Strategic management Assignment Example | Topics and Well Written Essays - 2000 words - 1

Strategic attention - Assignment ExampleIt pass on be noted that militant returns is created when a confederacy is able to make its products and services the preferred option for customers within a market where competitors are offering products and services of the same nature or kind (Carter, Daniel and Betty, 2006). For competitive advantage to be achieved, the need for a critical understanding and appreciation of what the customer wants is very important. This is because the customer is constantly the end user of the product and service that the company offers. With the immediate direction and scope where the company wants to prioritize the interest of customers in product and service innovation, there is every hope that competitive advantage impart be created because the company allow offer precisely what the customer wants from the hospitality and tourism industry that it is not getting from other competitors. QUESTION TWO The concern uprise to strategical management is selected as the or so suitable framework for Thomas Cook Group to maximize its strategic impact with key stakeholders. This business approach to strategic management framework is however made up of a number of strategic options that makes it very important for the company to be highly critical in its selection of an appropriate strategic. Generally, dickens strategic approaches namely sociological approach and industrial organizational approach will be identified. though each of these two approaches will at any point in time help a company in achieving some level of strategic success with its stakeholders, the use of industrial organizational approach is opined as the optimum strategy among the suitable framework that can bring about strategic ontogeny with stakeholders. The reason for this point is that in the use of industrial organizational approach, companies are admonished to take up the combine use economic theory and assumptions. Under economic theory, considerations a re base for key economic factors such as resource allocation, competitive rivalry and economies of scale. Meanwhile, in the current global economic crunch, these economic factors are very important for the achievement of economic growth and development. This is because based on economic theory, the company will be offered the opportunity to naming its competitive rivalry and know how to rightly allocate its scarce resources in a manner that presents a better competition against the competitor. With reference to assumptions also, Thomas Cook Group will be allowed the use of rationality, profit maximization and self discipline principles to compete (Carter, Daniel and Betty, 2006). QUESTION THREE In the current state of global economic recession within which Thomas Cook Group is strained to compete and growth as a leader in the hospitality and tourism industry, the effective management of resources and competences would be the only remedy to ensure that the company survives the rece ssion. This is because world economic crunch is generally associated with arch downs and limitations in resources and competences. This situation is created because the input into resource availability of companies hardly synchronize with the resource output that the company undertakes (Breiman et al, 2009). With the scarcity therefore, effective