business plan

| October 16, 2015

HOSP 3050: Hospitality Strategic Marketing
Project, Fall 2015

Project Purpose: Students will develop the marketing section of a business plan. This plan can either be for a totally new business or a major business expansion. This will be a professional document, suitable for using as a request for funding from a bank or investors. In addition to the written component, students will give a 15 minute presentation to the class (though time may be subject to change). You will work in a group of 3-4 students of your choosing. You must identify your group members and nature of your project by the end of week 2.

I. Written Component of the Business Plan
Your business plan should include the following sections, suggested lengths are included. All sections should have the subheadings as listed.

a. Executive Summary (1-3 pages)
The executive summary should be a brief introduction to your business proposal and highlight the sections that will be found in greater detail later in your plan. You want to grab the reader’s attention and get them interested in learning more about your business. It should include the following sections:
Concept: nature of the business, why there is a need for this type of business, include location, business form, current status of project.

Product/Service: describe your product and its unique features.

Market: describe the market and what are the advantages of pursuing this market. Discuss how you will introduce your product to them in order to gain market acceptance.

Competition: discuss the competition and the advantages you have over them.

Management: discuss the people involved, their management expertise and experience. Show that the people involved are qualified and committed.

Funding Request: how much money you need and how it will be used.

b. Table of Contents (1-2 pages)
Your table of contents should include all following project sections

c. The Company & The Industry (1-3 pages)
Company (this is your company/business) Your goal in this section is to show that you are the right people for this business!
Background: start-up (if a new company) or history (if an established company), business form (partnership, corporation), major players (management)
Current Status: reputation and, strengths if an established company, state of project if new
Future Plans: goals for next 3 years, how you will achieve them, what resources will be needed. Improvements and expansion planned and market share goals.

Industry
Chief Characteristics and Trends (you need to demonstrate that this is a growing industry, not a failing one! Find authoritative industry sources and quotes that substantiate that your business idea is a good one!)

d. Research (3-4 pages) your goal in this section is to show that your business idea is a good one and that you have researched its viability!
Research Plan (what did you want to find out, usually based on demand, demographics, price, etc)
Marketing Research Conducted (survey, demographic research etc)
Research Findings (these can be made up for a survey, but your demographic study should be real)

e. Market Analysis (3-4 pages) your goal in this section is to show that there is a market for your business!
Target Markets and their Characteristics (please identify primary, secondary and tertiary markets)
Demographic Information (you need to demonstrate that there is sufficient number of people in your area that fit your target market, pull this information from marketing research section)
Trends and Growth Potential (show that market is growing, not dying)

f. Products and Related Services (4-5 pages)
Product/Service Description
Facilities Description
Proprietary Features (if you have any, it is not required that you do)
Future Development Plans

g. Competitive Analysis (4-5 pages) you may do this section in chart form if you would like.
Competitor’s Profile (location, years in business, any background info. helpful to reader etc)
Product/Service Comparison
Market Niche (differentiation and distinctive competency)
Comparison of Strengths and Weaknesses

h. Pricing (1-2 pages)
Prices and Basis of Strategy

i. Promotion (3-4 pages) identify your promotion plan to attract each target market. Please list the target markets in order and outline the promotional methods you plan on using. Your methods may include, but are not limited to the following:
Advertising
Public Relations
Promotions
Sponsorship
(any additional)

j. Location & Distribution (1-2 pages)
Location
Channels of Distribution

k. Management & Ownership (3-4 pages)
Key People & Experience
Ownership Distribution
(include resumes of principle managers)

l. Schedule & Strategic Planning (1-2 pages)
(include schedule for project completion)

m. Financial Data and Projections (4-6 pages)
Funding Request
Projected Income Statements for 3 years

Appendices

II. Presentation
Students will give a 15 minute presentation of their business plan (time subject to change). Your classmates are potential investors and your presentation should be structured accordingly. Powerpoint or other visual media is a requirement. Depending on class size, project presentations will be scheduled during weeks 9 and 10 of the term. Remember, you must present during your assigned time slot, your presentations cannot be rescheduled.

III. General Guidelines
Your written project must be submitted in a three ring binder with tabbed sections. Projects are due at the beginning of class Monday, November 9th. Projects submitted after this time will have 25 points a day deducted for lateness. No partial projects will be accepted for grading.

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Principles of Marketing
Marketing Project

Category: Marketing

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