The hospitality industry can be characterized as highly competitive one due to the presence of well-established companies and the need to ensure that the location and the target market are properly identified and selected reasonably. In the ABC Hotel case, a multi-faceted project was developed to wander into a new area in the hospitality sector and offer the services of higher quality to families and single visitors. The goal of the project is to establish a hotel business based on the idea of renovation and market the newly constructed and established hotel to the target population, making the project successful in the competitive hospitality industry market.
In order to promote the ABC Hotel project, the New Orleans Hotel Collection was used as the largest repository of strategies for introducing a project into the hospitality industry context. Since the project was introduced to the target setting as a complementary service to those of direct sales of individual housing, the promotion process was simplified to a significant extent. Remarkably, apart from the presence of an advantage based on the notion of renovation, the ABC Hotel also has a distinctive differentiation based on the characteristics such as its location, reserved parking, prestige, and a unique combination of hospitality services (ABC Hotel 6). Therefore, the project can be characterized by a rather high competitive advantage.
Due to the elaborate use of the financial assets and resources, the ABC Hotel will become an important project that is likely to change the hospitality industry due to the focus on innovation and the elaborate use of its funding sources. The current budgeting approach allows for a cost-efficient management of finances and at the same time allows introducing the elements of luxury into the service. As a result, the service will attract the target audiences immediately and gain their loyalty comparatively fast.
Work Cited
ABC Hotel. Case Study – Hypothetical Project. ABC Hotel, 2014.