1.What is the Project Management?
A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a particular goals / objectives. Hence project management can be defined as the application of processes, methods, knowledge, skills and experience to achieve the project objectives.
Figure 1.1 Project management
1.1 Impotence of the Project Management.
Investing in an effective project management will have a number of benefits to both the host organisation and the people involved in delivering the project. It will:
Provide a greater likelihood of achieving the desired result;
Ensure efficient and best value use of resources;
Satisfy the differing needs of the project’s stakeholders.
Further it wills also benefits in –
Increasing the efficiency and effectiveness in delivering services while enhancing the quality of the outcome
Improved customer satisfaction
Improved development and growth within the project team
Enhance your position in the market and gain market share
Reduce the risk exposure
Increase the productivity
2. Stages Associated with Project Management
There are 5 main stages of any project which can further vary depending of the nature of the project.
Figure 2.1 Stages of the Project management
Project Initiation – At this stage is the point where the project sponsors and other stakeholders will perform their due diligences and analyse whether or not to undertake the project and also accordingly the project is formally started, named and defined at initial level during this phase. Depending on the nature of the project, ongoing feasibility studies are conducted as it may require.
Project Planning – During this phase a project management plan is developed all-inclusive of other sub individual plans for – cost, scope, time, quality, risk and resources. Preparing WBS, development of the schedule, network diagrams, milestone and GANTT charts, estimating and reserving resources, finalising dates and the modes of communication with the stakeholders based on deadlines and cut off dates and other deliveries are some of the important activities that mark at this phase.
Project Execution –Project deliverable is developed and completed during this stage according to the procedures which were developed in the previous phases. Project execution and project monitoring and Control are the two phases that mostly take place concurrently. A lot of project management errands during this phase capture project metrics through tasks like status meetings and project development updates, status reports, human resource development and performance analysis.
Project Monitoring and Control – During this phase analysing and measuring of the project performances and evaluate the progression according to the project management plan are been taken place. Scope verification and control to check and monitor for scope creep, change control to track and manage changes to project requirement, calculating key performance indicators for cost and time are to measure the degree of variation if any and in which case corrective measures are determined and suggested to keep project on track.
Project Closure – The formal project closure is been completed during this phase. This comprises of a series of important tasks such as making the delivery, relieving resources, reward and recognition to the team members and formal termination of contractors in case they were employed on the project.
2.1 Core component of the project managements
To emphasis the definition of the reason why a project is necessary;
To capture project requirements, specify the quality of the deliverables, estimate the resources and timelines;
For the preparation of the business case to justify the investment;
Securing corporate agreement and return of investment along with fund management.
In order to develop and implement a management plan for the project;
To increase the effective management and accuracy in leading the project delivery team;
To mitigate the risks, issues and unfavourable changes on the project;
Monitoring progress against plan;
For the effective management of the project budget;
For maintaining efficient communications with stakeholders and the project organisation;
Closing the project in a successful and controlled methodology when appropriate.
3 The Project Scope Management
3.1 What is Scope?
Detailed set of deliverables / Objectives or features of a project is referred as the Scope. These objectives are been derived from the project’s requirements. The main goal of the scope is the decision of what work to be completed during the project lifecycle. There are three processes under project scope management. The first one, planning process is to finalise the project outcome and timelines to capture and define the work that needs to be completed. The second one, controlling and monitoring processes are assigned to documenting tracking, scope creep, tracking, and disapproving/ approving project changes. The final process, closing phase includes an audit of the project objectives and deliverables and assesses the outcomes against the initial project plan. The scope of a project is the clear identification of the work that is required to successfully complete or deliver a project. One of the responsibilities of a project manager is to ensure that only the required work (the scope) will be performed and that each of the deliverables can be completed in the agreed timeframe and within budget.
3.2 The necessity of project scope management
Defining the needs of the project in order to establishment of a project timeline, allocation project resources and setting project goals
To define and understand the project objectives.
To avoid the challenges that a project might face with every growing scope.
To establish control processes to address factors that may result in project changes during the project life-cycle.
To estimate the cost or time that the project and to avoid any losses.
Figure 3.1 the Project Scope Management Processes
4 Project Management Framework
The project management framework can be defined as the combination of processes, tasks, and tools used by individuals working on a project to transition a project from start to finish or a collection of structural elements or units that create a theoretical foundation for the project management process. An overview of a generic process used by this framework is:
• Initiation is when the project starts
• Planning is when all of the key decisions are made
• Execution is when project work actually takes place
• Control is when adjustments are made to the plan
• Monitor is when project progress is checked
• Terminate is when the project comes to an end
4.1 The purpose of the PM framework –
Simplify and assist with sharing information on project management best practices, approaches, tools, templates and samples.
