Airbnb is a company that provides various types of accommodation services. Belize is a country that is located close to the Caribbean Sea and it serves up an excellent location for Airbnb to setup their operations. While Airbnb is a relatively successful company, expanding into new markets requires an informed approach to realize the goals of the company. Setting up a company such as Airbnb to provide accommodation services would require the implementation of various key economic concepts. These economic principles and concepts have been crucial towards the success of various companies all through the years (Levitt & Dubner, 2011).
For instance, the decision-making theory would be important in that it is a dynamic approach to determine how specific decisions are made. These decisions are made even when there are various unknown variables and vague decision-making environments as well. Also, this theory would be important since it leverages various disciplines such as philosophy, mathematics, psychology and more.
The consumer theory is also another important aspect of implementing setting up Airbnb to help the Belizeans. In particular, this theory will help the company to better understand how people spend money in relation to accommodation preferences and budget limitations. Consumer theory also demonstrates how customers make choices, especially when restraints such as income and prices of accommodations services are present (Levit & Dubner, 2011). These specific restraints play a major role in the buying and spending habits of clients.
Also, another economic theory that will be important in setting up Airbnb to help the Belizeans would be the supply and demand theory. The theory will be beneficial in that it allows the company to calibrate their services to suit the demands from customers. More so, this theory also helps to show the relationship in between the supply and demand of the company. This theory is one of the most basic and important approaches that any successful businesses venture should consider.
This will help the Belizeans in that it will help them gain access to cheap and high-quality accommodation resources. Airbnb is one of the leading companies in the world when it comes to providing accommodation resources. More so, the presence of the company in the country will also help in setting high standards for other Belizean companies that operate in the accommodation market niche.
Belize is a country that is located along the Caribbean Sea. As a result, it often experiences high amounts of tourist activities all throughout the year. More so, the country is the recuperation stages of years of political instability. As a result, this makes a great destination to start an accommodation business.