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The Yang sing Hotel experienced major market failures due to its focus on operating a single business. It did not predict the 2008 global recession would have devastating effects and was unable to remain viable as global economies suffered following the real estate bubble collapse (Tiefenbacher, 2013; Kunreuther, Meyer, & Michel-Kerjan, 2019). The project focuses on avoiding the issues that plagued the Yang sing hotel by altering the name and business processes. It is important to diversify the business’ offerings to avoid losing money from one client as with the previous hotel’s offerings.
The first consideration is to change the hotel’s name from Yang sing hotel to “The Merriam Hotel.” While this does not represent a significant change to the business, it is important to advertise the hotel to a different type of clientele. Reliance on a single type of customer led to Yang sing hotel closure (Frömmel, 2016). However, Merriam should focus on the high-class and middle-class individuals from around the globe. While Maslow’s hierarchy of needs indicates they have attained physiological and safety needs and belongingness and love needs, they seek self-actualization and esteem. In this regard, the hotel will provide customized services to suit each guest’s preferences. Rich individuals have well-developed personas and would appreciate a location that considers their needs when providing services.
Furthermore, it should offer various activities that motivate rich people to visit the location. The attractions should not be mundane but focus on prestige to accommodate this community. It is important to provide timely service by ensuring the hotel is adequately staffed while also making sure these people understand the nuances involved when providing service to this group (Angelo, 2017). They should discern that a recommendation from such clients would boost business while a negative review may deter others from visiting, limiting the business’ capacity to grow.
References
Angelo, R.M., 2017. Hospitality today: An introduction, Lansing, MI: American Hotel & Lodging Association, Educational Institute.
Frömmel, M. 2016. Portfolio theory and management, BoD-Books on demand.
Kunreuther, H., Meyer, R. J., & Michel-Kerjan, E. 2019. The Future of Risk Management. Philadelphia University of Pennsylvania Press
Tiefenbacher, J. 2013. Approaches to Disaster Management – Examining the Implications of Hazards, Emergencies and Disasters. Books on Demand, InTech.
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