QUESTION
Task 1 (T1): Strategy Map – Premises Level
<Brief description>
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Vision |
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Mission |
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Strategic Objectives/Priorities |
Measures |
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Financial |
1. |
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2. |
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Customer-focused |
1. |
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2. |
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Internal Processes |
1. |
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2. |
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Learning & Growth |
1. |
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2. |
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<Commentary on the link of the relevant strategic objectives to the decision-making of the banquets/ function manager and the rooms division manager. >
Forecast Assumptions/ Rational for the occupancy of each week:
- Occupancy
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Week 1 (01.07. – 07.07.19) |
Occupancy: X% <Rational> |
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Week 2 (08.07. – 14.07.19) |
Occupancy: X% <Rational> |
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Week 3 (15.07. – 21.07.19) |
Occupancy: X% <Rational> |
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Week 4 (22.07. – 31.07.19) |
Occupancy: X% <Rational> |
- ADR: $XX/ room night
- Standard time allocated to clean a room (check-out room):
- Standard wage rate for cleaning personnel per hour:
<Comment on the implied gross profit margin XXX. >
<Insert your rooms division excel into the Appendix 1>
<Full Description of events/ function>
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Event occasion |
Event/Conference 1 |
Event/Conference 2 |
Event/Conference 3 |
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Duration |
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Meeting Room |
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Room arrangement |
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Capacity |
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Expected attendees |
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Price/ Fee to be charged |
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Profit Margin |
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Main drink with measures |
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Main meal with ingredients |
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<Comment on each of the events drinks and meals planning and profit margins. The table above can serve as summary or the summary table. >
- Event
XXX
- Event
XXX
- Event
XXX
<Insert your banquet/function department excel into the Appendix 2>
<i. Comment on the contribution of each department to the overall monthly revenue & profit performance. >
<ii Comment on the profit margin of each department was well as the overall profit margin.>
<Insert your rooms division excel into the Appendix 3>
Appendix 1
Appendix 2
Appendix 3
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| Subject | Business | Pages | 9 | Style | APA |
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Answer
Strategic Planning for Palazzo Versace Gold Coast
Task 1
- Introduction
Palazzo Versace is one of the legendry fashion brands in the world. The Hotel was incorporated in the year 1997, hence having over 20 years industrial experience. Palazzo Versace, though situated in Australia, it was sold to Chinese investors who currently own and manage it. The Hotel has a spectacular architecture, an excellent top class accommodation, a distinguished design, which was done by bespoke furnishings and Italian craftsmanship, a top class restaurant, conference, wedding venue, Award winning restaurants, a famed day spa, fitness and wellbeing center, a private marina, a spectacular salon, among others. These however, are subsidiary services offered, apart from the main services. Acclaimed as an Australia’s premier leisure destination, the Gold Coast is preferred by many tourists, for its glorious sub-tropical climate and cosmopolitan enjoyment life. Sandwiched between the beautiful Pacific Ocean and the Sparkling Gold Coast Broadwater, this hotel is one of the world’s five star luxury hotels, which gives one a chance to experience an exclusive chance to be immersed in the Versace lifestyle.
Strategic Planning
Ebener and Smith, (2015), defines Strategic planning as a system or process of envisioning the desired future, and translating the vision into a broadly defined goals or objectives or steps to achieve them. Unlike long-term planning, which begins with the current and lays down a path to meet the estimated needs, strategic planning begins with the desired-end works backwards to the current status (Brlečić & Bagarić, 2017). The following are the strategic planning elements;
- Strategy Map
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Vision |
To be a world class hotel offering a unique and enjoyable experience to the clients
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Mission |
Palazzo Versace is a world class hotel, which intends to operate sustainably, serving the best interest of all its stakeholders, while meeting the market and business needs.
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Strategic Objectives/Priorities |
Measures |
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Financial |
1. To increase the company’s net worth to at least 30% |
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2. To reduce the operational the operational expenditure by 10% |
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Customer-focused |
1. To have a sustainable relationship with customers |
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2. To provide top quality goods and service’s |
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Internal Processes |
1. To reduce bureaucracy in the organization |
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2. To ensure proper delegation and monitoring of activities |
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Learning & Growth |
1. To have a sustainable operations in the industry |
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2. To increase the market cover by at least 20% |
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Evaluation of the Strategic Statements
In order to realize a sustainable operations, the company intends to ensure that it cares for the environment, as it meets the interest of all its stakeholders. This will be done through active participation in the community service, while upholding business objectives. In order to increase the net worth of the shareholders, the Hotel will seek to have a minimal operations cost, while maximizing on capital expenditure.
References
Aslam, S (2019). Instagram by the Numbers: Stats, Demographics & Fun Facts. Omnicore. Retrieved from https://www.omnicoreagency
Brlečić Valčić, S., & Bagarić, L. (2017). Return on strategic effectiveness – the need for synchronising growth and development strategies in the hotel industry using revenue management. Economic Research-Ekonomska Istrazivanja, 30(1), 1631–1654.
Ebener, D. R., & Smith, F. L. (2015). Strategic Planning : An Interactive Process for Leaders. New York: Paulist Press.