Choice Hotels International Inc ‘s Profitability

Choice Hotels Cosmopolitan Inc. ’s Earnings

Advantages

Alternative Hotels International, Incorporation. (CHH) is some sort of hospitality holding business intent on purchasing variegated shares intended for its brands, like Comfort Suites, Good quality Inn, and Sleeping Inn (Fraser, 2012). This paper enumerates a detailed examination of the CHH Inc. by approach of outlining it is size and expansion, industry classification, eye-sight, mission, profitability, selling price factors, and driving principles, among various other important aspects.

Company Account

While Orr writes, typically the conglomerate inaugurated it is operations in 1939 when seven resort proprietors in Sarasota established a mutual association as coffee grounds for the mélange with the CHH lodge institution (2013). Typically the core objective involving the partnership focused at assimilating enhanced services and good quality standards into typically the hotel industry by simply exploiting the positive aspects of business complicité and unions. Sloat-Spencer (2013) asserts how the result of this kind of undertaking has turned out lucrative and fulfilling as being the present-day CHH reaps huge earnings and global identification.

CHH, a subservient involving Manor Care, Incorporation. (Orr, 2013), points to the second-largest lodge franchisor overlooking a few, 200 hotels seeing that well as 499, 000 lodging canals. The multinational, positioned at Rockville, Annapolis, franchises its lodge brands, instituted inside of 34 states surrounding the United Claims, Columbia, and Muelle Rico, and the like (Maltbie, 2009). CHH brings to the record of flourishing lodge chains inside the modern-day hospitality sphere while it implements magnificent and economical ways of operation.

Among various other clientele, Choice Accommodations holds senior individuals, expatriates, dignitaries, and even business travelers inside of high esteem seeing that regards provisions involving business-class services and even quality. As discussed by Freed (2013), the corporation provides its franchisees using exceptional reservation websites, the good quality assurance, and advertising and marketing programs in change for a guard licensing and training fee (3%-8%).

Industry category

Alternative Hotels International, seeing that described by Orr (2013), lists within the lodging and vacation stratum. The mélange is a service-entailed establishment that capabilities to dispense enjoyment facilities and goods. The corporation executives allow for business travelers and even dignitaries in admiration of travel and even lodging particulars and even developments. Its major component brand hotels, like Comfort Inn, Sleeping Inn, and Anchor Suites, entail diner service catering and even facilities, targeting buyers and developers (Sloat-Spencer, 2013). The CHH Inc. also enhances up as some sort of hotel franchisor using multiple franchise products spread in quite a few jurisdictions, dispensing ‘economy’ hotel services which range from lower range to upper mid-scale properties.

Size and expansion

At this time, Choice Hotels contains variegated franchise negotiating and contracts, major 6, 372 running hotels in line with 516 dining establishments under construction, traces Freed (2013). Fraser (2012) attributes of which the enterprises underneath construction are wanting conversion or need received approval intended for erection as involving 30 June 2014. The 6, 372 subsidiary entities contain 506, 523 bedrooms, while the various other 516 hotels composed of 40, 946 bedrooms established in typically the Columbia District, typically the USA, in addition to various other 35 countries.

The companies encompass comfortableness Bedrooms, Quality, Clarion, Ease and comfort Inn, Ascend Lodge Collection, Econo Resort, Rodeway Inn, Anchor Suites, Sleep Hotel, Cambria Suites, and even the Suburban Expanded Stay. CHH Incorporation. employs two ideal management skills to the efficient supervision and even running of these kinds of products (Maltbie, 2009).

That they include the direct and even master franchising interactions integrated to generate those partners prepared with professional property handling capabilities, responses Fraser (2012). Typically the growth of the particular transnational company is heavily on the particular forged master franchising affiliations to excercise the particular financing capacity regarding funding also to create the brands directly into their pertinent marketplaces.

Firm Profitability

According to Orr (2013), company earnings embodies the economic metrics that measure an entity’s capacity to generate larger revenues against their expenditures as well as other fitting costs. The go back on stocks, value, as well like profit margin, amount to the core economic metrics and percentages useful for dissecting a new corporation’s financial research and profitability (Porter, 2008). As relation the CHH Incorporation., the fundamental percentages and stats relating to its financial metrics are as employs (see Table 1).

Table 1: Earnings Ratios for the particular Period Ended Drive 2014 (Q1).

