Answered: This is why their customers are less…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The competitive advantage refers to factors that help businesses to produce goods or services effectively or at a lower cost than competitors. These factors also help businesses to increase sales revenue or higher margins than their competitors in the market. Everywhere in the world, competition in the hotel industry is fierce within strategic groups, depending on the level of industry growth. The competitive advantages for the 4-star hotel are as follows: 1. International travelers can be catered: International travel is becoming more popular. As the hotel has a staff who speaks multiple languages this means that managers can provide promotional materials and activity guides in a number of different languages. Multilingual employees will allow guests to communicate more clearly with them. They can also offer promotional materials and activity guides in a number of different languages. 2. Can provide spacious accommodations: The guests can select their rooms as per their requirements. The hotel can provide lodging to travelers who only need a place to sleep, it frustrates others. Also, the hotel's four-precious stone inns are upscale and modern can be offered to business travelers who require large work areas. Rooms in four-star hotels with amenities such as large beds, additional seating, small bars, and a big shower space can be offered to families with children. They will appreciate having enough space for their children to play on the floor. Their five-precious stone inns having extremely opulence and refined amenities can be offered to couples and special customers. 3. Can provide one-of-a-kind customer services: The 4-star hotel has a high staff-to-visitor ratio, they can use their existing staff to provide customers a more immersive experience. Their staff can act as a guide for their guests who are want to explore a new city. The staff can also help the guests with their chores and dry cleaning allowing them to focus on having fun. Their separate attending staff can be used to provide guests with spa services, serve guests with complimentary meals and snacks. A 24-hour front desk, valet service, steward benefits, a custodian greeting each visitor at the door, will benefit the hotel owners by expanding their concierge services. Furthermore, training their staff to accept flower deliveries, wine bottles, or one-of-a-kind parcels can allow guests to truly elevate their stay and make their celebratory experience one-of-a-kind. The 4-star hotel can sustain its competitive advantage. They are focused on becoming the hotel of choice for their customers and investing in their staff, customer services, and the level of lodging that outperforms their client assumptions. This is why their customers are less likely to look for other options. They are focusing on consistently delivering on more than their expectations and thus they are building customer loyalty. Their excellent customer service and low operating business model are helping them to help keep competitors at bay and keep their hotel profitable. Thus we can say that their business is sustainable. Question :- Based on the competitive advantage identified above, formulate a Mission Statement for the 4-star hotel. The Mission Statement should not be longer than one sentence. Explain why you have formulated the Mission Statement in this way.

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