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The Disruption and Product Life Cycle of the Vacation Rental Management Market in Sunriver, Oregon: a Microcosm Into the Changing Industry

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The Disruption and Product Life Cycle of the Vacation Rental Management Market in Sunriver, Oregon: a Microcosm Into the Changing Industry The Disruption and Product Life Cycle of the Vacation Rental Management Market in Sunriver, Oregon: A Microcosm into the Changing Industry by Harley Coldiron A THESIS submitted to Oregon State University Honors College in partial fulfillment of the requirements for the degree of Honors Baccalaureate of Science in Hospitality Management Honors Associate Presented June 4th, 2020 Commencement June, 2020 AN ABSTRACT OF THE THESIS OF Harley Coldiron for the degree of Honors Baccalaureate of Science in Hospitality Management presented on June 4, 2020. Title: The Disruption and Product Life Cycle of the Vacation Rental Management Industry in Sunriver, Oregon: A Microcosm into the Changing Industry" Todd Montgomery This research project dives deep into the life cycle and multiple disruptions of the vacation rental management industry as whole, and specifically in Sunriver, Oregon. It uses primary research through interviews of dozens of professionals in the industry along with secondary research to outline the markets life cycle and disruption. It examines not only the life cycle but the various effects the different phases have on the industry. It closely looks at the disruption of the industry in its growth phase and how this caused an emergence of competitors that are now centralizing the market in its maturity phase. Close inspection into Sunriver, Oregon’s maturity phase shows that the majority of companies being bought out and going out of business are small, family-owned companies. Though this is unfortunate by looking at a regular industry’s lifecycle, these companies are usually the first to be consolidated during its maturity phase. Key Words: Disruption, lifecycle, consolidation, competitors, technology, automation. Corresponding email address: [email protected] © Copyright Harley Coldiron June 4th, 2020 The Disruption and Product Life Cycle of the Vacation Rental Management Market in Sunriver, Oregon: A Microcosm into the Changing Industry by Harley Coldiron A THESIS submitted to Oregon State University Honors College in partial fulfillment of the requirements for the degree of Honors Baccalaureate of Science in Hospitality Management Honors Associate Presented June 4th, 2020 Commencement June, 2020 Honors Baccalaureate of Science in Hospitality Management Honors Associate a project of Harley Coldiron presented on June 4th, 2020 APPROVED: _____________________________________________________________________ Todd Montgomery, Mentor, representing the College of Business-Hospitality and Business _____________________________________________________________________ Pat Ball, Committee Member, representing College of Science-Microbiology and Oregon State Cascades Honors College _____________________________________________________________________ Griffin Priebe, Committee Member, representing Sunriver Resort Property Management _____________________________________________________________________ Toni Doolen, Dean, Oregon State University Honors College I understand that my project will become part of the permanent collection of Oregon State University, Honors College. My signature below authorizes release of my project to any reader upon request. _____________________________________________________________________ Harley Coldiron, Author Acknowledgements I would like to first thank Todd Montgomery, my mentor for guiding me through this process and providing countless support and feedback. Todd was with me from the beginning and always took time out of his busy schedule to assist me with anything I needed. He is a true professional, an excellent teacher and mentor, and an overall great man. Secondly, I would like to thank the many professionals that gave up their time to allow me to interview them for this project. They always allowed me to bug them for any information or guidance that I needed and provided me with countless tools and resources to research my thesis Their time, perspective, and experience are what made this thesis possible. This includes David Madden, Griffin Priebe, and Rob Bennington. Lastly, I would like to thank Pat Ball the Honors College liaison for the Oregon State Cascades Campus. He is the true embodiment of Bendite, and Cascades community, and the perfect man to head the Honors College here at Cascades. Table of Contents Definitions.................................................................................................................................................1 Introduction...............................................................................................................................................2 Background and the Introduction Phase....................................................................................................3 The Industry as a Whole................................................................................................................3 Sunriver, Oregon...........................................................................................................................5 Cause of Disruption and the Beginning of the Growth Phase...................................................................6 The Industry as a Whole................................................................................................................6 Sunriver, Oregon...........................................................................................................................8 The Effect of Disruption- The Growth Phase............................................................................................8 The Industry as a Whole................................................................................................................8 The Arrival of Vacation Rental Software..............................................................8 Emergence of Acquisition, Technology-Based Vacation Rental Companies.......9 Closer Look at the Disruptors..............................................................................10 Table 1.....................................................................................................11 Sunriver, Oregon.........................................................................................................................13 Table 2.............................................................................................................................14 Table 3.............................................................................................................................17 Beginning of the Maturity Phase- Consolidation of the Market.............................................................18 The Industry as a Whole..............................................................................................................18 Sunriver, Oregon.........................................................................................................................19 Companies Adapting to Competition and Surviving the Maturity Phase...............................................21 The Future of the Industry.......................................................................................................................23 Overview of the Product Life Cycle........................................................................................................25 Graph 1........................................................................................................................................25 Table 4.........................................................................................................................................26 Table 5.........................................................................................................................................26 Recommendations and Takeaways..........................................................................................................27 Conclusion...............................................................................................................................................28 Work Cited..............................................................................................................................................30 VACATION RENTAL MANAGEMENT PRODUCT LIFE CYCLE Definitions Vacation Property Management Company: A vacation property management company in this research essay is defined as a company in which the owners of a second home, allow the company to promote and sell their home as a vacation rental during the periods they are not there. The company is responsible for cleaning the home before and after, fixing and maintaining anything affected by the renters, advertising the home, and managing the booking and guest. The company takes a percentage of the money received from customers booking the home. The owners also receive a percentage of the bookings as they have allowed the company to use their property for bookings. Disruptor: A disruptor in this research essay is defined as any company that enters the vacation rental management market that has core foundational difference from the businesses already in the market. These companies change the industry because of their differences and entered the market because of they saw them as an advantages in the industry. Specifically, the differentiation is that they have advanced and new technology and software that allows them to cut overhead, automate processes, appeal to more consumers, and manage their prices. Their owners, founders, or executives have backgrounds in these fields as opposed to
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