Case:

Nissi Beach Hotel is a $5-$star award$-$winning hotel immersed in the verdant lushness of Mediterranean landscape, facing directly the west coast of Cyprus with best spot on the island for breath$-$taking sunsets, offering superb service with beautifully designed interiors.

Atop a cliff overlooking the coast, this hotel had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. Given the established industries in the nearby towns, very little year$-$round competition, and the close proximity to the downtown, "I couldn't understand why seasonality had to hit us so hard!" the CEO implied.

Top management spent their first winter devising new ways to overcome the situation. They knew that effective strategic management in the hospitality industry means incorporating many vital pieces of business management that focus on diversity and branding. The CEO emphasized that the hospitality industry encompasses all businesses related to optional and recreational services provided to customers for their leisure. This means that not only does it include accommodations, such as hotels, motels, and bed and breakfasts, but it also includes businesses, like entertainment, events, transportation, and cruise lines. Therefore, the management agreed on adopting four strategies that include building a brand$/$franchise$,$ increasing customer value, achieving operational excellence, and being a good corporate citizen.

Answer the following questions:

The top management of this hotel decided to adopt several strategies. Why it's essential to have a strategy? $(10$ marks$)$

Top managers operated on a crisis mode to overcome the situation and spent time to develop strategies. Wouldn't be easier for them to mimics the same strategies used by another luxury hotel $($i$.$e$.,$ Ritz$-$Carlton for instance$)$ in an attempt to be as successful as they are? Justify your answer. $(15$ marks$)$

What are the general elements of a business model? $(10$ marks$)$

Based on the elements provided in question $3,$ and in no more than a small paragraph, develop a business model for this hotel. $(20$ marks$).$

Based on characteristics of an effectively worded vision statement, develop a vision statement for this hotel $(20$ marks$).$

a$)$ The management of this hotel is asking for your help in drafting "strategic objectives" and "financial objectives". Provide $4$ of each type while differentiating between the two types. $(20$ marks$).$

b$)$ Recommend a tool that can be used to measure their performance and track their achievement $(5$ marks$).$

Good luck!

$2$