Business Finance
B 498 MAN 4900 Rasmussen Mod 5 Hilton Hotel Strategic Management Plan Executive Summary

B 498 MAN 4900

Rasmussen College

B MAN

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I need help with a Management question. All explanations and answers will be used to help me learn.

Previous assignments attached

Before you submit the final version of your Strategic Management Plan, the last piece you need to create is an Executive Summary. This should be the first page in the final version of your plan. It's meant to be something that an executive could quickly read in order to get a basic understanding of the overall strategic management plan. Due to its purpose, the executive summary should be a thorough and concise summary clearly depicting the content of the plan. Give an overview of the goal you're trying to accomplish, any major findings in your research, the reasoning behind the goal, and any major obstacles you foresee. It should be treated as a document ready to be turned into an executive director, board of advisors, investor, etc. Therefore, format and style (presentation) is very important.

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Running head: SWOT Analysis 1 SWOT Analysis Bria Jones Rasmussen College SWOT Analysis 2 Strength • • • • Larger economies of scale that boost its potential of growth Diverse scope of the hospitality business Effective scheme of customer retention Loyal customers Weaknesses • • • Opportunities • • • Improved infrastructure, foreign tourism, and the emergent of an urban middle class Technology revolution Premium provider of hospitality needs Vulnerable to intensified competition in the US market Expensive real estate Debt Threats • • • Political instability and global terrorism Risk concerns in global economy Increased appeals for ethics SWOT Analysis 3 Hilton Hotel SWOT Analysis Narrative Established in the year 1919 by Conrad Hilton, Hilton Hotels and Resorts, a hospitality industry based organization, is a brand of resorts and hotels based all over the world. As of the year 2017, the hotel had over 570 hotels and resorts in approximately 85 countries which are spread over six continents. Therefore, the hotel would be viewed as a global phenomenon. In the light of the above introductory remarks, this paper seeks to highlight strengths, weaknesses, opportunities, and threats of the Hilton Hotels and Resorts company. By definition, a SWOT analysis refers to strengths, weaknesses, opportunities, and threats that an organization at any one time is hurdled with. In order to gather a SWOT analysis, one must have relevant information pertaining the organization in question as well as acclimatization to the industry within which the organization operates. Correspondingly, one must have prior skills in research. Mainly, a SWOT analysis has a huge number of benefits to an organization. Just to name but a few, it helps an organization to gauge its position in the industry. Correspondingly, with relevance to its weaknesses, the company can be able to note where it goes wrong and turns that into a stepping stone. Subsequently, it can utilize its strengths to counter existing competition within the market. In light of discussing Hilton Hotel’s SWOT analysis, some things come into perspective. One of them being as much as a company or organization enjoys global dominance as well faces a number of challenges; these are the weaknesses and threats. Correspondingly, it has its strengths and opportunities which are its strongholds that portray a positive attribute. Henceforth, with a SWOT Analysis 4 view to dominating the hospitality industry, the organization ought to utilize the highlighted SWOT analysis to its advantage. SWOT Analysis 5 References Anjemra, Ankit. "China's HNA to sell Hilton stake in secondary offering." Reuters, 9 Apr. 2018, www.reuters.com/article/us-hilton-wrldwide-secondary-offering-hn/chinas-hna-to-sellhilton-stake-in-secondary-offering-idUSKBN1HG1KX. Accessed 23 Apr. 2018. Dudovskiy, John. "Hilton Hotel SWOT Analysis." Research Methodology, 28 Aug. 2016, research-methodology.net/hilton-swot-analysis/. Accessed 23 Apr. 2018. Hung, Kam. "Understanding China's Hotel Industry: A SWOT Analysis 中国酒店业的SWOT分 析." Journal of China Tourism Research, vol. 9, no. 1, 2013, pp. 81-93. Ostergren, Neil W. "Hilton International's Plan." Cornell Hotel and Restaurant Administration Quarterly, vol. 12, no. 3, 1971, pp. 63-68. Coulter, M. (07/2012). Strategic Management in Action, 6th Edition. [Bookshelf Ambassadored]. Retrieved from https://ambassadored.vitalsource.com/#/books/9781323123874/ Running Head: STRATEGIES FOR HOTEL 1 Strategies for Hilton Hotel Bria Jones Rasmussen College February 29, 2020 STRATEGIES FOR HILTON HOTEL 2 Strategies for Hilton Hotel In order for any company to be successful and excel in a profitable market it important to have strategy. Furthermore, not only just have the strategy but to also implement and