New Hotel Business Plan
I am planning to launch a new hotel business. The value proposition of the hotel will be to provide luxurious accommodations at affordable prices, targeting budget-conscious travelers who still want a high-end experience. The target market for the hotel will be young professionals and families, as research has shown that this demographic is most likely to prioritize cost savings when choosing a hotel (Pringle, 2019). In terms of location strategy, the hotel will be located in a busy tourist destination, as this will provide a constant stream of potential guests (Smith, 2020). To grow the business, I will consider the possibility of franchising the hotel or entering into partnerships with other companies in the hospitality industry. The main stakeholders in the business will be the guests, employees, and investors. Ensuring the satisfaction of these groups will be crucial to the success of the hotel. To achieve our goals and targets, we will focus on providing excellent customer service and regularly track key performance indicators such as guest satisfaction scores and employee retention rates. We will also track financial metrics such as occupancy and revenue per available room to ensure the hotel is meeting its financial goals. Cont…
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