Create and share an understanding of the best practices for planning & management for all types and kinds of project, including IT projects, construction projects, etc.
Improve the level of competence
Contribute to setting common standards and requirements for various projects and establishing common terminology.
5 Project Management software
Project Management software can dramatically improve the productivity of any project whether large or small. There are a variety of Project Management software options available for use; all of which offer the features as:
• Scheduling – Allocation of work against Time considering resources
• Resource assignments (man-machine-material)
• Cost control and budget management – (man-machine-material)
• Quality management – meeting the requirement of project
• Tracking progress – monitoring ‘Scope-Time-Cost’ baseline
• Report generation – Timely generation of reports for the project stakeholders
There are various Project Management software available in the market which can be used to simplify the project management process such as –
– An online project time tracking software which helps to increase the time management of the project and increase the team performances as this will lead to provide a clear vision of timelines.
– This is also user friendly online visual project management software which helps to increase the productivity. The project teams are able to measure and analyze bottlenecks in the system with the help of real-time updates and visual feedback as it contains strong analytical options with charts and graphs which makes it convenient to obtain a clear vision of the project status.
– This is also one of the customizable and integrated project management platforms. This facilitate the PM teams for effective decision making by providing advance features to annotate the project status , financial feasibilities and resource management.
Microsoft Project is also a commonly used project management software which will assist to develop the project plan, assigning resources to each tasks, progress tracking and analysing and managing budgets.
6. Project Finance Management
Financial resources are one of the most crucial resources in any project as the lack of sound financial management can lead to the unsuccessful project closures, failures and terminations. As financial resources are one of the main resources which can make a vast impact on the total project the financial management aspects relating to project management are indeed critical to the success of any project. Financial management can be defined as the process of estimating and justifying costs in order to secure funds, controlling expenditures and evaluating the outcome. Project finance management uses a combination of both financial and management accounting tools to integrate the project accounting for other project considerations. This is an ongoing process of planning, organising and controlling project financial activities such as funds utilization, return on investment, procurement management in order to ensure the effectiveness and efficiency of fund management. Some of the well-recognised project financial management indicators are NPV and Cost Benefit Analysis.
6.1 Cost Benefit Analysis
In 1840, Jules Dupit, French engineer and an economist has introduced the concept of CBA and it was well accepted in 1950’s as a simplified tool to weighting up project costs and benefits in order to determine whether or not to go ahead with the selected project. As per the name indicate this analytical method involves in adding up the benefits of a course of an action and comparing it with the cost associated with it.
6.2 NPV – Net Present Value
Net present value indicates the present value of the cash flow at the required rate of return of the project associated to the initial investment value or it can be specified as the present value of the future cash flow from an investment. The following formula is used to calculate the NPV-
A negative NPV value indicates that the project will not be a successful in terms of return on capital investments and that project should not proceed further as the future business will be a waste of money. If it is a positive number that means the project should be accepted.
7. Project Time Management
As time is one of the most scares resource in completing any project the importance of having a proper time management process and a methodology is to be considered as extremely high. The project time management methodologies will describe the process to monitor and manage the total time spent on the project and to complete the allocated tasks within the given time frame. A proper time management process will be leads to –
Proper allocation of timelines for each tasks.
Proper allocation of resources and monitoring
Keeping the project plan up to date all the time.
Maintaining proper records of the timelines within the project.
Successfully completing the project on the target completion date.
Gantt chart –
Different project managers use several time management tools and techniques, one of the most commonly used time management tool is the Gantt chart. This is a simple bar chart to illustrate the project schedule and this concept has been adapted by Karol Adamiecki in 1896 and independently by Henry Gantt in the 1910s. This chart summarise the activities between the start dates to the completion associating the work breakdown structure. The negativity of this tool is that it does not indicate the task dependencies, it will not replicate how one task failure will create an impact on other tasks and the overall project as a whole.
