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Indeed, if we consider a hotel, for example, in an internal analysis, the financial analysis will evaluate the financial health of the hotel, keeping in mind some of the industry's characteristics (such as seasonality) and the fact that the hotel's revenues may somewhat depend on the period it operates in. However, similar to other industries, financial ratios will be calculated based on the basic statements. An internal diagnosis of functional areas will take into account the specificity of the hospitality industry. In this sense, marketing and promotion probably plays an important role, as does public relations, in ensuring that the customers are satisfied with the services provided and that they will be using the same facility in the future as well.
The external environment analysis will take into consideration some of the factors that affect the hospitality industry. These may be, for example, legal factors (laws that may affect the industry, legal requirements, etc.), demographic factors (changes in income levels) or social factors. The industry analysis is no different than in other cases. Trends will evaluate indicators such as the number of visitors, number of visitors per facility, etc.
If we consider a brief SWOT analyses, we need to be able to identify strengths, weaknesses, opportunities and threats for the hotel we have chosen...
In terms of strengths, these may be financial strengths (the hotel has a solid financial situation, with serious liquidity and debt ratios), reputation strengths (the hotel is well-known for its services and facilities) or strengths related to the human resources.
In terms of weaknesses, we may mention weaknesses related to location, which may affect the number of customers in the future, or to some internal problems that the company may have or develop.
In terms of opportunities, this may be related to a new facility being opened nearby (a new ski slope, for example, which may encourage the need for a hotel in the area and expand the business).
As for threats, in any business these are generally associated with the competitors and the development of their own projects. Some of the political or legal factors may also be considered possible sources of threats.
Bibliography
1. Comerford, Robert a.; Callaghan, Dennis W. Strategic Management. Text and Tools for Business Policy. Second Edition. Chapter 1. On the Internet at http://www.cba.uri.edu/Faculty/Comerford/Text/Text.html
Comerford, Robert a.; Callaghan, Dennis W. Strategic Management. Text and Tools for Business Policy
Second Edition. Chapter 1. On the Internet at http://www.cba.uri.edu/Faculty/Comerford/Text/Text.html
Bibliography
1. Comerford, Robert a.; Callaghan, Dennis W. Strategic Management. Text and Tools for Business Policy. Second Edition. Chapter 1. On the Internet at http://www.cba.uri.edu/Faculty/Comerford/Text/Text.html
Comerford, Robert a.; Callaghan, Dennis W. Strategic Management. Text and Tools for Business Policy
Second Edition. Chapter 1. On the Internet at http://www.cba.uri.edu/Faculty/Comerford/Text/Text.html
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