Entrepreneurial Model for Heaven Resort-Hotel for Dogs
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This report by Desklib discusses the lean start-up methodology for Heaven Resort-Hotel for Dogs, its business objectives, business model canvas, CMO plan, target market and marketing campaign. The report includes a proposed marketing strategy, marketing mix, and target market for the business.
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ENTREPRENEURIAL MODEL
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Table of Contents INTRODUCTION.....................................................................................................................................3 BUSINESS OBJECTIVES...........................................................................................................................3 BUSINESS MODEL CANVAS....................................................................................................................4 Customer segments............................................................................................................................5 Customer relationships......................................................................................................................5 Channels............................................................................................................................................5 Value propositions.............................................................................................................................5 Key Partners......................................................................................................................................6 Key Activities....................................................................................................................................6 Key Resources...................................................................................................................................6 Cost Structure....................................................................................................................................7 Revenue Streams...............................................................................................................................7 CHIEF MARKETING OFFICER PLAN.....................................................................................................7 Proposed Marketing strategy.............................................................................................................7 Marketing mix.................................................................................................................................8 Target Market..................................................................................................................................9 Marketing Campaign.......................................................................................................................9 CRITICAL EVALUATION OF THE PLAN..............................................................................................10 SUMMARY..........................................................................................................................................11 REFERENCES.......................................................................................................................................12
INTRODUCTION A “lean start-up” is a methodology utilised to establish a new business or produce a new product for an already existing company. The “lean Start-up” gives a scientific approach to develop and manage start-ups and get the products they want to meet the needs of customers. The “lean start-up” methodology will drive a “Heaven Resort”, how to steer, when to persevere-and grow, and when to turn a business with more acceleration. This is an ethical approach to the development of the new product. Several start-ups initiate with this idea for the products that are wanted by people. They spend months or even years on the business, perfecting that services and products in a basic form, to the potential consumer. When they cannot get approval from consumers, this is repeated as they did not speak to potential consumers and decided whether or not products or services were interesting. In accordance with a research study, 24 percent of the adult population of the UK owns a dog that is an opportunity as there is a scarcity of dog hotels in England (Amankwah-Amoah and Lu, 2019). In this report the lean-start-up is “Heaven Resort-Hotel for Dogs”. TheHeaven Resort-Hotel for Dogs will facilitate various services to the customers. The services that will be provided to the customers will be swimming polls with the trained staff, manicure, pedicure, etc. The Heaven Resort-Hotel for Dogs will aim to provide luxurious stay and services to its customers at quite feasible prices as per the services opted by the customers in accordance with packages. The dog hotel is expected to attract customers who are dog lovers as well as own dogs. The dog hotel, Heaven Resort-Hotel for Dogs will be located in London as the number of dog owners in the locality is quite high which will have a positive impact upon the organization. BUSINESS OBJECTIVES The objectives of Heaven Resort-Hotel for Dogs that the organization will aim to accomplish are listed below- To attain maximum profit by keepingcosts low by building and finding relationships with authentic designing operations, suppliers with a focus toward “lean efficiency” and exploiting “economies of scale”, to name some methods, may bring more money after paying the bills (Ataman and et.al., 2018). To generate more revenue is the fundamental financial objective of our business. The growth of revenue comes from a focus on marketing and sales activities and is completely concerned with the “top-line earnings” – earnings prior to expenses.