8. Project Quality Management
A quality of a project can be defined as fulfilling the customer’s final expectation or successfully delivering the project objectives within the agreed timeline. To ensure this final outcome each and every aspect of the project to be completed adhering to certain quality standards to ensure that they are no last minute changes or failures. Hence each and every task and step of the project to be validated and verified through a valid quality assurance process prior to presenting it to the relevant stakeholders. In order to have a proper mechanism of maintaining this quality assurance checks and its standards the ‘the project quality plan’ will be created which includes in-depth collation of expected standards of each and every aspect of the project from the initial date until to the execution. In order to assure the accuracy of the project quality plan quality audits to be taken place as and when required by both external and internal teams for quality assurance and quality control perspectives. Proper maintenance of the project quality plan will leads to customer satisfaction, prevention over inspection and continues improvement.
Figure 8.1 – Project Quality Management
9. Project Planning
Project planning is the scheduling of the project overview indicating how to complete the project within the agreed timelines and the resource allocations and processes for each and every stage of the project. The main activities described in the project plan are –
Setting the Project Objectives
Planning the schedule
Making supporting plans
Creating controls and measurements
For the above activities it is necessary to gain an in-depth understanding of the customer’s expectation, stakeholder reviews, identification and setting up measurable goals and setting up timelines. For this as a supporting tool a project management software can be used to simplify the scheduling and also creating the supporting plans for the main outcome such as HR plan, Communication plan, Risk Management Plan, Financial management Plan, etc. depending on the requirement of the project. The project plan will be the main source of agreement between the customer, project team, project manager and other stakeholders involved in the project as this will contain all the possible parameters that will create an impact on the project until the execution.
10. Project Technology Management
Project technology management is a core function in the project management process as any project is to be supported by a project management software and it also the process of integrated planning, discovering, identifying, optimising, development and control of technology for the project in order to improve the efficiency and effectiveness.
11. Project Human Resource Management
Project HR management is the process of managing the stakeholders of the project in the most effective manner. This may include all the relevant parties for the project including the customer, sponsors, project team, direct and indirect workforce, etc. This can be accommodated both manually and through project management software. The project manager can involve directly for the manual allocation and delegation of human resources for certain tasks or else the PM software will manage the logistic aspects of the project providing a dash board for the project team to have a glance view of the resource allocation and the progression. The project HR management contains main processes such as organizational planning to identify the project roles and responsibilities. Staff acquisition for sourcing the right talent for each and every identified job role. Team development to enhance the effectiveness of the team in order to maximise the project performance.
12. Project Communication Management
Maintaining a proper communication management is an extremely important task to have a consistently successful performance of the project. A successful project plan should consist with a proper contingency approach to create a proper communication management. A project team and the stakeholders will usually be a diverse group of people who are driven to achieve the project deliverables and objectives. Based on the nature of the each project the diversity within a project team can be cultural, geographical, organisational, functional, age related, level of education etc. Communication within such a diverse groups is a challenge at the best of times and since communication and leadership has a hands on relationship, the project communication management is a vast area of delivering what exactly expected from each stakeholder and understanding the issues arises within the team and understanding what the customers’ expectations are and being in touch and getting updated of the challenges arises during the project. Communication is the combination of hearing, listening and also understanding the complete message. As a norm in the project management, the communication management should address the following questions to implement a proper communication regarding the total project scope.
What information needs to flow in and out of the project?
Who needs what information?
When is the information needed?
What is the format of the information?
Who will be responsible for transmitting and providing the information?
13. Project Risk Management
Risk is an inevitable aspect when taking over a project. As defined by the Project Management Institute ‘Project risk is an uncertain event of condition that, if it occurs, has a positive or negative effect on the project’s objectives’. Accordingly the project risk can be divided in to two categories as Negative Impact risk & Positive Impact Risk. Once the risk has been identified the project managers have to create a mitigation plan or a solution to face the risk by counter attacking it. Project risk management consist of four main steps which the organizations can use to manage the risk effectively.
Risk Monitoring & Control
14. Project Procurement Management
Procurement management involves in the process of getting the work done by the people outside of the project team. Due to the product or service specialty certain tasks or purchases to be done involving the different other organization in order to increase the efficiency and time management. The procurement management will lead this process to ensure the smooth run of project. This also an essential ares of the PM as this is an ongoing process of coordinating with the external suppliers and performing checks to ensure that the outsourced services and good and within the agreed terms and conditions. The key to have a successful procurement management is to assign a highly trained individuals to handle the process while ensuring the quality of the service and the reliability of these suppliers.