Source: Choice Resorts International Inc.: Financial records 2015, para. two.

Over the yrs, starting from 2011, spring 2012, 2013, and 2014, the multinational organization has continuously elevated its revenue integers from $640. 6M, $692. 7M, $724. 7M, and $758. 0M USD, correspondingly. The organization has likewise downplayed its outgoings as regards the expense of commodities sold coming from 45. 18% in order to 42. 90% ( Choice Resorts, 2015). This impressive slice of fees provides facilitated bottom range progress for the particular entity from $113. 7M USD in order to $123. 2M CHF, asserts Orr (2013).

The particular gross profits matching to the yrs 2011, 2012, 2013, and 2014 usually are $362. 5M, $382. 8M, $401. 7M, and $439. 1M USD, respectively ( Choice Resorts, 2015). A review regarding all these stats clearly depicts the transnational entity is usually significantly profitable relating to its expanding low profits and profits over the recent four years. The particular aggregate assets placed by the use attribute to $661. 1M USD since quoted at the particular end of the particular first quarterly period- March 2015 ( Choice Resorts, 2015). The total amount of workforce enlisted in the commercial is 1, 331 people.

Elements affecting success

The elements influencing CHH Incorporation’s profitability constitute the particular risk elements able to triggering adverse economic impacts on the particular company and their subsidiaries otherwise governed. Outlined listed here are the particular risk factors in whose effects could coin results that vary from those expressed found in specified ‘forward-looking statements’ (Fraser, 2012).

  • The Subsidiaries’ economic conditions. Decreases within the fiscal conditions regarding ancillary travel businesses and incorporated dispenses minimize the general revenues of CHH Inc.
  • The rise found in operating costs. The particular escalation of supervision and selling expenditures trigger lower functioning (profit) margins.
  • Operating funds inaccessibility. The shortage of operating cash inhibits the firm’s developers and motel managers from helping relevant investments or even building new motel establishments.
  • Fluctuation mannerisms regarding exchange rates. Unmatched changes in swap rates and extended economic weaknesses slow down domestic and cosmopolitan travel tendencies, as a consequence affecting the hotel’s revenue.
  • Business relationships. Insufficiencies encountered in preserving positive associations and even partnerships together with the franchisees’ managers precipitate negative business positioning and even reputation. Furthermore, unawareness and fall outs between the CHH’s executive board along with the suppliers affects the caliber of the purchased unprocessed trash.
  • Client unemployment. Small amounts of product purchases by simply clients translate straight into diminished gains and even profits on products and services distributed.
  • Disorders. The hasty pregnancy of insect harmful attacks and contagious disorders regarded as present on hotel rooms discourages travelers against reservation into resorts.
  • Travel advisories. The imposition associated with travel restrictions in to selected jurisdictions simply by federal governments plus state authorities discourages travel. These restrictions result in customer unemployment in the particular hotel industry.
  • Rigorous regulations. Extremely rigid authorities regulations encompassing building costs, maintenance & operating expenses, advantages, and wages control the smooth working of operations inside hotels. The related authorities should therefore Laxen the relevant rules to help smooth procedures plus trade.
  • Demographic aspects. Issues affecting room occupancy, rates, geographic area desirability, and market place conditions precipitate reduce leisure and business travel. The result is the gradually reduced require for lodging along with other accompanying services.
  • Product segmentation

    Option Hotels’ management table has implemented 2 strategic models as regards product segmentation, specifically the hotel franchising model as nicely as the SkyTouch Technology design ( Choice Resorts, 2015). The franchising design furnishes 11 part brand names that will spawn huge income by means of levying royals fees. As comprehensive by Porter (2008), these costs plus billings entail the particular initial commissions plus the rolling charge compensation in mixture with specified reservation system & advertising charges.

    CHH’s production division allocates the different solution and promotional costs depending on the particular franchisees’ aggregate space income ( Choice, 2008). On the particular other hand, the particular SkyTouch Technology department configures and suppliers cloud-based applications in order to hoteliers based upon the choiceADVANTAGE platform attributes Freed (2013).

    These capabilities embody mobile-native interfaces that facilitate mobile capabilities such as housekeeping, property management, occupancy, ADR, rate management, guest stays, and Availability for Tonight. Fraser (2012) adds that the SkyTouch OS model administers real-time support chats and onsite training that entails simulation-grounded eLearning components.

