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Essay / Research Paper Abstract
A 6 page paper that begins with a general introduction identifying the unique characteristics of the lodging industry and the market structure. The hotel industry is then analyzed using Michael Porter's five forces model. Bibliography lists 8 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGhotl4.rtf
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Unformatted sample text from the term paper:
its market structure. Hotels and other lodging places are extremely diverse offering a range of lodging options from luxury upscale hotels to camp grounds and include hotels, motels, inns, boarding
houses and resort spas (Bureau of Labor Statistics, 2001). Hotels and motels make up the greater proportion in the lodging industry and they provide more services than other
kinds of lodging establishments (Bureau of Labor Statistics, 2001). There are three basic kinds of hotels/motels: commercial, resort and residential (Bureau of Labor Statistics, 2001). Most are commercial properties that
cater to tourists, business people and other travelers needing lodging accommodations for short periods of time (Bureau of Labor Statistics, 2001). Most are located in metropolitan areas or very close
to cities. Larger properties offer a vast array of amenities and services (Bureau of Labor Statistics, 2001). Many of the larger hotels and motels have banquet rooms, ballrooms and exhibit
halls (Bureau of Labor Statistics, 2001). Conventions and other kinds of meetings represent a major source of revenue for these large firms (Bureau of Labor Statistics, 2001). The market structure
is unique in this industry. First, each facility has fixed capacity, there are so many rooms to rent. Expansion may or may not be possible. Second, the supply is perishable
in that there is no inventory to store; a room is rented or it isnt. Third, operations in this industry require more complex methods and are labor intensive leading to
different levels of service quality. Finally, start-up requires huge capital outlays. Furthermore, this industry is directly affected by the economy, more so than many other industries. Competition within the
industry * Hotels face numerous challenges in maintaining a competitive advantage in this highly competitive industry. For one thing, employees usually receive low wages, which makes the turnover rate exceedingly
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