The hospitality industry employs many competitive strategies. Pricing strategies are varied from luxury pricing to value-based menus. Revenue management and transparency of pricing have revolutionized pricing strategies for the hospitality industry. The hospitality industry utilizes economies of scale through its various models of ownership, franchising, and consortia. Related diversification has been successful for most sectors of the hospitality industry. The hotel industry has high capital costs and therein high barriers to entry, while the restaurant industry has few barriers to entry. The hospitality product is easily imitated, making loyalty programs and customer service strategies crucial.