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Lynn Market Analysis and How It Informs Business Strategic Management and Adaptation Amid Covid 19 Pandemic in Hotel Industry Paper

Lynn University

Question Description

I don’t understand this Business question and need help to study.

  1. Select a topic centered around Strategic Management. It could be a topic discussed in class, a current event, or a relevant article related to the class material. As only a suggestion you may discuss a combination of the following based on your topic:
  2. Discuss its importance and how it fits into the whole theme of Strategic Management
  3. Discuss how companies use your identified term or subject to develop their strategic plan and gain a strategic advantage.
  4. Discuss the methods you would use to consult with a struggling company and develop a strategic plan.
  5. or develop your own plan for the assignment based around strategic management.
  6. Nothing

Paper Specifications

1. APA format (Links to an external site.)(Proper citations, headings, spacing, etc.)
2. Use at least 3 peer reviewed articles as source documentation.
3. Minimum of 5 -7 pages.
4. Can be turned in before the due date.

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Final Answer

Attached.

Running Head: MARKET ANALYSIS

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Market analysis and how it informs business strategic management and adaptation
Name
Institutional Affiliation
Date

MARKET ANALYSIS

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Importance of market analysis and how it fits in the broader theme of strategic
management
Substantial market analysis on both competitors and customers are the reason for the most
successful products, services, and businesses that are present in the market currently. Market
analysis is the first and most crucial stage in marketing plan development, which is a vital
component of strategic management (Lasserre, 2017). It refers to a continuous process of
comprehensive data collection to determine the extent to which a product or service will or is
meeting the needs of its intended customers. Also, market analysis assists the business in getting
valuable insights about the market, including a shift in the economy, ongoing market trends,
competitors, customer’s tastes and preferences, as well as the demographics making it a crucial
component that provides companies with all vital information that help make wise and strategic
business decisions. Companies aim to satisfy a given element in the market. Thus they need to
study the market to understand it, know how it changes, and various upcoming events to prepare
adequately to handle them appropriately.
The definition of strategic management provides important hints regarding how market
analysis is an essential component of the whole business plan. Strategic management implies the
process through which a company sets objectives, analyzes its competitive environment and
internal organization, and evaluates its strategies to warrant their appropriate implementation to
achieve set goals (Moutinho & Vargas-Sanchez, 2018). The market, customers, competitors, to
name a few, forms a considerable component of the external business environment and often
influence the most significant part of the business operations. A shift in the market will inform
the strategic business management to remain competent. Regardless of the experience that one
might have plus the instincts that guide their thinking and planning in the market, businesses

MARKET ANALYSIS
must include high-quality, extensive data, market analysis into their strategic planning, decisionmaking process to have the broader picture of the market, convince key stakeholders and prove
their conclusions.
The primary objective of strategic management is to ensure that the business is operating
at no risks and prepared enough to handle the risk when they occur while maximally leveraging
its potentials (Rothaermel, 2016). The business environment has become so volatile to the extent
that it is just predicting or forecasting within the existing business scope (though also necessary)
is not enough to guarantee success or adequate risk mitigation. Therefore, businesses must
exploit extensive and accurate data as well as qualitative assessments regarding the direction and
the trends in their industry. This will help it identify the niche in customer satisfaction that rivals
may leverage. Strategic management is more of wise decision making and planning, which is
solely driven by rigorous market analysis and data, which also ensures timely adaptation. Hence,
market research is significant at protecting the business in more than one way.
Business knows their possible risks through market analysis by studying the customers’
behaviors and being able to predict a shift in their traits in a few years to come (Rothaermel,
2016). Similarly, through market analysis, the business understands their competitors to remain
fit and unshaken. Risks are common in the fast-paced market, thus fumbling at the wrong
moment can drive to severe consequences and affect an organization’s longevity. In a fiercely
competitive market, often the businesses have a thin margin of error. Therefore, over-relying on
inaccurate assumptions can be lethal. The information from the market analysis is what
companies use to inform their strategic management activities and decisions since it informs
business and corporate strategies. Conducting market research and analyzing the obtained data
are crucial at validating facts, informing decision making, and determining strategic business

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MARKET ANALYSIS

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plans. Also, one of the aims of strategic management is to mitigate risks as much as possible.
Market analysis ensures the collection of high-quality industry research, which is vital at
mitigating risks by aiding in hypothesis testing, insight validation, and building a sense of
confidence. Managers will create short and long term investments; however, without the
recognition of the many market trends and their analysis, the success of such ventures remains a
dream.
How companies use market analysis to develop their strategic plan and gain strategic
advantage
Adequate market research and its analysis put a business in an excellent position to seize
opportunities for its product development and gai...

Chancellor_Ivy (21973)
Cornell University

Anonymous
Return customer, been using sp for a good two years now.

Anonymous
Thanks as always for the good work!

Anonymous
Excellent job

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