International Hospitality Management with Professional Practice
Added on 2020-10-19
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25011414Trung Chanh TranTOU9175MMCs International Hospitality Management with Professional PracticeTOU9175M – Managing The Tourism, Events and Hospitality EnterpriseBusiness Report for The Haunted Maze of LincolnStudent: Trung Chanh TranLeon Davis and Princely DibiaWord Count – 3777
25011414Trung Chanh TranTOU9175MExecutive SummaryLincoln city is well-known for the historic and ancient atmosphere, a peaceful city withfull of Roman traditional architecture and attractive tourism destinations. Travelers andvisitors could have the opportunities to explore the culture of a primeval city with a range offairytale passed by many generations. The foundation of The Haunted Maze of Lincoln is tohelp the tourists having the experiment of accessing a mythical world and engaging with eachother as a team through many physical activities and brainstorming undertakings. Income andexpenditure calculations have been made for the next three years regarding to develop,promote and achieve high financial performance. The following business plan will evaluatethe potential development of the project, giving a distinct point of view through the in-depthanalysis of operations, market research, financial predictions and expansion strategy. Allsupporting information can be found in the appendices session.
25011414Trung Chanh TranTOU9175MContentsI.Introduction..................................................................................................4II.Overview........................................................................................................5III.Business Structure.....................................................................................6IV.SWOT Analysis.........................................................................................8V.Market Analysis............................................................................................9VI.Operations Analysis................................................................................13VII.Finance.....................................................................................................13VIII.Risk Management....................................................................................14IX.References................................................................................................16X.Appendices..................................................................................................18
25011414Trung Chanh TranTOU9175MI.IntroductionBusiness plans are widely used among new business ventures, especially formany start-up companies in order to achieve the success in terms of financialperformance and maintain sustainability and aim to expansion. According to Gumpert(2002), business plans are seen to be crucial and essential management tools forentrepreneurs in the process of managing their new ventures. Many researchers haveconsidered writing a business plan as part of a symbolic action to gain legitimacy fortheir next moves. A number of 10 million business plans are written each year(Gumpert, 2002) has reflected the importance of a business plan towards thelaunching of a new institution or organization, and this number still increases. Byrevealing the future processes, evaluating the functions of every departments andpredicting the financial performance of the new venture can allow for clear aims inorder to grow. The following study will demonstrate the business plan of The HauntedMaze of Lincoln, providing the insight and the perception of their operationsmanagement, competitor potential analysis, pricing strategy, sustainability andexpansion plan in the future.According to reports, Halloween spending of the British people increasedsteadily from 2013 and 2016, from £230 million to £310 million. The following yearthen saw a big spike in spending, which rose by almost a third to £400 million, beforea modest increase to £419 million in 2018. Finally, the revenue of 2019 is reported tobe around £474 million that reflects the rising demand in terms of visiting andexperiencing Halloween festivals (Finder.com, 2019). The report was also concludedwith a percentage of British population who believe in ghosts and paranormalactivities. More specific, 59% of 18 to 24 year olds either believe in or are unsurewhether ghosts exist. At the other end of the spectrum, those aged 55+ are the leastlikely to believe in ghosts, although with only 53% not believing in them, this meansthat 47% still think that ghosts either maybe or definitely do exist.In terms of strategic management, it is important to analyze the direction of thenew venture: where the company is going, how it functions and how it will be infuture. Those processes should be evaluated through the venture’s vision and missionstatement as these are sets of core values which give all stakeholders a specific purebackground of the company and its activities. According to Joachim (2010), visionPage 4
25011414Trung Chanh TranTOU9175Mguides and perpetuates corporate existence. It is viewed as a mental picture of acompelling future situation and originates from creative imagination, the act or powerof perceiving imaginative metal images and foresightedness. On the other hand, amission statement defines the space in which the company will operate. It focuses onanswering the question why this business should exist, also explaining about companyvalues, beliefs, philosophy and ambitions [ CITATION AHe08 \l 1033 ]. In orderfor the stakeholders to understand about the functions of The Haunted Maze ofLincoln, the vision and mission statements have been stated as below:Vision: To become a destination of choice for local people and visitors lookingfor a scary and interesting place to spend time solving the quiz, enjoy paranormalexperience and earning valuable rewards.Mission: To provide customers with an exciting and amusing haunted houseexperience while concurrently offering a diverse selection of Halloween costumes andrelated items. The Haunted Maze of Lincoln will be dedicated to provide its guestswith highest quality of service. In addition, we will continuously strive to createvaluable input for both owners and investors, also encourage the staff to develop in anenvironment of trust, loyalty and caring.II.OverviewThis hospitality of entertainment is the combination of exploring experimentunder an enormous pressure of horrified atmosphere and paranormal activities, whichis caused by man-made auto machines and costumed staff in order to give customersthe feeling of mysterious and scary moments. While the customers or players isappointed with a mission of getting out the maze by solving the quiz. They have totake part in various of actions and activities consist of brainstorming, group workingand problem solving in order to collect the clues. And through those they can have alldata and information to solve the final quiz, which helps them get out of maze. Thephysical evidences of the project can be clearly recognized by a maze-shaped buildinglocated in Boultham Avenue, where is within walking distance and can easily beaccessed from the city centre. The building is decorated in a vintage-styled 1900sEnglish house with plenty of big pine trees to create a separated feeling and tensionatmosphere. The aims of this business is to provide a much more modern entertainingPage 5
25011414Trung Chanh TranTOU9175Mexperiments for the local folks as if this kind of industry is barely found inLincolnshire.Not following the old-fashioned tourist attractions in Lincolnshire, wherepeople tends to go to those places, pay for a ticket at the entrance and explore thingsin a quite uninteresting way, and the worst thing happens at the end of the adventure:they never come back for the same thing. The Haunted Maze can provide customersthe feeling of getting things done and receiving achievements through their effortswithin a limited time. The courtesy and satisfaction feeling will be the huge factorshelping bring them back for more adventurous experiments. Plus, in a modern worldwhere social media plays a vital part in everybody’s life, people gradually turnthemselves into couch potatoes, sitting in their living rooms, eyes in the television ormobile phone. This project can be a good opportunities to get everyone out of theirrooms, make friends and students engaging more with each other or help a classic 4-person family having a wonderful weekend doing the mental and physical exercises.III.Business StructureThe company investors plan to develop business based on the satisfaction andhappiness of the clients as well as all the employees. All team members will beexpected to maintain complete discretion and proficiency regarding the proceduresand operation system of the haunted maze. Also the board of directors want to ensurethat their first priority is the safety and well-being of all stakeholders, including theirstaffs and especially the customers. The employees will be expected to fullyacknowledge how to function all physical evidence of the property through manytraining sessions and team engagements. Page 6General ManagerAccounting DepartmentSales – Marketing DepartmentSecurity TeamCustomer Service TeamAdministrative StaffOperations StaffAdministrative Team
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