Answer To: ASSIGNMENT You have been asked to think about and adopt a business idea for the purposes of this...
David answered on Dec 20 2021
Business Plan - Hotel
Business Plan - Hotel
BUSINESS PLANS
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EXECUTIVE SUMMARY:
Tourism Industry is one of the most fascinating and demanding industry. It is an industry which
operates on a mass scale which takes into account the activities ranging from a small hotel to
travelling companies to air lines to different International and multinational hotel to international
tour travel companies.
Accommodation facilities, which were built as a result of journeys people had throughout the
history, constitute the basis of hotel buildings that have a significant role today. By means of
opportunities of technology, these buildings have developed in time and transumed to serve for
different needs while they were the structures people stopped by just for sleeping. Each of the
hotels was separated to different identities with their service of concept and design criteria they
offer.
This report will bring into picture the business plan for opening a five start hotel at Bangor. Hotel
Vanessa, will offer world class facilities to its customers in terms of hospitality and leisure stay
at Bangor. The hotel will be focus on providing several other facilities to its esteem guests. The
rooms and the décor of the hotel will be the perfect blend of heritage and richness coupled state
of art services and facilities which makes it an ideal place for leisure and business travelers, With
its strong service and hospitality it is one of the preferable choices of the travelers travelling
GENERAL DESCRIPTION OF THE HOTEL:
With the increasing demand in the tourism and travel segment and changing consumer needs and
preferences, our dream is to open a five star hotel at Bangor, Wales. As the market and need of
hotel in the city is increasing so the making a five star hotel with a strong focus on the consumer
needs and demand, „Vanessa‟ Hotel will live up-to the expectations of the customers. The hotel
will be built in a large area which will have about 300 guestrooms. The hotel will have different
restaurants and coffee shops which will offer different cuisines to their customers, the hotel will
also have about 8931 square foot ballroom, gym and indoor as well as outdoor pools. Apart from
this the hotel will also offer different services in terms like beauty services, Spa, Steam bath,
Sauna etc.
The central location in the heart of Bangor will give our hotel a competitive advantage over the
others. The right location helps in the success of this kind of business, and will add to the overall
business potential. Also, since our hotel is able to fulfill the requirements of the travelers by
being located in a convenient area, it can hopefully touch the elevation of success.
MISSION:
The mission of the Hotel will be “To create rewarding customer experiences through unique
cuisine, culturally appealing architecture, and customer service”.
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GOALS AND OBJECTIVES:
A viable business strategy is the foundation of our business's future potentials. The main concept
of the hotel will revolve around making customers happy and fulfill the requirements of families,
kids, travelers, tourists, and honeymoon couples when staying in the hotel. A superior strategy
will always have positive effects on the overall prospective of the business.
The main goal and objective of the hotel will be to provide a world class experience of stay at the
hotel in terms of comfort and services
The hotel will focus on being known for its hospitality and services that they provide to its
customers, which will help in achieving the competitive advantage.
OBJECTIVES:
High Customer Service
Well trained staff
Strong customer relationship
LONG TERM OBJECTIVE:
To expand the market reach
Attract business and well as leisure travellers at maxim
Increase in the services provided
KEY TO SUCCESS:
Extensive knowledge
Communicating with the clients through personal and online interaction
Retaining clients to generate repeat business and initiate referrals.
Excellent service
Courteous and Well trained staff
Competitive pricing
Strong customer relations
Undying customer experience
COMPANY VALUES:
Delight refers to “great pleasure” or “joyful satisfaction” that a person experiences from a
product, service, experience, idea and so on. In fact, delight can also be attributed to one that
“affords extreme enjoyment” (Reader’s Digest Universal Dictionary, 1988; and Webster
Comprehensive Dictionary, 2001).
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Customer delight refers to any one of the following (Keiningham and Vavra, 2001):
• “Positive surprise arising from extremely good service or product performance”.
• “The highest level of satisfaction”.
• “Exceeding customers‟ expectations”.
