Strategies For Increased Profitability
This week we will be discussing strategies for increased profitability through an example, Honeywell. Before we begin, please identify Honeywellâ€™s website (www.honeywell.com) and review their portfolio of businesses that can be found by exploring its website.
Once you have explored Honeywell’s Portfolio of businesses answer the following questions:
- In how many different industries is Honeywell involved?
- Would you describe Honeywell as a related or unrelated diversification company?
- Has Honeywellâ€™s diversification strategy increased profitability over time?
- Utilize at least one academic source to support your ideas. Sources include an APA formatted reference and internal citations.
When a guest stays at a hotel, they are, at-the-minimum, promised a clean, safe and comfortable accommodation. In addition, depending on the type of hotel, they may also have the opportunity to relax by the pool, workout in the fitness center, or get some work done at the business center. They may also choose to place a room service order for breakfast or visit the restaurant located within the facility. When a patient is admitted to a hospital for a surgical procedure, then they too need a clean, safe and comfortable accommodation â€“ in addition to appropriate clinical and medical care, of-course. In fact, depending on the nature of the hospital visit, the patient needs include many of the same aspects of a hotel stay such as food & beverage, service, and so on.
So to enhance their effectiveness, should the healthcare facilities focus on what they do best (i.e. clinical and medical care) and partner with hospitality firms to offer the services which are their core competence? Does the above idea seem far-fetched?