As a strategic leader Steve Wynn Wynn Resorts and his chosen

As a strategic leader Steve Wynn (Wynn Resorts) and his chosen successor must develop a vision for the firm, designing strategic actions to achieve this vision, and empowering others to carry out those strategic actions. Important strategic leadership responsibilities include establishing the firm\'s vision and mission , developing an entrepreneurial culture, promoting integrity and ethical behavior, and using effective organization controls.

Solution

Please find below the strategy :

Using its strategic accumen to protect the company from new competition in key markets, Wynn Resorts should consider the following methods of strengthening and maintaining entry barriers :

Use relationships with government stakeholders to maintain favorable concessions status and maneuver around regulatory policies. This shall help the company to expand their operations across different markets. The company should reduce their dependence on Steve Wynn and promote a more decentralized culture in the organization. The focus should be to build more catalysts at each level inthe organization. As known the company has a strong leadership and management team. They can utilize this to secure prime land and rare licenses. Since location is one of the prime factors for this type of business, it is important that the company chooses its locations at strategic and high growth places and curb entry of new players in these markets. Other strategy can be to build economies of scale to put potential new entrants at a cost disadvantage. The organization should prevent wastages in terms of resources and efforts, tap into mass production and reap benefits of external and internal economies of scale. Further, it has to maintain successful differentiation of the Wynn Resorts brand name and service quality to meet the unique needs of customers. It is known that Wynn Resorts hold more than Forbes Travel Guide Five Star awards than any other independent hotel company in the world. They can pitch their \"lowest price \" strategy to capture middle income segments as against their competitors like Belmond Ltd., China Lodging Group etc. Lastly, establish relationships with the majority of distribution channels to limit access for new competitors. Distribution Channels members can provide greater efficiency in making availability of goods to the target markets through their contacts, specialization, experince and scale of operation. This can also add value to the product or service each level of distrbution.