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STRATEGIC MANAGEMENT 3
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    [Type the company name]        System04002    
[Type the document title]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.]
Introduction
In the recent years, tourism industry has developed drastically. It is the result of the increased household income and the inclination towards international and local tourism. With the growth in the industry, several companies have emerged which are working in the same market. As a result, there is intensified competition and the companies are making efforts to hold their market share. The strategic management tools are beneficial in evaluating the external market competition and developing the core competency of the organization.
These strategic management tools can help facilitating, analyzing and mapping the abilities of the organization. It helps the organization in the tourism industry in achieving the business goals and avoids potential problems in the organization (Wilkinson, T.J., & Kannan, 2014). There are several tools, which support the strategic management of the organization. In this essence, the present essay will shed light on the main strategic analysis tools, namely, five force analysis, SWOT and, PESTEL which can support the business organization in the tourism industry.
The SWOT analysis is the strategic management tool used to evaluate the competitive position of the tourism company in the marketplace. SWOT (Strength, weakness, opportunities and Threat) identifies the strengths and weaknesses of the organization, along with identifying the opportunities and threats to the organization. Tourism Company can create a sustainable position in the market. By understanding the weaknesses of the business enterprises, the companies can eliminate the threats to the business organizations. The SWOT analysis can be used to differentiate the business enterprise from the competitors, which can help them in establishing a strong presence in the market. In SWOT analysis, the strengths and weaknesses are internal to the organization; whereas, opportunities and threats are external to the organization (Rothaermel, 2015).
The SWOT analysis is commonly used by the business organizations to aid strategic decision making. It is used as a part of or at the beginning of strategic planning. The tourism company can evaluate, which customer segment is beneficial to target. They can explore new tourist attractions and avenues.
It supports decision-making and assists the tourism organizations in exploring new opportunities or to highlight the threats, which can negatively impact the operations of the organizations. The tourism companies can identify their weakness and compare it with the core competency of the market. It can assist the business organizations in maximizing their strengths and reducing the organization’s threats. There are four main attributes of SWOT analysis: strengths, weaknesses, opportunities and threats. The strengths refers to the internal attributes which...