Of the Ten Hotel Classifications,select Five and Give a General

question 28

Essay

Of the ten hotel classifications,select five and give a general description of the types of hotels in each segment.Be sure to include price,location,and degree of service and target market.

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Definitions:

Nash Equilibrium

An idea in game theory where a player cannot benefit by altering their strategy alone while the strategies of other players stay the same.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies if the other players keep theirs unchanged.

Simultaneous Pricing Game

A strategic interaction in economics where multiple firms set their prices at the same time, taking into consideration the potential reactions of competitors.

Trigger Strategy

A long-term tactic in game theory where a player's future actions are conditional on other players' actions, commonly used to enforce cooperation or punish non-cooperation.