Chapter1 Introduction to Hospitality Management
Hospitality management is the study of services provided to customers. This industry is focused on customer services i.e. it means in providing better services to customers so that the business will expand (Hospitality Management, 2018). This sector has many opportunities in now a days because of the connectivity of world. In this report a new venture is created as Easy Day Cafe in which organic coffee is available to the customers. This new venture is opened in London, UK. Therefore a development plan in which development methods are also undertaken is considered by which development of new business will be done. Apart from that feasibility and sustainability of new product and services offered in business is also discussed. In the end factors that affect the development of business are also taken into consideration.
Chapter2 The Developmental Plan
Development plan are the specific planning of a person organization or community by which targets are achieved within time. This planning is necessary for the new venture Easy Day Cafe in which organic coffee is produced. This plan helps the new business in gaining knowledge of what and how things can be managed. Following are the criteria in which development plan is considered.
Mission, goals and objectives:
The mission, goals and objectives of new business are must to set because these statements helps the company in achieving the target set. These are must to consider by any business. The goals, objectives and mission should be specific and understandable by the reader so that it will be able to know about the business and the steps required to achieve the desires. These have to specific from the rivals in SMART technology. Here, SMART means s-specific, m-measurable, a-attainable, r-reasonable and t-timed (Raj, 2015). The consequences of business should be considered on a regular basis so that it can be checked whether the business is going to meet the mission, goals and objectives.
Product Development strategy:
A new product requires the strategy for developing it. Easy Day Cafe also needs strategies so that it can launch its coffee with full preparation. A new product development strategy helps the company in organizing planning, research, customer's views and expectations and accurately plan and resource the new product. Following are the steps required for the product development strategy:
Defining the product:
Before going to launch the product it is necessary to define the product. Defining the product includes the what the product is and to whom it is manufactured (Griffin, 2015). Apart from that the benefits of new product should also be defined. These are the question which should be answered before defining the product. This will help Easy Day Cafe to launch its organic coffee efficiently.
Identifying Market needs:
A successful new product development requires to identify the market. The market is area where the product is going to deliver, therefore it is necessary to know the demand of product in market. In the context of Easy Day Cafe, it is necessary for the company to know about the following questions so that the identification of market can be done easily.
- Target market for the product.
- Need of market.
- Benefits of new product launched.
- Utilization of product in new market.
- Difference between the new product and existing ones.
Establishing time frames:
The time of launching and delivering the product should be specific so that the customer will attract to the new venture (Brown, 2016). In the context of Easy Day Cafe, it is necessary for the company to keep the aspects of time in mind. This will help the company in attracting its customers.
Identification of key issues and approaches:
Before launching the organic coffee Easy Day Cafe should identify the key issues related with the launching of new product. The key issues could be competitive market, existing of rivals etc. This approach motivates the company to launch different product from market.
Market Development Strategies
The marketing development strategies are used to identify the needs of market. There are several factors of market also which influence the production and development of new product. Therefore it is necessary for Easy Day Cafe to identify those factors (Ryan, 2015). These factors are also known as 4p's and marketing mix and used for the new product launched in market.
- Place:It is the factor by which Easy day can be able to know about the competitive rivals and geographical conditions in which it is operating. The geographical factors include the raw material delivery and the transportation cost of the product manufactured. This will help the company in identifying the issues related with place. Analysing this factor, company will know about the delivery of channel which is most suited.
- Promotion:It is known as the marketing of new product launch. Easy day is launching it's new product and itself. Therefore before going to launch they should market themselves among the customers by knowing them the uniqueness of their product (Denizci, 2016). There are many platforms by which promotion can be done such as social media, viral marketing, newspapers etc.
- Price:This is the price of product which will be paid by the end user. The price of new product launched should be good enough so that it will not affect the productivity of new product. In the context of Easy day Cafe, the price of organic coffee should be under the price of products of its rivals. There are many pricing strategies by which Easy day cafe can fix the price of its organic coffee.
- Product:The product which is manufactured in any company should meet the demand of its customers. Every product in market is launched to solve the issues related with existing ones. Since organic coffee is healthier than any other coffee of existing rivals therefore the product is selected to solve the health issue of its customers.
Organization development strategies:
Every organization wants to develop itself according to the changing environment. Therefore to develop the company. Following are the factors which are responsible to develop the organization.
- Adaptation:In the changing trends of company's policy the existing ones also has to adopt the changes in market. Easy day cafe is providing organic coffee to it's customers (Arendt, 2014). Now it is a new trend but after an year or two it will be older. Therefore to sustain itself in this competitive market, Easy day should adopt new trends and technologies. This will help the company in meeting the requirements of its customers.
- Training:Effective training sessions should be provided to the employees of Easy day cafe so that they will adopt to the new trends and technologies. Training is a short term process to increase the professional development of an individual. Effective training bought extraordinary changes to the employee. This will enhance their productivity and thus development of organization can be done.
- Supervision of Goals and Objectives:The operation of running business should be checked whether it operating to its organization's goals and objectives or not (Bosselman, 2014). This will help Easy day cafe in changing the strategies if required. If the business is run properly so that it can meet the requirement of its goals and objectives, there is also need to vision the business. This help the company in taking the business in proper direction.
- Innovation:It is also an important task for development of business. To be innovative and new thinker helps the company to rule on to market because innovation is what which is not used by anyone else in market. Therefore, Easy Day cafe should have innovative thinking to develop business in future.
