Hospitality Management Report Assignment

Added on - 28 May 2020

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Running head: HOSPITALITY MANAGEMENTHospitality ManagementStudent ID NoName of the universityAuthor Note:
2HOSPITALITY MANAGEMENTSTTUDENT ID NO-Executive SummaryThe following report is prepared to identify the different processes that are used to develop a newproduct and launch it in the market. The report begins with an initial introduction of the productand the need for implementing the plan followed by the development plan for the new productwhich is the implementation of a number of 3d glasses in the capsules of the London eye anddecongesting the long queues for ticket collection. A short yet compact development planinvolving the set up of the timeframe, implementation of the plan has been provided by theresearcher. The development plan is followed by the feasibility study which is perhaps the keyelement of the report and the factors that affect the implementation process. The report ends witha short conclusion where a brief idea of the research and the analysis has been provided by theinvestigator. The thorough analysis of the report will help the readers to get a transparent idea onthe development of a sustainability plan for any form of business venture especially onhospitality industry.
3HOSPITALITY MANAGEMENTSTTUDENT ID NO-Table of ContentsChapter 1..........................................................................................................................................5Introduction......................................................................................................................................5Chapter 2..........................................................................................................................................6The Development Plan....................................................................................................................6Table 1- London Eye Development Plan Template....................................................................8Table 2- Timescale of the Project................................................................................................9Market Needs...............................................................................................................................9Establishing Time Frames.........................................................................................................10Implementation of the Plan........................................................................................................11Chapter 3........................................................................................................................................11Feasibility of the New Product/Service.........................................................................................11Brand Name...............................................................................................................................13Introduction................................................................................................................................13Brand Concept...........................................................................................................................13Social Impact.............................................................................................................................13SWOT Analysis.........................................................................................................................13Table 3- SWOT Table...............................................................................................................14
4HOSPITALITY MANAGEMENTSTTUDENT ID NO-Chapter 4........................................................................................................................................15The Sustainability of the New Product/Service.............................................................................15Factors that limit the development of the Product/Service............................................................16Chapter 5........................................................................................................................................18Conclusions....................................................................................................................................18References......................................................................................................................................20Appendix 1.................................................................................................................................23Appendix 2.................................................................................................................................24Appendix 3.................................................................................................................................24
5HOSPITALITY MANAGEMENTSTTUDENT ID NO-Chapter 1IntroductionThe following report has been prepared by the researcher based on the new business ideasuggested by him in task 1. The new business idea revolves around the installation of 3d glassesin each of the capsules. An initial idea of installing 15 such glasses in each of the capsules of theLondon Eye has been proposed by the investigator in the coming year to make it more appealingto the visitors. The initial plan is to attract more and more people to visit London Eye withoutfacing any form of harassment. The main problems which has dented the popularity of themonument has been the long queues for tickets, the lack of shops nearby the monument and mostimportantly the lack of quality space around the wheel.London Eye is a Giant Ferry Wheel on the south bank of the river Thames in the city ofLondon. Standing at an elevation of 443 feet and a wheel diameter of 394 feet it was the tallestsuch structure present in the world in the year of its opening(www.londoneye.com). The wheeloffers a clear and transparent view of the city which is a one of the most pleasant sites offered bythe authorities. Built at a cost of around pound 70 million it is one of the most sought after touristattractions of the mentioned city. However lack of proper planning and infrastructural woes themonument is gradually losing its premier status. As mentioned earlier there are a number ofproblems that hampers its own reputation and it is gradually being overlooked by many of thetourists because of such problems. The researcher has suggested a totally new approach torestructure the monument by installing new pods with 3d glasses and introduce online booking
6HOSPITALITY MANAGEMENTSTTUDENT ID NO-system to save the visitors from overcrowding the ticket counters. According to the researcherthe new plan once implemented can solve the existing problems and ensure a greater footfall.Chapter 2The Development PlanA well-considered new product development strategy can help the organization in savingtime, money and the assets of the business. A proper development plan for a new product helpsthe organization to organize the planning of the product and research. It also helps to attract theviews of the customer and raise expectations among them. An efficient strategy helps to avoid:1.Overestimating and misreading the target market2.Incorrect use of available resources3.Repeat the mistakes of previous version4.Exposing the business to risk and threats5.Spending resources on higher than the anticipated costsThe long standing problems involving the London Eye has pushed the researcher torecommend a new product to completely overhaul the business prospect of the giant wheel andattract more tourists and visitors to the monument. As said earlier the monument is crippled withthe problems of overcrowding in the ticket counters, short space in the capsules and absence ofeateries and other shops nearby the structure. A recent survey has shown the downfall in thenumber of tourists due to the existence of such problems. The visitors finds it a tough ordeal forthem to stand in the long line of queues for 2 to 3 hours and then finally get to have a ride at theiconic wheel. The researcher has suggested in the launch of an online portal for booking tickets
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