STQM Week 2 Q&A (40+ Questions) | Strategic Planning, Hospitality Trends, Data-Driven Operations | Tourism & Hospitality Management

This A+ graded question-and-answer review focuses on Week 2 of the STQM (Strategic Technology and Quality Management) course, specifically tailored to the tourism and hospitality industry for the 2025/2026 academic year. It presents 40+ key strategic and operational concepts, offering both definitions and applied examples that highlight the integration of management principles with hospitality-sector realities. Core topics include: Strategic Foundations in Hospitality Definitions of Vision, Mission, and Values as organizational cornerstones Importance of strategic alignment for improving decision-making and resource allocation The role of strategic leadership in leveraging professional expertise to increase sales, customer satisfaction, and market positioning Hospitality Business Strategy Use of market trends and customer demand data for informed decision-making Techniques for improving operational efficiency, employee scheduling, and labor cost analysis Frameworks for expansion, investment strategy, and competitive differentiation Data-Driven Hospitality Management Sales data analysis to guide menu optimization, staffing, and marketing Application of inventory management systems to reduce waste and optimize food costs Use of customer feedback (surveys, online reviews, CRM tools) to tailor offerings and enhance guest experience Concepts like dynamic pricing and financial forecasting to maximize profitability Risk & Performance Management Identifying operational risks and applying safety protocols and preventive maintenance Tracking key performance indicators (KPIs) such as customer satisfaction, profitability, and employee performance Developing work plans, implementing employee training, and managing targeted marketing This document is perfect for: Students of Hospitality Management, Tourism Business, Strategic Management, or Hotel Administration Learners preparing for STQM weekly assessments, midterms, or practical operations exams Instructors needing ready-made, industry-specific terminology and definitions Hospitality professionals seeking structured revision on data-driven strategy in service industries Keywords: strategic management, hospitality industry, tourism business, operational efficiency, resource management, inventory control, menu optimization, strategic leadership, customer feedback, employee training, financial forecasting, dynamic pricing, data analytics, POS systems, customer satisfaction, flexibility in business, market trends, informed decision-making, vision mission values, sales data analysis, KPI tracking, service improvement, competitive strategy