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Differentiating Between Market Structures Angela Graham ECO/365 January 6, 2015 Biagio Vultaggio Differentiating Between Market Structures The hospitality industry has always been above and beyond for excellence. In today’s hospitality industry, the competitive structure is not so much aggressive but more unique with tactics. Every company tries to one up the next person by using creative approaches to intrigue each consumer when they are on vacation. Since we do live in Vegas, how does that work? Every structure is owned by this guy or that guy, and that’s where loyalty comes into play. My job, Hard Rock Café has everything possible for an independent company. Hard Rock Café continues to grow and flourish without changing the…show more content…
Time is a big concern for everyone in this process. Time is also money for the corporation. If the café used the oligopoly market then they would have to focus on which café gets what and how would it benefit the company as a whole. I feel like monopoly and oligopoly marketing is meant for smaller businesses and chains. When it comes to marketing techniques a perfect competition would be best suitable for larger chains like our café. For more Vegas based companies the other ones could have a better suit for the hospitality industry. Hard Rock Café could use different competitive strategies to gain and maximize profit. Cost leadership is one strategic thought the company could use. “Cost leadership is a business strategy that allows a company to become the lowest cost production company in an industry. Traditionally, businesses have two options for improving profits: increasing sales or decreasing costs” (Houston Chronicles , 2015). This would help out the company if they wanted to use different types of materials, foods, or products to upsell to each consumer. This would balance the labor and compliment the supply and demand factor. Another strategy that should be used is differentiation. There are two types used in this example, actual and perceived. “Actual differentiation involves creating products that are not
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