Ritz Carlton Hotel Executive Summary
Executive Summary
Introduction
Business strategy is simply long term planning that provide direction to organization of achieving business success in the long term. It is essential for every kind of business along with tourism and hospitality sector. Without determining such strategy organization able to fail tackle factors from business environment and its competitors. Tourism organizations develop analytical models to measure micro and macro environmental challenge. By determining strategy organization reflects its culture and culture influence implementation of strategies. Resource allocation is important task of business and for doing that management adopts portfolio management strategies and
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They further suggested that environmental investigation of both the external and internal environment is necessary to prepare the strategy to reach their objectives.
According to George Steiner
Strategy is that which top management does bears great significance to the organization. It refers to basic guiding decisions, that is, to purposes and missions.
According to Henry Mintzberg
Strategy is a plan, a "how," a means of going from here to there and it is position; that is, it echoes decisions to offer specific products or services in specific markets.
1.2 Explaining and applying definitions of corporate strategy to Ritz-Carlton Hotel
The Ritz is a supreme brand name of luxury hotels and resorts all over the world. Having 77 locations in major cities and 25 resorts in worldwide, they are highlighted on Zagat Top Survey Lists for dining, hotel, and services. They are also top brand in the Marriott International top list of
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According to George Steiner, corporate strategy is the task of top management that directs organization. In case of Ritz-Carlton hotel, the core business strategy is determined by CEO, board of directors and GM. Sometimes top management take suggestion from employees to get idea.
Steiner also stated that corporate strategy define mission and vision. Ritz called their mission is The Credo. “The Ritz-Carlton Hotel is a place where the genuine care and comfort of our guests is our highest mission” is one of its credo. The credo clearly states that it will provide supreme care and support.
A strategy considers its environment. Ritz also consider its location. It chose absolutely the best locations in the world for its luxurious customers. It has product-building strategy basing on creating right physical product for guests according to their present and future wants. Finally, strategy for employees also motivate its employees to provide world class service to its guests.
Summing up, Ritz’s corporate strategy define everything about its products, employees, guests, services and
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