Table Of Contents:
Preface xiii
About the Author xix

Strategic Management 1(35)

Introduction 3(2)

The Origin of Strategic Management 5(8)

The Traditional Perspective 6(3)

The Organization as a Bundle of Resources: The Resource-Based View 9(2)

The Organization as a Network of Stakeholders 11(2)

The Strategic Management Process 13(7)

Situation Analysis 16(1)

Strategic Direction 16(2)

Strategy Formulation 18(1)

Strategy Implementation 19(1)

Global Competitiveness in the Hospitality Industry 20(1)

Variables Affecting Strategic Management 21(1)

Strategic Thinking 21(7)

Strategic Planning Can Drive out Strategic Thinking 22(1)

Characteristics of Strategic Thinking 23(4)

Motivating Managers and Employees to Think Strategically 27(1)

Strategic Management in the Hospitality Industry 28(5)

The Foodservice Industry---The Players 28(1)

The Lodging Industry---The Players 29(4)

Key Points Summary 33(1)

Review Questions 34(1)

Critical Thinking and Application Questions 34(2)

The Environment and External Stakeholders 36(44)

Introduction 38(1)

Assessment of the Broad Environment 39(19)

The Sociocultural Context 40(7)

The Economic Context 47(1)

The Political Context 48(2)

The Technological Context 50(4)

Change and Interdependence among the Broad Environmental Forces 54(2)

Gathering Information on International Environments 56(2)

Analysis of External Stakeholders and the Operating Environment 58(12)

Porter's Five Forces, Economic Power, and Industry Characteristics 59(10)

External Stakeholders, Formal Power, and Political Influence 69(1)

Managing the Operating Environment 70(6)

Economic Actions 71(1)

Political Strategies 72(2)

Partnering with External Stakeholders 74(2)

Key Points Summary 76(2)

Review Questions 78(1)

Critical Thinking and Application Questions 78(2)

Strategic Direction 80(34)

Introduction 83(1)

Creating a Strategic Direction 83(6)

Key Influences on Direction 86(3)

Mission Statements 89(5)

Organizational Vision 94(1)

Organizational Values 95(16)

Social Responsibility 99(3)

Enterprise Strategy 102(3)

Ethical Frames of Reference 105(3)

Codes of Ethics 108(2)

Ethics in Global Environments 110(1)

Key Points Summary 111(1)

Review Questions 112(1)

Critical Thinking and Application Questions 113(1)

Organizational Resources and Competitive Advantage 114(50)

Introduction 116(1)

Internal Analysis and Competitive Advantage 117(3)

Sustainable Competitive Advantage 117(3)

Value-Adding Activities 120(5)

The Value Chains of Winemakers 120(1)

Value-Chain Activities 121(3)

The Tourism Value Chain 124(1)

Tangible and Intangible Resources 125(2)

Resources and Capabilities 126(1)

Financial Resources 127(3)

Financial Ratios 128(2)

Physical Resources 130(4)

Architectural and Sustainable Design 131(3)

Human-Based Resources 134(9)

Strategic Leadership 134(6)

Ownership and Management 140(3)

Employees 143(1)

Structure and Culture 144(4)

Knowledge-Based Resources 148(7)

Internal Knowledge Creation and Organizational Learning 150(1)

Knowledge Creation 150(2)

Knowledge Creation and Interorganizational Relationships 152(3)

General Organizational Resources 155(5)

Patents, Copyrights, Trademarks, and Servicemarks 155(1)

Brands and Organizational Reputation 156(3)

Superior Relationships with Stakeholders 159(1)

Key Points Summary 160(2)

Review Questions 162(1)

Critical Thinking and Application Questions 162(2)

Strategy Formulation at the Business-Unit Level 164(41)

Introduction 167(1)

Generic Business Strategies 167(22)

Cost Leadership 172(7)

Differentiation 179(6)

Best Value 185(3)

Focus 188(1)

Competitive Dynamics 189(10)

Strategies That Reflect Competitive Dynamics 191(6)

Resources, Industry Structure, and Firm Actions 197(2)

Strategic Group Mapping 199(2)

Developing a Strategic Group Map 200(1)

Key Points Summary 201(1)

Review Questions 202(1)

Critical Thinking and Application Questions 203(2)

Corporate-Level Strategy and Restructuring 205(47)

Introduction 207(3)

Concentration Strategies 210(4)

Advantages and Disadvantages of a Concentration Strategy 211(3)

