information clearly and succinctly in written form. 7. Develop a strong, credible argument. 8. Demonstrate research skills and the use of appropriate strategic management literature. Estimated Student Workload: 20 to 24 hours See Separate Marking Guide for detailed marking allocation Links to Subject Learning Outcomes: Learning outcome 3 and 4 are assessed in this task. Submission Details: Submissions must be online on the LMS portal. Feedback and Return of Work: Feedback and marks will be provided via Turnitin in the LMS within two weeks of submission. Unit name and code: MGM3107 Strategic Management ASSESSMENT 2 – FIRM SELECTION – STRATEGIC DETERMINATION - SWOT ANALYSIS (Report Presentation) Lecturer name: Dr Faz ZAMAN Name of the company chosen and Industry: Presentation Link Submission Date: Week 7_Sunday_09 May 2021 – 23:59 Campus: Sydney | Melbourne Slide 2 Introduction – VIDEO - FACE • • • • • Own Introduction – Name, ID, Campus, Business and Industry Purpose of the assessment presentation Organizational overview/background Data collection Limitation 1.0 POSITIONING MAP WITH DIAGRAM. Using a positioning map, students will identify and map the relative positions of the key competitors, competitive advantage of your chosen business. Competitor Analysis – Variables Identification Direct Competitors (3) – Differentiating Variables Indirect Competitor (3) – Differentiating Variables 2.0 A VERY BRIEF OVERVIEW OF THE FIRM Its product or service and target market 3.0 VISION, MISSION STATEMENT & GOALS: How do these statements relate to the nature of their business? Mentioned your current – Vision, Mission and Goals of your business 4.0 UNIQUE DIFFERENTIATING FEATURES Highlight the unique features of your products/services, particularly what is going to make them stand out above the rest. (VRIO MODEL) Internal analysis of the current marketing activities of the business will uncover the strengths and weaknesses. Slide 5A - SWOT Analysis – Table – Strength and Weakness Strengths = 2 Superior resources and skills that can be drawn on to exploit opportunities and counter threats. Relevant Primary Stakeholder Weaknesses = Deficiencies that inhibit the ability to perform and must be overcome to avoid failure. Relevant Primary Stakeholder • • • • • Soft pillows No light No table Bathroom is small Room arrangement such as pillows, light, bathroom table External analysis of the environment, market, customers and competitors as they relate to Australia will uncover the opportunities and threats. Slide 5B - SWOT Analysis – Table – Opportunities and Threats Opportunities = Environmental trends with positive consequences (i.e. basis for competitive advantage and/or possibility of improved performance if pursued). Relevant Secondary Stakeholder 3 Threats = Environmental trends with potentially negative impacts (i.e. impede implementation of strategy, increase the risks of a strategy, increase the resources required, and reduce performance expectations). Relevant Secondary Stakeholder 3 6.0 PESTLE analysis – 6.1 Current economic environment impact in the industry 6.0 PESTLE analysis – 6.2 COVID-19 impact due to the government restriction/political decision in the industry 6.0 PESTLE analysis – 6.3 Any other of your choice – the most relevant Slide 9 Reference List – APA Style • https://libguides.library.usyd.edu.au/ld.php?content_id=47913440 Thanks (VIDEO - FACE ) • What you have learned in this presentation – in your own words • How you may use it in the real life work (Application) Concluding Slide • Hope you have enjoyed this presentation. • Please suggest if there is any specific question to my email: Title Page Name: Student id number: Unit name and code: MGM3107 Strategic Management Assessment Task 3 – Individual (SWOT Analysis - Solution) Lecturer/tutor name: Dr Fazluz ZAMAN Campus: Sydney / Melbourne Name of the company chosen and Industry: Word Limit – 2000 words (Allowable range +/-10%) Total Words: Submission Date: Week 11 - SUNDAY – 6 June 2021 – 23:59 1|Page TABLE OF CONTENTS Main Elements Sub Elements Page Number 1.0 STRATEGIC ISSUES - Summarise TWO issues in 2 Paragraphs from the assessment 2 – Slide 5A - Weakness 2.0 SOLUTION 2.1 Contribute to Brand Image of the organization OR Contribute TO YOUR to the bottom line – Profit OR Contribute to the bottom line – CHOSEN Social and Environment (SELECT THE BEST OPTION) STRATEGIC STRATEGIC OPTION 1 – SOLUTION # 1 OPTIONS and 2.2 Contribute to Brand Image of the organization OR Contribute SOLUTIONS to the bottom line – Profit OR Contribute to the bottom line – Social and Environment (SELECT THE BEST OPTION) STRATEGIC OPTION 1 – SOLUTION # 2 3.0 A stakeholder 3.1 A