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Contents TOC \o "1-3" \h \z \u Business Profile PAGEREF _Toc278420414 \h 2Research Information PAGEREF _Toc278420415 \h 2Registering PAGEREF _Toc278420416 \h 3Marketing Plan PAGEREF _Toc278420417 \h 4External Environment PAGEREF _Toc278420418 \h 4Internal Environment PAGEREF _Toc278420419 \h 5Competitor Analysis PAGEREF _Toc278420420 \h 6Market Segmentation PAGEREF _Toc278420421 \h 7Marketing Objectives PAGEREF _Toc278420422 \h 7Positioning Statement PAGEREF _Toc278420423 \h 7Marketing Strategies PAGEREF _Toc278420424 \h 7Implementation, Monitor and Evaluate PAGEREF _Toc278420425 \h 8Human Resources Plan PAGEREF _Toc278420426 \h 10Financial Plan PAGEREF _Toc278420427 \h 11Operational Review PAGEREF _Toc278420428 \h 12References PAGEREF _Toc278420429 \h 12Appendix PAGEREF _Toc278420430 \h 13 PART ABusiness ProfileThe name of the Hotel/Accommodation would be Memories and the idea behind this is to create an impact on the consumer behaviour and mind as they enjoy a memorable time in Australia and they would keep Memories in mind. Thus, the location of the hotel is strategic in nature and that would be close to the Opera House in Sydney and would try to attract the visitors to Opera House to stay in the accommodation provided by the hotel. Proper professional advice would be taken to make sure that the lease will permit long term viable operation of the business. The services provided by the hotel will include hotel accommodation, Swimming pool, Gymnasium, Recreational area and a gaming zone. The hotel also aspires to get in collaboration with Opera Houses to provide customers with free passes to visit one of the opera plays in the near future (Sciverse 2007).The business structure chosen would be sole trader as I have personal experience in the hospitality industry for over a decade and I aspire to use the same to cater the needs of the consumers and customers who wish to have a light time with their respective families and relatives. I have a broad understanding of the customer needs when they a visit a restaurant or an accommodation and they seek to have a comfortable stay in the Hotel so that they are not caught up with the day to day tension of staying at home and looking after those particular needs.Research InformationThe legal areas where business needs to comply with for its operation are as followsRegistration of Business nameIncome tax, State tax and DutyInsuranceEmployeesDocumentationBudgeting and Finance controlDisclaimerConfidentiality agreementLicense/PermitThe completion of business plan can be assisted by ASA BMS, Commonwealth Government book stores and banks. The cost of setting up a Sole Trade as projected is approximately around $1500 and also the setting up of trusts which costs around $ 500 which is considered to be a useful tool in business and estate planning. The location and premises would include careful scrutiny of parking, visibility and competition. The Australian Tax office (ATO) impacts the business and its bylaws are crucial for capital gains tax may be payable on disposal. The other tax requirements include fringe benefits, stamp duty, artists’ royalty, and sales, rental, personal and company, business duty etc. Also, the person setting up the business should be a citizen or Permanent Resident of Australia which is a requirement of the Immigration department. Insurance is an important part again which is based on the principle of utmost good faith; premiums are related to the risks as seen by the insurer. For this purpose, the insurance brokers would be contacted to provide a broader range and to cover general or life assurance. The staff would be carefully selected and thus the likelihood of legal action for unfair dismissal can be minimised.All the business transactions are required to keep a proper track record and thus the documentation is necessary and there are many forms of documentation such as pay slips, secretarial services, credit notes, invoices, statements etc (AsaGroup 2008).RegisteringThe business name has to be registered and a three year license can be obtained through NSW Fair Trading. The business is also to be registered with the Australian Securities and Investments Commission (ASIC). The advice of a legal and accounting professional is of vital importance here. The next step is to obtain or apply for Australian Business Number (ABN) with the Australian taxation Office. Register Goods and Services tax (GST) through the ATO and other requirement in this one is that the business turnover should be more than $ 75000 or more annually. The other legal requirements the company needs to comply with is requiring workers compensation policy from Work Cover NSW and also the payment of superannuation which is nine percent of all wages and registration of Payroll tax and as a PAYG withholder through the Australian tax office (ATO) (EHow 2010).The Business intends to hire the services of a lawyer for a period of three months who will take care of all the legal requirements and to make sure that nothing goes wrong and smooth procedure is followed which would be the result of the experience of the lawyer and the necessary payment would be made for the service. The business intends to take this decision as the Director intends to focus in other key issues for setting up the business initially and does not want to take any risks related to the legal requirements of setting up the business and also wants to make sure that it is in secure hands for all the legal requirement (An Australian Government initiative 2010). PART BMarketing PlanMarketing EnvironmentIndustry profileThe industry is hospitality focusing on service to the customers. The barrier to entry by newcomer and competitive advantage between current players is crucial in this industry. Among other things, hospitality industry find advantage in old classics (location), initial and ongoing investment support and particular themes adopted by the marketing arm of the organisation in question (Business Opportunities Trade 2008).External EnvironmentPEST AnalysisPoliticalStability of the Government, Economic policy of the Government, Government type, , trade policy and events in surrounding countries.EconomicInflation may raise costs of operating the businessIncreasing cost of material, storage and serviceHigher interest rate may result in high cost of borrowing.SocialIncreasing health awareness.Increasing working women (Eating out)Increasing media attentionTechnologicalTechnological environments and innovations are attracting more consumers.Internal EnvironmentSWOT