Busn 6110

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Busn 6110

Limit your answers to one page per question. Submit using the Assignments area. An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself.

Some chains are requiring private owners or franchisees to make upgrades in their hotels, but they are having a difficult time enforcing the policy. This is the classic principal-agent problem.

This could be alleviated if the provisions are spelled out in the contract in terms of requirements issued by Marriot. This answer has to do with reputation and name recognition. Customers are not concerned with the ownership; they are concerned with the end result. In addition, franchisees continue to pay a premium for the name and if they are not doing well the principal will lose franchises along with customers, while gaining a tarnished name.

A true snowball effect. Why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise in downtown areas, where there is a lot of repeat business? Think of the reputation effect and the incentive of franchises to maintain quality.

This has to do with repeat business.

BUSN 6110 - Webster University

In resort areas you are going to get many different customers. When there is little repeat business, there may be less incentive for a hotel to provide quality service.

Down town where repeat business is the overarching goal — franchises will already have a big incentive to maintain quality to attract repeat business, thus increasing their profit and revenue share.

Suppose you are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine?

The price of a comparable French wine decreases. When the price of a substitute good decreases, demand for our good decreases which will decrease the equilibrium price. One hundred new wineries open in California, This will increase supply.

An increase in supply will decrease equilibrium price.

Busn 6110

The unemployment rate in the United States decreases. This will increase income, which is a determinant of demand — demand will increase.

Busn 6110

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