STARWOOD HOTELS STRATEGIC PREMISE
A premise is that Starwood Hotel will continue with their excellencein their relationships with their esteemed stakeholders and will usesuch relationships to increase their productivity and sustainability.The company has a working mission and values that have enabled it tomaintain and improve the outstanding global performance. The visionof Starwood is represented by the core values. The values include “gothe extra step”, teamwork, appropriate decision making and actionplan. An extra step is achieved through strategies that ensurebuilding long-term relationships and loyalty. The mission of ourcompany is to consistently exceed our customer’s expectations interms of the products and services they are offered at our businessand leisure travels (Starwood). We are also committed to respond tothe interests of all our stakeholders by using the information theyentrust us.
Internalstakeholders of Starwood Hotel include the owner, the employees, andthe managers. Competitors, suppliers, the media, financialintermediaries, local communities, government agencies, and unionsare the external stakeholders. My company has been able to have aneffective relationship with our stakeholders. The company has beenusing management strategies to ensure that the interests of thestakeholders are considered when undertaking various processes andactivities of the company. Diversity and inclusion strategy is usedat my company to ensure representation of all the stakeholders in thecompany without neglecting any group (Starwood). The values andpolicies of the company have been aligned with the governmentregulations and the moral values of the communities. Environmentaland social policies have been development to ensure sustainability ofthe company and effective corporate social responsibility.Stakeholder engagement and sustainability strategies are used toensure that they also contribute actively to the growth andachievements of my company. In order to maintain existing customersand attract potential ones, the hotels provide quality accommodationservices that are based on the customers’ requests. The strategiesare developed by the board of directors and managers after conductingresearch on specific stakeholders.
Since StarwoodHotels operate in various countries dispersed geographically, thereare challenges faced to understand and address the interests of thestakeholders (Luo Y. 2016). The business regulations of variouscountries may conflict with the business operations. Other importantchallenges relate to human resources and integration of acquiredfirms. Successful integration of the acquired firms in foreignmarkets by the company demands adequate managerial skills andcapacity. Since human resource in emerging global markets haschallenges, such integration becomes a challenge. Some foreignmarkets have well-established competitors, and this makes itdifficult for the company to gain a significant market share.
The interest ofstakeholders varies hence, Starwood should make decisions from aglobal perspective. The strategies of the company as a multinationalcompany should be flexible so as to enable making necessary changesin order for my company to adapt to the prevailing businessenvironment (Luo Y. 2016). My company can establish itself successfulwhen a suitable market entry strategy is used. Market entry strategydetermines the market share that the company will have control over.Competitive advantage can be an added advantage in the foreign marketand hence creates the need for a review of the company’s strategicplan. Decision making is, therefore, important to create acompetitive advantage and select appropriate market entry strategy(Chetty S., Ojala A. & Leppäaho T. 2015). Collaborativedecision-making model will be effective since it ensures that thebusiness services and products address the interests of variousstakeholders. The decision-making process should be specific forevery country the company operates.
The premise canbe realized when the challenges of facing stakeholder relationshipsin this company are addressed effectively.
References
Chetty S., Ojala A. & Leppäaho T. (2015), Effectuation andforeign market entry of entrepreneurial firms, European Journal ofMarketing, Vol. 49 Iss: 9/10, pp.1436 – 1459
Luo Y. (2016), Toward a reverse adaptation view in cross-culturalmanagement, Cross Cultural & Strategic Management, Vol. 23Iss: 1, pp.29 – 41
Starwood, retrieved fromhttp://www.starwoodhotels.com/corporate/about/values/index.htmlon May 25, 2016