New Business Development of Venetian Macao in the UK Leisure Industry - Essay Example

?New Business Development Table of Contents A.Assignment I 4 Company Business Service) 4 1.The Concept 4 2.Developmental Perspective 4 1.2.1.Strategic Perspective 4 1.2.2.Marketing Perspective 5 2.Rationale 6 2.1.Market Overview 6 2.2.Strategic Window 8 2.3.Provisional Target Markets / Niche 8 3.Personal Profile 9 3.1.Skills Profile 9 3.2.Personal SWOT 10 B.Assignment II 11 1.Executive summary 11 2.Company description 12 2.1.A clear rationale for development of the business 12 2.2.Product /service description 12 2.3.Identification of Market Niche market niche 12 2.4.Mission Statement 13 3.Market environment 13 3.1.Environmental Scan 13 3.2.SWOT Analysis 16 3.3.Marketing Objectives 17 3.4.Marketing Strategy 18 3.5.Tactics and Programmes 18 3.6.Marketing Budget 19 4.Management Plan 19 4.1.Business Structure 19 4.2.Management structure, function and rationale 20 4.3.Personnel and remuneration policies 21 4.4.Creditor & debtor policies with clear rationale 22 5.Operational Plan 22 5.1.Where you will be based 22 5.2.Suppliers 23 5.3.Manufacturing facilities 23 5.4.Equipment needed 23 5.5.Standard Operational Procedures 23 5.6.Quality Assurance Procedures 24 6.Financial Plan 24 6.1.Start Up Costs 24 6.2.Cash flow forecast for one year 25 6.3.Profit and Loss account for one year 26 6.4.Break even analysis 27 7.Contingency Plan 28 7.1.Creditor policies 28 7.2.Debt service 28 7.3.Personal and personnel position 29 7.4.Financial Controls 29 7.5.Marketing Controls 30 Marketing control is a vital step for any organization. The Sale objective of the firm is estimated in this process and depending on that the Sales Forecast and Quotas are set for next year budget depending on that. Proper evaluation of the marketing plans is very crucial to set the budget. For this evaluation time to time marketing activities are done like data collection and doing market research on the existing plans how they are implemented and how much effective they are in the market. Depending on the survey results the budget for the next year is calculated. The Venetian Macao should do market research for their plans and find the quality of their services provided to the customer and keep track of every possible problem that can create a problem in the business (Kotler, 2008). 30 Reference 31 A. Assignment I 1. (Company / Business / Service) Description 1.1. The Concept Leisure industry has become one of the attractive industries in the global market. This industry includes the sectors like tourism, hospitality, entertainment and recreation, and with the changing lifestyle of people, the popularity of leisure services are growing significantly. This paper will attempt to present a new business development of ‘Venetian Macao’ in the UK leisure industry. Venetian Macao is popular hotel based in Las Vegas, and it offers a range of services like accommodation, entertainment, casino dinning etc. leisure and casino industry has been playing an instrumental role in UK’s economic development as it attracts a large number of visitors in UK for leisure purposes (PWC-UK, 2011). 1.2. Developmental Perspective 1.2.1. Strategic Perspective Venetian Macao is a premium hotel group that offers leisure services, and hence it primarily focused on very niche market of segment. In the UK leisure industry, the hotel groups will attempt to follow the same strategy. The following model shows it provisional generic strategy, Figure 1: Generic Strategy (Source: Eldring, 2009, p.7) Therefore, Venetian will focus on focused differentiation strategy by offering high premium leisure and entertainment services to UK people and inbound tourists in UK. By following this core generic strategy, Venetian can be able to develop a competitive advantage. However, in this process it needs to prepare an overall business development strategy. 1.2.2. Marketing Perspective In order to gain competitive advantage in the UK leisure industry, Venetian will focus on the value creation of its customers as well for the UK economies. Venetian is famous for its packaged leisure services that include entertainment, casino, accommodation, recreation, dinning, shopping etc. Venetian aims to offers a high premium services that provides a stress-free vacations to its customers. Such wide ranges of high quality services in ‘one-roof’ are its primary USP. 2. Rationale 2.1. Market Overview The underlying opportunities in UK leisure industry are growing due to major social and economic developments. The enhancing economic condition of UK people has led to increase their purchasing power as well as the popularity of leisure industry. Besides, the increasing population of UK provides better market opportunities. For example, the UK population is increasing at 0.557% per year and the current population is around 62,698,362. Moreover, present UK’s