Introduction to Hospitality Industry and Business Strategy

What is the origin of the stakeholder view in strategic management?

• A. Economics and consulting firms

• B. Economics, distinctive competencies, and general management capability

• C. Business ethics and social responsibility

• D. Situation analysis of internal and external environments

Which perspective views the firm as a collection of resources, skills, and abilities?

• A. Traditional Perspective
  

• B. Resource-Based View

• C. Stakeholder View

• D. Environmental Perspective

Answer explanation

According to the traditional perspective, what is the source of competitive advantage?

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The___________ for developing strategy consists of analyzing the internal and external environments of the company to arrive at organizational strengths, weaknesses, opportunities, and threats (SWOT)

What is the process called when a firm influences its environment to make it more conducive to success?

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What does the principle of enactment suggest about organizations?

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​ _______strategy implies that managers plan to pursue an intended strategic course

According to The Resource-Based view, an organization is a bundle of resources, which fall into the general categories of:

• 1.Financial resources, including all of the monetary resources from which a firm can draw

• 2.Physical resources, such as land, buildings, equipment, locations, and access to raw materials

• 3.Human resources, which pertains to the skills, background, and training of managers and employees, as well as the way they are organized

• 4.Organizational knowledge and learning

According to____ strategy perspective, managers learn what will work through a process of trial and error

When Starwood first launched the concept of the "Heavenly Bed"?

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