stakeholder analysis, mostly PRIMARY STAKEHOLDER, analysis (Mostly relevant to your strategic option 1 (ONE PRIMARY PRIMARY STAKEHOLDER RELEVANT TO OPTION 1) STAKEHOLDER) • Solution - obtain benefits • Who is the primary stakeholder? (assessment 2 - slide 5A) from my chosen • Stakeholder gets benefits strategic option 3.2 A stakeholder analysis, mostly PRIMARY STAKEHOLDER, relevant to your strategic option 2 (ONE PRIMARY STAKEHOLDER RELEVANT TO OPTION 2) • Solution • Who is the primary stakeholder? (assessment 2 - slide 5A) • Stakeholder gets benefits 4.0 Conclusion Paragraph – to Summarize the main points 2.0 and 3.0 2 FUTURE RECOMMENDATIONS • Strategy relevant to more profit and Customer satisfaction • Strategy relevant to more Productivity Reflective Part - Overall learning experience – Use First Person – “I” 5.0 References – APA Style 6.0 Checklist Acknowledgement Table 2|Page 1.0 STRATEGIC ISSUES - Summarise TWO issues in 2 Paragraphs from the assessment 2 Summary Table STRATEGIC WEAKNESS – 5 ISSUES Weakness 1: Weakness 2: Weakness 3: Weakness 4: Weakness 5: STRATEGIC ISSUES Issues # 1 Issues # 2 Source: Assessment 2, Author 2.0 SOLUTION TO YOUR CHOSEN STRATEGIC OPTION 1 – STRATEGIC EFFECTIVENESS Summary Table Selected - STRATEGIC ISSUE Issue # CHOSEN SOLUTION - STRATEGIC ISSUES Solution 1 Solution 2 Source: Author 2.1 Contribute to Brand Image of the organization OR Contribute to the bottom line – Profit OR Contribute to the bottom line – Social and Environment (SELECT THE BEST OPTION) - STRATEGIC OPTION 1 – SOLUTIONS Summary Table CHOSEN SOLUTION 1 - STRATEGIC ISSUES Solution Relevant to • • • Solution 1 Brand Image of the organization OR Contribute to the bottom line – Profit OR Contribute to the bottom line – Social and Environment Issue # 1 Source: Author Critical Analysis – • • Literature Framework – Importance “Solution XXX” “Tourism and Hospitality Industry” Scholarly Article Reflective Part - Overall learning experience – Use First Person – “I” – Agree/Disagree 2.2 Contribute to Brand Image of the organization OR Contribute to the bottom line – Profit OR Contribute to the bottom line – Social and Environment (SELECT THE BEST OPTION) - STRATEGIC OPTION 2 – SOLUTIONS Summary Table CHOSEN SOLUTION 1 - STRATEGIC ISSUES Solution Relevant to 3|Page • • • Solution Brand Image of the organization OR Contribute to the bottom line – Profit OR Contribute to the bottom line – Social and Environment Issue # Source: Author Critical Analysis – • • Literature Framework - Importance “Solution XXX” “Tourism and Hospitality Industry” Scholarly Article Reflective Part - Overall learning experience – Use First Person – “I” – Agree/Disagree 3.0 A stakeholder analysis (Mostly PRIMARY STAKEHOLDER) - obtain benefits from my chosen strategic option 3.1 A stakeholder analysis, mostly PRIMARY STAKEHOLDER, relevant to your strategic option 1 (ONE PRIMARY STAKEHOLDER RELEVANT TO OPTION 1) Summary Table Selected - STRATEGIC ISSUE Issue # CHOSEN SOLUTION - STRATEGIC ISSUES Relevant Primary Stakeholder Solution 1 Source: Author Critical Analysis – • • Literature Framework - Importance “Solution XXX” “Stakeholder” “Tourism and Hospitality Industry” Scholarly Article Reflective Part - Overall learning experience – Use First Person – “I” 3.2 A stakeholder analysis, mostly PRIMARY STAKEHOLDER, relevant to your strategic option 2 (ONE PRIMARY STAKEHOLDER RELEVANT TO OPTION 2) Summary Table Selected - STRATEGIC ISSUE Issue # CHOSEN SOLUTION - STRATEGIC ISSUES Relevant Primary Stakeholder Solution 2 Source: Author Critical Analysis – • • Literature Framework - Importance “Solution XXX” “Stakeholder” “Tourism and Hospitality Industry” Scholarly Article Reflective Part - Overall learning experience – Use First Person – “I” 4|Page 4.0 Conclusion Paragraph – to Summarize the main points 2.0 and 3.0 2 FUTURE RECOMMENDATIONS • Strategy relevant to more profit and Customer satisfaction - CUSTOMER • Strategy relevant to more Productivity - COMPANY Reflective Part - Overall learning experience – Use First Person – “I” 5.0 References – APA Style https://libguides.library.usyd.edu.au/ld.php?content_id=47913440 6.0 Checklist Acknowledged PLEASE RESPOND THROUGH YES/NO OVERCOME - COMMON MISTAKES YES NO File Name - Your full name and student ID at the beginning APA Style - Special attention to the second line Table of Contents Change of University Logo Cover page holds incomplete information - word limit Reflective analysis and research are not same. Reflective analysis reflects your personal understanding over the topic Supporting material - Scholarly articles versus websites Font Size - 12 Font Style - Times New Roman Single Spacing and Justified all