execute a plan on how to carry out those strategies. Strategic object primarily refers to a definite goal or aim that a company would like to achieve a stated outcome and deadline. It is a business need that can be well-defined regarding assessable and computable manner (Feng, Stocklin &Wang, 2015). Indeed they are long-term objectives that ought to be allied with organization’s mission(s) and vision. The hotel industry is a booming business. Many hotels have similar strategies, because they have seen what works as well as experienced what works and what does not. Hilton hotel in particular has numerous strategic objectives, which over time have been proven to be beneficial. Strategic objectives of Hilton hotel comprises of the following. • Expansion of stakeholder value: Hilton hotel being a hospitality industry aims at amassing the value for shareholders. • Increase revenue: It occurs by decreasing cost of production. • Numerical count: The Hilton Company would want to increase the number of hotels and resorts to become more widespread in various countries. • Manage cost: It is vital for Hilton Company to manage her cost with the aim of maximizing profit carefully. • Maintain profitability: The organization requires to make and maintain profit. • Ensure financial sustainability: The hospitality industry needs to ensure stable finance all over it various hotels in the different part of the continent. STRATEGIES FOR HILTON HOTEL • 3 Increase share of the market: The Company aims to ensure more of the local population use their service to increase market share. • Partner with consumers to offer solutions: The organization object to having customers participate in research and development to foster customer loyalty across the company. • Boundless customer services: Hilton hotel ought to provide reactive support to the customer’s needs. • Invest in customer management: The strategy involves company concentrating heavily on client management process than it has ever been done before. • Improve employee retention: It essential for Hilton hotel to continue long-term attachment with her employees. • Uphold association across the organization: An extensive amount of arrangement across Hilton hotel is vital for maximum production attainment. As we all know nothing in life is perfect! It is always important to have a backup plan, and sometimes a backup plan to that one. When it comes to the Hilton as well as any other organization, sometimes the back up plans are known as “Strategy alternatives”. Strategy alternatives according to USAtoday is somewhat of a code word for a company trying to put itself up for sale. That might involve selling the company to a competitor that can find efficiency or taking the company private by selling to private investors or the management. This happens a lot in many industries. Hilton hotel strategy alternatives consist of a few different ones. Strategy alternatives STRATEGIES FOR HILTON HOTEL • 4 Prices strategies: Hilton hotel ought to apply price for seasonality. It entails setting rates in the alignment of the season of the year when there is a boom of customers. Primarily it did increase income in each season by encouraging clients to visit in any season. • Customer orientation: Usually there is agreement that Hilton hotel ought to be customer oriented. • Management contracts: commitment from Hilton hotel high-ranking management is vital due to their crucial role .utmost level of control and obligation is required to address emerging issues in Hilton hotel. • Differentiation: for Hilton hotel to minimize the stiff competition there is an urge to differentiate it products/services from those of rivals. Also the managerial ought to ensure the new features introduced are inexpensive and complements consumer’s needs. • Diversification: apart from gaining competitive advantage, Hilton hotel uses diversification to increase sales and reduce risks linked to market disruptions. Justification Hotel industry environments are hugely undefined and the management ought to be innovative and malleable to flourish through use of diversification as a strategic alternative, Hilton hotel can uphold a competitive edge over competitors (Olsen, West &Tse, 2014). Also, the company can achieve sustainable profitability as well foster a strategic culture in the industry via focusing on both strategic objectives and strategic alternatives. The greatest benefit to any company in achieving success is already having success and building from there. STRATEGIES FOR HILTON HOTEL 5 References Feng, J., Stocklin, S., & Wang, W. (2015). Educational strategies for the next generation leaders in hotel management. In O'Fallon, M. J., & In Rutherford, D. G. (2011). Hotel management and operations. Olsen, M. D., West, J. J., & Tse, E. C. Y. (2014). Strategic management in the hospitality industry. Harlow: Pearson. USAToday Coulter, M. (07/2012). Strategic Management in Action, 6th Edition. [Bookshelf