Business Development Assignment - Solved

Added on - 11 Jan 2021

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BUSINESS DEVELOPMENTPROPOSAL
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Background.................................................................................................................................1Rationale....................................................................................................................................1Vision.........................................................................................................................................1Mission........................................................................................................................................1Aims and Objectives...................................................................................................................2Design and structure....................................................................................................................2Relevant models and information sources used..........................................................................2Actionable assumptions.............................................................................................................3Timescale....................................................................................................................................3BUSINESS CONCEPT...................................................................................................................3The product and service.............................................................................................................4Facilities and services................................................................................................................8Target market.............................................................................................................................8Value added................................................................................................................................9Specific features.........................................................................................................................9Management...............................................................................................................................9Window of opportunity............................................................................................................10FEASIBILITY RESEARCH........................................................................................................10Feasibility research plan............................................................................................................10Research methodology..............................................................................................................11Key areas of feasibility research are as follows :.....................................................................12Product/ service feasibility........................................................................................................12Industry feasibility....................................................................................................................13Growth and scope of industry In Malta....................................................................................15Competitor analysis..................................................................................................................15Organisational analysis............................................................................................................16Market analysis.........................................................................................................................17
Financials feasibility.................................................................................................................18Ambition VS Ability.................................................................................................................20BUSINESS MODEL.....................................................................................................................21Core strategy...........................................................................................................................21The business mission................................................................................................................23Product and market scope........................................................................................................23BUSINESS PLAN.........................................................................................................................26Accommodation service business in Malta...............................................................................26Project planning and development stages.................................................................................26Structure of business along with its interior design..................................................................27Marketing plan..........................................................................................................................29Collaborative marketing strategies............................................................................................29Online marketing.......................................................................................................................30Risk management......................................................................................................................39Operating process.....................................................................................................................41FINANCIAL PLAN......................................................................................................................42Set up capital.............................................................................................................................42Projected Cash flow for 1st year..............................................................................................42Projected profit and loss statement profit.................................................................................45Critical success factor..............................................................................................................47REFERENCES..............................................................................................................................49
INTRODUCTIONBackgroundAccommodation services provided to the tourist and people visiting to the place toprovide them place for their stay during their holidays. The aim of YBDG accommodation is toprovide the clients with the short term and long term let options while their stay. The short termrent options are available for the tourists that are visiting Malta in the summer and the long termlet options will be based on 9 month contract basis in the other season. Malta is experiencingstrong economic growth that has lead to opening of many foreign companies in that place whichhas increased the demand for accommodation. Moreover, increase in the property prices in Maltahave increase the demand of the accommodation services which will be beneficial for the YBDGaccommodation. This business proposal is for Malta which is the most tourist attraction placeand opening up the accommodation that will provide the short term and long term let option willbe a profitable business at this place.RationaleThe opening of the YBDG accommodation and and property company which willprovide the short term and long term letting option to the tourist and the people staying Malta itis a new concept because the short term let options are available everywhere but the long term letoptions are not available which will attract more customers towards this business. This businessidea will provide unique experience to the clients. It will require proper planning based onmarket research surveys as well as formulation of strategies which will assist in increasing thegains of the business.VisionThe Aim is to establishment of accommodation and property company to provide shortterm and long term let option to the clients staying in Malta and increasing the sales by 10 %each month.MissionTo provide clients with unique experience by providing both short term and long term letoptions.To enhance the profitability of the business by attracting more customers.To provide clean, hygienic and convenient accommodation to the clientsTo provide the clients with services as per their requirement.1
Aims and ObjectivesAim: To establish the new business start-up to provide short and long term letting option inMaltaObjectives :To increase the brand image of the company by providing both short term and long termlet option.To increase the sales by 10% in every month by providing long term let optionTo outline the challenges faced by YBDG accommodation in the new marketTo attract customer by providing other services with accommodation facilityDesign and structureThis report will consist of four topics which are as follows :The concept of business :It will define the concept of the business and the target marketassociated with the business with the facilities and services provided by theaccommodation business.Feasibility research :It provide understanding about the feasibility of the business ideasby identifying the perspective of market, organizational resources, services and financialresources.Business model development :It is related to identifying the business model which isrelated to the business idea for implementing as business strategy for achieving theobjectives of the business.Business plan :It consist of the stages which are required for implementing the businessmodel.Relevant models and information sources usedThe report will include the porter five forces model for identifying the industry andmarket. It will be used for the implication of industry and market feasibility research (Russo andAlturas, 2017). The information will be gathered through the help of two sources which willcomprises of the following :Primary sources :It is the method through which the information is gathered first handthrough the help of various methods, the primary sources include the use of informationwhich is gathered trough survey or interview.2
Secondary sources :It is the information which is gathered through the use of publishedsources. It consist of books and journals and internet sources. This information iscollected by some other person which is used for the reference.Actionable assumptionsTo determine the gain value of the projects there are various assumptions are formed forYBDG accommodation. They consist of :The revenue for the business will deviate due to seasonal fluctuations and not on the basisof financial years. Moreover, the aim of the business is to attain the increase in sales by 10%each moth by providing long term letting option in the accommodation.TimescaleFor the establishment of the new business it is required to gather the information aboutthe market with the help of market research. It is required to understand the market andaccommodation industry to identify the risk associated with the business and the level ofcompetitiveness (Zehrt, 2015). It is required to identify the reason which will lead to businesssuccess and failure that will assist in gaining strength and overcome weakness. Moreover, it willinclude the details regarding the time required for identifying the location and funding for theoperation of the various activities relating to the business. Also, it will include the licenserequired for operating the business. Also, it will include the equipment for cooking to theclients to provide them extra facilities with the accommodation facility. The recruitment of staffand training will be provided and at last the opening of the YBDG accommodation will be held.BUSINESS CONCEPTThe YBDG accommodation company will provide the short terms as well and long termletting option to the clients which are staying at Malta. The short term renting will be providedduring the summer season to the tourist and the long term letting option will be available to thepeople staying at Malta on the 9 month contract basis to provide the facilities in the otherseasons. This company will provide homely feeling to the tourist staying at the place by lettingthe home on rent which will assist in enhancing their experience with the business (Marcoz andet.al., 2016.). The YBDG will provide various facilities along with accommodation as linen foreach guest bed, toilet paper, soap etc. which are basic thing that the guest required while theirstay. The YBDG accommodation will be located at the Malta which is the tourist attraction placeand it will attract more customers towards the business. The YBDG will charge affordable cost3
to the guest ton attract them towards the business and will provide the high quality services withthe basic amenities required.The product and serviceThe YBDG accommodation will provide both short term and long term letting facilitiesto the customers.The short term lettingIt is related to providing the guest with the option to stay at the apartment for the shortperiod during their vacation. It will provide short term let accommodation in the summer seasonfor the tourist that want to stay in Malta for the holiday. the short term let assist in provding thetourist to spend the quality time.The long term letIt is related to providing the guest with the facility of staying in the apartment for thelong term. The YBDG accommodation will provide the guest with the facility to stay inapartment for the long term on the 9 month contract basis.The services at accommodation will includeLinen for the bedThe linen will be used in YBDG accommodation to provide comfort to the guest with thelinen beds. It is the sheet of the bed which is made up of linen to provide comfort to the guest.4
Bathroom :The YBDG will provide the unique bathroom to the guest to improve theirexperience it will have the unique bathroom designs which will provide fresh feeling tothe guest while their stay at the apartment (Yoon and Lee, 2017).5Illustration1: Linen for bed( Source :Accommodation linen,2018)
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