sites No Executive Summary and Introduction for this assessment Remove the FEROZA, YELLOW and RED words, showing Instruction 5|Page ? Issue Relevant to the Assessment 2 ? ? • • • Porter's Five Forces is a model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry's weaknesses and strengths. Five Forces analysis is frequently used to identify an industry's structure to determine corporate strategy. Porter's model can be applied to any segment of the economy to understand the level of competition within the industry and enhance a company's long-term profitability. Porter's Five Forces is a framework for analyzing a company's competitive environment. The number and power - variables (4.1) of a company's competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company's profitability. Five Forces analysis can be used to guide business strategy to increase competitive advantage. ? ? ? ? Differentiation/Quality Strategy – Highest Price and 5 Star – 20 Properties * Cost Strategy - Lowest Price and No Star/1 Star – 75 Properties Cost FOCUS – Low Price – 2Star/3 Star - 132 Properties Differentiation FOCUS – High Price - 4 Star - 198 Properties ? ? ? ? ? 1. Competition in the industry – 4.1 2. Potential of new entrants into the industry 3. Power of suppliers 4. Power of customers 5. Threat of substitute products investopedia.com/terms/ p/porter.asp ? Consists of the combination of competitive moves and business approaches used by managers to run the company ? Management’s “game plan” to ? Attract and please customers ? Stake out a market position ? Compete successfully ? Grow the business ? Achieve targeted objectives ? ? To achieve sustainable competitive advantage, a company’s strategy usually must be aimed at either ? Providing a distinctive product or service or ? Developing competitive capabilities rivals can not match Achieving a sustainable competitive advantage greatly enhances a company’s prospects for ? Winning in the marketplace and ? Realizing above-average profits What separates a powerful strategy from an ordinary strategy is management’s ability to forge a series of moves, both in the marketplace and internally, that produces sustainable competitive advantage! ? Competitive Advantage – ? Advantage over competitors – Solution ? Changing – ? Iphone 11 (1729) and Iphone 12 (Night Time) – 1429 – same configuration – Camera at night time ? Samsung – Galaxy – Night and Day – Anytime – Best Picture ? A company’s strategy is a work in progress ? Changes may be necessary to react to ? Fresh moves of competitors – Samsung versus Apple ? Evolving customer preferences – Online Food Order versus Eat-in in the Restaurant ? Technological breakthroughs – Go and Order Food and Self Deliver – APP BASED (UBER, Doordash, Menulog…) ? Shifting market conditions – COVID-19 – Face to Face Delivery – Platform such Zoom, Team – 2.2 (Before COVID19) and 2.3 (DURING AND POST COVID19) ? Crisis situations – Labor Shortage – Holiday Visa - Support Fruit Picking Industry – Refugee (Language, Visa Status – Proper Work and Wages) – More than 20 Hours, Supply chain – Nursing Degree Strategy-Making Process ? Strategy-making involves entrepreneurship – searching for opportunities ? To do new things or ? To do existing things in new or better ways – McDonalds (Digital Screen) – Reduce the Labor Cost ? Strategizing involves ? Picking up on happenings in the external environment (PESTLE) and ? Steering company activities in new directions dictated by shifting market conditions (Zoom Online Platform) ? Taking actions to adjust to the march of events tends to result in one or more of the following – SHUT DOWN/SELLING BUSINESS ? Altering long-term direction and/or redefining the mission/vision ? Raising, lowering, or changing performance objectives (Sales person - Online Sale, processing power versus Store Sale, laughing and smiling) ? Modifying the strategy ? Improving strategy execution ? Sophisticated distribution systems – Wal-Mart ? Product innovation capabilities – 3M Corporation ? Complex technological process – Michelin ? Defect-free manufacturing – Toyota and Honda ? Specialized marketing and merchandising know-how – CocaCola ? Global sales and distribution capability – Black & Decker ? Superior e-commerce capabilities – Dell Computer ? Personalized customer service – Ritz Carlton hotels ? Other Examples? ? Strive to be the industry’s low-cost provider ? Outcompete rivals on a key differentiating feature ? Focus on a narrow market niche, doing a better job than rivals of serving the unique needs of niche buyers ? Develop expertise, resource strengths, and capabilities not easily imitated by rivals ? ? ? ? Differentiation/Quality