Holistic Approach to Strategic Management (10cr)

Objective

The student gets a holistic approach to a tourism company´s strategic management as a long-term key business process which aims at future-oriented, responsible and high quality as well as profitable business performance. He/she deepens his/her understanding and knowledge on strategic planning as well as on financial issues. As a result the student knows how to apply various business development and assessment tools in order to improve strategic business operations towards `Business Excellence`.
Learning objectives
The student:
-     knows the basic goals, phases and tools of strategic planning as part of strategic management business process
-     understands the role of foresight, total quality management and corporate social responsibility in the strategic planning and learns to apply related development and assessment tools to promote long-term business planning and strategic management
-     is able to read and analyse financial statements and operations of a company in order to produce information for strategic and financial decisions
-     knows how to use Balanced Score Card (BSC) as a strategic tool
-     is able to do profitability planning; short-, mid- and long term budgeting and investment calculations
-     knows how to acquire (external) funding
-     understands the opportunities and challenges of Total Experience Management in the strategic management

Content

Tieto puuttuu

Assessment criteria, satisfactory (1)

Satisfactory skills
The student has basic knowledge of strategic planning as well as of financial management of an SME in the field of tourism.  The student needs assistance in performing the given financial calculations.  He/she has some understanding of the contemporary HRM theories, practices and methods in tourism related SMEs but may have difficulties to act as a superior yet.  It is challenging for the student to apply business development and assessment tools. The student participates in the contact lessons passively and does not have enough analytical, reflective and critical approach in his/her activities. All the assignments are mostly performed according to the instructions.
 

Assessment criteria, good (3)

Good skills
The student has good-level understanding and knowledge of strategic planning as well as of financial management which aims at profitable business performance of an SME in the field of tourism. The student is able make the given financial calculations with some extra instructions and can explain the meaning of them. In addition he/she knows the main contemporary HRM theories, methods and practices in tourism related SMEs offering meaningful experience products. In addition, he/she has basic skills to act as a superior. The student can apply some business development and assessment tools to improve strategic business operations. The student participates in the contact lessons quite actively and shows analytical, reflective and critical approach in most his/her activities. All the assignments are mostly performed according to the instructions.

Assessment criteria, excellent (5)

Excellent skills
The student has deep understanding and knowledge of strategic planning as well as of financial management which aims at profitable business performance of an SME in the field of tourism. The student is able make the given financial calculations independently and can critically evaluate and explain their meaning. In addition, he/she masters the contemporary HRM theories, practices and methods in tourism related SMEs offering meaningful experience products. In addition, he/she is able to act as a superior. The student knows very well how to apply various business development and assessment tools in order to improve strategic business operations towards `Business Excellence`. The student participates in the contact lessons actively and shows analytical, reflective and critical approach in all his/her activities. All the assignments are performed according to the instructions.
These are the general assessment criteria. Please note that there might be more specific assessment criteria for learning assignments which will be given at the beginning of the study unit.