economic growth is 1.6% that enhances the people’s spending powers and they are willing to spend on leisure services (CIA, 2011). On other hand, the increasing number of visitors in UK also is a great opportunity for the hospitality and leisure industry and this growth is expected to continue in coming years. However, after the global financial crisis of 2007-2008 impacted the UK economy, there was a decline in hospitality and leisure industry. The following figure depicts this evidence. Figure 2: Leisure Services in UK (Source: Clark, 2008, p.7) However, with growing recovering economy, the consumers’ spending power is increasing. The GPD and consumers’ purchasing power are directly correlated each other and hence, it there is better opportunities in future. The following graph presents this fact. Figure 3: GDP and consumers' expenditure of UK (Source: Clark, 2008, p.2) 2.2. Strategic Window The available business opportunities in UK market with growing economic condition is the main reason for Venetian’s market entry in UK’s leisure and hospitality industry. Venetian will attempt to fit into strategic window by identifying & evaluating the internal and external factors, and by capturing the business opportunities through a set of effective business strategies. 2.3. Provisional Target Markets / Niche Considering the business model of Venetian Macao and its offered services, the organisation will attempt to target focused group customers. This target market will cover the high income group of families of UK and the inbound tourist in UK. 3. Personal Profile 3.1. Skills Profile Leisure industry primarily belongs to the services sectors and Venetian offers a wide range of leisure services. In the services sectors, personal skills are the core essence and key success factor for business. In order to plan the personal skills, Venetian will focus on the following process. Figure 4: Personal Skills Profile (Source: Roberts, 2001, p.63) The employees must have hospitality skills as they will have to directly serve customers. Moreover, there will multiple departments like resorts, casino and other entertainments and specific employees of each department will be skilled it their job responsibilities 3.2. Personal SWOT Venetian will run its business with a team of senior managements and mostly will be expatriate managers. Hence, for UK business environment, they must have a set of strengths and weaknesses. Major strengths include better hospitality skills, customer satisfaction skills, and better management skills. Weaknesses will include cross cultural limitations, and lack of experience in UK leisure market. B. Assignment II 1. Executive summary Venetian Macao is basically a Las Vegas-based popular hotel and resort that offers wide ranges of leisure services. It is a popular for its services and strong brand position in global leisure industry. Considering the underlying opportunities in UK leisure industry, Venetian attempts to enter in UK market. Venetian will offer leisure services like accommodation, dinning, casino, recreation and other entertainment services. For its UK market, Venetian’s mission is ‘to become the pioneer group in UK leisure industry by offering high quality and value creating services to our customers’. Venetian is premium hospitality and leisure services provider and hence, it will target very niche market. Primarily, target market will include high income group families of UK and inbound tourist in UK. For first operating year, Venetian primary focus will be of marketing strategy for achieving higher sales revenue. Moreover, first year’s effective marketing activities will build a strong foundation for Venetian by creating brand loyal customer and brand development in UK. UK leisure industry is already crowded with large number of players and Venetian has to face a steep competition in UK. However, effective marketing and tactics will help to counter such issues. Venetian will not be able to make profit in its first operating years due to lower sales revenue. However, it aims to achieve 20% of sales growth on year-to-year basis and this will helps company to cross its breakeven point during the third year of operation. 2. Company description 2.1. A clear rationale for development of the business The Venetian Macao is a fully integrated luxury package in the leisure industry. At present it is located at China on the Cotai Strip. The company being one the leader of leisure industry is looking to expand its business to UK. Consumer’s expenditure is the key driver for the leisure and hospitality industry which has a steady growth of over the last few years at UK. Thus the company has a very good prospect in expanding its business in UK taking the advantages of this robust economic growth in the leisure and hospitality and leisure industry (Clark, 2008, p.2). 