Ambassadored]. Retrieved from https://ambassadored.vitalsource.com/#/books/9781323123874/ Running Head: HR STRATEGIES FOR HOTEL HR Strategies for Hilton Hotel Bria Jones Rasmussen College March 8, 2020 1 HR STRATEGIES FOR HILTON HOTEL 2 One of the goals that the company would like to accomplish was to provide great customer services. Hilton hotel ought to provide reactive support to the customer's needs. The goal is to ensure that the hotel gives feedback to the clients. The objective is important since it shows that the company tries its best to please his customers, satisfy their needs and tastes, and tries to offer the best customer experience. The objective will also enable the company to achieve other objectives. If the clients feel appreciated, they will remain loyal to the hotels, which will increase their revenue and profitability. To achieve this objective, an employee should have the following traits: Excellent Written and Verbal Communication. Honesty and strong work ethic and active listening skills. To achieve this objective, the employees should be able to communicate both verbal and writing skills efficiently. The employees should also have active listening skills. The employees should try to establish an excellent relationship with clients and earn their trust ("Top 6 Qualities of a Good Employee," n.d.). This will enable them to improve the company's bottom line. Honesty will enable the employees to provide honest feedback to their clients. Some of the methods that the firm will use to attract employees were providing health and wellness benefits and provide training programmes. Employees are always concerned about their health and wellness. Therefore, the company should employ strategies that will ensure they provide services that improve the health and wellness of employees. Some benefits may include gym services, free healthy food, and free transport services. Paying tuition fees and training programs may encourage employees to work in the organization. The organizations will also reward employees who participate in such programs by increasing their salary. The methods are well suited to favor a diverse workforce. The methods do not discriminate against any particular group based on their gender or race. Therefore, the methods will attract all members of society. HR STRATEGIES FOR HILTON HOTEL 3 Having a diverse team will increase creativity and innovativeness in the company. The strategy will also favor the objective. Clients will feel more comfortable talking to various staff whom they feel they share something in common. The employees will be trained using both online tools and face to face training programs. The online classes will be meant for simpler tasks that are simple to understand while face to face is those that require employees to do exams. The training exercises will help improve their set of skills. The employees will cover two topics: ethics and financial accounting. Financial accounting will enable the employees to be more accountable. Ethics will ensure that employees develop values that will improve their customer service. The training exercises will ensure that employees are brainstormed and share their views on various topics. They will develop harmony, which will make it easy for them to work together as a team. The organization will use the following retention strategies: recognition and reward systems, and employee compensation. The advantages of the above methods are that the employees will be highly motivated to perform better and that they will become loyal ("7 Great Employee Retention Strategies - When I Work," n.d.). However, the methods might be expensive, and some employees may not be comfortable with the selection process. The methods should not be biased. All groups should be represented; hence the strategies will promote diversity in the workplace. Therefore, every employee will feel that he has the opportunity to grow and become the best. HR STRATEGIES FOR HILTON HOTEL 4 References 7 Great Employee Retention Strategies - When I Work. (n.d.). Retrieved from https://wheniwork.com/blog/7-great-employee-retention-strategies The Top 6 Qualities of a Good Employee. (n.d.). Retrieved from https://benefitsbridge.unitedconcordia.com/the-top-6-qualities-of-a-good-employee/ Running head: BUDGET ESTIMATES 1 Budget Estimates Bria Jones Rasmussen College BUDGET ESTIMATES 2 Budget Estimates Goal Choice A strategic management plan is the evaluation of an organization's internal environment as well as its external environment in efforts to realize its organizational objectives. The plan utilizes an institution's goals to achieve corporate objectives or priorities. Hilton, in this case, has a couple of strategic objectives or goals that guide its path to success in the hotel industry. These goals are pegged to reasonable budgets and deadline. An organization's goals must align with its mission and vision to be deemed feasible and valid. The following report