How would you describe the economic phenomena that has occurred through the unspoken agreement between the main players in the hotel industry? Explain ONE advantage and ONE disadvantage of this phenomenon
During the 1990s, the Jamaican hotel industry was one dominated by three players: Sandals, RIU and Grande Bahia. The three firms have further distinguished themselves in niche categories such that Sandals offers discounts for children under thirteen, RIU is an adult only hotel and Grand Bahia caters specifically to couples. It is an increasingly competitive market whereby firms are fighting just to maintain current market share. However, when new firms attempted to enter the market, the main players had an unspoken agreement to keep
How would you describe the economic phenomena that has occurred through the unspoken agreement between the main players in the hotel industry? Explain ONE advantage and ONE disadvantage of this phenomenon
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