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The Sustainability of New Products - PDF

   

Added on  2021-02-18

11 Pages3556 Words65 Views
Individual Report

Table of ContentsCHAPTER 1: INTRODUCTION....................................................................................................1CHAPTER 2: THE DEVELOPMENT PLAN................................................................................1CHAPTER 3: FEASIBILITY OF NEW PRODUCT / SERVICE..................................................3CHAPTER 4: THE SUSTAINABILITY OF NEW PRODUCTS AND SERVICE.......................4CHAPTER 5: FACTORS LIMITING DEVELOPMENT OF PRODUCT / SERVICE WITHINHOSPITALITY INDUSTRY..........................................................................................................6CHAPTER 6: CONCLUSION........................................................................................................7REFERENCES................................................................................................................................8

CHAPTER 1: INTRODUCTIONIt is important that any type of business plan must be feasible enough so that all thebudgetary and technological requirements of initiating the business can be assessed. The reportdiscuses regarding development plan for Clink 78, which has planned to open a virtual realityhostel so as to provide a total different experience to the customers. The report makes acomprehensive discussion regarding SWOT Analysis and target market of Clink 78 so as toascertain its profitability and revenue aspect. It will also initiate feasibility plan for the businessso that optimum utilization of resources can be initiated in the business. The report then discusesregarding sustainability aspect of the business where, it can be ascertained that if the businesswill be able to establish and grow for longer period of time or not. Moreover, what are thevarious strategies that can be adopted by it so as to make the present business sustainableenough. CHAPTER 2: THE DEVELOPMENT PLANBusiness development plans helps in guiding organization, regarding its purpose, mission,vision and values. It also helps in ascertaining target audience in the best possible manner wherestrategies are formulated to achieve utmost profitability and success. Business development plansare inclusive of situational analysis, SWOT analysis and clearly outlining the goals, roles andobjectives of the framed business so that appropriate division of responsibilities and guidancecan be provided to all members in the organization. SWOT Analysis of Clink 78StrengthsClink 78 is located at the best-connected district hence, it is viable for living there to travelfrom one place to anotherSince, it is located at the place which used to be courtroom earlier, it ios able to gather theadvantage of having a rich history of London’s legal processSince, it is a contemporary youth hostel image, it is quite easy to attract youngsters towardsit. It has been able to introduce a new theme in the4 hostel, which has not been adopted by anyother hostel yet. It also carries Clash bars which is inspired by Clash. Weakness1

It has adopted premium cost structure and hence cannot be taken into consideration inaffordable prices category (Barringer, 2012).There is lack of diversity present in the service, where, it can be quite monotonous for peopleto stay there for longer period of time. OpportunitiesSince, the concept is quite new, it can become quite easy to attract customers towards it. Further, technological innovation adopted by the organization is also quite creative where,Clash theme has been used in all over the hostel.Increasing number of backpackers have increased the overall requirements of presence ofhostel in every district to a large extent. Hence, in that case, it is a good opportunity for Clink78 to come up with this business idea of having a hostel. Digital support offered by the organization, in the form of online booking an make it quiteeasy and reliable for the backpackers to book hostel in a district and go through its imagegallery without visiting it (Schaper and et.al., 2014). ThreatsThere are various hostels that are already present in the district and are able to offer hostelfacilities in comparatively lower prices in comparison to that of Clink 78.The number of students present in the hostel may change asper the classes and holidays theyget from their university or school. Hence, some seasonal changes in overall profitability ofthe business can be experienced by Clink 78. Target Market of Clink 78Clink 78 is already an established hotel chain and also have certain hostels in London andAirbnb, it is not difficult for the business to attract large number of customers towards it due toits well-established brand value. The target market is essentially youth due to the manner inwhich Clink 78 has formed its hostel. It can be stated that the targeted age group will be 185 to30 years who keep looking for adventurous places to spend their nights. Moreover, they alsolook up for the affordable places to stay (Blank, 2013). The requirement can adequately befulfilled by Clink 78. Since 20% of the international students stays in UK so as to attenduniversity, the requirement of hotels keeps on growing in the country. Hence, Clink 78 will beable to fulfil the growing requirements of hostel. Another aspect related to it is that target marketis generally affected by high level of technological penetration which also affect the mindset of2

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