    Degree of company concentration

    According to Maltbie, the level of group concentration refers to the calculated technique employed to exploit a single commodity or market (2009). This tactic enables the involved enterprise to input more resources into the procreation and retailing of one product, waiving the perils of competition increments or demand cutback. Choice Hotel’s mainstay business concentration favors hotel franchising as opposed to direct ownership of the subunits (Fraser, 2012).

    The franchising structure helps Choice Hotels to profit from the ‘economies of scale’ arising from the germane franchising transactions (Freed, 2013). Choice Hotels’ brand’s outlay services aimed at the middle-income and upscale patrons. The multinational’s moneymakers include the number and appropriate mix of franchised hotels, room rates & tenancy, and royalty fees write Sloat-Spencer (2013). Additionally, the subunit owners pay a 4%-6% of the yearly combined room revenue to account for the life of the engagement, details Orr (2013).

    Price factors

    Choice Hotels’ pricing strategies hinge on guest factors, the industry competition, and the demand & supply conception (Fraser, 2012). As regards demand in addition to supply, analysts fast hoteliers to adjust the house Management Method and r understand which market section is most effective ( Advertising, 2013).

    Organization eyesight

    The stipulated eyesight is usually to beget the particular highest proceeds plus yields around the opportunities incorporated for starting the varied business hotels ( Choice Hotels, 2015).

    Mission

    Choice Hotel’s mission, as described by Orr (2013), entails the shipping of an effective system and system of strong franchise brands that highlight on ample customer size and get to. The subsidiaries will certainly include commendable support quality, distribution, plus scope that entices and gratifies visitors while abating costs for that hotel entrepreneurs (Fraser, 2012).

    Guiding concepts

    The particular corporation’s guidelines include appropriate values plus cultures designed in order to equip the stakeholders with the confidence that projected achievement is attainable along with considerable teamwork attempts. Regarding Sloat-Spencer (2013), the set concepts and value-star requirements reinforce the stakeholders to labor with each other in harmony to achieve mutual goals plus targets. People talk about articulated values, behaviour, and opinions intention on shaping plus defining personalities, company operations, and greatest prosperity ( Choice, 2008).

    External Environment Assessment

    The particular external environment assessment of a company entity entails the particular contemplation of diverse aspects like competitors, performance prospects, marketplace positions, as well as the dominating economic constituents (Porter, Argyres, & McGahan, 2005). The exterior business environment includes two paradigms, specifically the general atmosphere and the business. As enumerated simply by Porter (2008), the particular general macro atmosphere accommodates events plus trends within the sociable, technological, economic, plus demographics realms.

    In comparison, the particular competitive industry atmosphere takes into accounts the forces that will drive firms within similar sectors in order to wrestle with every other by dishing out comparable goods plus services (Porter, Argyres, & McGahan, 2005). Comprehending the exterior business environment assists to decipher the particular opportunities and risks encountered in the particular firm’s maneuvers plus activities. This section highlights the competing industry environment associated with Choice Hotels Inc. by way associated with analyzing Porter’s 5 Forces (see Physique 1).

    Porter’s five causes analysis involves a good outline structure that will examines the strength of competition inside a trade as okay as the company strategy advancement (Porter, 2008). The 5 forces constitute the microenvironment that affects an entity’s capability to attend to the patronage as nicely as create earnings. According to Tenir, Argyres, and McGahan (2005), business experts employ these causes to prescribe the particular attractiveness of the particular specified trade business.

    The particular threat of new traders

    Tenir (2008) articulates the particular ‘New Entrants Threat’ as the nuisance facing high-yield deals when budding people come aboard the marketplace. The market entry by many new traders dilutes the earnings and revenue-generation ability of the included business units. Tenir, Argyres, and McGahan (2005) identify a few factors that may hamper this danger, namely rights & patents, capital needs, absolute cost, financial systems of scale, brand name equity, and authorities policies.

    As regards the particular external environment scenario for Choice Resorts, Orr (2013) highlights that the resort (franchising) commerce offers relished in the substantial market development over the prior income years. The particular travel and travel and leisure opportunities that arrive along with this particular hotel industry possess conceived tremendous income and returns, therefore serving as a good enticing tool with regard to new entrants seeking the market (Porter, 2008).

