Developing a growth strategy for a company division in the hospitality industry
Youssef, Joseph (2023)
2023
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202301241583
https://urn.fi/URN:NBN:fi:amk-202301241583
Tiivistelmä
We live today in a world that is getting more unstable and unpredictable. The economy is developing, and companies could not cope with the complexity of the ever-changing environment. To understand what is going on, companies are embracing strategy for a clear sense of direction. Strategy is becoming more and more important, as it is turning into the quest for success.
The thesis is about strategy and how to develop one. Its main objective is to develop a growth strategy for a business division in the hospitality industry. To achieve the main objective, the author analyzed the company’s internal strengths and weaknesses and threats and opportunities in the strategic environment. Then, strategic options were identified, and growth strategy formulated.
The theoretical framework includes strategy and process development. First, the concept of strategy, types of strategies, and growth strategy were introduced, followed by an overview on the strategy development process of the deliberate approach at a business level. The process typically consists of an analysis, development, and implementation but the theoretical framework examines only the strategic analysis and the strategic development phases.
The research follows a qualitative case study approach because it is studying a phenomenon in a real-life context. The data was collected through a series of strategy workshops and documents from Company X. The outcome was considered for ethical conduct, reliability, and validity.
The results indicated that Company X has a competitive advantage and a strong financial stability that support growth. The strategic analysis identified organic and inorganic growth potentials. The company can grow the number of units in new geographical locations on a national level. It can also expand through licensing and franchising. The study identified internal growth opportunities through digitalization of point of sales systems and human resources capabilities. These capabilities can help the company focus on its strengths and retain existing customers.
The research was able to provide a growth strategy for the company. It also delivered a model of a strategy development process. This is a practice the company never had and might consider in the future. The study also revealed important information about the company’s general environment, competitors, and the industry. For the author, this research was a learning path not only to strategy development but also to the practice of strategic management in general in the daily business operations.
The thesis is about strategy and how to develop one. Its main objective is to develop a growth strategy for a business division in the hospitality industry. To achieve the main objective, the author analyzed the company’s internal strengths and weaknesses and threats and opportunities in the strategic environment. Then, strategic options were identified, and growth strategy formulated.
The theoretical framework includes strategy and process development. First, the concept of strategy, types of strategies, and growth strategy were introduced, followed by an overview on the strategy development process of the deliberate approach at a business level. The process typically consists of an analysis, development, and implementation but the theoretical framework examines only the strategic analysis and the strategic development phases.
The research follows a qualitative case study approach because it is studying a phenomenon in a real-life context. The data was collected through a series of strategy workshops and documents from Company X. The outcome was considered for ethical conduct, reliability, and validity.
The results indicated that Company X has a competitive advantage and a strong financial stability that support growth. The strategic analysis identified organic and inorganic growth potentials. The company can grow the number of units in new geographical locations on a national level. It can also expand through licensing and franchising. The study identified internal growth opportunities through digitalization of point of sales systems and human resources capabilities. These capabilities can help the company focus on its strengths and retain existing customers.
The research was able to provide a growth strategy for the company. It also delivered a model of a strategy development process. This is a practice the company never had and might consider in the future. The study also revealed important information about the company’s general environment, competitors, and the industry. For the author, this research was a learning path not only to strategy development but also to the practice of strategic management in general in the daily business operations.