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Executive Summary
This project illustrates the chosen industry is the tourism industry and it demonstrates opening franchise of The Khai Resorts in the UK. London is selected to open a new business in the UK among the tourism industry of UK. However, London is a city where a number of tourists visit in order to attend a business meeting and for spending their vacation with full of pleasure. The project is about the business plan for introducing a new business of hotel in London, UK. The business plan entails a description of the industry as well as it includes the marketing strategies, promotional strategies, sales strategies and positioning strategies that will be adopted by the new business. It also includes a market analysis that describes internal and external factors that affect the organizations. Strength, weaknesses, opportunities and threats for new businesses are clarified in the business plan. Financial analysis that includes forecasted profit and loss statement, balance sheet, cash flow statement, unit costing, sales budget and breakeven analysis has also been mentioned in the business plan. Tourism Innovation .
Table of Contents
Business Plan of Tourism Innovation and Product
Unit Costing of Sheraton Hotel
Forecasted Marketing Expense Budget
Forecasted Profit and Loss Statement
Forecasted Statement of Financial Position.
Recommendation and Conclusion.
Description of the Company
Tourism Innovation: The Khai Resort is a well-known Hotel of Thailand and is situated in Bangkok. Thus, Bangkok is one of a beautiful and popular city of Thailand which is considered to be the most renowned tourism place among Asian countries. The industry in which The Khai Resort is operating its business is the tourism and hospitality industry. It has been researched that according to the travellers that have been visited Thailand considers “Bangkok” as a preeminent destination for reason of tourism among Asian countries. Furthermore, in 2013 among twenty-five Asian countries, Bangkok was awarded as the best destination for tourism where tourists enjoy their trip full of pleasure (Trip Advisor, 2013). The visitors attract to Bangkok in order to visit because of the rapid growth of the industry of tourism and hospitality in Thailand. Therefore, because of such rapid growth as well as increasing trend of tourism in Thailand, I have decided to open the franchise of The Khai Resort in London, UK. Seeing that the UK is also one a tourism place where tourists visit in larger proportion. However, London is considered to be the hotspot of UK where a number of tourists visit for the purpose of tourism.
However, intangible services are provided by The Khai Resort to the customers as well as in order to attract and satisfy the customers according to their perceptions, we will provide the best services to the customers. In 2014, 3.5% of GDP has been contributed by tourism industry of UK in terms of direct contribution and has been expected to rise by 3.7% in 2015 and is forecasted to rise by 3.7% till 2025. Direct contribution reflects an expenditure spending by residents and non-residents on the tourism industry. It shows the direct contribution of hotels in the UK to GDP (WTTC UK, 2015). The World Bank states that rapid growth of tourism and hospitality industry in United Kingdom generates high revenues as well as according to The World Bank there were boom years for tourism and hospitality industry in the UK which reveals that in 2011 its revenue was 44,864,000,000, in 2012 it was 47,052,000,000and in 2013 its revenues were increased with large figures which were 53,522,000,000 as well as in 2014 it was 62,830,000,000 (The World Bank, 2016).
The location decided to open The Khai Resorts is Tower of London as Tower of London is a place where tourists will enjoy the atmosphere, quality services and food with the best quantity and quality at value prices.
Business Model
There are some business objectives that are designed in order to run the project successfully. These are as follows;
- To get the franchise license.
- To attract the investors in order to acquire finance.
- To provide the training to the employees in order to provide the best services to the tourists.
- To serve the food with superior quality.
- To provide a pleasant atmosphere to the domestic customers, tourists as well as business travellers.
- To preserve the safety standards.
- To attain the profitable growth in UK hotel tourism industry.
- To generate revenue with 10% increase per year.
The supply chain includes suppliers in order to deliver all the goods and services on the actual time that will go into the supply of tourism products or services to the customers. There will be a contract with the suppliers in order to deliver tourism products on time. The initiatives will be considered in order to provide benefits to the customers as well as the tourism industry. These initiatives will be; transport, accommodation, day trips, crafts and food. The managers will implement good practices regarding the encouragement of suppliers through training and awareness in order to implement effective standards (TSC, 2016).
Service/ Product development
Customer Product
The Khai Resorts will deliver quality services to the customers which include hotel rooms, will arrange business meetings for business travellers as well as arrange different kind of events for domestic and foreign tourists along with quality food services. It will also provide add-on services to its customers such as internet services, golf clubs, child care and fitness club etc…
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