Saturday, February 29, 2020
Business Analysis Of MGM
Business Analysis Of MGM MGM Grand one of the worldÃ¢â¬â¢s leading and most respected hotel and gaming companies, owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. As it implies in the mission statement below, in all their resorts their main aim is to provide high quality customer service in every facility around the world in order to enhance shareholder value and sustainability. Ã¢â¬Å"Our mission is to deliver our winning combination of quality entertainment, luxurious facilities and exceptional customer service to every corner of the world in order to enhance shareholder value and to sustain employee, customer and community relationships.Ã¢â¬ In addition, MGM Resorts International with 16 resorts and 165 restaurants supports responsible gaming and has implemented the American Gaming AssociationÃ¢â¬â¢s Code of Conduct for Responsible Gaming at its gaming properties. Assess ing Growth Opportunities MGM Grand is considering to gain more market share with its current products using a market penetration strategy. For this reason, each product (resort) is diversified to meet the needs of the different market segments. MGM Grand diversifies its hotels mainly by pricing strategies, and level of luxury. Market Positioning of Resorts Bellagio with its glamorous appearance and appealing nature is positioned as one of the most high end hotels in Vegas. Following that, Aria is growing its position in the international market with high sales in convention bookings. Aria expresses its significant difference with its contemporary architecture whereas Bellagio stands out with its AAA Five Diamond AwardÃ ® winning casino. The third strong player of MGM Grand, Vdara provides a non-gaming, smoke-free environment. Mandalay Bay points out itself as Ã¢â¬Å"Untamed LuxuryÃ¢â¬ whereas Mirage follows the slogan Ã¢â¬Å"Vegas Starts HereÃ¢â¬ . MGM Grand, on the other hand is Ã¢â¬Å"Maximum VegasÃ¢â¬ . 4Ps of Marketing Product MGM Resort International has 12 hotels on Las Vegas Strip and operates 7 more hotels in US and other locations. Bellagio, Aria serving the needs of the high end visitors, New York, New York, Monte Carlo, Luxor, Excalibur, Circus Circus MGM Grand , on the other hand are serving the needs of the diversified market with its diversified accommodation range. Vdara, Signature at MGM, The Hotel at Mandalay Bay are boutique hotels designed for satisfying special needs of its visitors. The Hotel at Mandalay Bay is mainly designed for business travelers as well as pleasure seekers. City Center with its luxury shops is positioned as Ã¢â¬Å"one of the world premiere shopping destinationÃ¢â¬ attracting all visitors of Las Vegas. MGM Grand Detroit serving luxury in the center of entertainment in the city mainly attracts high end customers with its high end positioning. Brand name is an important key factor in MGM GrandÃ¢â¬â¢s marketin g strategy therefore establishes different brand names and implies different pricing strategies to each product in its portfolio. Pricing For MGM Grand pricing is a key variable in differentiating the variety of the quality and thus prices demanded from customers. Bellagio is the high end product with the highest pricing model followed by Aria. However MGM GRAND, Excalibur, Circus Circus, New York New York and others are effected by seasonal pricing, special discounts and special packages.