Managing Hospitality & Tourism Projects
W U P ALWIS
Level 7 Post Graduate Diploma
CTH NO – 79419
Word Count – 2642
1 Introduction 16
1.1 The Blue Water Resort – Wadduwa , Sri Lanka 16
2 The Project 16
2.1 Introducing an In-House Wedding Planning Service 16
3. Windows of opportunity 17
4. The Research Outcomes 17
5. Project Charter 20
6. Resources requirement & Resources 22
7. Work Breakdown Structure 23
8. Gantt Chart, Network diagram
8.1 Gantt Chart 24
8.2 Network Diagram 24
9. Project Finance Management 26
9.1 Cash flow Statement 26
9.2 Pay Back Period & Return on Investment 27
9.3 Cost Benefit Analysis 28
9.4 Net Present Value 29
9.5 Break Even Analysis 30
10. Requirements, Training & Motivation of Staff members 31
11. Marketing Strategy 31
12. Conclusion 31
13. References – 32
1.1 The Blue Water Resort – Wadduwa , Sri Lanka
Situated in one of the most famous coastal towns in Sri Lanka, Wadduwa not more than 30 km away from the capital of the Island, The Blue Waters Resort is enriched with luxury and comfort with iconic scenery and endless tropical hospitality. Owned by a prestigious business family the resort proudly held their uniqueness in terms of the beauty of the surrounding and geographical location, the luxurious and spectacular architecture designed by the world renowned designer Geoffrey Bawa in 1997, with its culture of embracing their staff members as one family and the outstanding customer service with many more luxury amenities to create an exclusive customer experience.
The main advantage of the resort is the beauty of its surrounding and the uniqueness in its architectural design. The water being the recurrent theme of the resort and its name sake, while many water fountains, ponds, waterways enhance the beauty of the exterior of the hotel, the iconic giant swimming pool winding through the main lobby area and around the resort underneath the perfectly manicured gardens with coconut palm within a shorter distance to the sandy sea shores. The resort is also equipped with luxury accommodations of 140 rooms including deluxe rooms and a variety of suites and also comprising the best restaurants with many varieties of cuisines and a world class spa which indicates that the resort is the ultimate tropical gateway for any traveller around the world.
2 The Project
2.1 Introducing an In-House Wedding Planning Service
Named as the pearl of the Indian Ocean, Sri Lanka is an island known for its beauty and richness of culture which attracts thousands of travellers from each continent of the world every year. The island is well-known as a tropical destination famous for Romance, nature, adventure and cultural attractions. There is an increasing trend of foreign couples who desire on having a tropical weddings and with its golden sandy beaches, swaying palm trees and soft lapping waves of the sea has created Sri Lanka as one of the most preferred romantic destinations in the world ideal for beach and garden weddings.
Many hotels and resorts in Sri Lanka provide wedding planning packages for their guests who wish to have their wedding in the island. There is a high demand for this service considering the increasing number of travellers visiting the country every year with the boom in the travel and tourism industry after 2009 ending the 30 years of civil war in the country. Most of the tourists as well as some of the locals who are residing abroad prefer these wedding services as it is convenient for them since the resort / hotel will take the total ownership and responsibility to make it an unforgettable memory for their guests and leave the couple and their family, friends and relations hassle free on the special day.
As one of the most recognized beach resorts in the island, this will be a value added service for the Blue Water Resort as initiating the project will not require a high financial investment or additional labour cost. The resort already have a banquet office hence introducing of the project can be conducted as a subsidiary of this department. The main requirements of the project are to allocate a customer service officer as an in charge of the project and also upgrading their website while providing readymade amenities, equipment required for the ongoing wedding planning activities. The project will ultimately increase the number of guests while adding extra revenue to the service line and will create recognition among the future potential customers as this service can also be enhanced towards other event management activities such as renewing wows, anniversaries, honeymoons etc.
3. Windows of opportunity
As per the global market researches, since 2009 the spending on wedding planners has increased by 47% from an average of USD 995 up to USD 1,466 in 2012 (www.Entreprenuer.com) . It is a known factor that the couples are willing to invest more on wedding planning services to make their special day unforgettable. According to the Bureau of labour statistics, by 2020 the wedding planning business supposed to grow by 44% which is much faster than an average business growth. The society being more competitive and the people are busy with very little time to spend for extra activities wedding planners have increasing business opportunities every day.
4. The Research Outcomes
The followings are the key questions indicating the windows of opportunities related to make the project a successful one which will be an added value to the service provider.
The results are based on the responses provided by 50 foreign nationals who took part in the questioner are between the age group 18 – 45 and selected Sri Lanka as their favourite Travel destination.