Strategy – Highest Price and 5 Star – 20 Properties * Cost Strategy - Lowest Price and No Star/1 Star – 75 Properties Cost FOCUS – Low Price – 2Star/3 Star - 132 Properties Differentiation FOCUS – High Price - 4 Star - 198 Properties ? Keys to Success Make achievement of meaningful lower costs than rivals the theme of firm’s strategy ? Include features and services in product offering that buyers consider essential ? Find approaches to achieve a cost advantage in ways difficult for rivals to copy or match Low-cost leadership means low overall costs, not just low manufacturing or production costs! ? • • • • • • Organisations exhibiting cost-leadership often exhibit a number of traits and attributes which make them suited for this approach: Access to capital or technology required to drive costs down High levels of productivity High efficiency and capacity utilisation A low-cost base (e.g. labour, materials, facilities) and a method of maintaining this Use of bargaining power to negotiate low production costs Access to effective distribution channels ? Incorporate differentiating features that cause buyers to prefer firm’s product or service over brands of rivals ? Find ways to differentiate that create value for buyers and are not easily matched or cheaply copied by rivals ? Not spending more to achieve differentiation than the price premium that can be charged Unique taste -- Dr. Pepper ? Multiple features -- Microsoft Windows and Office ? Wide selection and one-stop shopping -- Myers and Amazon.com ? Superior service -- FedEx, Ritz-Carlton ? Spare parts availability -- Caterpillar ? More for your money -- McDonald’s, Wal-Mart ? Prestige -- Rolex ? Quality manufacture -- Honda, Toyota ? Technological leadership -- 3M Corporation ? Top-of-line image -- Ralph Lauren, Chanel, Cross https://www.youtube.com/watch?v=aw628QSEl8k ? ? • • • • Here are the most important traits associated with differentiation-led organisations: Strong research, development and innovation Superior product quality Recognisable branding, effective branding and marketing Industry-wide distribution within all major channels (stocked by most retailers) ? Involve concentrated attention on a narrow piece of the total mark Serve niche buyers better than rivals ? Choose a market niche where buyers have distinctive preferences, special requirements, or unique needs ? Develop unique capabilities to serve needs of target buyer segment ? Geographic uniqueness ? Specialized requirements in using product/service ? Special product attributes appealing only to niche buyers ? ? ? ? ? eBay ? Online auctions Porsche ? Sports cars Jiffy Lube International ? Maintenance for motor vehicles Pottery Barn Kids ? Children’s furniture and accessories Bandag ? Specialist in truck tire recapping ? Cost-focus refers to organisations who seek to develop a lower-cost advantage, but only within a small market segment. These products will generally be basic, vaguely similar to the average market-leading products (though more popular products can be charged at a higher price) and will be acceptable to a sufficient number of customers in order to make a profit. ? An example would be budget food items or other household tools stocked only by small, local supermarkets. ? Another would be a low-cost regional airline which focuses only on specific routes. These products are often referred to as "me too's". ? ? ? In a differentiation-focus strategy, the organisation will look to develop product differentiation, but only within one or a smaller number of market segments. As these organisations have identified a smaller consumer group to focus on, they can more specifically appeal to the needs and wants of this group than could an organisation which is attempting to differentiate for a wider population. For this strategy to succeed, the organisation will have to first identify that a consumer group has a different set of needs than does the wider market population. If there is no variation in need, then there is no valid basis for differentiation. Alongside this, the organisation also must ensure that another competitor is not already appealing to the specific and unique needs that they have identified. A good example would be craft beer companies, who can charge a higher price compared with large breweries due to the uniqueness of their products. ? ? ? ? ? The generic strategy effectively underpins the majority of business and competitive decisions made by an organisation. Therefore, it is crucial that it is chosen correctly. In his work, Porter emphasised the importance of not trying to utilise more than one strategy, as each appeals to a different consumer base, and to different