The economic theory of supply and demand dictates that an excess of supply (hotels) over demand (guests) leads to a lower price than consumers are willing to pay. This creates inelasticity in hotel pricing and places significant pressure on management to meet guests' pricing needs while providing an attractive and unique service. Hotel services are also intangible in nature, placing an increased burden on hotel owners to utilize all available rooms through discounts and deals. Supplier power within the hospitality industry is limited primarily due to the abundance of hospitality suppliers. Hotel furniture and equipment are available in a wide market, providing hotel owners with the freedom to choose products that specifically meet their personal standards and requirements. This places the responsibility on suppliers to increase the attractiveness of products to hoteliers. Hotels can often also be large and buy in bulk, making them very valuable customers for suppliers. Slide 4Threat of novelty