Vertical Integration Strategies 214(6)

Advantages and Disadvantages of a Vertical Integration Strategy 216(1)

Vertical Integration and Transaction Costs 217(2)

Substitutes for Full Vertical Integration 219(1)

Diversification Strategies 220(9)

Related Diversification 220(2)

The Creation of Synergy 222(4)

Unrelated Diversification 226(3)

Mergers and Acquisitions 229(7)

Consolidation 230(2)

Merger Performance 232(2)

Successful and Unsuccessful Mergers and Acquisitions 234(2)

Strategic Restructuring 236(8)

Turnaround Strategies and Downsizing 237(2)

Refocusing Corporate Assets 239(1)

Reorganization 240(2)

Leveraged Buyouts 242(1)

Changes to Organizational Design 243(1)

Portfolio Management 244(3)

The Boston Consulting Group (BCG) Matrix 245(2)

Destination Portfolio Analysis 247(1)

Key Points Summary 247(2)

Review Questions 249(1)

Critical Thinking and Application Questions 250(2)

Strategy Implementation through Interorganizational Relationships and Management of Functional Resources 252(47)

Introduction 254(1)

Interorganizational Relationships and the Tourism Cluster 255(34)

Advantages and Disadvantages of Interorganizational Relationships 256(6)

Stakeholder Management and the Selection of Partners 262(5)

Buffering versus Partnering 267(1)

Effective Stakeholder Management 268(19)

Managing Partnerships 287(2)

Functional-Level Resource Management 289(7)

Marketing Strategy 291(4)

Human Resources Strategy 295(1)

Operations Strategy 295(1)

Key Points Summary 296(1)

Review Questions 297(1)

Critical Thinking and Application Questions 298(1)

Strategy Implementation through Organizational Design and Control 299(57)

Introduction 302(1)

Organizational Structures 302(23)

Simple Management Structures 305(2)

Business-Level versus Corporate-Level Structures 307(2)

Types of Business-Level Structures 309(9)

Corporate-Level Structures 318(7)

The Lateral Organization 325(2)

Simple Coordinating Mechanisms 326(1)

Formal Integrators 327(1)

Organizational Control 327(24)

Strategic versus Financial Controls 329(2)

Feedback-Control Systems 331(8)

Feedforward Control 339(5)

Other Types of Controls 344(2)

Crisis Prevention and Management 346(5)

Key Points Summary 351(2)

Review Questions 353(1)

Critical Thinking and Application Questions 354(2)

Strategies for Entrepreneurship and Innovation 356(41)

Introduction 359(1)

Entrepreneurial Start-ups 359(21)

The Entrepreneur 360(1)

Entrepreneurial Tasks 361(15)

Franchising 376(1)

Causes of Failure 377(3)

Innovation and Corporate Entrepreneurship 380(13)

Fostering Innovation in Established Firms 382(7)

The Internet and E-commerce 389(4)

Key Points Summary 393(2)

Review Questions 395(1)

Critical Thinking and Application Questions 396(1)

Global Strategic Management and the Future 397(32)

Introduction 399(3)

Global Strategies 402(9)

Multidomestic, Global, and Transnational Strategies 402(3)

Market Entry Tactics 405(3)

International Alliances and Business-Format Franchising 408(3)

International Market Selection 411(8)

Institutional Differences 416(1)

National Advantages 417(2)

Global Stakeholders 419(5)

Stakeholder Management in Foreign Environments 420(4)

Strategic Management in Hospitality Firms in the Future 424(1)

Key Points Summary 425(2)

Review Questions 427(1)

Critical Thinking and Application Questions 428(1)

CASES 429(166)

Case Study Matrix 430(3)

Case Note: Learning through Case Analysis 433(9)

Case 1: The Fun Ship Experience at Carnival Cruise Lines 442(11)

Case 2: Building Capabilities at the Westward Hilton 453(29)

Case 3: InterContinental Hotel Group's Entry into China 482(22)

Case 4: The Summer of 2006 Union Negotiations: Unite Here's Strategy 504(10)

Case 5: Banyan Tree: Sustainability of a Brand during Rapid Global Expansion 514(38)

Case 6: Starwood Hotels and Resorts Brings Aloft to India 552(12)

Case 7: The Commoditization of Starbucks 564(18)

Case 8: The Movement of Travel Services Online: Intermediaries and Branded Distribution 582(13)
Notes 595(50)
Glossary 645(12)
Index 657