Keno Gabriel G.

Saligoyan
HM 2C

Strategic Management Assignment

Okumus et al. (2010) conducted a comprehensive study in the field of
Strategic Management within the context of the International Hospitality and
Tourism Industry. In their research, they placed a significant emphasis on
defining and understanding the essence of strategic management. According to
their perspective, strategic management is a dynamic and multifaceted process
that plays a pivotal role in guiding organizations within the hospitality and
tourism sector. This process encompasses various critical components,
including the formulation of mission statements, the establishment of visionary
goals and objectives, and the strategic decision-making process at different
organizational levels. The ultimate goal of strategic management, as outlined in
their study, is to secure and sustain a competitive edge in this highly
competitive industry.
Contrastingly, Bonnici, T. (2015) embarked on a more overarching exploration
of Strategic Management, with a broader focus not confined to any specific
industry. Her study, while echoing the notion of strategic management as a
process, delved into a more detailed categorization of this process. Bonnici
identified six distinct facets of strategic management, each with its own unique
role and significance:
1. Business strategy: This involves defining the strategies that a business
unit or division within an organization should adopt to meet its specific
objectives.
2. Corporate strategy: This pertains to the overall direction and scope of an
entire organization, guiding decisions on which businesses or markets to
enter or exit.
3. Competitive strategy: Here, the focus is on how a company can achieve
and sustain a competitive advantage within its chosen market.
4. International strategy: This category addresses the strategies involved in
expanding an organization's operations beyond its domestic borders,
considering factors like globalization and international market dynamics.
5. Collaboration strategy: This strategic dimension revolves around forming
alliances, partnerships, or collaborations with other entities to achieve
mutual goals or benefits.
 6. Mergers and acquisitions strategies: This involves the processes and
considerations associated with acquiring other companies or merging
with them to achieve strategic objectives.
What stands out in Bonnici's study is the meticulous breakdown of strategic
management into these various facets, providing a more granular
understanding of the concept. In doing so, she presents a structured
framework that can guide organizations in their strategic endeavors.
While Okumus et al. (2010) primarily utilize the strategic management
framework to describe their perspective on the subject, Bonnici (2018)
provides a more detailed taxonomy, thereby expanding the comprehension of
strategic management. Despite these differences in emphasis and approach,
both studies converge on the central notion that strategic management is
fundamentally a process designed to secure and maintain a competitive
advantage. This shared definition underscores its vital role in the success of
organizations, whether within the specialized context of the hospitality and
tourism industry or in a more general business setting.

References
Bonnici, T. (2015). Strategic Management. Researchgate.
https://www.researchgate.net/publication/272352897_Strategic_Management
Okumus F., Altinay L., Chathoth P. (2010). Strategic Management for Hospitality
and Tourism. Taylor & Francis Group.
file:///C:/Users/ADMIN/Downloads/9780080940465_previewpdf%20(1).pdf