2.2. Product /service description The Venetian Macao with a vast diversity of its services it offers under a fully integrated resort is one of its major advantages over the others in the leisure industry. It has the facility of Luxurious Suites Sanctuary, Meeting and Convention Spaces, Entertainment and Recreation centre and Dining and Shopping experience all under one roof. All these services are rarely provided by any company as a package and all in a royal fashion. The services provided by the Venetian at China will be a unique in the UK market also and can attract a huge group of customers from all age group and profession (The Venetian Macao, 2008, p.8, 9). 2.3. Identification of Market Niche market niche The Venetian Macao with all its luxurious services mainly targets the higher income group of the society. The casinos are mainly targeted to the adult age customers while the recreation and entertainment centres are mainly focused for the children’s. Most of the services provided by the company can attract customers from various age groups. But due to its luxurious features it mainly concentrates on the royal customers who want to spend some time with their family or it can also be a conference for any business purposes. Apart from the local customers the Venetian can also attract rich customers who visit UK for a trip or its nearby region. It can be a very attractive place for the tourist who wants to stay at a 5 star luxury hotel along with all the fun of dine, shop , wine and stay under one platform (Clarke, Chen , 2007). 2.4. Mission Statement Venetian’s mission is ‘to become the pioneer group in UK leisure industry by offering high quality and value creating services to our customers’. Luxury being the highest priority of the business The Venetian Macao will always satisfy its customers with its high quality service and values. 3. Market environment 3.1. Environmental Scan A business organisation is influenced by a number of factors i.e. internal and external. The internal factors are directly related to the company, but in case of entire business environments, the macro-environmental factors are prominent. PESTLE is a popular model in marketing for scanning the external environment, and it includes six factors i.e. political, economic, socio-cultural, technology, legal and environment (Haberberg and Rieple, 2008, p.105). The PESTLE analysis of UK business environment is given below in respect of new business development for Venetian. UK government strives to bring economic development by encouraging the trade and business. UK’s stable political system is a major strength for trade and business development. The Department for Business, Innovation and Skills is regulatory body responsible for “building a dynamic and competitive UK economy” by taking major initiatives (BIS, 2011). In UK services sector has higher value as it contributes 75% of GPD and major services sectors includes hotel, transport, communication etc. Hence government is also more focusing on services sectors by encouraging FDI inflows (U.S. Department of State, 2010). High per capita GDP ($35,100) of UK indicates better business opportunities (CIA, 2011). The consumers’ expenditure will increase with the betterment of economy. The following table will depicts consumer’s expenditure and GDP. Figure 5: GDP and Consumers’ Expenditure (Source: Clark, 2008, p.12) The leisure industry is highly dependent of the availability of better infrastructure and technology. UK government has established 505 airports, 16,454 km of railways, 394,428 km of roadways. Moreover, its merchant marines is very developed which used for multiple commercial purposes (CIA, 2011). The social-cultural factors are also major influencing factors for UK business environment. Increasing population indicates availability of labour forces and customers. The following figure shows the projected population. Figure 6: Estimated and projected UK population mid-2008 and mid-2033 (Source: Office for National Statistics, 2009) Moreover, UK people spend a significant amount of money on restaurants and hotel, recreation etc. The following table shows the categories of expenditures. Figure 7: Average Weekly Expenditure (Source: BBC News, 2007) The legal framework of UK strives to offer protections like property rights to business organisation. As Venetian will also offer casino services in UK it has to abide by gambling act and The National Casino Industry Forum is the regulatory authority which helps to maintain “a well regulated, socially responsible and economically sustainable casino industry” (NCiF, n.d.). Environmental protection and social health is another major factor and Venetian must take necessary steps to comply with environment protection law. 3.2. SWOT Analysis The SWOT analysis of Venetian for its UK market is given below. Strengths: Wide ranges of leisure services Past experience of leisure industry in China and Las Vegas Strong financial position and brand image in global leisure industry. Weaknesses: Lack of experience in UK leisure industry. Difference between UK organisational culture and Venetian’s core culture. Opportunities: Increasing population and availability of large number of inbound tourist in UK market. Favourable macro-economic condition and UK government’s support. Threats: Increasing competition in UK market. Slower economic recovery. 