Corporate strategy Essay Example | Topics and Well Written Essays - 2250 words

Corporate strategy - Essay Example Despite the pressure of the global financial crisis, the Group continued with its existing policy. Consequently, the Group’s Executive Chairman announced that some delay over the opening of certain hotels and resorts is unavoidable. Corporate Strategy: Jumeirah Group Introduction Worldwide destinations spend over $1,480 billion dollars to attract tourism, enabling it as a lucrative product (Pike, 2005). Additionally, vision must enable trade and investment in that quest (Hankinson, 2005). And, to enjoy a successful branding strategy for tourist destinations, five factors, such as retail, services, transit hub, tourism and economics, must be there to implement strategic vision (Jamrozy, 2007, Wong et al. 2006). And the vision of the Jumeirah Group heads in the same direction. In the year of 1997, Jumeirah Hotels & Resorts, as a company initiated to serve in the field of hospitality. Due to its commitment and constant success in the field, Jumeirah Group became a member of Dubai Holding in 2004 (About Jumeirah Group, web).Being based in the city of Dubai, the Jumeirah Group owns and runs Jumeirah Beach Hotel, Jumeirah Emirates Towers, the Jumeirah Carlton Tower, Jumeirah Bab Al Shams Desert Resort and Spa in Dubai, Madinat Jumeirah, Jumeirah Lowndes Hotel in London, and the Jumeirah Essex House on Central Park South in the city of New York (Enz, 2010). Additionally, the Group also owns the Wild Wadi, which is considered as one of the premium water parks outside of North America; further, the Emirates Academy of Hospitality Management, which is only third-level institution in the region catering the services in the learning and teaching in the field of hospitality management, also come under the management of this group (Enz, 2010). This group is a giant in the field of hospitality management working beyond the boundaries of the Middle East. Its strategic objectives till the year of 2012 is to conclude the ongoing projects to 60 hotels and resorts, includin g some projects are underway in Americas, Asia Pacific, North Africa and Europe (Jumeirah, web). Currently, the Group is determined to expand not only within the Middle East but also other parts of the world. Although, the group has published its corporate responsibility report in 2008, clearly highlighting its corporate responsibility, mentioning its corporate strategy elements, vision, mission, corporate social responsibility and certain other elements are accounted for. Despite showing so much exceptional growth and expansion in the recent years, the Jumeirah Group has not published the corporate responsibility reports after the year of 2008, since then there are no additional financial and operational information suggesting the current level of its commitment on the green house gases, customers, and other stakeholders. The Group seems unable to produce its corporate responsibility reports, raising more doubts on its commitment towards corporate issues, including corporate social responsibility. In the subsequent parts of this paper, the concept of corporate strategy is followed by the Jumeirah Group’s corporate strategy of global expansion and growth analysis. Subsequent to that, critical analysis is carried over the Jumeirah Group’s disclosure policy; in the end, a conclusion and some recommendations are also made part of this paper. Corporate strategy Corporate strategy