Case Study of MGM Example | Topics and Well Written Essays - 500 words

Of MGM - Case Study Example The highly competitive nature of the hospitality and gaming industry is considered one of the biggest threats for MGM. The competitors vary considerably in terms of their size, quality of services, financial potency and capabilities, level of facilities and the diversity that exists in terms of geographic location. MGM faces competition from several public and private companies that operate in the hotel, gaming and resort business. In just the short period, that MGM has been in the market, its portfolio has vastly increased. MGM is actively in pursuit of development opportunities in the main regions that show some form of opportunity, both domestically and internationally. However, now MGM seems to be highly reliant on Las Vegas to generate the larger part of its revenue. Secondly, MGM has taken up several initiatives in order to set it apart from its competitors. Building themed hotels came outdated and a clichà © over time, which in turn necessitated the need for MGM to take up on something different and unique. This is relevant in ensuring that the hotel can offer to its customers what the other hotels in the hospitality and gaming industry do not have to offer. Furthermore, in order to get a head start in the changing era of the competitive industry, MGM has collaborated with the digital entertainment party known, as bwin party waiting for the time when gambling shall be made legal. The world is vastly changing to be a digital and customers are everyday hoping to do everything online. Offering online poker is likely to give MGM competitive advantage in the gaming industry. The resource-based model is ideal when venturing into international markets as a way of maintaining competitive advantage and attaining above average returns. Furthermore, MGM should focus on training the employees in order to deliver consistent excellent customer service across all of its

The Purchasing Cycle Essay Example | Topics and Well Written Essays - 1250 words

The Purchasing Cycle - Essay Example For a purchasing process to be effective, the department must ensure it understands the company’s goals and plans. The most successful industries that may have managed to provide a very efficient purchasing process in the US include Food and beverage industries and electronic and computers industries. To achieve this objective, the purchasing department must understand the business requirements. It is also required to buy products and services from the right source, at the right price, quantity, time, and the correct specifications as required by customers. The overall aim of this objective in manufacturing companies is to ensure that the raw materials needed in the production process are acquired, in the right quantity and quality and from viable sources. The implications this has is that if the wrong raw materials are bought, the entire production process is stalled and the company might end up making losses or producing poor quality products that do not meet the customers’ specifications(Matthews & Schneller, 2011). For the purchasing process to be efficient and effective, there must be keen following of the whole process and knowledge of the supplier markets. Opportunities must, therefore, be identified, internal operations managed and all focus directed towards achieving this objective. In identifying opportunities, suppliers with the highest quality and cost friendly products are selected. Ensuring diversity in suppliers selected could also be beneficial to the company. The purchasing department has the responsibility of choosing the best suppliers, using the most viable criterion to choose the most current suppliers as they are usually very competitive. Internal operations involve managing procurement staff effectively, formulating policies and strategies. Proper leadership in the purchasing department, collaboration and teamwork helps in achieving this objective (Matthews & Schneller, 2011). For the purchasing