Casino and Resort in Las Vegas - Business Plan Example

TERM PAPER: TOURISM ESSAY: BUSINESS PLAN FOR CASINO/RESORT IN LAS VEGAS By Introduction This paper delves in discussing the business plan for Casino/Resort proposed and purposed to be located in Las Vegas. The business name is Casino/ Resort, a business enterprise that will be providing sports services and other hospitality as well as accommodation products to the public. The business will be located in Las Vegas. The theme of the business is “Casino resort for all you desire”. This is to cater of the large size of the business that requires large tracts of land for its establishment. The business ideal customers cover all classes of people. The products will stand unique in the market because of the affordable prices that they will be charged. The owners of the business are professionals in the textile industry; this was to ensure that their skills can as well be combined in the production exercise. The business has future projects of expanding its operations to the foreign markets and thereby expands the markets of the business to enable the business increase the sales to greater heights and then maximize on the profits (Abrams 2003). Business Name Galileo Casino/ Resort Business Logo “Casino resort for all you desire”. This logo is important to the business as it gives the customers an assumption that all that they would require while in the business will be readily catered for thereby leading to customer influx into the business (Joseph, 2006). The mission To provide quality services. This makes the customers to visit the premises regularly for the better quality services to be consumed by them. This leads to increased sales realized (Edward 2003). The vision Galileo Resort provides wonderful products to wonderful people at affordable price. The core values of the business Equality in service delivery The business targets all categories of individuals ranging from children to the adults. The customer is always the king and for the success of the business, all must be given equal treatment. With all this category of people, the business therefore creates a wider market that will translate positively to an increase in the volume of sales. (Abrams 2003). Good relationship The business relates well with all the stakeholders in the market ranging from the customers, the government as well as the other businesses. This therefore makes the business to operate effectively without any collision from the external forces (Joseph, 2006). Hygiene The business values the health of the customers. It is therefore a value that is considered that led to the business located in an area that is clean and free from all forms of pollution (Edward 2003). Honesty The business has enforced honesty and the employees are advised to be as honest as they can so that the customers can trust the business more for the better continued business operations (Abrams 2003). Loyalty The business tries by inflicting loyalty both to the customers and to the employees. The workers are paid at the right time while the customers get all they need with the right quality. This is to make the employees do their duties as required and for the customers to come again for the services (Joseph, 2006). The Casino should be considered as part of the hospitality industry. This is because of the following explanations given in the following perspectives: Ethical Issues The business will deal with various ethical issues at different times of the operation. On pollution, the business will use environmental friendly chemicals in the operation so as to reduce the hazards emitted to the atmosphere. The business will relate ell with the other companies so that they can create joint waste disposal projects, and even a company can use the remnants from one company as its raw materials to manufacture other products. By this Galileo will be controlling environmental pollution caused to the surrounding environment (Abrams 2003). Social Reasons The business is considered to be part of the hospitality in societal context. Hospitality is the warm reception of the visitors as well as strangers and entertaining them. The resort offered this and various forms of entertainment are provided in the resort. Both the accommodation and the catering services are provided in the Casino and this therefore makes the Casino to be considered as part of the hospitality industry (Edward 2003). Economical reasons The resort pays the employees’ salaries and at the same time the resort is paying levies and taxes that are charged by the government. Just as other hospitality businesses do, it therefore forms part of the industry too (Edward 2003). Political reasons On political perspective of the resort, it can be noted that the design of the premise had a place reserved for the political class just as many hospitality businesses. This therefore makes it to be considered as part of the industry (Joseph, 2006). Global Issues I wish to sell my products to other countries and the one that I prefer dealing with is Switzerland because of the peaceful coexistence that she has with other neighbours globally. The challenges that I anticipate to get are so many like convincing the customers in the foreign markets to believe my products as the best compared to the existing ones. Another great challenge that I expect is the taxation by the government, finding local agents to sell on my behalf and transportation costs to be incurred (Abrams 2003). Global competition is another expectation and the