    Maltbie remarks that will regardless of the setback affected by the monetary catastrophe, the overall anticipation are that this hospitality trade will carry on accelerating (2009). The particular ‘new entrants’ danger manifests better within the Asia-Pacific vicinity as tourists journey in high figures and reveals fresh flight pathways ( Marketing, 2013). The result is that numerous traders subscribe to the resort industry in the particular form of little exclusive traders in spite of the uncertainty associated with their victory. Inside a corrective move, therefore , relevant authorities enforce certain capital requirements, initial funds, item differentiation, and international investment restrictions to keep the escalated income gains ( Marketing, 2013).

    Threat of substitutes

    The particular alternatives that contend against Choice Resorts comprise of camping out sites, RV’s, plus visitations to buddies and families ( Marketing, 2013). The particular mere presence associated with these equivalents proffers significant hazards in order to Choice Hotels’ income-generating activities as customers resort to the particular alternatives. The recognized driving factors related to switching to equivalents encompass product differentiation, substitute accessibilities, simplicity of substitution, buyer tendency, customer switching costs, quality depreciation, plus substandard merchandise.

    Regardless, CHH’s threat of substitutes is quite little as its business hotels provide high grade utilities and sites as compared to be able to outdoor camping and even hiring of RV’s (Sloat-Spencer, 2013). Typically the subsidiary hotels absorb extra benefits of which ratify customer pleasure, such as doctor offices, conference rooms, dining establishments, and entertainment cases, attests Freed (2013). Further, the multinational’s trademark and manufacturer equity nurtured in past times has grown as a result strong that that surpasses this menace.

    Electrical power of suppliers

    The negotiating power of services takes into thought the characteristic attributes and mannerisms involving suppliers involved in some sort of market of diversified businesses ( Marketing, 2013). Suppliers incorporate suppliers of toil, services, expertise, organic materials, and pieces. When plunged straight into congested markets, these kinds of suppliers may lifter the prices with their supplies or still usually associate using selected institutions (Porter, 2008).

    Congested industries lift the supplier electrical power as they (providers) have a good range of organizations with whom to be able to work. In typically the context of CHH’s supplier power, typically the sellers’ privilege is definitely somewhat temperate outstanding to the outlaid advantages, announces Separated (2013). CHH’s vendors entail developers, specific estate agencies, advertising and marketing companies, architects, house owners, and food vendors, among others (Orr, 2013). Since typically the hotel industry is definitely labor-intensive, CHH features implemented competent tactics to bargain together with the suppliers above.

    Fraser claims that the corporation’s managers utilize innovative technology systems to be able to locate, probe, and even manage exemplary real estate suppliers whose terms will complement typically the hotel’s reputation (2012). The prospecting involving property equipment vendors in the center of developing fresh franchisees ensures of which the incorporation comes an increased degree involving quality and good results.

    Electrical power of consumers

    Also called to as industry of outputs ( Marketing, 2013), typically the bargaining power involving buyers embodies typically the external coercion and even persistence placed after business entities by simply buyers to acquire product prices. Typically the market of components convenes for the consumers sensitivity to selling price fluctuations and also other components such as negotiating advantage, information availableness, substitute merchandise, and even customer value.

    According to be able to Porter, Argyres, and even McGahan (2005), typically the consumers’ bargaining electrical power becomes high in the event that the market comprises of multiple alternate options, allowing the clientele to be choosy. In the matter of Choice Accommodations, the purchaser power is definitely modest as typically the organization relentlessly has a build-in strategic techniques instructed at abating typically the bargaining power ( Marketing, 2013). Typically the executives of typically the transnational have strained to construct a working trademark and manufacturer recognition across typically the globe (Fraser, 2012). CHH’s global credit rating and acknowledgment attraction first-time patrons in addition to repeat businesses which might be out to deflect the trifling moving over costs.

    In addition , the institution functions achieve exceptional innovations, including doctor offices, gyms, and world of golf complexes, among various other style designs to be able to capture a massive client grouping in spite of the higher-priced services ( Marketing, 2013). The concentration on innovation generation lies in typically the valuation of typically the patrons’ needs, wishes tastes, and personal preferences. Sloat-Spencer (2013) brings that the firm strives to preserve its current buyer base and triumph over others throughout the implementation of fresh tactics such while loyalty programs to be able to lessen buyer electric power.