1. Sri Lanka as the wedding destination:
All the participants who intended to have a tropical wedding have selected Sri Lanka as a possible wedding destination for them, and the majority has given their first preference to Sri Lanka out of the other tropical wedding destinations.
2. Preference for the Blue Water hotel as the wedding location :
Most of the participants have selected the hotel as a suitable service provider /location for their tropical wedding considering the geographical location of the hotel and the surrounding and convenience.
3. The ideal wedding Theme:
According to the survey outcome of the focus group their first preference is for an outdoor / beach wedding theme if they are having their weddings in Sri Lanka.
4. The preference of using an in-house wedding planning service
Most of the participants from the focus group have specified that it would have been convenient for them to select the hotel as their wedding destination if there is a dedicated wedding planning service as it is not convenient for them to design / plan their wedding in the country while they are aboard and that it will be effective for them to have a professional handle the whole process so that they can take the stress and burden away while enjoying their wedding day.
5. Willingness to spend for an in-house wedding planning service
As per the research outcome, the focus group have indicated their budget for the wedding and willingness to spend 10% of the total wedding cost as the wedding planning service charges as per the following diagram. According to the data most of the potential opportunities are budgeted above LKR 100,000 which reveals a greater windows of opportunity as the wedding planning charges will be mainly based on the total cost of the wedding and reflects that this will create a strong revenue line to the service provider.
The research outcome indicates appositive sign of the proposed value additional service and it reflects that the project has a future potential of being successful as the research replicates that the demand for such service is higher in terms of the convenience it provides to the focus group in order to make their special day successful.
5. Project Charter
Project Title In-House Wedding Planning Service
Stakeholders The Management – Blue Water Hotel, Sri Lanka
Staff Members – F&B Unit
Target customer segment – Foreign Nationals who are intended to have their wedding / anniversary ceremonies in a tropical country.
Project Manager W U P Alwis
Estimated Cost Initial Investments – LKR 1.6 Million.
Creation Date 01st April 2016
Project Launch date 01st June 2016
Targeted Completion date 31st August 2016
Project Charter Status
(Pending / Approved / Reject) Pending
Project Scope –
Description The Project is for the proposed value addition service of an in-house wedding planning service for the potential foreign visitors / customers who are expecting to celebrate their weddings and anniversaries in Sri Lanka. The project will include the following activities-
Create a wedding planning service desk combining to the current banquet office.
Appoint a dedicated wedding planning specialist to lead the service
Redesign the hotel website & Social media page including this additional service.
Create a wedding planning hotline, online reservation system.
Coordinate and negotiate with outsourced services such as florist/ dancing troops for special tariffs.
Develop stakeholder / Purchase agreements for the different service requirements.
Coordinate with F&B department and finalise wedding menus and pricing.
Create and finalise wedding packages and finalise the pricing including offers and discounts.
Prepare and distribute different marketing strategies and tools.
Opportunity Statement To create additional revenue line while maximising the potential of the hotel to attract more visitors and gain a reputation as one of the most demanded wedding destinations in Sri Lanka among foreign visitors.
The hotel is already a well recognised wedding destination for local customers given the status, prestige, capacity and geographical location of the hotel. The hotel is a five start luxury beach resort where there is ample opportunities to gain more tourist attractions by providing this additional service as Sri Lanka is currently one of the most recognised islands in the world for tropical weddings.
Goals & Outcome To launch an in-house wedding planning service with a dedicated wedding planning service desk.
To generate a consistent revenue line through this value additional service while increasing the cross selling opportunities of the existing customer base.
Enhancing the hotel trade name and reputation
Increase the income generated by at least 10% each year.
Utilise the existing resources to the maximum in order to increase the profit while minimising the wastage / loses.
Income – LKR 100,000 minimum income for a wedding function / 10% service charge on the total wedding cost.
Approximately 10 wedding functions per month to be taken over.
6. Resources requirement & Resources
The following resource budget will describe the resource requirements and the required allocations for each and every task of the project. This will also eliminate the initial financial cost incurring the project initiation.
