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Hi, need to submit a 2000 words paper on the topic MGM Grand Hotel Industry. The hotel consists of more than 5000 rooms and suites for guests in four thirty-story towers, world-class gourmet restauran
Hi, need to submit a 2000 words paper on the topic MGM Grand Hotel Industry. The hotel consists of more than 5000 rooms and suites for guests in four thirty-story towers, world-class gourmet restaurants, 27000 square feet pool complex, Grand Spa, casino, clubs, etc. Different parts of the hotel have different themes, food courts, restraints, entertainment lounge, etc. (Jay & Dwi, 2000). The hotel is set up on an area of 33 acres. MGM Grand Las Vegas most commonly offers accommodation services but in addition to this, the hotel also serves as a venue for different shows, events, and concerts. Moreover, MGM grand hotel incorporates pool parties, night clubs, shopping outlets, wedding chapel, etc.
History
In the ’60s a group of properties started as MGM Resorts International under Kirk Kerkorian’s leadership. After the grand opening of paradise hotel in the early 1970s, the second hotel was built in Las Vegas named MGM Grand Las Vegas. Both the hotels were the world’s largest hotels at that time. MGM Grand Las Vegas was opened in 1993 for the first time. The hotel turned to be the largest hotel in the United States with over 5000 guest rooms. At the opening of MGM Grand, the biggest intention was the creation of the first hotel in Las Vegas that includes the Theme Park MGM Grand adventures behind the casino. The objective behind this hotel was providing a friendly and family-oriented atmosphere where all the family members could enjoy different activities except the casinos.
Strategy
A strategy that a company sets and adopts to achieve its desired business objectives and goals are known as a business strategy. The strategies adopted by MGM Grand Las Vegas hotel are discussed ahead. Competitive strategies are associated with business strategies in a way to develop a competitive edge for an organization. MGM Grand Las Vegas hotel has potential business strategies to predict the expectations of the customer most accurately and make them satisfied with creativity. Product differentiation is one of the most unique competitive strategies that MGM Grand uses. One of the examples of this strategy is the introduction of M Life Payers Club in 2010. This club is basically a customer reward club where customers can earn points by shopping and using other services of the hotel and then use those points for other experiences like concerts, food, etc. To complement the activities of the service the hotel uses marketing and sales strategies (Alan, 2007). The unique communication platforms used by the hotel and the entertainment attractions has helped the hotel win a competitive advantage. The hotel uses strategies to stay ahead of competition. The various strategies adopted by MGM Grand have helped the hotel grow and expand to different countries. In 2006 MGM Grand Las Vegas focused on the extension of its brand into hotels subsidiary named MGM Hospitality. MGM hospitality is held responsible for the outsourcing of gaming and non-gaming both type of investments and the management opportunities. The opening of Grand Macau in China is another example of this. These investments helped in accumulating almost one billion dollars of capital in the same year.
Market position
The ability to establish a unique position in the mind of the customer by delivering benefits and unique features is known as the determinant for the organizations' position in the market (Woods, Robert, .Johanson, Misty, Sciarini & Michael 2012). The major competitors to MGM Grand hotel are Las Vegas Sands Corporation, Boyd Gaming Corporation, and Caesars Entertainment Corporation.