    Regarding rivalry

    The intensity involving rivalry consists involving the relentless work by the exclusive entities to get past and outsmart the other ( Advertising and marketing, 2013). Porter (2008) fashion magazines the agents involving intense rivalry seeing that rigid concentration rate, advertising costs, solid competitive methodologies, the level of transparency, innovation positive aspects, and the antagonism between online and even offline platforms. Alternative Hotels’ threat involving rivalry constitutes some sort of balanced and acceptable ratio owing to be able to the pertinent logistical and financial real estate agents ( Advertising and marketing, 2013).

    Irregardless of the sont sur internet competitors such while Country Inn and even Best Western, Alternative Hotels, in the potential as a lodge franchisor, has varied its interests. The corporation fixates on mid-scale as well while ‘economy’ service types that fit travelers’ needs, trying to find very low tariff lodgings. Additionally, the enterprise activates in international franchising of hotels instead of outright property title.

    In accordance with Fraser (2012), this kind of structure hatches quite a few advantages for it is employer as that incorporates a worldwide impact, among other factors. The global impact agent capacitates shift and increased profits as the personnel give full attention to returning typically the share repurchases and even dividends to typically the stockholders. The takings acquired avail typically the prerequisite capital needed for CHH to be able to delve into various other operations and transactions jointly with shielding typically the institution against unpredictable market circumstances ( Marketing, 2013).

    Identification involving Differentiators

    Differentiators encompass typically the distinctive features, features, and benefits approved to the identified product or perhaps brand to support it outshine various other commodities (Freed, 2013). Choice Hotels’ attribute differentiators converge on the subject of a multipronged lodge technology space of which comprises of mobile phone, big data, and even cloud-based application tendencies (Sloat-Spencer, 2013). This kind of revolution, which CHH’s CEO (Steve Joyce) credits as some sort of premier module, disburses scalable property managing systems to it is franchisees.

    These functionalities amend, better on-site connectivity, files, technology architecture, and even the mobile program by way regarding engaging a Smart phone app. Freed preserves that you million members had already looked at and downloaded typically the app even just before its constituent subsidiaries unveiled the package deal, thus proving their prosperity (2013). Typically the app’s objective is usually to empower area reservation and cell phone booking, which it offers triumphantly achieved, thinking of CHH’s 13% low online proceeds recovered from the cell phone booking transactions.

    An added technology differentiator executed by CHH is usually the reven Center functions to ahead signals to the franchisees’ hotel professionals when the resorts are usually not capitalizing on the projected pricing technique and proffers suggestions on the adjustment of rates (Freed, 2013).

    Analysis of Inner Environment

    The internal environment refers to the intrinsic occasions, agents, and problems of the entity that impel its options and procedures (Orr, 2013). These brokers include employee conduct, leadership styles, organizational cultures, and mission statements. This section evaluates the inner environment of Choice Hotels concerning the SWOT (Strengths, Weaknesses, Possibilities, and Threats) matrix. The SWOT matrix is a determined planning methodology enlisted in the investigation associated with threats, opportunities, weak points, and strengths inherent inside a business endeavor ( Option, 2008).

    Advantages

    Fraser (2012) defines advantages as those qualities and traits acknowledged to a company that proffers it with certain supremacies and eminence. Layed out beneath are the Choice Hotels’ inbuilt advantages ( Choice, 2008).

    • Diverse profile.
    • Acknowledged procedures in the usa.
    • USA’s premier hotel string entity.
    • Affordable quality service that guarantees exemplary customer experience.
    • Simpler expansion owing to the franchise platform.
    • One of the biggest accommodations franchisor.
  • Varied portfolio.
  • Acknowledged operations within the United Says.
  • USA’s premier hotel string entity.
  • Inexpensive quality support that guarantees exemplary consumer experience.
  • Easier growth owing to the franchise framework.
  • One associated with the greatest accommodations franchisor.
  • Weaknesses

    Weaknesses entail the instruments that current disadvantages to a good enterprise compared to other businesses. CHH’s weaknesses are because follows ( Choice, 2008).

    • Credibility reduction due to overblown aggressiveness by the sales team.
    • Minimal international presence as it greatly leans on the Indian market.
    • Tricky to maintain control over all of the subsidiaries (over 6, 500 franchisees).
  • Credibility reduction due to overblown aggressiveness from the sales team.
  • Minimal world presence as it heavily leans upon the Indian market.
  • Difficult to sustain control over all the subsidiaries (over 6, 500 franchisees).
  • Possibilities

    Opportunities highlight all those aspects that the involved firms may manipulate to elevate their advantages. CHH’s identified opportunities consist of the below necessities ( Option, 2008).

