Business game at the luxurious Hotel Gold Star
- Overview of the European Central Bank
- Overview of the US Federal Reserve
- Monetary policies implemented by both organizations
There is a 4 star restaurant with a 2-star rating in the Michelin Guide. This proves that it is actually a luxurious restaurant which prepares dishes that are recognized for their quality. There is also one with lodging services. The rooms in the hotel have two chambers that are tastefully furnished and decorated. Such an arrangement is also to respect the privacy of the customers. The atmosphere is also very cozy and warm. There is even a terrace opening onto the gardens which provides a good view on a sunny day.
Great importance has been given to decoration. This can help the business earn customer loyalty and is also a way to attract new customers. The predominant colors used for decoration are brown and green anise. Brown is a warm color that evokes stability, balance, well-being, confidence and sincerity. It is a reassuring color. Green brings a sense of calm and serenity. The idea is to create a favorable place to relax, so that people are much more sensitive to flavors.
The hotel is located at Place Vendome in Paris, which is a famous place. With respect to food, it maintains exceptional quality in terms of services and the quality of food. Despite these unique selling features, competition in this market segment is very strong. The hotel can cite a few of it chief competitors: The Fountain of the Arts, The Purple and Chez Yorejina etc.
The concept of the restaurant involved taking over a succumbing restaurant in the capital, and then transforming it into an upscale restaurant with respect to luxury and refinement. The first objective is to attract new customers and increase awareness of the restaurant without lowering the quality of the products and services. The second objective is to stand out among the competitors.
The population has a lot of standing expectations as it is very demanding and choosy. The main point of the axis of communication, comfort, is to play on different advertising budgets, external and internal communications including the decor, ambience, layout, and finally the comfort, the furniture, and also the atmosphere of the restaurant .
The various budgets have evolved to studies of customer satisfaction that has been taken at every start of the year. The goal was to keep the note closest to 8 in order to maintain the market share, customers, and to have a competitive edge.
The fact of anticipating the market standing was a good idea, because it could be seen that most companies, have entered the same market segment . So one has to take the lead over the others.
However, the fact that competition is approaching one had to play on parties other than the selling prices of menus.
So, the competitive studies were mainly used, satisfaction which allowed the restaurant to position itslef as it really had to, and to play slowly on budgets, so as to see the evolution. It is a real investment that has served well throughout the 5 years of practice.
Thus, the budgets have increased, to actually increase satisfaction, which is the main attraction of a restaurant or business in general. Finally, the important feature to consider is the economy, and because of this foresight, there has been a good headstart even when the situation was unfavorable. That's why it has ended up with the best net worth.
Tags: Business game, luxurious hotel/restaurant, Hotel Gold Star