Management team highly experienced and very successful in tourism. U.S. population living longer (retirees are more incline to spend money traveling, leisure activities and gambling).
strategic development of its product.
Continuous promotion of brand part of company strategy.
Direct marketing to high end customer
* B. Weaknesses.
1. Too reliant on CEO Steve Wynn (many lines of credit as direct reflect of Wynn maintain CEO position).
2. Increase in terrorist activity lead to tourism worldwide decrease. 3. Rising gas prices has lead to direct increase in airfares which consequently leads to decrease in travel and tourism. 4. Many competing properties in both Las Vegas and Asia. 5. Sole marketing executive in strategic global location not sufficient to conduct through market research and adjust product according.
Nature of external environments
Risk of Entry by potential competitors
* 1. Potential competitors are very high due to the increase in competing properties. 2. Brand Loyalty is high due to Wynn’s reputation in the Vegas area and both the gambling and tourism industries. 3. Government regulation has made it very difficult to obtain gambling licenses. B. Rivalry among established companies
The Essay on Alternatives for the decision regarding the high lead found in the whistles
The situation of determining how to handle the recently discovered high lead content in the large whistles order is a difficult one that will in some way affect the company. Three alternatives have been made to allow options for this decision. Alternative 1: Say nothing; allow the whistles shipment to go without notifying the customer. Alternative 2: Replace the customer’s order by providing ...
1. Intense competition causes an increase in advertising, promotional spending and directs selling efforts. 2. The strategic development of its product allows Wynn to sell to a target market. C. Substitute products
1. The amount of competitors in the industry decreases the ability to raise prices and make a profit. * IV. Swot analysis
A. (Strength) Wynn’s name in the industry allows for lines of credit and brand recognition, (Threat) If Wynn were to ever leave, step down or die the company would be unable to secure the same lines of credit. B. (Strength) Management team is highly experienced and successful in tourism. (Threat) Much like the reliance on Wynn, if the management team was to leave the ability to maintain would decrease. C. (Strength) The U.S. population living longer. (Opportunity) With a aging society the number of customers that use the products of Wynn will continue to grow. D. (Strength) Strategic development of its product.(Opportunity) With the high incomes of the target market cross marketing to other area such as travel and vacations which is appealing to the high end customers. E. (Strength) Continuous promotion of brand is part of company strategy. (Threat) If the brand name is to become diminished the company itself would have no way of sustaining profitability for the future. F. (Strength) Direct marketing to high end customer. (Threat) By only marketing to the high end customer Wynn is missing a large target market of middle income clients. * V. Corporate level strategy
A. Wynn industries use a related diversification for their corporate level strategy.
* VI. Business level strategy
A. Wynn differentiates its product by targeting to only high end customers.
B. Wynn uses a focused market segmentation to narrow the use of its products to a select group of customers. C. By using focused differentiation Wynn is able to focus on a select group of customers. * VII. Structure control systems
A. In the beginning stages of Wynn Industries found that horizontal integration would allow the company to be most profitable. B. With the increase of name brand loyalty, vertical integration is a much preferred strategy in order to maintain profitability.
The Term Paper on Market Analysis Strategy Basic Product
MARKET ANALYSIS 1. 1 MAREKT SIZES AND TRENDS The market for the product can be divided into two segments: the Consumer and the Business Segments. Within the consumer and Business segments, it can be further segmented into four different sub-segments each, based on different characteristics or profile of the sub-segments. 1. 1-1 BUSINESS SEGMENTSThe market size of the Business market has grown from ...
* VIII. Recommendations
* A. With the advancement of technology at such a rapid pace, vertical integration strategy may become ineffective. B. Due to a decline in worldwide economy, industries that are reliant upon tourism and expendable cash may be overly affected.