advantage that the foreign competitors will have is that my products have to be transported from my home country and in any case they have warehouses, they will take advantage of the shortage that may arise when am away doing production (Joseph, 2006). It is important to note that the business will need a convention room that will facilitate the holding of the various conferences that can be needed by officials from various fields as well as the business personnel. Spa will conducive for the clients who will need hot water bath. For the hotel, it is important to note that the business will be providing the accommodation as well as the catering sectors. This is the core reason for the hotel. The golf will be for the persons who will need the game (Edward 2003). SWOT Analysis The business conducted the SWOT analysis and clearly highlighted the strengths, weaknesses, opportunities and the threats in the market force. The analysis is tabled as shown below: STRENGTHS Strong brand Strong market positioning Strong economies of scale Broader product line Strong networks Very strong promotional techniques WEAKNESS Rigidity to open the company to outsiders due to financial constraints Not shareholder friendly due to high share prices The persuasion of the customers as the best product in the market is problematic and difficult. OPPORTUNITIES Good reputation due to the high quality products and also affordable market prices Very loyal customer base towards the business Very loyal employees to the business thereby working diligently for better output THREATS Strong competition Management The business partners made an agreement and proposed that Galileo will be managed by two directors on their behalf. The directors must have various qualifications that make them suitable for the job (Joseph, 2006). Organization Chart Corporate Culture The business will need both casual environments as well as professional environment. All employees will be put into consideration without any discrimination provided the required job skills and the checked job qualifications are met. Employees should not be stimulated by various factors to make the business go down in terms of production. They should be mature and knowing the regulations of a job environment (Joseph, 2006). Leadership Philosophy The leadership philosophy that is applicable in the business is that the management of the business should be subjective and taking into consideration various parameters and balancing them too (Abrams 2003). Job Descriptions The directors will act on behalf of all the partners as the voice of all other partners as the general manager. The Human Resource Manager will care for the welfare of all the staff. Personnel officer will hire and fire staff and recruit new staff. Production managers will ensure there is continuous production in the business. Supervisor will be doing supervisory roles on behalf of the management or the directors. They will require computers to conduct their advertisements. Accountant records all the financial transactions. They need accounting resources like cashbooks, calculators and computers. Agents and Distributors ensures that the goods reach the consumers. They will need mobility media to reach consumers quickly. Procurement officer ensures there is regular purchase done to ensure steady production. The budget officer prepares budget for the financial year (Joseph, 2006). Training Employees Our hired employees will need regular training on how they relate with the customers. This is so because the customers are always treated as the kings of any business for the success of any business institutions to succeed in its operations. The employees can as well be trained on how they interact with the management and among themselves too. The training of the employees will be done at every point of recruitment of the new staff. This will ensure that the business working staff are all skilled and possess he required production and marketing skills (Abrams 2003). Compensation The wages that our business intends to pay our workers is US $ 200 as the basic salary, 5% commission on any sales they make above US $ 150000 and 7.5% commission on ales above US $ 450000. We as the business partners chose this so that in as much as the employees work harder to earn, the business on the other hand increases its sales and thereby an increase in profitability of the business. The employees will as well be provided with allowances during their working period in the business .Again they will be assured with insurance companies such that in the event of a risk occurrence while they are executing the business duties, they are compensated accordingly (Joseph, 2006). Incentives Our business intends to motivate the morale of the workforce by better remuneration, improving their housing and also assuring with the insurance companies. This can make them to work so harder knowing that in case of any risk occurrence while they are executing their duties; their welfare is catered for through the compensation schemes. Rewarding of the employees by any business is always a motivational factor that stimulates the employees thereby making them to work to their perfection (Abrams 2003). IT Resources The business will require computers that are networked for internet and intranet connectivity. Closed circuit television will as well be needed in the business premises to assist in the monitoring the movement of the employees and enhancing security of the business stock as well as the produce. The information