    • Service expansion.
    • Rising revenue benefits.
    • Developing markets and extensions abroad.
    • Package disbursement to encourage devotion and promotional plans.
  • Service growth.
  • Rising revenue gains.
  • Developing markets and extensions abroad.
  • Bundle disbursement to encourage loyalty and promotional programs.
  • Threats

    Threats constitute the parameters capable associated with engendering trouble with regard to the firm. CHH’s threats encompass the following points ( Choice, 2008).

    • New entrants and rivals invading the industry market.
    • Availability of equivalents including inns and local hotels.
    • Buyer predisposition to veer in the direction of other brands such because Best Western.
  • New entrants plus competitors invading the trade market.
  • Availability of equivalents including inns plus local hotels.
  • Buyer predisposition to veer in the direction of other brands this kind of as Best European.
  • Competing Analysis

    Porter, Argyres, plus McGahan (2005) claim that a competing analysis is a business plan subsection formulated for that sole purpose associated with examining and dissecting your present and potential competitors. The competing study endows understanding around the strengths plus weaknesses of your own rivals and challengers, writes Porter (2008). This section focuses upon three analytical methods, namely the worth string, rivalry, and monetary elements.

    Value chain evaluation

    The value chain evaluation is a moderate that works to identify the viable ways and means that will help you spawn value plus merit for your own patronage (Porter, 2008). This tool necessitates a significant insight of expertise, knowledge, plus time for you to deliver exceptional services and products. The worth chain activities assimilated in Choice Hotels include hotel regular membership, guest engagement, employee recruitment (KPI scheme), synchronized inbound & outbound logistics, procedures, and marketing methods ( Advertising, 2013).

    Rivalry analysis

    Rivalry analysis entails the evaluation associated with the existent competition among various businesses within a presented industry, which calls for the form of jockeying with regard to positions (Porter, Argyres, & McGahan, 2005). It really is imperative with regard to a firm to curb against business antagonism to make sure the continuity. Choice Hotels’ efforts in worth augmentation of the products and services consist of product differentiation, brand name identity, high changing costs, industry commitment, and informational difficulty ( Advertising, 2013). The conglomerate offers also invested in cloud-based hotel technology, globally ‘economy’ franchising, cost competition, ideal client gratification, loyalty activities, and promotional actions of their sales department (Freed, 2013).

    Monetary analysis

    Financial analysts utilize the economic evaluation implement to scrutinize the liquidity, solvency, stability, and success of businesses before settling to invest in them (Sloat-Spencer, 2013). As of December 31, 2014, CHH’s net profits, revenue, and dividends were $112. 6M, $757. 97M, and $0. 75 USD- the highest recorded metrics ( Choice Hotels, 2015). These performance integers reveal that the conglomerate is indeed productive and fertile for investment.

    Conclusion

    In conclusion, Choice Hotels International is a dominating champion in the sphere of hotel franchising. This success is evident as per the strengths and opportunities listed above, the value chain & financial analysis, the profitability fractions, its size and growth, and the international eminence. However, the management board can improve its prominence by way of conducting leadership orientation, live training webinars, online courses, strategic sourcing, and consultations (Orr, 2013).

    References

    Choice Hotels . (2008). Web.

    Choice Hotels International Inc: Financials . (2015). Web.

    Fraser, T. (2012). Choice’s winning ways. Hotel & Accommodation Management, 16 (6): 17-23. Web.

    Freed, J. (2013). The choice looks to technology as a differentiator . Web.

    Maltbie, R. (2009). Choice Hotels: Outperforming its peers. Web.

    Marketing. (2013). Web.

    Orr, H. (2013). CHH- Choice Hotels International Inc.: Company analysis and ASR Ranking Report. Alpha Street Research Report. Web.

    Porter, M. (2008). The five competitive forces that shape strategy . Harvard Business Review. Web.

    Porter, M., Argyres N., & McGahan, A. (2005). An interview with Michael Porter . The Academy of Management Executive 16 (2): 43-52. Web.

    Sloat-Spencer, J. (2013). Stepping up. Hotelier, 25 <

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