7. Work Breakdown Structure
8. Gantt Chart, Network diagram & Critical Path Analysis
8.1 Gantt Chart
8.2 Network Diagram
Task Immediate Predecessors Completion time
A Interior Designing – Wedding Planning desk – 4 Weeks
B Recruitment of the wedding planning specialist A 3 Weeks
C Upgrading the hotel website and initiating online reservation system A, B 6 Weeks
D Coordinating with external wedding service providers A 6 Weeks
E Liaising with F&B and front desk units A, B , D 4 Weeks
F Creating purchasing agreements with the external service providers B, D, E 5 Weeks
G Purchasing of the Wedding stationeries / Equipments A, B , D, F 2 Weeks
H Finalising the wedding packages and pricing A, B, D , E, F 3 Weeks
I Complete signing of the purchase agreements A, B, D , E, F 3 Weeks
J Complete the process notes / guidelines A,B,C,D,E,F,G,H,I 4 Weeks
K Update the hotel website with the new service details & hotline A,B,C,D,E,F,G,H,I 6 Weeks
L Printing of handouts and leaflets A,B,C,D,E,F,G,H,I 3 Weeks
M Initiating seasonal offers & discounts A,B,C,D,E,F,G,H,I 3 Weeks
N Complete the end user documentation and handover A,B,C,D,E,F,G,H,I,J, K,L ,M, 3 Weeks
9. Project Finance Management
9.1 Cash flow Statement
9.2 Pay Back Period & Return on Investment
Payback period = Project Cost
Annual Cash Flow
According to the above the calculation the project’s payback period is at 3 years. This indicates how efficiently the organization’s investment funds can be repatriated. The shorter pay back periods reduces the uncertainty of the project investment and provides a positive signal for the investors to endow their findings on the project. Hence 3 years payback period is a constructive indicator of the project’s reliability.
Return on Investment = Investment Revenue – Investment Cost
According to the return on investment calculation the ROI is at 147% , which indicates that the project will generate an income of 1.47 rupees for each rupee the client invested on the project. This is an extremely positive indicated regarding the return on investment and also will create investor confidence to go ahead with the project. The positive ROI is considered a good return on investment and ROI indicates the amount of return on an investment relative to the investment’s cost.
9.3 Cost Benefit Analysis
CBA attempts to measure the positive or negative consequences of a project, the Benefit – Cost ration is an indicator of the overall value of money of a project. If the BCR is greater than 1 the project to be accepted as it provides a positive indicator to express the benefits in monitory terms relatively to its cost. The project indicates a CBR of 2.4 % which is a positive indicator of the effectiveness of regularising the project’s cost against its future benefits.
9.4 Net Present Value
IRR at – 70%
Net present value indicates the difference between the present value of the cash inflow and outflow. The investment’s IRR of this project is at 70%, the higher the IRR result is a positive indicator of the project financing.
9.5 Break Even Analysis
The break even analysis results indicate as 1.69, which means that the organization has to take over at least two weddings per month in order to break even. The project analysis indicates that the anticipated numbers of weddings are to be taken over after the project completion and setting up the service is 10 weddings per month. Still in order to achieve the break even the organization has to take over only 2 weddings and whatever the additional weddings they take over will be purely their profit line and the probability of achieving this break even through the completion of the project is extremely high.
10. Requirements, Training & Motivation of Staff members
The proposed service line is a value addition service to the hotel’s existing business segments. Hence the actual requirement of the headcount is being budgeted as one personal that will be in charge of the service line. Yet this person to be a professional with previous even management experience in order to lead the service line from end to end. The designated remuneration package is in par with the current market pricings and the individual to be eligible for 10% of service charge as a motivation to increase the sales volume and quality of the product. Also adequate training process will be schedule to have an understanding of the hotel’s banquet office function, front line and usage of the online reservation system.
11. Marketing Strategy
The main marketing strategies are –
Update the hotel website including the new service line and dedicating a separate section to highlight the features and benefits of the service line to attract the target segments.
Advertising the service details on travel magazines and cross–promoting through displaying and distribution of brochures through foreign and local travel agents by providing a commission line for them to encourage the promotion.
Enhance the quality of the hotel’s online reservation system adding the wedding planning service and possibility for clients to reserve their function dates and requirements via online.
Enhancing the customer relationships in order to build a sound portfolio through in-house guests and existing customer bases.
The project is to launch an in house wedding planning survive as a value addition service to the hotel’s existing product range which will create a consistent revenue stream. The project is an in-depth study to present the viability of the proposed business line and the feasibility studies, research outcomes and the financial predictions indicates that this is a potential business line to grow the market share and enhance the customer loyalty while increasing the number of visitors to the resort. The proposed project forecasting outcomes designate a positive indication to the investors to be confident in endowing their capital investments as the return on investment predictions are highly affirmative.
13. References –
(Task 1 / Task 2)
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