Wynn Las Vegas Business Plan Essay Example | Topics and Well Written Essays - 500 words

Wynn Las Vegas Business Plan - Essay Example The element is bond to enable Wynn Las Vegas Company to execute proper strategic thinking and strategic planning towards the achievement of competitiveness in the market. This is apparent since the strategy will enable the company to make sense of the emerging markets and technologies through seeing and understanding of the operating patterns and trends (Chabria, Green & Slutsky, 2006). Therefore, the strategy is essential as it will enable the company to design the organizations performance direction effectively, set priorities, perform effective budgeting, and allocate resources fairly. Environmental analysis entails evaluation of the key factors that influence effective operations of institutions. The factors that are popularly known as PESTEL include political, economic, social, technology, social, ecological, and legal aspects. Evaluation of the economic aspect is vital for the hospitality service provider, as it will obtain critical information that will facilitate its ability to dealing with the economic externalities in the environment. It will give the institution the greenlight on how the performance is likely to be during a period. Therefore, it is prudent for the company to evaluate and understand the political undertakings in the region (Chabria, Green & Slutsky, 2006). When it comes to technology, social, ecology and legal factors, the company will analyze the technological changes the environment embraces, the fairness of the existing laws and the favoritism of the ecosystem including social integration. Analysis of the aspects is to enable the company make an accurate decision on whether to continue executing its services or relocate to other destinations. High level of competitiveness is a key factor that Wynn Las Vegas seeks to achieve in the hotel industry. The company is planning to achieve this through provision of quality services and products real time, effective product