PRICELINE.COM

A company called Priceline Group

A company called Priceline Group is based in the United States and has experience in the travel industry as well as other online-related services. Additionally, it operates under six brands that serve as the foundation for its administrations. OpenTable, rentalcars.com, KAYAK, agoda.com, Booking.com, and Priceline.com are a few examples. Priceline.com was its original name. It functions in more than 200 countries worldwide (Chen, 2012). This makes it the best travel agency in the entire world.

Infrastructure and Stakeholders

Since its founding, Priceline Group has maintained a leading position in the online travel industry thanks to an incredible infrastructure. Initially, the projected plan of action has guaranteed that it is steady with the individuals who possess the stake in the organization being part of its clients as well. Also, these partners make dependable suggestions to customers for the organization. Through Booking.com, customers recommend the costs they feel pleased with, and the organization gives recommendations that may fit what the customers need.

SWOT Analysis

A SWOT analysis of Priceline Group demonstrates that it has a quite a few core strengths. However, they incorporate; productivity on how to handle customers, the organization’s universal existence makes it reliable, a dedicated client base that ranges crosswise over nations, and having the capacity to extend and take advantage of new nations effectively (Goldsmith, 2013). Considering that, the organization has a few shortcomings. For example, dangers like terrorism that disturbs the organization’s operations. However, the organization does not claim lodgings, rental autos, or carriers. Therefore, it must depend on different suppliers. Ultimately, the organization should dependably rely on other providers. Finally, the organization should be keen on the profoundly unpredictable securities exchange.

Competition

In spite of the fact that Priceline is the greatest and well-doing organization in the market, it also faces competition. Some of her greatest rivals are Orbitz World Wide and Expedia. Moreover, through Expedia was started about a year before Priceline. Currently, Priceline is four times greater than Expedia (Goldsmith, 2013). Thus, this can be ascribed to the system that Priceline uses to serve the customers. Nevertheless, Expedia remains a forceful challenger for clients over the globe.

Effective Strategy

Priceline procedure is extremely compelling. Initially, by asking customers what their value ranges are, the organization gives the customers an attractive situation to pick the best administrations that match their money-related abilities in a fair way (Chen, 2012). Besides, the close relationship with specialist organizations, for example, carriers, inns, rental auto organizations makes the organization to have the capacity to secure the best administrations for her customers. The patent method of business gives it security in that many individuals have a hand its actions. Subsequently, the organization contacts many individuals through associations and systems it has made.

Reference

Chen, C. H. (2012). Name your own price at Priceline. com: Strategic bidding and lockout periods. Review of Economic Studies, 79(4), 1341-1369.

Goldsmith, D. (2013). Rethinking the company’s competitive advantage. Financial Executive, 29(6), 14-18.