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Essay 5A Critically evaluate the impact of formal strategic planning on the business performance of Hospitality SME's. Introduction "Marketing strategy is the process by which the organization translates its business objective and business strategy into market activity". Fifield, P (1992) Formal strategic planning in the hospitality SME's has evolved considerably in recent years there is still a tendency for the process to be the preserve of senior management. Implementation at intermediate levels of the organisation is often restricted, with middle managers unsure about the longer term objectives of the organisation or the means of achieving them. This approach will need to change as hospitality organisations become more proactive at the unit and departmental level in order to maintain their market position in the face of greater competitive and economic pressure. Based on the importance of trends identification and analysis for strategic planning and decision making, and on the processes of strategy development, this essay explores...

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