Organisations often set goals of revenue with respect to an increase in percentage instead of intending for particular amounts of the dollar. An entrepreneur might set an objective of more revenue by 20% every year for the first three years of operations. The organization will at least aim to have a survival stage in the initial period as in to avoid the declining stage. This goal will be accomplished by recovering the outstanding debts completely and within the right time. This will lead to constant revenues for the organization (Bansal and Singh, 2019). The objective of the business will be to achieve at least 20% profit upon the revenues after the six months of duration of business establishment. The objective is to provide a healthy and positive aura to the customers with the dog friendly and trained staff. The objective of the business is to establish business chain of the organization in at least 2 more cities in the next 5 years (Brenya, Arthur and Nyarko, 2021). BUSINESS MODEL CANVAS Business model canvas is referred to a strategic management tool that defines and communicates the concept of business. It works upon the various fundamentals of a business and its products. The left side of the Business model plan is based upon the
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internal factors of a business where as the right side of the business model canvas focuses upon customers that are the external factors. The business model is portrayed on behalf of Heaven Resort- hotel for dogs (Chipfupa and Wale, 2018). Customer segments Customer segments are made in order to differentiate the customers that the businesses focus upon, from the whole lot of population. The customers can be differentiated on the basis of demographics, psychological factors, etc. Heaven Resorts focuses upon the dog lovers as well as the travel freaks. The business also focuses upon general population. Customer relationships The customer relationship can be referred to the ways in which a business tends to interact with their customers. Heaven resort tends to have a sort of self services relationship with its customers. This helps the business to serve the needs of the customers just as in direct selling. The business organizationaimsto provide coaching and consultationto the customers free of cost for their dogs who pay a visit for stay. The business also focuses upon building and taking initiatives through the online communities where the problems of people are resolved over the internet platform regarding the pets (Francke and Alexander, 2019). Channels The channels are referred as the medium through which the customers get to know about the business and take part in the selling activities of the business. The heaven resort- Hotel for dogs tends to have their own channel which allows them to keep in touch with their customersthatistheirwebsite.Though,thecustomerscanstayintouchwiththe organizationthroughthevarioussocialmediaplatformslikeInstagram,Twitterand Facebook. These social media channels play a huge role in conveying the products and services of the business to the various customers in order to deliver their value propositions. These channels play a beneficial role in generation better revenues sthrough sales from online modes. Value propositions Value proposition acts as a foundation of every business. This is referred as the concept of exchanging values between the customers and the businesses. Usually the value tends to exchange for money when a customer is served by the business.
Similarly, Heaven resorts aims to provide high quality products and services for the customers in context of their pets too. The services served to the pets are manicure, pedicure, pools, etc. for the pets (Harsono, 2021). Key Partners Thekeypartnerisatermedusedforthevariousotherorganizationsthatoperate independently but provide complimentary services for the business to perform their key activities and deliver values to the customers. The heaven Resort has two key partners, namely Pet galaxy and Wonderland for pets. Wonderland for pets is among the wholesale provider of goods for the pets in the state whereas Wonderland for Pets is among the organizations with highest market share in the region in terms of pet services provider. These organizations will help the business organization to have a wide reach and better identity in the eyes of the customers. This will further help in generation of the revenues for the organization through increased visits at the hotel. Key Activities The key activities are referred to the activities that are performed by the business in order to achieve the value proposition for the customers of the business. The heaven Resorts perform the key activities of Marketing and customer services. The Heaven Resort aims to offer the luxurious living for the dogs along with various luxurious services. They also provide various food products, shampoos, beds, etc. for dogs. The resort tends to operate from their own website in order to facilitate pre booking or advance booking of their services. The business provides discounts to the customers on the advance bookings. In order to increase awareness regarding the business, the business uses brochures, print media ads, business cards at the various veterinary clinics and shops to generate awareness about the dog stays. Key Resources The key resources are required by the organization in order to achieve the goals of the business. The key resources of Heaven resorts is its infrastructure that promises to provide luxury stay to its customers, the communication channel of the business that supplies information regarding the sales of the business through the medium of social media and websites. The employees of the organization are also the key resources that serve the customers (Ijatuyi And et.al., 2017).