3.3. Marketing Objectives The primary of Venetian in UK market has been explained in mission objective of the company. However, in order to develop focused strategy for Venetian, some marketing objectives are given below. Follow the focused differentiation strategy for targeting specific consumer. Develop integrated marketing communication plan. Achieve breakeven point with 3 operating years. Achieve revenue growth of 20% on year on year basis. 3.4. Marketing Strategy The primary generic strategy of Venetian for its UK market is to target the niche target segment that includes high income family group and inbound tourist group. For identifying the strategic direction, Ansoff matrix is use which is given below. Figure 8: Ansoff Matrix (Source: Luck, 2008, p.364) The UK leisure market already existing and Venetian will enter with its existing services, and hence, it must try to penetrate the market. Based on the focused strategy for market penetration, Venetian will frame its seven Ps of services accordingly that will strive to create higher value for its target market. 3.5. Tactics and Programmes In order to achieve the above stated objectives, a set of plausible affective tactics and programs are given for Venetian’s business development in UK market. Should follow integrated marketing communication for its promotional strategies. Use the advertising tools considering the niche target market. Should also use the social networking advertisements. Should sponsor events and programs for better promotions. Should try to develop loyal consumers by executing consumer loyalty programs like loyalty cards, memberships, discounts for regular customers etc. 3.6. Marketing Budget Apart from the initial start up cost for its new business development in UK leisure industry, Venetian must invest a significant amount of capital for its marketing activities like marketing research, promotional and advertising activities etc. it will try to invest 10% of its sales revenue on marketing expenditure for its first operational and which will same for the next three years. 4. Management Plan 4.1. Business Structure The leisure industry business structure for a full service hotel mainly comprises of several departments like Rooms, Food & Beverage, Human Resource, Marketing and Sales and the Account department. Each of these units has several other small business units for each of its services provided to the customers. Along with the above business structures few companies like The Venetian Macao also provides some other facilities for its customers like shopping area and also conference halls which gives them an extra edge from the race (Wiley, n.d., p.30). Figure 9: Business Structure (Source: Author’s Creation) 4.2. Management structure, function and rationale The business structure is divided into several business units in order to manage the segments in an effective manner. The Room department is mainly concerned with the management of customers needs like reservation of the rooms, housekeeping, laundry service and the security of the customers. The Food & Beverage department looks after the food service of the resort. The Human Resource department are responsible for the recruitment of new employees and the training and development of the people inside the organization. Marketing and Sales helps to promote the business with new marketing plans and strategies to grow the business in a new market. The Accounting Department is mainly concerned with the financial management of the company for a smooth cash flow in different operations (Wiley, n.d., p.30) 4.3. Personnel and remuneration policies The leisure and hospitality industry needs to have a well established human resource department for an effective staffing process. The service industry is often called as a people industry as all the services are provided by the people to the customers. The personnel are the main representatives of the hotel and also the backbone for running the business so they need to be very well trained and qualified to perform their work. Before recruitment, the HR department should analyze certain factors like the available resources at the region, quality of resources, cost involved in the process etc (Andrews, 2009, p.81) In UK market there is very good source of labour force in the service industry with around 80% of the total industry (CIA, 2010). 