Wow! You are doing a great job! Now, it’s time to think BIG. You have been asked to reflect on how you can gain a competitive advantage by choosing a specific type of strategy, making a decision about resort fees, and then applying game theory.First, you will decide if you are going to charge a resort fee. A resort fee is a fee that is paid for access to certain amenities and is common in casino-hotels but not in limited-service hotels. In 1 paragraph, describe whether or not you will charge a resort fee and why. Finally, use game theory to describe how you would expect your competitors to respond to your decision regarding resort fees.1) Describe which type of game you expect to be playing. This means that you need to answer if it is a) simultaneous or sequential, b) zero-sum or constant sum, and c) has perfect or imperfect information.2) Outline the choices you expect your hotel and your competitive set to make in relationship to adaptation of resort fees. These will be binary choices. 3) Describe the potential outcomes for both your hotel and your competitive set based on the set of choices. Please answer if you expect your revenues to go up or down, if your customers will be happy or unhappy, and how it may impact your occupancy.4) Create a table/diagram that illustrates the potential choices and explain which set of choices creates a Nash equilibrium. Explain why it is the Nash equilibrium.This section is worth 14 points.Consider the 4 corporate-level strategies discussed in Chapter 6 on the text book. Describe the pros and cons of implementing each of these strategies in terms of how they relate to your department. Give at least 2 examples from the hospitality industry with references for each of the strategies. That means there should be a total of 8 examples. There needs to be four sections discussing:- Concentration Strategy – definition and 2 examples from the hospitality industry.- Vertical Integration Strategy – definition and 2 examples from the hospitality industry.- Diversification Strategy – definition and 2 examples from the hospitality industry.- Mergers and Actuations – definition and 2 examples from the hospitality industry.- This section is worth 12 points.In 1 page describe which one would be helpful for your hotel and why. This needs to be a well-reasons, well-thought out reason for your choice.This section is worth 4 points.Please use research for this assignment and make sure you cite your references using APA style. This means you must have a list of references at the end of your homework in alphabetical order AND you must have in-text citations. An in-test citation looks like this: Previous research suggest that consumers value the relationship they built with hosts while staying at an Airbnb-style accommodation (Belarmino, Whalen, Koh, & Bowen, 2017).Please make sure that the names of all of your group members are on the assignment.Failure to follow the correct citation procedures outlined below will result in a loss of 3 points.
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Running head: COMPETITION
Understanding your Competition and Choosing Your Competitive Set
Institutional Affiliation
Name
Date
COMPETITION
2
Competition
Market Segmentation Map
400
350
300
250
200
150
100
50
0
Review
No of reviews
Position in Las Vegas
Residence Inn by Marriott Las Vegas South
Stars
Rating
Courtyard by Marriott Las Vegas South
Figure 1 Market Segmentation Map
In order to create this market segmentation map and compare Residence Inn by Marriott
Las Vegas South and Courtyard by Marriott Las Vegas South, a number of characteristics were
used. The first is the rating of the hotel which represents the customer’s perception of the
services, the location, the room, together with the bar and beverages, among these two hotels
Residence Inn by Marriott Las Vegas South had a higher standing with a rating of 9.2 while
Courtyard by Marriott Las Vegas South had 8.6 (Hotels.com, 2019).
The numbers of stars of the hotels were also used but each of them had a ranking of 3.
The review of the hotel was also used representing the customers’ perception on their location,
cleanliness, service and value and both hotels had a rating of 4. However the number of review
received was also considered and Residence Inn by Marriott Las Vegas South had more with363
while Courtyard by Marriott Las Vegas South had 278 reviews (TripAdvisor LLC, 2019).
COMPETITION
3
Fairfield Inn & Suites Las Vegas South and Tru By Hilton Las Vegas are two of the
hotels that belong to this competitive set. Competitive sets are described as hotels which directly
compete with one another (Xotels Ltd, 2019). In this case we would compare ourselves with
these two hotels in the star report because they are located in the same area as our hotels and
therefore we target the same customers. Further they offer similar services to our hotels; facilities
and the price range for the room rates are almost similar.
A comparison of Courtyard by Marriott Las Vegas South and Tru by Hilton Las Vegas
shows that the former is the market place leader. This is because in comparison Courtyard by
Marriott Las Vegas South hotel had a rating of 4.5 compared to 2.5 of Tru by Hilton Las Vegas.
In terms of their star ratings Courtyard had 3 while Tru had 2.5. Further in terms of the number
of people that had reviewed the facility the hotel emerged as the most reviewed with 278 reviews
while Tru had 210. Lastly in terms of room rates the hotel charges were higher at $159 per night
while Tru charged $83 per night. This shows that Courtyard by Marriott Las Vegas South as a
market leader in the set took advantage of their position by charging slightly higher
(Travelocity.com, 2019)
A review of Courtyard by Marriott Las Vegas South shows that one of the weaknesses
pointed up by their customers is that they had very slow response to the needs of their customers
negatively affecting their experience. They also had added parking charges to their guests
without prior communications making expenses quite high. Our hotel can combat this weakness
by motivating the staff to quickly respond to ne needs of the clients and making sure that all their
needs are catered for. They can also ensure that they provide their customers with information on
all expenses to avoid cases of unexpected fees and expenses.
COMPETITION
4
References
Hotels.com (2019). Courtyard by Marriott Las Vegas South3-star. Retrieved from
https://www.hotels.com/ho217958/?q-rooms=1&q-room-0adults=2&cmcLoc=3&cmcReport=c..UQMiNzg0LZcf5rH9HMnE9tPRQxe4wXHYvEke
GGUk6vpyxNjCzjY67DvSuPDcges_ACc6zlBgtLxwxtcy_H0tQ..&intlid=pdp%7Ccarousel%7C3%7C19%7C218104%7C
Hotels.com (2019). Residence Inn by Marriott Las Vegas South3-star. Retrieved from
https://www.hotels.com/ho218104/residence-inn-by-marriott-las-vegas-south-las-vegasunited-states-of-america/
Travelocity.com (2019) Tru by Hilton Las Vegas Airport, NV, Las Vegas. Retrieved from
https://www.travelocity.com/Las-Vegas-Hotels-Tru-By-Hilton-Las-VegasAirport.h20875352.Hotel-Information
TripAdvisor
LLC
(2019).
Courtyard
Las
Vegas
South.
Retrieved
from
https://www.tripadvisor.com/Hotel_Review-g45963-d294793-ReviewsCourtyard_Las_Vegas_South-Las_Vegas_Nevada.html
TripAdvisor
LLC
(2019).
Residence
Inn
Las
Vegas
South.
fromhttps://www.tripadvisor.com/Hotel_Review-g45963-d287616-ReviewsResidence_Inn_Las_Vegas_South-Las_Vegas_Nevada.html
Retrieved
…
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