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Maximum, Market and Choice Principles Term Paper

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Updated: Jan 13th, 2022

MGM Las Vegas project by MGM Resorts International is a successful enterprise with serious business traditions and its principles. MGM Las Vegas is a casino, the third-largest hotel in the world and the largest hotel complex in the United States. The complex features numerous facilities including the main building of thirty floors, five outdoor pools, waterfalls and rivers, the MGM Grand Garden Arena, convention centre, CBS Television City, numerous shops, restaurants and nightclubs, the largest Casino in Clark County, and the Spa resort. The current event from the company’s functioning which is going to be explored in the following paper is evaluated from the point of view of the maximum principle, market principle and choice principle; and it appears that the company can be apprehended as following a wise and successful strategy as it is seen with regards to those principles.

Speaking about the purpose of the following paper which is in the examining of MGM Las Vegas strategy’s correspondence to the maximum principle, market principle and choice principle, it is important to define these notions. The maximum principle is the principle conditioned by the entrepreneur’s desire to achieve the best possible results in the currently existing market situation using constant researches and marketing calculations. The market principle can be defined as one of the three principles of goods and services exchange conditioning the model of commodity-money relationships. And finally, the choice principle is the principle which states that individuals have a stable tendency to always make the most rational and wise decisions to gain the best profits possible from the current market situation.

Some of the current events of MGM Las Vegas are in establishing a new line of services and new standards of service. The viability of the services offered by MGM Las Vegas is very diversified and well-thought. The complex offers the most varied services for the clients which correspond to the highest standards of hotel and recreation resorts service. The complex’s clients are offered modern luxurious rooms with king-size feather-soft beds with high-quality cotton sheets, sitting area, working desk, IDD telephone with voicemail, televisions and DVD player, the Multi-channel satellite television including the chain’s Television channel, in-suite safe, mini bar, complimentary tea & coffee making facilities, bathroom with bathtub or walk-in Shower, IDD facilities, laundry & dry cleaning service, hair-dryer, business lounge, avant-garde meetings and events facilities, children’s centre, library, hair salon, 24-hour infinity pools, high-speed wireless internet connection, daily housekeeping services, car rental desk, currency exchange, wake up service, and even more. The hotel’s 24-hour fitness centre amenities include a Jacuzzi, swimming pool, massage rooms, the gyms with free weights. As to the casino, it also features one of the most diversified and modern services in the world. The company puts a lot of effort every month into creating new services and maintaining high standards of those already existing.

The company’s strategy corresponds to the principles related above in a rather considerable way. The demand cost of MGM Las Vegas is well defined by the level of the income of the chain’s clients, the price for related services offered by the companies-competitors, the number of buyers, and their preferences, expectations and tastes. Speaking about the market conditions in the area of tourism and recreation, it should be stated that they are constantly improving during last year as the level of the country’s economy along with the other economies of the world (where the company’s clients come from) is gradually rising (Zemanek par.47). In addition, the fluctuating situation in the other countries offering the same services as MGM Resorts International, adds to the success of the company on the market. Thus, MGM Las Vegas resort enjoys stable growth of the company’s outcome along with a privileged position among its competitor companies. The economic conditions during last year improved significantly mainly due to the response in monetary policy accommodation in 2010 (Murren par.23). This affects the situation in the area of tourism and entertainment establishing the opportunity for MGM Resorts International to enjoy the advantageous market and economic conditions and offer substantial viability of their services to clients. The impact of technology on productivity and the average total cost is considered as it affects numerous areas. On the whole, it affects the costs lessening them out as many processes connected with the production become less complicated, labour and stock material investing. However, technology also offers the opportunity to present the clients with exclusive services; in this case, the costs will grow on the contrary.

Concluding on all the above mentioned, it should be stated that MGM Las Vegas is a successful project by MGM Resorts International. The viability of the selected services is varied and significant. Its costs are influenced by market and economic conditions which have become advantageous at present. Evaluating the company’s strategy including the last operations from the point of view of the maximum principle, market principle and choice principle, it should be stated that it follows the most important maxims in its business strategy helping it to function successfully in the market.

Works Cited

  1. Murren, Jacob. (2011). “MGM Resorts International”. The Annual Meeting of Stockholders of MGM Resorts International.
  2. Zemanek, S. (2011). U.S. Travel and Tourism Satellite Accounts for 2007-2010. The U.S. Travel and Tourism Satellite Accounts.
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IvyPanda. 2022. "Maximum, Market and Choice Principles." January 13, 2022. https://ivypanda.com/essays/maximum-market-and-choice-principles/.

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