4.4. Creditor & debtor policies with clear rationale In order to enhance the business liquidity position most of the companies have a well designed creditors and debtors policy. Companies collects the money from the customers and utilizes the capital into its business then after earning more profit from the investment the company pays the suppliers from whom they have taken some goods or services in credit. The policy can be designed as a 30 days debit policy and a 40 days credit policy for Venetian Macao. For an effective flow of fund the company should have good relation with the creditors and the debtors (Dunn, 2006, p.7). 5. Operational Plan Operations plan is essential for defining the manner in which a new business plan should be implemented; precisely, it takes care of intrinsic details such as location, logistics and resources necessary to support the business (WWF Network Standards, 2007, p. 1). Venetian Macao too had to watch over those issues before setting out, details of which have been provided in the section underneath. 5.1. Where you will be based When The Venetian decided to open a unit in UK, these very factors had played a pivotal role. Macao is home to a large gambling industry which is also quite favoured by the national administration as it contributes a chunk to the region’s annual income and adds a spice to its tourism industry. This instigated the hotel chain to establish a unit in the populated region and pave a road to hefty revenues added with minimal cost of operations (Boniface & Cooper, 2001, p. 285). In a similar way, the company needs to assess its chances in Liverpool, UK for an additional unit. 5.2. Suppliers Given the nature of business that The Venetian Macao is indulged into, the provision of a continuous supply chain is essential. The Hotel which already had earned the name of a premium brand throughout the world already expected a huge footfall for which it needed to keep a ready group of suppliers willing to make supplies during exigencies. With the national government backing its business, the hotel rarely faced a problem in this respect. In addition, it has provided immense liberty to its suppliers, which is highly welcomed by many. 5.3. Manufacturing facilities The hotel is primarily associated with the gambling business for which it needs large number of tables, slot machines and other electronic gaming devices. It is important that the company be located in a place where there are no restrictions imposed over their production and shipping. Given the cost concerns, the company also aims at locating at a place where there is no need for shipping and the goods are produced locally. 5.4. Equipment needed The equipment needed for establishing a restaurant cum casino unit like The Venetian requires a large number of gambling machines as discussed above as well as other items of luxury to furnish its premium suites. For its other services like accommodation and dinning, it will require multiple electronic equipments and cooking equipments. 5.5. Standard Operational Procedures The standard operational procedures to be followed by The Venetian in order to set up a business unit in UK will be to check out with the national governments to figure out the one that imposes the least tax on the leisure industry and that too over a gambling unit like The Venetian. Secondly, it needs to check out with its suppliers and manufacturers so as to minimise the cost of operation. A third concern will be to cross-check the tourist flow or the demographic profile of the region which could ensure a regular flow of revenues. 5.6. Quality Assurance Procedures The company already has a brand name behind it so that it need not assure its consumers about the ‘Fitness of Purpose’ and ‘Righteousness of Use’ of the products. However, in order to emphasise more, it could attempt to include the industry into the tourism sector of the nation which is often promoted by the national government of the region. 6. Financial Plan 6.1. Start Up Costs In order to start a new business unit in UK, Venetian Macao needs to invest huge amount of capital. For initial start up, it needs to acquire land and buildings for hotels and resorts, furniture, equipments etc. These expenses are capital investments for the company. On the other hand it also needs to invest for procuring business licence and other capital expenditures. The following table lists the required essentials and its expected costs. Therefore, total start up cost is nearly around ?2835000. Table 1: Start Up Cost (Source: Author’s Creation) 6.2. Cash flow forecast for one year For the first operational year, the cash flow of Venetian will be negative as it has to invest a large amount of money as capital investments. Moreover, the projected profit for the first operational year will remain negative. Therefore, Venetian is expected to face a cash outflow of ?815000 for the first year. The following table shows the calculation of cash flow for the first year. Table 2: