The Good Hotel chain was founded in 2012 as a social enterprise. Its first hotel, built...

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The Good Hotel chain was founded in 2012 as a social enterprise. Its first hotel, built on a large floating platform, was opened in Amsterdam in 2015. In Autumn 2016, the not-for-profit, 148-bedroom floating hotel was relocated to the River Thames. The Good Hotel offers premium hospitality. Its business objectives include giving opportunities to local people who have struggled to find employment and are receiving welfare payments. It recruits and trains local, long-term unemployed people to work in the hotel. The Good Hotel has also opened a 20-room, premium priced, luxury hotel in a former private mansion located in Guatemala, a Central American country south of Mexico. The business has plans for eight further hotels around the world by 2020. (Source: Copyright Guardian News & Media Ltd 2018) Q1. What is meant by business objective? (2) Q2. Explain what is meant by 'niche'? Can it be said that The Good Hotel is operating in a niche market? (3) Q3. Keeping in mind that a Unique Selling Point (USP) is an important factor, what kind of pricing strategy should they use? (3) The Good Hotel chain was founded in 2012 as a social enterprise. Its first hotel, built on a large floating platform, was opened in Amsterdam in 2015. In Autumn 2016, the not-for-profit, 148-bedroom floating hotel was relocated to the River Thames. The Good Hotel offers premium hospitality. Its business objectives include giving opportunities to local people who have struggled to find employment and are receiving welfare payments. It recruits and trains local, long-term unemployed people to work in the hotel. The Good Hotel has also opened a 20-room, premium priced, luxury hotel in a former private mansion located in Guatemala, a Central American country south of Mexico. The business has plans for eight further hotels around the world by 2020. (Source: Copyright Guardian News & Media Ltd 2018) Q1. What is meant by business objective? (2) Q2. Explain what is meant by 'niche'? Can it be said that The Good Hotel is operating in a niche market? (3) Q3. Keeping in mind that a Unique Selling Point (USP) is an important factor, what kind of pricing strategy should they use? (3)

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1 A business objective refers to specific measurable goals or ta... View the full answer