The secret of business is to know something that nobody else knows.
One of the greatest pieces of economic wisdom is to know what you do not know.
This research design is meant to provide a competitor analysis of hotels in competition with Hotel Charisma. The objective of the research design is to is to determine what allows competitor hotels to retain an occupancy rate level that is 10-20% higher on average than the occupancy rate level average at Hotel Charisma. The research design is also intended to reveal why Hotel Charisma has not been able to boost its domestic market performance during peak periods in the area. Competitor analysis will be conducted via a research design using the concept of “Mystery Shopping.” The report is comprised of definitions, variables and hypotheses, related research and theory, and the research design. A conclusion will address likely costs, effectiveness and limitations of the proposed research.
“Your competitors are those firms which you consider rivals in business, and with whom you compete for market share” (What 1).
“Competitors are companies that make products or perform services similar to yours, make products or perform services that can be substituted for yours, and make products or perform services that are analogous to yours” (Competitor 1).
“Competitor analysis is the process of gathering information about competing products, services or systems. This helps you create and maintain a competitive position” (Other 1).
“The collection, summarization, analyzing, and reporting of all five competitive forces: competition, substitute providers, potential entrants, suppliers and customers” (PC-based 1).
“The purposeful and coordinated monitoring of your competitor (s), wherever and whoever they may be, within a specific marketplace. Strategy to gain foreknowledge of your competitor’s plans and to plan your business strategy to countervail thei...