technology experts are as well various IT resources that will be required in the business premises to ensure that the different areas where the electronic gadgets are functioning as they should to keep the business on the move (Joseph, 2006). Customer Services Databases will be used in keeping track of customers. These will be stored on the records kept in the computer system in the business to enhance easy and faster retrieval of the wanted information. Through the internet, e-commerce will be ideal. The interaction between the customers and the management will be easily facilitated as they will link at the touch of the button and the desired customer tastes and preferences adjusted accordingly (Abrams 2003) Floor Plan Quality Assurance The business director will liaise with the Quality Assurance Department of the country to help them in quality evaluation of their produce. By this they will be able to know whether the product’s quality is the required or can be exploitative to the consumers. The business agents and the various external trade personnel will conduct a thorough standard on the available similar products in the market and where there will be need for adjustments, the business will respond as desired (Joseph, 2006). Target Market Like it as highlighted earlier, the business targets all the persons.. They prefer a lot of products that have pleasing and attractive designs so that they match the current trends in the economy. Another targeted group is the working adults in towns. The business must operate continuously if the products that are produced are purchased. There population in the town therefore suits the business location (Abrams 2003). Product Features and Benefits The products are very fashionable and will make the customers long term demand is for the first time met for years. The price of the products is also affordable. The products will be made of the nylon and other fabrics because the main product output will be mainly textile products (Joseph, 2006). Product Differentiation The products are special; this is because the products like it was highlighted earlier are conspicuous since they are an improvement of the currently existing ones. The location of the business therefore suits the product marketing strategies. The terms of sale that customers will use is also suitable ones their credit worthiness is established (Edward 2003). Pricing Skimming pricing. This strategy is suitable because you set prices after knowing the prevailing market prices. This plan or rather type of pricing can be an added advantage as the prices will b based on what has been in the market that is adjusted accordingly and appropriately in a manner that suits and favours he customers ( Abrams 2003). Advertising Informative advertising It is observed that the business will face stiff competition in the market for its products from other businesses. This therefore makes us to develop marketing strategies to compete favorably and create competitive advantage in the market. This form of advertising will create awareness to the targeted customers that a new product that is of their taste is available in the market. This will be conducted through television, radio channels and the various social media. These areas are highly used by the youth who like watching, listening to music and those who like socializing and chatting with their friends while they are away. Institutional advertising will similarly be used. This will also help in making the business known to the target market. Primary market demand form of advertising will also be ideal for the product especially in the products new markets (Joseph, 2006). Promotions Other method of product promotion that i will use is the personal selling. This will make the business to interact directly with the customers and know their tastes and any complain that they may raise and therefore adjust appropriately within the required time. Personal selling will also be suitable in the new markets that the business intends to reach when expanding its distribution. It is also better to use this method of product promotion for the case of products that need demonstration. Personal selling is also good when there is stiff competition in the market ( Abrams 2003).. Executive Summary The business name is Galileo Resort, a business enterprise that will be manufacturing textile products in the economy and the selling to the products to the public. The business will be located in Las Vegas. This is to cater of the large size of the business that requires large tracts of land for its establishment. The business will sell textile products that it produces. The business ideal customers cover all classes of people. The products will stand unique in the market because of the affordable prices that they will be charged. The owners of the business are professionals in the textile industry; this was to ensure that their skills can as well be combined in the production exercise. The business has future projects of expanding its operations to the foreign markets and thereby expands the markets of the business to enable the business increase the sales to greater heights and then maximize on the profits (Joseph, 2006). References Abrams, R. (2003), The successful business plan; secrets and strategies, UK, The Planning Shop. Edward, T. (2003), How To Write A Business Plan: EBook Edition, AMACOM Div American Mgmt Assn. Joseph, A.(2006), Complete Book of Business Plans: Simple Steps to Writing Powerful Business Plans, Sourcebooks, Inc.. Read More