will identify a unique purpose that defines Hilton and consequently attempt to evaluate reasonable operating budgets as well as capital budgets. Internal and external environmental factors are considered part of the statistical inference. The goal, in this case, to increase revenues for the company. The strategies are linked to the institution's management, marketing and human resources strategies. The report, therefore, discusses how various assets are critical to the realization of set goals and objectives. Operating Budget a) Make a Sales Budget No. of hotel room 200. Cost per hotel room = $30 Estimated sales cost $30 & 200 = $600,000 I estimate a working budget $of 600,000 b) Make Costs Budget Costs on General operations – $190,000 Human Resource – $80,000 Marketing - $60,000 Miscellaneous expenses. – $20,000 BUDGET ESTIMATES 3 c) Budget Operating Expenses Fixed Expenses: $20,000 Salaries paid to employees and wages. $100,000 Inventory systems. $20,000 Licenses, other renewals and insurance costs are required to promote the businesses feasibility in the outer environment. $10,000 d) Calculate Unexpected Values. / Expenses Revenue – Costs – Expenses – Unexpected Expenses = Net Income Unexpected Value = Revenue – Costs – Expenses - Network. Unexpected Value = $500,000 – $250,000 – $150,000 – $50,000 The following calculation is meant to help us derive overhead costs. The calculations aim to identify weak points in an organization and allow for the development of appropriate measures and strategies that are in line with organizational goals, mission, aims and vision. e) Budget Adjustments - Based on highlighted budget estimates. It is evidence proving that someone can improve quality and enhancing organizational success (Smiles, 2019). These moves contribute to little or insignificant increase in expenditure. f) Track Budgets Compared To Actuals - Every month the reviewing of actuals compared to bids is also done to ascertain the efficacy of the research proposed strategies or approaches in elimination inefficiencies, bottleneck as a result leading to success. BUDGET ESTIMATES 4 Capital Budget Capital budgets are budgets that guide investment decisions within a company. They differ from operating budgets and are often long terms. They range from computing products, infrastructure and machines, among others. There are two assets in the capital budget that have the potential to help in the completion of my goals. These include computing devices such as laptops as well as transportation tools as vehicles. Laptops are crucial in an organization's operations. They provide a wide array of access to information and data that could be mined to increase relevance and validity in the hotel industry. The end of result in this is the increase in productivity and success. Laptops educate on appropriate. The items in the internal environment are all new and hence draw the attention of more visitors. Proper utilization of transportation items is also significant in helping hotel visitors have the best experiences, which consequently leads to an increase in revues. BUDGET ESTIMATES References Smiles, A. (2019, May 17). How to Make an Operating Budget for Your Business. Retrieved from Gusto: https://gusto.com/blog/business-finance/operating-budget-template 5 Business Technologies O Bria Jones O Rasmussen College O March 16, 2020 Improving Customer Service Through Technology Technology inform of a website and email improves customer service by promoting: • Self service options for customer • Fast communication • Customer satisfaction • Competitiveness Websites O O O O Strengths Websites are popular and easily reachable Can be tailored to the needs of the hotel They direct users to the official site of a firm Weaknesses Put in place communication strategies on the website would be expensive (Beachboard 2017). E-mail O O O O O Strengths Reaching more customers Able to share illustrations and detailed explanation The ability to reach new and future consumers. Weaknesses Lacks personal appeal Can not control who assess the information Conclusion O A combination of the use of Email and website combination could results to better quality services because the two technologies compliment each other. References Beachboard, M. R. (2017). Small Business Conformity with Quality Website Design Criteria in a Marketing Communication Context. Informing Science, 20. ...
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Running head: EXECUTIVE SUMMARY

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Executive Summary

Name of Student
Institutional Affiliation
Date

EXECUTIVE SUMMARY

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Hilton Hotel, having been founded in 1919 by Conrad Hilton, has enjoyed a
substantial market share over the years. The company has several hotels spread all over the
world, making it very profitable. However, there has been incr...

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