Summary HOTS
Academic year
Summary contains both theory and exercises of all four modules:
- Strategy (20 points)
-Finance (30 points)
-HRM (20 points)
- Marketing (30 points)
The following exercises are NOT included in this summary: variance analysis, marketing and revenue analysis, co...
2. Calculations
Finance
o Budgeting
o Ratio-analysis
o CVP-analysis
o Variance-analysis
HRM
o Calculation of staffing levels
Marketing
o Marketing spend analysis
o Revenue analysis
o Competitor analysis
It is important that an organization isn’t only well-managed but also WELL LED! (leadership)
A clear vision needs to be built, what is the goal of the organization, why does it exist? A company
will only be able to fulfill its function is the strategic plan is put in place.
The development of strategic planning started in the 1950’s, with the SWOT-analysis as its basis. In
the 60s, qualitative and quantitative strategies emerged and by the 80s companies started adapting
to the shareholder value model and the Porter model. Focusing on the market became more and
more important after that.
Since then, the emphasis on strategic planning has been on FLEXIBILITY: the responsiveness and
ability of the organization to adapt to changes of the environment. Strategic AGILITY has become
more important than the strategy itself.
This is why the strategic plan needs to be written in such a way that it doesn’t weigh down the
business, but guide and inspire all shareholders.
, Summary HOTS
January 2022 2
THE MISSION STATEMENT
This short but powerful statement describes the reason why a company exists. It’s an attempt to
give direction to the company’s goals and ambitions.
The PURPOSE of a mission statement is to create a corporate IDENTITY that the consumers can
relate to. It should show why YOUR business is worth being a part of, what makes it unique and
desirable.
Here’s a guide to write a mission statement:
1) Who are you? what is your business’s name, what does it do and how is it different from the other
businesses in the same market?
2) What do you want to achieve? What is your market niche? What direction will the company take
over the next 5 years?
3) How will you achieve these goals? What products/services will you offer, what customer needs
will you fulfil? How are you better than the competition?
4) Why is the company doing this? This is the inspirational part that will motivate all shareholders.
Employees will want to work with you, customers will want to buy from you. Sure, the goal of any
business is to make money, but what is it that makes this business special?
The mission statement is followed by a vision statement where the goals of the company for the
future are listed. It explains where the company sees itself in the next 10 years.
THE ENVIRONMENT (ENVIRONMENTAL SCANNING)
After having defined your business’ mission, you need to analyze your environment to identify the
key factors that will positively or negatively affect your business. This process is called environmental
scanning and is done in two parts:
1. The macro-economic external analysis (STEP-analysis)
The STEP analysis focuses on the macro (larger) environment and consists of 4 factors; each of these
affect the amount of people choosing to stay in hotels:
Societal factors
Demographic factors like number of residents, average life span and average age of the
population the design of products need to serve the target group: young or older people?
Family structure: living alone, small/large families. Family structure has an influence on
disposable income! -> how much do people spend at a hotel?
Career structure: eg. the emergence of independent women who pursue careers instead of
starting a family
Customer profile and buying behavior: what type of customer (business / family-oriented)
stays during the week or weekend and what type of room and services they prefer
Eating-out trends: restaurants gaining popularity, people not wanting to cook home, health-
conscious people, veganism and vegetarianism, …
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