A Comprehensive Business Concept: The Loft - Essay Sample

Executive Summary

The Loft business concept will be a derivative of a detailed Market Analysis within the region. Thus, the business will have to be free from preconceived ideologies since the market findings were the major building blocks of the concept. The Loft over-ruling objective will be to target the unmet consumer wants in the hotel industry. The operation module will, therefore, be comprehensive by categorizing every member in different groups to meet every need gap within the region.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Thus, the business will devise a buffered financial plan that capitalizes on every department's inadequate measures. Besides, the initial financial framework will only work within the first six months when the Return on Investment ration will not be enough to sustain the business. It will, therefore, involve deep management experience. Meeting this need will also call for a contingency buffer to act as the startup cost to keep the business free from inadequate funding. Therefore, The Loft Hotel requirement and execution framework will pose a long term ramp up the stage for various hotels over other similar business units. The Loft Hotel aims to be a restaurant of choice that meets customers' expectations in the high-end hotel industry. The concept will incorporate the provision of ambiance environment, entertainment along with superior staff who will typically establish a sense of 'place' to achieve the set goals of the business. We will, therefore, offer fair profits to any stakeholder while creating a realistic reward scheme for the employees to enable them to meet their responsibilities effectively.

Business Plan

Vision

The Loft Hotel will provide an inclusive and electric environment with high-end inspiring food alongside efficient and superior service. There has been a need gap in customer satisfaction within the regional hotel industry. The hotel will create a combining environment by maintaining good customer satisfaction. The organizational vision aims at curbing the existing lifestyle diseases like cancer and diabetes by availing indigenous dishes that are non-processed.

Management Team

With the comprehension of the significance of the effective and efficient movement of a hotel business, we will establish a solid management team that will assist in running the business. The team will undergo vetting to ascertain their qualifications in various positions in The Loft Hotel. First, we will create the position of a general manager who will be assigned to harnessing various key roles in the hotel. Thus, the overall manager will become the oversight authority regarding any arising issue affecting the business. The team will also include operations manager who will oversee all the activities taking place within The Loft Hotel. The position ensures that the business effectively meets its core objective in the product and service delivery system. Also, The Loft Hotel will have a general supervisor that will entirely focus on the service delivery unit. The level of hospitality in the hotel industry depends on the service team. Therefore, an overall supervisor will have to be a member of the management team. At the lower schemes, some staff members will be appointed to head various departments will also form the aggregate management team.

Customer Problem/Value

The Loft hotel will solve most problems of the consumers of the hotel industry like the problem related to the service delivery unit and susceptibility to lifestyle diseases. By availing the indigenous dishes, the level of lifestyle diseases will reduce. The availability of non-processed food has become a great problem in the hotel industry. The problem has been increased due to the rapid advancement in technology that crafts newer methods of food processing. The traditional dishes can drastically lower the prevalence of lifestyle conditions like diabetes. Availing the dishes to clients will, therefore, be of great value since it shall have solved a certain common problem that people have with getting meals from the hotels and various eateries. The main problems that customers face in the contemporary hotel industry are the poor services and lack of certain preferable foodstuff and food products. The service delivery system also involves the quality of food. The Loft Hotel will, therefore, solve the problem by providing quality food and services which are rare to find. Also, the ambiance that the hotel will provide enhances the quality of services to the customers which they cannot find in other existing business units in the industry.

Product/Services

The Loft Hotel will feature ancient food, a cool ambiance, alongside superior service provision. The hotel will provide the finest quality food that is prepared through unique styles. We will, therefore, base all successful endeavors in service delivery which will call for proper customer satisfaction. Satisfying the customer needs will form the primary driving force behind The Loft Hotel's success. In achieving this, the food portions will take modest sizes and welcomingly garnishes. A stunning presentation will, therefore, result in which will be among the approaches to satisfying consumers' needs. Besides, The Loft Hotel will offer delivery services to clients who will be far from the hotel but needed the products and services.

The service team will exceptionally incorporate individuals with culinary education alongside adequate work experience. The creative talents that will be assessed before hiring any staff members will complement the efficiency in service delivery. The staff will, therefore, offer the finest services to maintain the electric environment so that the clients experience an extraordinary dining experience. On the same measure, the hotel will also have a nutritionist who will avail exemplary needs regarding their diets.