organisational strengths and attributes. For example: a small business may sometimes struggle to compete on cost within an industry dominated by large multinational organisations. (BWS, DAN MURPHY – Small Bottle Shop) To develop and maintain a competitive advantage, businesses should look within and identify where their strengths lie. One way of doing so would be to perform a SWOT Analysis of the organisation. This allows a business to identify both strengths and weaknesses, but also any specific opportunities and threats that they may face along the way. Consider your SWOT analysis in the context of the generic strategies. For example: can your organisation possibly reduce costs? Does it have the resources or individuals to create differentiated products? ? ? ? ? https://www.perceptualmaps.com/make-aperceptual-map/free-download/ https://online.visualparadigm.com/diagrams/templates/perceptualmap/perceptual-map-template/ https://creately.com/diagram/example/jji4zkuq4 /Perceptual%20Map%20Template%20 https://flevy.com/browse/businessdocument/perceptual-map-template-1089 ? Strength (3.1) and Weakness (3.2) - SW – Internal To the Company/Business ? AAPOPLY/GLORIA JEANS/NOVOTEL – One Business ? Opportunity (3.3) and Threats (3.4) – OT – External to the Business Environment/Industry ? 43 Universities in Australia/5 TOP BRAND COFFEEE SHOPS/68 – 5 Star Hotel – All Businesses in the Category ? OT - PESTLE – Uncontrollable Factors – Politics, Economy, Social, Technology, Legal and Environment ? SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT Analysis is a technique for assessing these four aspects of your business. Strengths – 2 Strengths ? Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. ? Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes. ? What do you do better than anyone else? ? What values (benefit>cost) drive your business? ? What unique (no substitute) or lowest-cost resources can you draw upon that others can’t? ? Identify and analyze your organization's Unique Selling Proposition (USP) ? Boost Juice (Must mention - Calorie - kj) ? Weaknesses, like strengths, are inherent features of your organization, so focus on your people, resources, systems, and procedures. ? Think about what you could improve, and the sorts of practices you should avoid. ? Once again, imagine (or find out) how other people in your market see you. ? Do they notice weaknesses that you tend to be blind to? ? Take time to examine how and why your competitors are doing better than you. What are you lacking? (Gap) – Sustain weakness ? Boost Juice (Must mention - Calorie - kj) versus Chatime/Gongcha (Never mention - Calorie - kj) ? TAE40116 Certificate IV in Training and Assessment – 1999- 2003 – 5 years – approx. 200 jobs per week ? ? ? The starting point for understanding core competencies is understanding that businesses need to have something that customers uniquely value if they're to make good profits. "Me too" businesses (with nothing unique to distinguish them from their competition) are doomed to compete on price: the only thing they can do to make themselves the customer's top choice is drop price. And as other "me too" businesses do the same, profit margins become thinner and thinner Now you'll probably find this an attractive idea, and it's often easy to think about a whole range of things that a company does that it can do well. However, Hamel and Prahalad give three tests to see whether they are true core competencies: 1. Relevance – The competence must give your customer something that strongly influences him or her to choose your product or service. If it does not, then it has no effect on your competitive position and is not a core competence. 2. Difficulty of imitation – The core competence should be difficult to imitate. This allows you to provide products that are better than those of your competition. And because you're continually working to improve these skills, means that you can sustain its competitive position. 3. Breadth of application – It should be something that opens up a good number of potential markets. If it only opens up a few small, niche markets, then success in these markets will not be enough to sustain significant growth. ? ? They usually arise from situations outside your organization, and require an eye to what might happen in the future. They might arise as developments in the market you serve, or in the technology you use. ? Think about good opportunities you can spot immediately. These don't need to be game-changers: even small advantages can increase your organization's competitiveness. ? What interesting market trends are you aware of, large or small, which could have an impact? ? You