External and Internal Environmental Analysis Essay

External and Internal Environmental Analysis - Essay Example Discussed below is the internal and external environmental analysis of Bayou Inn; a hotel in the lodging industry (Nadine & Pahl, 2009). Recommended Vision Statement Success in the hospitality industry can only be achieved if a company models its vision statement to target the customers it intends to provide services (Briggs, 1999). The vision statement must be brief, clear and concise. It must indicate the general direction the hotel aims to head, while capturing the dream of the founders of the company. Therefore, the recommended vision statement must highlight the high regard in which customers are held by the employees, management and shareholders of the hotel (Briggs, 1999). In the case of Bayou Inn, the vision statement can highlight how the business intends to look in a specified duration of time. In such a scenario, the capturing of Bayou Inn’s aspirations occurs. An analysis of vision statements of the biggest hotels in the hospitality industry indicates that these st atements capture the aspirations of their founder; for example, Conrad Hilton’s vision statement for the Hilton chain of luxurious hotels, â€Å"To achieve extraordinary things, you must first dream magnificent dreams† (Briggs, 1999). ... Drucker also emphasizes that the customers rely on the mission statement to figure out the services it provides (Briggs, 1999). Rarely do people look at the statutes, articles or names of an organization to determine the role it plays. Therefore, it is crucial to capture the main goals of the organization in the mission statement. The format of Bayou Inn’s mission statement ought to follow the guidelines used in the determination of objectives (Briggs, 1999). Meaning, the goals stated in the mission statement must be S.M.A.R.T ones. The acronym represents measurable, attainable, specific, realistic and time-bound goals. As a result, Bayou Inn can formulate strategies which will prove viable after the time allocated for their implementation (Briggs, 1999). SWOT Analysis A SWOT analysis helps an organization in the identification of the strengths, opportunities, weaknesses and threats (Nadine & Pahl, 2009). As a result, they are able to strategize with the information gathered i n mind. Capitalizing on the opportunities detected, eliminating the weaknesses found, relying on the strengths noted, and avoiding the threats becomes easier for a company (Nadine & Pahl, 2009). The procedure followed when conducting a SWOT analysis involves the analyzing of both the micro and macro environments of a business. The micro environment entails the functions found within an organization whereas the macro environment covers the aspects outside of the organization. The macro environment is further split into the broad and narrow categories (Nadine & Pahl, 2009). Information gathered from a SWOT analysis of the microenvironment reveals the employees’ outlook on the firm’s