New Hotel Business Plan.”You are planning to launch a new Hospitality Business. Choose the business you prefer (Hotel, Restaurant, ……) and develop a Business Plan including (but not exclusively): · Value proposition · Target Market (justify it) · Location strategy (justify it) · Growing strategy (franchises…….) · Main stakeholders · Possible alliances and partnerships · Main goals and targets · Customer service deployment and KPI´s for tracking it · Other KPI´s for tracking the achievement of goals · Capacity/Demand Strategy It assesses the following learning outcomes: 1. Describe the core components that characterize hospitality management. 2. Critically examine the service nature of hospitality and quality management. 3. Use a strategic approach and process for planning and decision-making. 4. Appraise the key role of human resources strategies and management in the hospitality sector. 5. Categorise the different specialized management functions in hospitality”

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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