Cost Structure The cost structure is referred to the cost required in order to operate the business. The cost structure of the business of The Heaven Resorts focuses upon minimizing the cost of the business as and when possible in order to focus upon providing the maximum value to their customers. The cost structure of the business includes the salary of the employees, power supply, utilities, advertising activities, maintenance of the infrastructure and stocks. Revenue Streams Revenue streams are referred to the means that help the business organization in converting the value proposition of the business into the profits for the business in the financial terms. It is important for the business to understand its pricing in order to understand the expenditures upon the purchases as well as expenditures upon serving customers. The Heaven Resort generates revenue by providing luxurious stay facilities to their customers and their pets. They aim to provide luxurious facilities for the pets as well such as manicure, pedicure and pool while keeping in mind to fulfil the necessities of the pets such asthe dog food, dog shampoos, dog beds, etc.Theside revenuemediumsfor the organization are through the coaching and consultation for the dogs as well. CHIEF MARKETING OFFICER PLAN The CMO plan will include the proposed marketing strategy, advertising, and customer engagement. The chief marketing officer will work in collaboration with the marketer to devise the marketing strategies and marketing campaign. Proposed Marketing strategy Ansoff Matrix The Ansoff matrix is a very common model, which is used to make “strategic decisions” for companies. It recommends that attempts of businesses to grow based on whether it promotes or markets existing or new products in existing or new markets. The output from the Ansoff matrix is the series of suggested growth strategies leading to the direction for designing the strategies. This matrix shows 4 possible strategies for the future market/ product activities of the business (Onyeagba, 2021).
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Forthissuggestedmarketingstrategy,the“strategicdecision”forHeaven Resort would be market development, it will enter into the UK market with its current product.Inthiscontext,enteringintonewmarketsmeansexpandingintonovel geographicalregions.HeavenResortwillbesuccessfulintheUKifitowns trademarked technology, potential customers are profitable, and behavior of customers in the novel market does not stray from the customers in the current markets. Heaven Resort will enter into a new foreign market and expand internationally but will offer new products and services (Reyani and et.al., 2018). Marketing mix The “Marketing Mix” is a framework utilized to align the business context of a company with marketing strategy, blending the brand’s strategic goals and marketing. The suggested new “Marketing Mix for Heaven Resort” is brought out utilizing the 10 highly significant elements of its strategy. Product: The product includes gain creators, which includes mobile app for tracking, customers can pay via mobile app, only well-trained staff is hired, and freshly prepared foods are only served; pain relievers, which includes pick up service, 24/7/365 open, customers can see the activity from a portal on the app. Price:Low to high: from 45-750 euro, free shipping, payment: PayPal, debit or credit, exchange current: Euro. Place:UK Promotion:Instagram, Facebook, and press People:Family-oriented company, local workers, Local artisans, supporting the community Processes:Easy access online, easy procedure, virtual assistant
Packaging:Sustainable packaging for foods (bamboo and recycled). Proof:Press Reviews, comments from customers Pictures:Products, process, people working together Personality:Family-orientedcompany,sustainable/ethical,valuespeople,the environment, creativity, and profit in equal measure, puts inclusivity and equality at the core of their businesses and social mission (Roy and Mukherjee, 2017). Target Market The target market for the Heaven Resort-Hotel for Dogs is the population consisting of males and females residing in UK who have adopted dogs and have a nuclear family or live alone. The main focus is upon the dog lover population who look for accommodation where they can have their pets with them too along with the necessary facilities. The business focuses upon the target customer living in urban and sub urban areas with annual income over 50000 pounds. The target is upon the people who can spend upon the luxuries of their favourite pet. Marketing Campaign Online Campaigns- Social media video advertisements ThesocialmediavideoadvertisementincludesYouTube,Instagram,and Facebook. Short video telling the brand story from creation of the design to final product,highlightinglocalartisansandcommunitiesandHeavenResorttobe promoted on social media platforms as an advertisement. It will be three months plan. And it will try to reach as many as customers on diverse social networking services (Shams and et.al., 2020). UK influencers on Instagram When evaluating the UK influencers on Instagram, the KPI-s were found as: @ Jacob Riglin:32.8 percent female followers, 67.2 percent are male, the average engagement rate on posts are around 2.70 percent, an average number of likes per post is 29706, the interest of the audience in travel and tourism is 89.75. So these, statistics show that this would be an effective strategy for Heaven Resort to make consumers purchase its products. Heaven Resort will also offer to influencers such as one Heaven Resort luggage for each influencer, a 10% special discount code for each influencer, a 5% return to the influencer per sale, and a luggage £450 Discount code of £1200. Instagram Giveaway
