BME 1 - Identify the Current Trends in Tourism & Hospitality

Environmental scanning does not make an organization cautious and thereby delayed decision making. It is better to have a strategic approach to analyze the environment and take decisions or actions on time.

• True

• False

Overloading of information may efficiently help in decision-making. Hence it is completely reliable..

• True

• False

SWOT analysis is a tool used to identify the external influences that may impact on an organisation as part of a strategic .

• True

• False

•       Change is the only constant thing in this world.

• True

• False

Refers to possession and utilization of information about occasions, patterns, trends, and relationships within an organization’s internal and external environment.

•    Environmental Scanning

• Industry environment

• Macro environment

• Micro environment

  It is a major part of the strategic planning process the is used to help a firm identify external threats and opportunities

• Environmental Scanning

• Industry environment

• Macro environment

• Micro environment

 

Analyzing the external and internal environment can help a firm formulate its strategy to gain a competitive advantage

• Environmental Scanning

• Industry environment

• Macro environment

• Micro environment

Provincial Disaster Risk Reduction Management(PDRRMO) reported around PHP20.2 million in damage to different tourism facilities in the Surigao Del Norte left by Typhoon Odette.

• Environmental factors

• Legal factors

• Political factors

• Social factors

• Technological factors

Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), a law lowering corporate income tax from 30% to 25% effective July 1, 2020.

• Opportunities

• Strengths

• Threats

• Weaknesses

Considered a more macro review, as it can give a sense of whether an objective is attainable. Users often go through this exercise simply to identify their own competitive advantages and disadvantages.

• Internal Analysis

• PESTEL Analysis

• Porter’s 5 Forces

• SWOT Analysis