The Casino Industry in the US Case Study Example | Topics and Well Written Essays - 750 words - 16

The Casino Industry in the US - Case Study Example Competition of the new entrants is a real threat and it is eating the business. The emerging market for the new casinos is led by boat casinos and Native American casinos. According to Michael E. Porter (1980), concentrating only on resources and competencies, while ignoring the competition, can turn a firm inward looking (XVI). The competition is not only growing in the US alone. Europe is harboring its own army of casinos and stealing away the high rollers. This means that the extremely wealthy that used to travel to Las Vegas to buy casino chips and gamble are now getting the facility in their own country or continent. After the financial crisis of 2008, the rivalry between casinos has gotten more intense. Now the same casinos fight over customers and have turned to game theories to ward off the competition. Other forms of entertainments like late opening nightclubs can take away some market segment as many come to Las Vegas for entertainment and as a side dish, for gambling. If n ightclubs take away these customers, casino revenues will drop as advertisers won’t find their customers to target. All gaming firms do not compete for head to head. Some firms target the high rollers, people who can stack up millions at one gambling table, while other casinos target small-time gamblers. Big casinos always aim for high rollers despite the fact that so much revenue becomes dependent on a single investor or party. An absence of this ‘investment’ just once can mean a low earning quarter. Other than capturing market segment, geographical dominance also plays its part. No other state can compete with Nevada when it comes to gambling. This state was given the license to gamble in 1933, the first state to have that privilege. The longest stay in the business has made it the topmost gaming revenue generator in the US with over $10 billion annually.

Strategic management Essay Example | Topics and Well Written Essays - 1500 words - 5

Strategic management - Essay Example Running an advert for a new project is significant before embarking in the real project. Therefore, vital control measures play a major role. Again, if the implementation is not executed according to plan, the company will not attain its desired goals. Strategic surveillance is essential for observing events in and out of a business that have a high potential of affecting the strategy. This is done by carrying out market research, utilizing past information, attending business meetings and tracking social networking sites. When a small business is planning to establish a new project, it is important for it to analyze literature in the relevant field to avoid making the wrong decision (Stephen, Lakhani, Brown & Malmi, 2008). On the other hand, special alert control refers to a thorough and speedy reassessment of a company’s strategy following a sudden event. For example, when an investor acquires a company’s competitor, it demands for immediate reassessment of the strategy because the investor could be planning to position the competitor so that it can achieve a competitive advantage. Surveillance control only predicts on potential risks while special alert control works to correct the predicted occurrence. Implementa tion control ensures that any established strategy whether meets the expected threshold. Operational control and assessment are essential in every business organization. The operations determine the possible outcome in the end. This means that high operational cost will lead to lesser profits hence the need to incorporate time, budgets and success factors in operations control and evaluation. Operations management ensures that proper designing, planning and control of production process is attained so that the business targets are met (Pearce & Robinson, 2011). Budgets are essential in establishing whether the operations are going beyond the manageable levels. Budgets