Keiningham and Vavra (2001) states, “customer delight will only be achieved by exceeding all
the base expectations in the performance of a product or in the delivery of service (or in the
servicing that accompanies a product or service)”. Delight is the “emotional response to a
successful business transaction”.
The hotel‟s value will revolve around offering its customers high class service and experience
which will leave the consumer satisfied and delighted, the company will also be strongly focused
on the quality of a service that will be offered to the customers which will help in increasing the
satisfaction level of the customer.
The hotel will strongly be based on the different ethical principles and guidelines, the hotel will
follow a code of conduct which will be based on the honesty, integrity, commitment to
excellence, respect for others, trustworthiness, fairness, loyalty. The hotel will have a strong
focus on the corporate sustainability which will be reflected by the their entrepreneurial and
social responsibilities.
MARKETING PLAN:
In today's competitive world with a changing pattern of customer needs and wants, undertaking
market research has become a necessity for businesses in order to discover new markets,
investigate the profile of customers in terms of their needs and wants, and obtain the required
information to develop new products
MARKETING SCANNING:
There are different tools, and techniques which are used by an organization to develop the
marketing plan of the organization. Organization uses different tools and techniques which helps
in market segmentation and developing the marketing plan of the organization. Different models
used for developing the marketing plan are:
Five force model – Five force model is the model which helps in doing the industrial analysis,
through this model the organization is able to know its competitive position in the business of its
operations. There are five aspects that are brought into focus in five force model bargaining
power of suppliers, buyer, and intensity of rivalry, substitutes and entry and exit barriers. (Porter,
1999) (This section requires not only description but critical evaluation like strengths, and
limitations)
SWOT analysis – through SWOT analysis the organization is able to bring into picture the
internal strengths and weaknesses of the organization and the external opportunities and threats
of the organization. (Pernell, 2008) )
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PESTLE Analysis is the analysis which is used for environmental scanning through the analysis
of different external environment factors which affects the working of the organization, these are
political, economic, social, technological, legal and environmental threats and opportunities
which affects the business.
With the help of these strategies the organization is able to generate and formulate different
strategies which help in the working of the organization. This analysis will help to compete
better in market then competitors if company analysis internal environment and the political
environment. Company can work out better strategy then competitors if does better analysis.
To understand external political and economic trends survey and interviews needs to be done of
different people with different perspective which can be costly and time consuming on other
hand taking secondary data from different periodicals and media can also be incorrect or biased.
Marketing Audit: Through the market audit, one will be able to understand the execution of the
strategy which has been planned. It will help to make the marketing plan more specific.
Product Life Cycle: It is the product life which helps in analyzing the life cycle of the product of
the company, it helps in conceptualization of the product to product development to marketing.
This is the strategy which is beneficial in long run which helps in understanding the growth of
the particular product at different stages of life.
PESTLE ANALYSIS:
POLITICAL ENVIRONMENT:
The political environment includes the trading and political issues, government agencies,
pressure group and other political issues that are faced by the nation or a particular city which
affects the particular industry. There are several political issues which affects the hotel. The other
factors of political environment that affect the hotel are political instability, conflict between
nations, threat of terrorist activities, occurrence of infectious diseases, extreme weather
conditions and natural calamities, etc. which may affect the level of travel and business activity.
ECONOMIC ENVIRONMENT:
Economic environment basically comprise of distribution of income and the economic condition
of the nation. The subprime crisis or economic meltdown was one of the major factors which
affects the hotel business. “Changes in global and domestic economies, changes in local market
conditions, excess hotel room supply, reduced international or local demand for hotel rooms and
associated services, competition in the industry, government policies and regulations,
fluctuations in interest rates and foreign exchange rates and other natural and social factors.
Since demand for hotels is affected by world economic growth, a global recession could lead to a
downturn in the hotel industry.”
SOCIAL ENVIRONMENT:
Bangor is a social country and tourism sector has been viewed as a source of destruction to the
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social fabric...