Target Market

The Loft Hotel will be targeting both the middle income and high-income individuals. This will be achieved by keeping the charges for products and services at premiums. In most instances, the organizations with premium pricing always serve the middle income and above group of individuals. Besides, the target market will also be distant residents who cannot easily access hotel services without making practical movements. The Loft will meet such clients by availing outdoor delivery systems that will work in serving such clients.

Also, The Loft hotel will target international clients who have different food preferences. In this regard, The Loft will avail unique food that cannot be easily found in most hotels within the localities of operation. The service will create an effective go-to-market plan that utilizes both direct and indirect channels. In will create an organic delivery as there will be an increased rate of referrals. Thus, a significant number of target clients within different regions and localities will be reached.

Business Model

The Loft Hotel will generate revenues from sales of the products and services in the hospitality industry. Besides, it will also utilize a subscription model whereby clients from various regions will be able to become affiliated members through subscriptions and referrals. Besides, the business model will have higher profit margins since it utilizes a premium pricing strategy. Also, The Loft hotel will perform the departmental analysis by using detailed monthly financial statements. The hotel will, therefore, have a finance expert who will keep a clear record of the financial statements from each department in the organization. In our case, The Loft hotel will perform the breakeven analysis by utilizing the monthly sales reports alongside operating expenses.

Competitors

The hotel industry contains several brands of high-end service delivery units in the available mainstream retail outlets. For instance, hotels within the grocery industry command a candid customer loyalty alongside reliable positioning. Besides, the quality of products and services in the industry provide a niche. Therefore, they will form the major competitors of The Loft hotel since one of the core objectives of the hotel is to define their clientele. With the brand loyalty that major grocery stores have created, it will be difficult to divert the loyalty of their customers.

Besides, the fast-food hotels will also pose a stiff completion on The Loft's existence due to their efficiency in food availability alongside the popularity with the young adults. However, the threat will not be much bigger since such joints lack indigenous products in their lines. Therefore, the appeal that The Loft hotel creates on the clients regarding their health will help us in curbing the competition from the hotels.

Business Description

The Loft Hotel will have a design of a single business unit in an urban center. The nature of the business will aim at catering for both young and adult crowd. Space will, therefore, be large enough to accommodate a high number of clients since this will not be a mere family dining space. It will require a total space of 2,950 square feet. The hotel will avail seating for 117 patrons. Therefore, there is special consideration will entail the incorporation of a dining patio and parking. Besides, the design will factor in the accessibility issues within the compound since efficient movement within the place will require the availability of space.

The candid restaurant/ethnic food operational framework will aim at scrapping the impractical business expectation in the contemporary hotel industry. Therefore, the business will exceptionally aim at setting realistic operational anticipations while answering the questions related to the measures that the hotel industry use in setting prices. This will achieve by providing high-quality products and services that practically play to the charges that clients will be requested to pay. The need gap in service satisfaction will form a good strength for the business. It will, therefore, require a vested stake along with financial commitment to make the business achieve it, majors, even before securing a stable market space.

Besides, The Loft Hotel will endeavor to have a definitive business operation module that utilizes a particular roadmap that ensures that the product and service delivery unit remains constant. We will, therefore, take every precaution that validates the business modules and keeping their projections real. Besides, the financial module for The Loft Hotel will originate from the facts within the hotel industry in the region. This will take an inclusive assessment of all figures to help in devising practical plans that keep the hotel to its objectives in the market.

The Loft Hotel will also have a captivating menu that speaks an ethnic eating experience. This will form one of the hotels' strategies in getting into the market boldly and win consumers' loyalty. Besides, the management team will have a work experience of more than 10 years in food, hotel, business management, finance, along with marketing arenas.

Marketing & Sales Analysis

The key participants in the hotel industry that will have an impact on The Loft Hotel are the farmers, competitors, employees, suppliers, customers along with the states. Therefore, conducting marketing and sales activities would be greatly affected by the prevailing taste and preferences of the existing participants. The Loft Hotel will ensure that the indigenous food and electric atmosphere are maintained to win a market space. Also, we will fully utilize the courier services to facilitate swift deliveries since the participants do not necessarily come from a common geographic relationship. Also, the fact that most of our clients are victims of indigenous and quality food alongside superior servicing, we will...