Report on New Business Venture in SME hotel Sector
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Added on 2020-06-06
Report on New Business Venture in SME hotel Sector
Added on 2020-06-06
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Launching a new venture
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P 1 Discussing new venture of the organisation and identifying competitive analysis..........1P2 Discussing tangible and intangible resources....................................................................3Task 2...............................................................................................................................................4P3 Producing credible proposal to launch venture.................................................................4P4 Skills and abilities required to launch new venture...........................................................5Task 3...............................................................................................................................................8P5 Different promotional activities and channels for promoting new venture......................8P6 Producing appropriate promotional activities plan...........................................................9Task 4.............................................................................................................................................10P7 Producing itemised monthly cash budget for pre-launch phase......................................10P8 Appropriate legal form for organisation..........................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONBusiness provides goods and services to society for fulfilling their needs andrequirements. Present report deals with launching a new business venture in SME hotel sectornamed as Adorable Hotel to cater the needs of middle class customers. The hotel would providecultural foods of UK and better services in the hotel at lowest possible prices to impart customersatisfaction. The hotel will be located in Tavistock town of UK and target customers will bemiddle class people. Report contains various tangible and intangible resources which arerequired to fulfil daily needs. Moreover, skills and capabilities of entrepreneur are alsohighlighted. Furthermore, cash budget is prepared and promotional activities plan for pre-launchand post-launch is also listed. Thus, launching a business venture requires objectives and skills ofentrepreneur to achieve good profits.Task 1P 1 Discussing new venture of the organisation and identifying competitive analysisNew business ventureBusiness venture means that entrepreneur starts a new business with the aim to satisfycustomers and meeting their demands in the best possible way. This venture is good for theentrepreneur who have required skills and talents to serve society and earn financial gains ineffective manner. This is quite important as when entrepreneur starts business severalopportunities are created and as such, society is benefited and in turn venture garners profits withmuch ease. This is usually small organisation that is opened for meeting demands of customers.The new venture to be started is Hotel business to be named as 'Adorable Hotel'. This businesswill be SME (Small and Medium Enterprises) and employees will be around 50 only. Theorganisation will cater the needs of all the citizens and as such, services offered will be ataffordable prices (Martin and Javalgi, 2016). This will enhance customer satisfaction and theywill be become loyal to the firm. This will help business to flourish and revenue could begarnered in the best possible manner by providing better and quality services to customers in thehotel.Target market The business will be established in Tavistock town in London. The venture going to startin the region is mainly to focus upon various cultural foods of UK which will have greater1
variety of foods and services to customers and as such, they will have pleasant stay in the hotel.The cultural foods such as fish and chip that is one of the popular food of UK. Moreover, breakfast flooded with mushrooms, fried egg and sausage and baked beans will be provided to guests.Moreover, room and administration service by departments is also the part of new venture.Target market will be Tavistock as passengers arrive most frequently and as such, business willbe able to flourish quite effectually (Baucus and Mitteness, 2016). Firm will be able to target alladults passengers as they come with their friends and family. Thus, they can be targeted so thatcustomer base may be developed and as such, business may achieve success in effective manner.Furthermore, hotel packages would be sold at affordable and lower prices so that customers maybe attracted towards buying the same. Thus, target market with reduced prices of the packagesand better administration and room services will initiate success of the new venture. Analysis of competitors in the marketWhen new business is likely to be established, there should be complete analysis ofcompetitors. This is required in order to implement well-structured strategies to outreach them inthe best possible way. Furthermore, this help business to have analysis of rivals' strategies and assuch, new firm can make more structured strategies resulting in success of the business.Adorable Hotel will cater the needs of customers and will provide them better services ascompared to rivals. The competitors in the market are The Duke of Tavistock and other one isTavistock House Hotel. These two hotels are quite successful ventures and are among the bestone in the locality. Furthermore, it is required that well-mannered strategies should beimplemented by the business. Duke of Tavistock is better hotel which provides services such asbreakfast and exotic rooms to passengers. The services provided by the hotel are the key pointswhich enhances satisfaction level of customers in the best possible manner. The hotel has freeWi-Fi facility and has good lounge by which guests like to stay in it (Deligianni, Voudouris andLioukas, 2017). On the other hand, Tavistock House Hotel is privately owned SME and was builtby Duke of Bedford circa 1820. The hotel caters the needs of customers and provide them withenduring services in effective manner. Thus, it implies that Adorable Hotel will have to maintainits services quite effectually. 2
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