AnotherstrategywouldbeanInstagramgiveaway,whichwillbea collaboration between Heaven Resort and amusement park management. It will be a 4- day trip to any desired location of customers, for 2, concluding with a Heaven Resort workshop tour and a free travel bag. This will be done to increase and promote awareness of the brand and capture the customers of new mass. The customers need to follow the 4 companies on Instagram, comment “what sustainability means to them”, tag friends and follow all four brands. Offline Campaigns- Partnership with UK Airlines The partnership with UK airlines for flights for first-class passengers consists of a toiletry bag in rang, and the campaign will last for one month. The initiative will be an efficient way to promote the brand to luxury consumers. It also gives them the chance to sample Heaven Resort products and learn more about the brand's values. UK airlines will be responsible for transporting the toiletry bags and adding the amenities to the kit. The campaign will launch in June to mark the beginning of the summer for UK travelers (Tarkhanova and et.al., 2020). Live event The event will launch a new tool on the Heaven Resort website, which will enable customers to schedule an appointment with Heaven Resort to design bespoke products. will be supported by the Indonesian embassy for local culture enhancement. A video will be played to promote this new tool which will allow consumers to create bespoke and personalized products directly through the brand and its artisans. This will help target luxury consumers looking for unique products whilst also helping create trust between the brand and consumers. CRITICAL EVALUATION OF THE PLAN It is very crucial to evaluate the plan that the business is going to establish in future.Acriticalevaluationhelpsinidentifyingthestrengths,weaknesses, opportunities and threats of the plan. The strength of the business are its quality of service,thehighlyqualifiedstaffwho willbedogfriendlyaswell.Thehighly qualified staff in hospitality spa services will act as strength of the organization. The weaknesses of the plan will be the unavailability of fund investors or the lack of funds in order to generate the plan into action. The opportunities in the market for the plan will be the increasing demand of dog hotels. The first mover advantage for the areas
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where the dog hotels do not exist. The threat will be increasing competitors of the Heaven Resort-Hotel for dogs. The another threat is the lack of interest in the minds of investors for the plan. The plan must be amended on the timely basis in order to cope up with the tactics and strategies of the competitors in the market. The needs of the customers are dynamic and hence fluctuationscan be seen in the needs and demands of the customers. The organization can look upon at various needs of the customers that can be addressed by the business in order to satisfy the customers. The future development of the plan can be done on the basis of review from the experts and accordingly the products and services of the organization can be introduced in the business (Verma and et.al., 2020). SUMMARY Thebusinessplancanbeconsideredasprofitableasitaimstoprovide luxurious hotel services at very feasible rates. The plan will introduce various price packagesataffordableandvariouspricesinordertoattractalargenumberof customerstowardsthebusiness.Theresearchstatesthatover24%oftheadult population of UK adopts dogs which can prove as a big opportunity for the business. Also there are quite less dog hotels in UK hence has very acute competition in the market. The hotel industries that are pet friendly are more likely to be on rise due to the dog friendly population in the region. These hotel chains provide accommodation for the various travelers who look for dog friendly hotels. These kinds of hotels attract novel consumers. If the existence of the business was not there then it would decrease the accommodation facility for the dog friendly population. This will somehow have affected the tourism industry as it will impact the number of visitors of the place. The business plan aims to provide luxurious facilities to the dogs as well. In order to attract the investors towards the business, the entrepreneur can show the research statistic in context of the probability of boom in the pet friendly industry. A well structured and knowledgeable business plan will also help in attracting the minds of investors towards the business. As it is very well known that the dog owner tends to spend a lot upon their pets and thus it is a huge opportunity for investment in this industry.
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Tarkhanova, N. P. And et.al., 2020. Public-private partnership as an instrument for regional entrepreneurialdevelopment.Journalof Advanced Research in Dynamicaland Control Systems.12(S1). pp.544-548. Verma, R. K. and et.al., 2020. Horticulture Based Entrepreneurial Development in Uttar Pradesh: Constraints Analysis and Strategic Suggestions.