If I worked for a major hotel chain there would be several things to consider in regards to Porters five forces model. I would have to consider the competitive rivalry who are the competitors are there any on the same level and if so what do they have that we don’t? Next I would consider if there were any up and coming hotel chains that might be a threat to my hotel If so where are they, what Is the quality and can they be compared to my hotel? I would also consider If there were substituted products In the market that might be more affordable but offer less to the customer.
The bargaining of power for suppliers would also be something to consider some consumers might be partial to a certain supplier or they can simply be more affordable to my chain. Also the bargaining of power for buyers what do buyers think of what our hotel is offering? If buyers aren’t satisfied they will go elsewhere. This question is crucial because this is what is keeping our hotel relevant it makes you or it breaks you. 3. ) Discuss how conducting a SOOT (strengths, weaknesses, opportunities, threats) analysis helps a firm (or an Individual) develop Its strategic plan. Chi. 2. 6
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A SOOT analysis Is crucial to bringing all the aspects of a business Into perspective and helps the business owner understand how they measure up to their competitors. This analysis can help the business prosper by showing them their strengths and weaknesses. The SOOT analysis can give a competitive edge to businesses by helping them determine their competitive advantages. Reference Tanner, J. F. , & Raymond, M. A. (2013). Principles of Marketing (2nd De. ). Irving, NY: Flat World Knowledge BY picaroon The marketing mix is a tool used by marketing professionals in the business rice, product, place, and promotion also known as the up’s.