Chapter3 Feasibility of the new product/ service and demonstration of feasibility of new business with hospitality
Feasibility analysis perform by the entity at the time when they want to know whether the the product or new business for which the entity planning to introduce, will become successful or not. It means the new product or the new business will be able to generate favourable outcomes or not. during the era of feasibility of the product and its development, the entity requires to make a analysis and to collect information in order to access the feasibility or to develop the business case of new product(Denizci Guillet and Mohammed, 2015). As investment in development of product and designing costs changes increases rapidly after the feasibility stage asserting the usefulness of deep analysation regarding the factors of the feasibility at the feasibility stage. Although conducting feasibility analysis of the product is a typical step involves in products development process. It begins with the sizing of potential market and determining the market feasibility. Therefore, the Easy day must make a deep analysation of market feasibility before starting the the products development process and also for the start up of new business of coffee shop. Mainly there are five components for the deep analysation of the new products launching feasibility and the feasibility while starting new business, which are as follows.
- Technical feasibility: This is the first and the most important feasibility component. Under this component the entity makes a feasible analysation to know whether the entity has adequate technical resources to set a new business or produce the new products accordance with the planning. The Easy Day must make the technical feasibility analysis to know whether they have enough coffee machines to meet the high demand of organic coffee or not(Law, Buhalis and Cobanoglu, 2014)
- Legal feasibility: The legal feasibility also known as the ethical feasibility. It is used by the entity like Easy day, in order to know the sorts of ethical consideration over the business region or area. Moreover, the legal feasibility analysis to know the legal implications regarding the products and services and also regarding the new business project.
- Operational feasibility: The operational Feasibility is the step of feasibility analysation in order to know whether the entity will able to solve the issues and enjoy the advantages of the opportunities associated with the introducing the new project of the new product.
- Economical feasibility: the economic feasibility means the analysation to get the knowledge about the financial resources, whether the company is able to meet the financial requirement for launching a new product or not(Ruetzler and et. al., 2014). As in case of Easy day, the entity definitely did the analyse the regarding the economic condition before launching the product of organic coffee.
- Schedule feasibility: under this category of the feasibility analysis the short analysation is made in order to know the efficiency in business projects and tasks like introducing a new products. It means the analysation is perform to know the time requirement in order to accomplish the assigned project. The project must be done in time effective manner(García-Lillo, Úbeda-García and Marco-Lajara, 2016)
All the above analysis of the feasibility categories must be performed by the Easy day coffee shop in order to effective launching of new product that is organic coffee and to introduce the new business also. These all analysis will be helpful in removing the feasible factors and to get possible outcomes.
Chapter4 Sustainability of new products/ services and demonstrating the sustainability regarding the new business in the hospitality sector
Hospitality businesses requires to make new ways for operate regularly and responsibly in their operational activities and in supply chain. The entities requires to adopt the new technologies in order to serve better with quality and in time efficiency manner(rebensen, Chen and Uysal, 2018). Sustainability in a products means ensuring the environmental, social and economical goodness while protecting public health and environment till the end of their life cycle, from the natural process of raw materials until it disposed off. The sustainability in a product pertain the six features. That are as follows.
- Customer satisfaction: The customer satisfaction is the essential thing for the survival of the product as well as the survival of the organisation in market(Harrington and et. al., 2014). The entity Easy day must fulfil the need of customer regarding the organic coffee but it will be only beneficial the its utility reaches the satisfaction level of the customer(here utility means wants satisfying power of the commodity).
- Dual Focus: This feature is regarding with the environmental point of view. As the component of dual focus, ensures the focuses on both ecological and social point of view.
- Continuous Improvement: the developing technologies, societal expectation and knowledge., so it is also essential to develop the the sustainability of the products by making continuous improvement in social and environmental variations.
- Life-cycle orientation: sustainability of the product depicts environmental-friendly nature Of product during its entire life. From its beginning, the starting point of extraction of raw material to the final product is disposed of, there must be no permanent damage to the environment.
- Significant improvements: sustainability of products are associated with socio-ecological problems on a global level, or it is also inevitable to provide continuous measurable measurable improvements in socio-ecological product performance(Brown, Thomas and Bosselman, 2015)
These all the issues are associated with the sustainability of the products produced by the business entity and these are must be considered by the Easy day before launching the new product. Besides this the sustainability is also associated with the business also.
Sustainability is must be in the business operation as due to it is associated with the business operations and functioning. It refers to the development of business as well as the potential society but without damaging the environment, the development must be eco- friendly nature as it must not be in hazardous form of operations which ruins the environment as well as the environmental beauty and useful resources. Moreover the concept of sustainability in new business examines developing the sources to meet the present needs of people without compromising with the ability of next generations to meet their own needs(Van der Wagen and Goonetilleke, 2015). The fulfilment of needs refers to the material needs and includes values, relationships, freedom to think, sustainable living, morally, and spiritually running the new or existing business which will give the most important benefit to entity that is brand loyalty. Therefore the Easy Day must perform their new business operation in sustainable manner. There are some measures that promote the sustainability associated the new business start up and new business product launching. The Easy day can promote their business in context of sustainability by adapting and following the methods such as Cut waste by going paperless, build green where as possible, buy green energy, making recycling part of normal operations, buy used and refurnished items, use green certified office products and encourages green behaviour by customers and members of the business.
Chapter5 Limitations of the development of the products/ services within the hospitality sector
There are some limitations regarding development of product/ services within the hospitality sectors, that influences the development and promotion of the products and services of the business entity like Easy day. Some of these limitations are as follows.
- Product time to market.
- Lack of client collaboration
- Lack of flexibility in operations as well as in market.
- Dealing with the complex situations and the ordeals of the product development is the lengthy procedure as well as expensive also.
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In this report it can be concluded that a new business should focus on the development plan so that it can check the marketing essentials required to launch the new product. Basically it can be said that a business requires a study of market, product and organization which are already existing in the market. In this report, feasibility of the new service is done using appropriate financial and accounting tools. Apart from that sustainability of the new product and services is checked by effectively applying the external environmental issues. In the end, factors that affect the products and services are also included in this report.