Strategy Evaluation in Gambling Industry, SWOT Analysis Example

Introduction

For some people around the world, the only way to live their dreams is gambling. They just want to win the game or want to have a little more money. There is nothing they can think about other then gambling as it doesn’t only became the part of their life’s but also a very important tool in one’s life (Americangaming.org, 2015). Many people don’t stop only in one time, they keep trying and this turns into a cycle of never-ending (Klebanow, 2012). The beginning of this sickness starts from the taste of one or two games a day. By the time goes, a person starts earning more and more greedy in order to earn more money in the simplest way it can be (Ggbmagazine.com, 2015). Companies in this gambling industry handles these facilities or some of them offers gaming activities which include bingo halls, casino hotels and resorts, lotteries, betting and casinos etc (Americangaming.org, 2015).

The gambling or gaming industry in US has about 500 casinos and around 450 Indian bingo halls and casinos (Griffiths & Auer, 2015). The lotteries can be found in about 40 states with the total revenue of $85 billion. In this paper we will be discussing the SWOT analysis and evaluation of strategies with respect to the gambling industry (Ggbmagazine.com, 2015).

SWOT Chart

Opportunities improving customer experience

To retain and to attract the customers, gambling industry can use various opportunities. In some casino companies, they handle casino hotels to provide variety of food, beverages and entertainments to their large number of customers or guests (Klebanow, 2012). As the hotel like MGM Grand in Las Vegas have almost 6000 suites, hotel rooms and other arrangements. The hotels can provide slot machines, bars, theaters and number of retail stores to their customers (Griffiths & Auer, 2015). New games should be introduced as video poker, slots and other machine games are computerized games (Griffiths & Auer, 2015). The gaming manufacturers are introducing new models for game every year so that customer get attracts and provide benefits to this gaming industry (Ggbmagazine.com, 2015). Promotions can be initiated through different sort of marketing plans and focusing on the regional customers. Keeping an eye on the regular customer and offering them with additional perks like free, drink, game, hotel, dinner etc can gain the loyalty of the customers (Americangaming.org, 2015).

Strategy evaluation

In present, many gambling industries are facing challenges. Especially in debts, as it the major response towards economic changes and the loans or the borrowings, which is one of the biggest trouble in gambling life and also one of the key challenging factor for all the industries (Ggbmagazine.com, 2015). So, in that case restructuring or evaluation of strategies should be on a domestic as well as on international scale. Strategy should be implemented in order to focus that these casinos need huge amount of capital, new facilities should be adapted to modernize the existing ones (Klebanow, 2012). Evaluation of strategy must focus on companies who rely on the resorts which generates enough cash for future development (Americangaming.org, 2015).

Strategic tasks

The increase in competition provides the public significant facilities of location and variety to gamble (Griffiths & Auer, 2015). Gambling industry should prepare the strategies and before implementing they should review and to follow the proper marketing activities. To attract the corporate customers many casinos are making marketing plans for business travel segment (Klebanow, 2012). It helps to increases in restaurant uses and also increases in entertainment and gambling revenues (Americangaming.org, 2015).

Assess the industry’s capabilities

To assess the industry’s growth patterns and financial strength one should need to focus on economic historic trends and on financial benchmarking (Ggbmagazine.com, 2015). In gambling industry, you can find the critical balance sheet and income statement (Klebanow, 2012). They should assess the promotional programs or to seek what programs company is offering to corporate oriented customers. They need to make expansion plans as visitors are always attracted by lavish entertainment (Griffiths & Auer, 2015).

Identify the barriers to implement strategy

The marketing strategy for promoting the casinos to the target customers is sometimes a barrier while implementing the strategies. Because most of the gamblers lose money and while losing the cash makes them disappointed and they lose the part of fun (Ggbmagazine.com, 2015). Technology is playing important roles in gambling industry (Klebanow, 2012). In casino servicing of machines, supervising the dealers, training, to manage cash and to entertain customer is the actual operations. The growth in competition will lower the profitability and it’s also one of the barriers to the gambling industry (Americangaming.org, 2015).

Creative actions in pursuing the innovation of industry:

The technology has made life really positive and has helped improving the quality of organizations (Griffiths & Auer, 2015). Without the advancement in technology the world would not be as it is today. Technology is getting enhanced day by day, so the innovation of this industry with science and technology is mandatory (Americangaming.org, 2015). Also the customers are the main part of this industry, so to boost them up innovative ideas should be generated with respect to the machinery games (Ggbmagazine.com, 2015).

References

Klebanow, A. M. (2012). Developing the casino marketing plan. UNLV Gaming Research & Review Journal, 6(2), 6.

Griffiths, M. D., & Auer, M. (2015). Research funding in gambling studies: some further observations. International Gambling Studies, (ahead-of-print), 1-5.

Americangaming.org,. (2015). Home | American Gaming Association. Retrieved 3 May 2015, from http://www.americangaming.org/

Ggbmagazine.com,. (2015). Global Gaming Business Magazine. Retrieved 3 May 2015, from http://www.ggbmagazine.com/