...Executive Summary Royale Suites, an all suite hotel, is ready to expand its business into the downtown Inner Harbor Baltimore district. History tells us that the Royale Suites has been in business since early 1980 accommodating business professionals and families desiring larger and more private hotel rooms. The 267 room hotel offers 2 room suites, where small business meetings can be held or families can feel the comforts of home. The standard suite room contains a bed, television, table, chair, couch/love seat, computer accessibility, and variety of daily newspaper. The suites do not offer a kitchen facility. The hotel offers two large meeting rooms are available seating 60 each or combined to seat 100 and serve meals as well as a restaurant facility. After meeting with the executive committee members, marketing, advertising, rooms, food & beverage, and accounting, we determined that many concerns need to be addressed before the grand opening of Royale Suites Baltimore. Our target market includes the business professional and families with emphasis on business professionals. Based on statistics from our customer surveys we need to improve guest satisfaction in the following areas: comfortable beds, sought after amenities, efficient check-ins, and reasonable phone charges. We are tasked with developing a marketing mix which includes determining a competitive room rate for the downtown Baltimore district as well as promoting our product as a superior option in the...
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...several factors that are required in developing a good and implementable plan. This plan required a broad-based understanding of changes taking place in the marketplace in which the company competes, or plans to compete, and the ever-changing financial markets. In-depth technical skills in a variety of disciplines such as financial analysis, sales and marketing, latest technology, and managing growth are critical components in assessing a company's opportunities and risks. Now, let us understand the purpose of a Strategic / Business Plan. Business / Strategic Plan Purpose: Introduction: In today's highly competitive environment, formal business planning is an essential element in achieving business success. A well-written business plan is primarily a communication tool used to obtain financing. In certain instances, particularly with our early stage company, this business plan also serves as a strategic plan. Considering that lenders are inundated by numerous investment opportunities from which they choose only a few, this business plan describes our story and how we intend to grow. Grand Royal management team has made an in-depth analysis of its opportunities and weaknesses and it has concluded that the company has an excellent chance to succeed. Methodology for Planning: Sophisticated business planning helps management answer questions, such as: What will be our record of achievement? How have we fared compared to our competitors? Are we setting...
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