First Principles Thinking in Hospitality
🛠 Who? The hospitality industry. When? Ongoing, with references to the 1980s (American Airlines). Where? Global; airlines and hospitality sectors. What? Challenges two assumptions: pricing rooms instead of buyers and maximizing channel presence instead of demand-market fit. How? By questioning inherited logic and adopting first principles thinking, similar to strategies used by Elon Musk and Jeff Bezos. Why? To better address customer needs and improve competitiveness by focusing on buyer pricing and targeted visibility rather than broad distribution.
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