The positioning map, determinant attributes, and its analysis
The Sin City, Las Vegas, is known for gambling, entertainment, and nightlife – which attract millions of visitors every year. The resort industry there is highly developed. Statistics in 2014 from Las Vegas Convention and Visitors Authority show that there are 150,593 hotel rooms in total and the occupancy rate of hotels is 87.1% at the year of 2013. Every resorts and casinos in Las Vegas offer different prices, facilities, services, and experiences. Each resorts and casinos serves for their target audiences, who are chosen based on their own customer needs analysis. It is extremely important for resorts make their positions in this huge competitive market. This article researches three of the most famous resorts in Las Vegas located on the Strip: Caesars Palace, MGM Grand, and Circus Circus. It analyzes and explains a perceptual map of resorts in Las Vegas based on two determinant attributes: price and customer satisfaction. (See Appendix A)
When it comes to hotel selection, certainly, the most important factor customers consider about is the guest experience. To research quality and reputation of hotels, browsing reviews online seems like the most convenient and popular way. In fact, a high rating of a hotel (usually considered as above 78%) makes potential costumers 13.5% more likely to book that hotel. (Anderson C, 2012) Table 1 shows different ratings of three resorts from four different travel/hotel websites. Clearly, the Caesars Palace gets the highest rating (79.5%) among all three, MGM Grand follows behind by only 1.25% difference, while Circus Circus has an extremely low rating (64.25%). M&S from Australia wrote a review of Circus...
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To compare these three resorts in Las Vegas, Caesars Palace is the most expensive one but it has the highest customer satisfaction, MGM Grand has the second highest price and the second highest customer satisfaction, and Circus Circus is indeed the cheapest one, but has the lowest customer satisfaction. By listing more companies in the same industry on the perceptual map, it is indeed a trend that the more expensive the resort is, the better experience customers will be receiving. Future more, different positions in the competitive market is shown. The target audiences of Caesars Palace are wealthy, more mature, older customers. MGM Grand attracts adventurous young adults who enjoying affordable parties in Las Vegas. Circus Circus, on the other hand, is very suitable for teenagers and those who are on budget but still would like to have fun.
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