2013/2014 KAN-CM_U74 Successful Implementation of Strategy in the Hospitality Industry
English Title | |
Successful Implementation of Strategy in the Hospitality Industry |
Course information |
|
Language | English |
Exam ECTS | 7.5 ECTS |
Type | Elective |
Level | Full Degree Master |
Duration | One Semester |
Course period | First Quarter, Second Quarter
Changes in course schedule may occur Wednesday 13.30-16.05, week 36-41, 43-47 |
Time Table | Please see course schedule at e-Campus |
Study board |
Study Board for MSc in Economics and Business
Administration
|
Course coordinator | |
|
|
Administrator: Birgit Dahlgren - bgd.int@cbs.dk | |
Main academic disciplines | |
|
|
Last updated on 22-03-2013 |
Learning objectives | |||||||||||||||||||||
Upon course completion students
should be able to:
|
|||||||||||||||||||||
Examination | |||||||||||||||||||||
|
|||||||||||||||||||||
Course content and structure | |||||||||||||||||||||
The course familiarizes students with
the structure of the relevant industries locally, regionally and
globally. Moreover, it discusses key concepts in strategy and
focuses on the execution-related challenges in the relevant
industries. This course will introduce the student to a
holistic perspective and incorporate facets from several important
business elements (e.g. human resource management, product
development, marketing, finance, competition etc.) that are
underlying to strategy execution. Although theories and
models for strategy implementation to a certain degree can be
applied across industries, they cannot be viewed isolated and it
requires management skills to gather, interpret and act on
information from numerous internal and external sources. This is
not a one-step process but iterative and success requires to skills
to repeatedly process information and react accordingly. To
get a first-hand understanding and to experience the results of
their decisions, students will implement their decisions in a
simulated market, where the market forces will influence strategy
execution as well as innovation.
This will give the students knowledge about how different forces will influence a company: External forces: Market forces: Customer satisfaction and demand, Price setting and price elasticity, Sales/distribution channels, Market activities, Behavior by the competitors. Internal forces: Employee: Resource allocation, Value of the right competencies, Employee satisfaction, Productivity (Productivity based on KPIs on various levels in the organization, Productivity based on KPIs versus competitors), Financial data (Relevant KPIs related to the Profit & Loss Statement, Relevant KPIs related to the Balance sheet) The students will work with the element from the following perspective: 1. General Strategy - by Differentiation or Strength, 2. Formulating coherent activities towards the strategic objective (Product/Service and Product/Services Quality Assurance, Resource Planning, Human Resource Development, Pricing for Profit, Marketing to the buyer/consumer), 3. Adjusting to changing market conditions (Business Cycles and their impact, Competitive Actions), 4. Forecasting, 5. Financial Considerations |
|||||||||||||||||||||
Teaching methods | |||||||||||||||||||||
This course relies on traditional lectures, as well as Harvard style case discussions. The content and course objectives are complemented by an online business simulation (HOTELsim, read more at milestonecompetences.com) where students in pre-assigned, cross-cultural groups compete against each other as top-level managers of a hotel. The simulation – originally developed for the Marriott and Best Western chains - is used as a learning tool to discuss and illustrate management decisions, strategy execution and innovation throughout the course. The students will be divided into groups of 4 and will have to manage a virtual hotel over 12 months in competition with 5-6 other hotels. During the simulation the different topics, theories and models of the lectures will be included, thereby ensuring that the students will get a more practical approach to the education. | |||||||||||||||||||||
Expected literature | |||||||||||||||||||||
Schlegelmilch B. et al. 2003.
Strategic Innovation: the construct, its drivers and its strategic
outcomes. Journal of Strategic Marketing. Vol. 11 (2). Pg. 117-132
Rumelt, Richard (2011): Good Strategy, Bad Strategy. Crown Business. Antonio H and Albors J. Innovation management techniques and tools: a review from theory and practice. R&D Management. Vol. 38 (2). Pg. 113-127 Kaplan and Norton. Strategy Maps. 2004. Ch. 5: Innovation Processes, p. 135-156 and Ch. 11: Customizing your Strategy Map to your Strategy, p. 319-346. Quezada L. et al. 2009. Method for identifying strategic objectives in strategy maps. International Journal of Production Economics. Vol. 122 (1) pg 492-500. Lowe D, et al. 2011. The influence of strategy map communications and individual differences on multidimensional performance evaluations. Accounting and Business Research. Vol. 41 (4). Pg. 375-391 Robert G. Cooper, The Journal of Product Innovation Management 25, 213-232. Perspective: The Stage-Gates Idea-to-Launch Process—Update, What’s New, and NexGen Systems Hossain et. al., 2010. Innovation Process in Canadian and US Hotels.Global Journal of Business Research, Vol. 4 (3). Judy A. Siguaw et. al., Cornell Hospitality Report, Vol. 9, No. 17, November 2009, Cases in Innovative Practices in Hospitality and Related Services Marée G., 2011. Innovation Management in the Hospitality Industry: New Roads Towards Meaning and Corporate Culture. Trends and Issues in Global Tourism, Part 3. Pg. 135-132. Kim and Mauborgne. Blue Ocean Strategy, 2004. Ch. 4: Focus on the Big Picture, Not the Numbers, p. 81-99. Ch. 8: Build Execution into Strategy, p. 171-184. Ch. 9: Conclusion: The Sustainability and Renewal of Blue Ocean Strategy, p. 185-190 Schot J and Geels F, 2008. Strategic niche management and sustainable innovation journeys: theory, findings, research agenda, and plicy. Technology Analysis and Strategic Management. Vol. 20 (5). Pg. 537-554. Brian Hay and Ian Yeoman, Journal of Vacation Marketing 2005. Turning scenarios into a strategy map: Our ambition for Scottish tourism. |
Last updated on
22-03-2013