AnalysisStrengthsExperienced staffStrategic locationWeaknessesNew entrant in the market, gestation period may be highNot offering fast food would limit the target marketThreatsIncreasing fast food chain is a threat to the conventional restaurantOpportunitiesAdding more facilities and target upscale products and downscale consumer baseTaking advantage of increasing tourists to Australia (Business 2008)Competitor AnalysisRestaurantPricingProducts and ServicesTarget MarketArja Restaurant $ 55 pp 2 coursesItalian fine dining, theatrical setting and gourmet experienceFor functions and parties, HIG marketOpera Bar$ 45 platterCelebrity restaurateur, simple and elegant and consistency in all aspects of food, wine and serviceEntertainment and fun atmosphere, Young corporate etcBennelong Restaurant$ 60 pp 2 coursesStunning location, exquisite Italian dishesRoof top bar addressing a niche marketQuayside Brasserie$ 45 ppBest dining experience, fresh and innovative menu, Australian beef, cheese and menusFamily restaurant (EBSCOHost 2009)Market SegmentationA large part of the segmented market is the tourists which to Australia every year and thus the projected location is close to the opera house in SydneyMarket Objectives and positioning statementMarketing ObjectivesEnhance the level of service experience for the customersTake consistent feedback from customers to improve servicesExpand and make the restaurant first choice for touristsAdd more services to enrich customer experiencePositioning StatementA competitive player and a must stop destination for tourists in Australia. This is in regards to the proposed location of the hotel close to opera house. The accommodation aims to increase awareness through word of mouth and positive recommendation from customers who visit the hotel and then spread it across to visiting friends and family. Marketing StrategiesProductThe product is the service to tourists via accommodation visiting Australia throughout the year and this is complemented by swimming pool, gymnasium and other recreational activities to provide a rich experience to the customers. The menu item would include Chinese, Thai and Indian cuisines to attract tourists from all these places.PriceThe price would be competitive to the nearby hotels as Asian Customers which form the majority of the Tourists in Australia are conscious of price. For example- the price of the platter would be less than $ 40 pp which is less than the price offered by competition in the nearby areas.PlaceThe place is strategic in nature as the advantage of famous opera house would be taken to attract tourists to stay in the Hotel and enjoy the food in the Restaurant. Opera house is considered to be a hot favourite destination of tourists visiting Australia and particularly for people visiting Sydney.PromotionInitially, the promotion would include distributing brochures of Hotel to tourists near opera house and convince them to stay in the hotel for a rich experience and this would be short term until a satisfactory level is reached. Implementation, Monitor and EvaluateThe Hotel would keep a separate Marketing division initially and would deploy 4 field executives to distribute brochures to the visiting tourists and they would be carrying an album with room pictures and other information about the hotel to attract customers. The field executives would report to the Head of Department Marketing who would then report to the Director. Incentives would be given to field executives for getting more than one customer to the room so that they get motivated and perform towards the marketing objective of expanding and making the hotel the one stop destination for tourists. Along with this, the field executives would also be required to deliver brochures to the mailbox of the surrounding areas. The organisation would keep a part time employee to monitor the activities of field executives, he/she would not be known to the employees and once in a while they would be used to monitor the activities of the field executive. PART CExecutive SummaryThe purpose of this report is to elucidate the details of Business plan for Memories Hotel which is going to be set up near the Opera House in Sydney and it is going to be sole trader business structure. The business intends to enter the market to capture the increasing number of tourists to Australia every year and provide them with a rich experience which would in turn give them a memorable experience and that is the reason why the Hotel’s restaurants intends to give their prospective customers a wide variety of cuisines which would take care of the needs of various ethnic groups visiting Australia every year. For example- India, China, Thailand etc. the competitive advantage of the Hotel is the location as most of the rooms would be sea acing and the beauty of the Opera house would be quite appealing to the customers and also the various services like that of Swimming Pool, Gymnasium etc is an added advantage to the location of the Hotel and should become a must visit destination for tourists in Australia. The mission of the business is to be a pioneer in the service and hospitality industry taking care of the needs of the customers and anticipating them in advance. The business has a strategic outlook in the future wherein it would look to expand to other beautiful cities of Australia for example-Melbourne and Gold Coast. The Business objectives for this particular business is to first break even with the initial set up cost and then achieve long term profitability. The legal requirements of the business are that of taxation, registration of name, Leasing requirement, documentation, ABN etc which would be taken care by the lawyer which is hired for the first three months by the business to care of all the legal requirements.Marketing PlanProductThe product is the service to tourists via accommodation visiting Australia throughout the year and this is complemented by swimming pool, gymnasium and other recreational activities to provide a rich experience to the customers. The menu item would include Chinese, Thai and Indian cuisines to attract tourists from all these places.PriceThe price would be competitive to the nearby hotels as Asian Customers which form the majority of the Tourists in Australia are conscious of price. For example- the price of the platter would be less than $ 40 pp which is less than the price offered by competition in the nearby areas.To get the full project, please buy the Assignment by using this Link - ?19 ................
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