Are There Advantages of Looking at Strategy Formation from the Perspective of Different Schools of Thought? Which School of Thought Would You Recommend for Hospitality Organizations?

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Advantages of looking at strategy from different schools of thought There have been many schools of thought which have emerged in the domain of strategic management. According to Mintzberg and colleagues (1998), the domain consists of ten perspectives which pertains to the design, planning, positioning, entrepreneurial, cognitive, learning, power, cultural, environmental as well as configuration.. There are many advantages of considering these schools of thought for strategy formulation as they help to better understand the way in which strategies are developed by highlighting the different aspects of the firm, its purpose as well as its environment (Okumus, 2010). Studying and analyzing these schools of thought can help to better learn about strategy, the levels of strategy as well as the considerations which should be made before formulating the perfect strategy. For example the ten schools of thought by Mintzberg consists of both Prescriptive as well as descriptive schools which highlights the different ways in which strategy can be formulated. These concepts are very important to be kept in mind and to screen strategies so that the right strategy for the organization can be devised (Enz, 2009). School of thought most suitable for hospitality organizations Owing to the size and the growing importance, the hospitality industry today face major challenges and problems worldwide. The hospitality organizations operate in a very dynamic and complex environment and is subject to external pressures and trends such as changes in legislation, sophistication of customers, high competition, terrorism, globalization, economic crisis and labor shortages that pose great challenges to the strategy management of hospitality organizations (Volberda, 2004). However the hospitality organizations are also subjected to internal pressures like dramatic changes in the

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