Final answer:
Marriott International employs a multibranding strategy to manage multiple hotel brands, catering to different market segments and maintaining a competitive edge in monopolistic competition.
Step-by-step explanation:
Marriott International's approach to managing several brands of hotels at different price points is known as a multibranding strategy.
This type of strategy allows a company to capture more market share by targeting various demographic segments with different brand names and product offerings, which is often seen in markets characterized by monopolistic competition.
In such markets, a company like Marriott can have a mini-monopoly among its own brands, while still competing with other hotel chains and their brands.
Marriott International uses a multibranding strategy, which means that they own several brands of hotels at different price ranges. This strategy allows them to target different segments of the market and cater to different customer preferences. By offering different brands, such as Marriott, Courtyard, and Fairfield Inn, they can attract a wider range of customers and meet their varying needs and preferences.