should also watch out for changes in government policy related to your field. And changes in social patterns, population profiles, and lifestyles can all throw up interesting opportunities. ? Threats include anything that can negatively affect your business from the outside, such as supply chain problems, shifts in market requirements, or a shortage of recruits. It's vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls. ? Think about the obstacles you face in getting your product to market and selling. ? You may notice that quality standards or specifications for your products are changing, and that you'll need to change those products if you're to stay in the lead. ? Evolving technology is an ever-present threat ? Always consider what your competitors are doing, and whether you should be changing your organization's emphasis to meet the challenge. ? But remember that what they're doing might not be the right thing for you to do, and avoid copying them without knowing how it will improve your position. ? Be sure to explore whether your organization is especially exposed to external challenges. – DROP SHIPPING - PESHMINA ? ? ? ? ? ? P for Political factors: E for Economic factors: S for Social factors: T for Technological factors: L for Legal factors: E for Environmental factors: ? Greta Thunberg - The Teen Climate Activist ? Source: https://www.forbes.com/profile/gretathunberg/?sh=8184a901e5d0 McDonald's will phase out plastic straws across Australia by 2020- Environmental groups say Australians use about 10 million straws every day, or 3.5 billion a year. https://www.abc.net.au/news/2018-07-19/mcdonalds-australia-to-phase-outplastic-straws-by2020/10012172#:~:text=Key%20points%3A,in%20two%20restaurants%20fro m%20August&text=Environmental%20groups%20say%20Australians%20use %20about%2010%20million%20plastic%20straws%20every%20day First a straw, now a fork. Turtles are choking on our plastic thttps://www.earthtouchnews.com/en vironmental-crime/pollution/first-astraw-now-a-fork-turtles-arechoking-on-our-plastic-trash/ rash A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers. However, with the increasing attention on corporate social responsibility, the concept has been extended to include communities, governments, and trade associations. ? For PRIMARY/internal (DIRECT/SPECIFIC INFLUENCE) stakeholders, they are important because the business’s operations rely on their ability to work together toward the business’s goals. – RELEVANT TO THE COMPANY – STUDENT (AAPOLY) ? SECONDARY/External stakeholders (INDIRECT/GENERAL) on the other hand can affect the business indirectly. ATO, , AFP, IMMIGRATION – 43 University https://www.professionalacademy.com/blogs-andadvice/stakeholder-mapping---marketing-theories ? 3.2 – Identifying – 5 weakness ? 4.2 – Select 1 Weakness of your business –RELEVANT - Primary Stakeholder – Only 1 ? 4.3 Select 1 Weakness of your business - RELEVANT - Primary Stakeholder – Only 1 ? REMEMBER – SELECT WEAKNESS for 4.2 and 4.3 ? CONTRIBUTE TO THE ? Brand Image OR/AND ? Against Social Responsibility OR/AND ? Against the Environment/Natural My Hotel never use solar power – Environment - Customer ? ? ? Direct Competitors (3) – variables Indirect Competitor (3) – variables ? Direct competition is any company that offers the same thing ? Direct competition is when two or more businesses offer the same product or service and compete for the same market. ? McDonalds versus Burger King - Customer ? Indirect competition refers to a business whose products or services are different from yours but potentially could satisfy the same need and reach the same goal. Other University offer IT, but we offer Hospitality Management ? Indirect competition, also known as substitutes, is when two or more businesses offer different products or services and compete for the same market to satisfy the same customer need. – AAPOLY versus UTS ? ? ? ? 4.1 Google - "Core Competencies" "Importance in Business" scholarly articles – in Third Person – The writer… End with Reflective in First Person – “I” - – in your own words ? 4.2 Google - "Stakeholder management" "Importance in Business" scholarly articles – in Third Person – The writer… End with Reflective in First Person – “I” - – in your own words ? Minimum 10 Articles +++++websites and other sources ? ? 1. 2. POWERPOINT - https://support.microsoft.com/enus/office/video-add-and-record-audio-eeac1757-5f20-437995f2-0d0cd151d5b8 http://www.flippedclassroomworkshop.com/5-easy-steps-foradding-voice-over-to-powerpoint-presentations/ 3. https://www.youtube.com/watch?v=QZp3jumnWUg 4. https://www.youtube.com/watch?v=selYsj94RQg 5. ZOOM – account, create your entire - recording