Group Strategic Management Report – Management Assignment Help

Assignment Task

Task 

Group Strategic Management Report

Subject Learning Outcomes Assessed: 
1.Integrate the knowledge, skills and learning from this degree to adopt a multi-disciplinary approach to strategic management analysis.
2.Apply strategic management theories to develop a business strategy for an organisation in an industry taking account of emerging trends.
3.Develop an environmental and economic impact statement in support of a business strategy. 

Description of Task:
Travel and tourism help people to connect with the rest of the world. Visitors add to the fabric of our society and provide an opportunity to share our own communities, lifestyle & environment. The visitor economy is critically important to Victoria’s future economic development and job creation. However, COVID-19 has affected the visitor economy and in order for it grow and thrive following the pandemic, steps must be taken to innovate and create new offerings.
Your task is to develop a strategic management plan for a new entrepreneurial venture within the hospitality industry, which operates in regional Victoria and contributes to the Victorian visitor economy. The focus of the strategic management plan will be the application of contemporary theory taking into account emerging and long-term trends and developments. Provide a conclusion in summary.

The report must address the following:

1. A brief overview of the new business including size, location, vision, and mission
i. Clearly describe your business idea, including size and location (why a particular location? Any strategic advantage in choosing that location?)
ii. Key Problems / Demands to be met > Align with business goals to meet identified Visitor Economy opportunities within the market. What are the major product/service benefits, features and/or experience?

2. Situation Analysis
a. General environmental analysis (chapter 2).
i. Evaluate the following trends and predict the segments that you expect to have the most influence over your business and why, thus briefing the current & future needs. Link it how this trend(s) will affect the Victorian visitor economy.
• Technological trends
• Demographic trends
• Economic trends
• Political/legal trends
• Socio-cultural trends
• Global trends
• Physical environment
• Overall are there any favourable/unfavourable trends happening in the industry that may affect your business positively or negatively?

3. Market analysis
a. Industry analysis
i. Porter’s five forces model. Discuss and evaluate how attractive the industry in which your firm is competing is. Support with facts and figures with credible sources wherever possible.
b. Competitor analysis
i. Identify key competitors and overview their objectives, strategies, strengths, weaknesses, and capabilities. Thus, also analysing what makes your business differentiated from the current opposition?
ii. How competitive is your intended industry?

4. Internal analysis
i. Assess the firm’s strengths and weaknesses through a value chain analysis. Note, strengths are internal resources and capabilities that have the potential to be core competencies place the firm at a competitive advantage and vice versa for weaknesses.

5. Identification of Environmental Opportunities and Threats and Firm Strengths and Weaknesses (SWOT analysis). (This will help you in coming up idea and designing strategy)
i. Attempt to match firm strengths with opportunities. How would you minimize environmental threats?

6. Strategy Formulation
a. Strategic alternatives:
i. Identify 2-4 alternative strategies (business-level chapter 4, corporate-level, chapter 6).
ii. Demonstrate how each alternative links in with the firm’s strengths, capabilities and core competencies. How do these alternatives take advantage of opportunities and minimize environmental threats?
iii. Which alternative is the best and why?

7. Implementation and Action Plan of Strategic Alternatives
i. Implementation issues, e.g., structural changes, leadership, new controls, incentives, etc.
ii. Indicate the key milestones and an estimate of how long it will take to implement the plan.
iii. Budgeting – viability and financial offset of plan and strategies.
iv. Action plan / delivery – brief overview of who, what, where, when and how.

8. Identify possible risks (at least 4) & how will they be managed.

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