Projected Cash Flow for the first year (Source: Author’s Creation) 6.3. Profit and Loss account for one year Considering the marketing competitiveness and availability of customers in UK market, the sale revenue for the first year has been assumed i.e. ?8000000. Besides, the variable cost has been assumed at 45% of the sales revenues, fixed cost and fixed marketing expenses have assumed to be ?3200000 and ?2800000 respectively. As Venetian will not be able to achieve the breakeven point, the profit will expected to remain negative. The following table presents income statement for the first year. Table 3: Income Statement for the first Years Items in ? Sales Revenue 8000000 Variable cost (45%) 3600000 Contribution 4400000 Fixed Cost yearly 3200000 Marketing Expenses 2800000 Expected Profit -1600000 Depreciation (25%) 325000 Earnings before tax and interest -1925000 (Source: Author’s Creation) 6.4. Break even analysis Venetian is in services industry hence, it is quite difficult to determine the breakeven point. However, it has calculated using percentage variable cost of sales. The following table shows the breakeven analysis for Venetian. Table 4: Breakeven Analysis (Source: Author’s Creation) As per the above table, Venetian needs to achieve the sales revenue of ?13333333.33 for generating positive profit. However, if Venetian can achieve the 20% year-to-year sales growth, it can cross the breakeven point by the third operating year. 7. Contingency Plan 7.1. Creditor policies Contingency plan are often adopted by the companies to get prepared in time of disaster faced by the firm on many occasions. For developing the contingency plan the company needs to understand its critical assets which are needed to be protected. Backing up critical data to avoid losses from any human error is a type of contingency plan. As a creditor policy Venetian Macao in times of heavy cash flow can pay the supplier of different ingredients in advance to keep them happy or can also decrease the credit days of the policy (Childs, Dietrich, 2002, p.3). 7.2. Debt service In order to pay to the creditors in case of any emergency, company keeps some current assets of the firm protected to avoid disastrous situation. Various short term investments like bonds and stocks are made in advance to pay the creditors in critical situations. It is basically the amount paid on loans by the company for the principle and the interest for a period of time. Debt services are kept separate on income statement by most of the companies. As a debt service The Venetian Macao should also invest on stock and bonds. 7.3. Personal and personnel position For an effective management in the leisure industry the main foundation of the service are done by the people of the organization. Proper personnel selection is most required understanding their skill sets and proper positioning of the personnel should be done by Venetian Macao. UK being a great source of service labour there can be very good position of skilled personnel. People from various fields are required to manage such a vast diversified business. People from account, food, management industries are required to be recruited to manage the different processes. 7.4. Financial Controls Financial control should be done by every company in order to understand the balanced flow of income and investments. To do so The Venetian should apply the balanced score card method in which different departments are evaluated from time to time and are given scores on the basis of their performance and related to the business. With this process the performance of the firm are well evaluated and the gaps in performance can e rectified by proper understanding of the exact problem in the situation (Balanced Score Card Institute, 2011). Figure 10: Balanced Score Card Template (Source: Pangarkar, Kirkwood, 2009, p.47) 7.5. Marketing Controls Marketing control is a vital step for any organization. The Sale objective of the firm is estimated in this process and depending on that the Sales Forecast and Quotas are set for next year budget depending on that. Proper evaluation of the marketing plans is very crucial to set the budget. For this evaluation time to time marketing activities are done like data collection and doing market research on the existing plans how they are implemented and how much effective they are in the market. Depending on the survey results the budget for the next year is calculated. The Venetian Macao should do market research for their plans and find the quality of their services provided to the customer and keep track of every possible problem that can create a problem in the business (Kotler, 2008). Reference Andrews, S. (2009). Human Resource Mgmt:Tb For Hospitality. Tata McGraw-Hill Education. Balanced Score Card Institute. (2011). Balanced Scorecard Basics. [Online]. 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