Intellectual capital in the Serbia industry - Myassignmenthelp.Com

Question: Discuss about the Intellectual capital in the Serbia industry. Answer: 2nd Year of the Business Plan In the hotel business plan, this second part of the report discusses the upcoming years, which is prepared based on the first part of the data report. Therefore, the data report of the business plan will be considered with the first part. SWOT Analysis of the business plan A SWOT analysis is the first stage of business planning and based on the analysis marketers can focus on the key issues, which will be helpful in growing the business. Person, place, product or industry can accomplish SWOT analysis. In this report, SWOT analysis is done for the Hotel industry (Dogancili Tarakio?lu, 2017). It will identify the strength and weakness, which are the internal factors involved with the plan. The Opportunities and the Threats are the external factor of the business plan and both the factors used as a strategic planning and parts of the process that are favorable or unfavorable in achieving the objectives. SWOT or TOWS both is an acronym to analyze the Strength, the Weakness, the Opportunities and the Threats (Kryvinska et al., 2014). Below are the points that show the SWOT analysis: The Strength of the Hotel: The high level of Staff Relation (Mohsin, Lengler Aguzzoli, 2015) The better the team makes a decision the higher will be the profit. Better teamwork and the employee performance help in increasing the revenue of the hotel. Excellent renovation of the interiors of the hotel is a guest attraction. The quality or the standard of the Hotel should be high as compared to the competitors Hotel. The Weakness of the Hotel: The occupancy has some target. Sometime the target could not be achieved. Even though the relation of the staff is high, still the turnover of the staff is higher (Guilding, Lamminmaki McManus 2014). The Debts are high and due to this reason, the hotel might have a possibility of running at a loss. This considered to be as one of the biggest weaknesses of the hotel. The decision making of the hotel booking depends on the season. The Opportunities for the Hotel: To make a strategic decision is a new concept by which the occupancy will be increased. With the increase in occupancy, the revenue will automatically be increased (Lei Lam, 2015). To make use of those potential that has not yet exploited. The business growth of the hotel is with the Tourism. The more the tourist visit the hotel the better the growth will be there in tourism (Bianchi, Pike Lings, 2014). The Threats of the Hotel: Due to the increase in turnover of the staff, there is a shortage of the availability of staff. With increase in the business, the numbers of the competitors are also high. Objectives Below are the lists of objective, which have been taken by observing the data that are present in the 1st year: Financial Objective of the Hotel: In the 1st year, it was observed that $3,872,831 was the total revenue of the hotel room (Masiero, Heo Pan 2015). In this revenue, the percentage of the occupancy was 71.92% and that of the FB was $1,924,324. At the same time, $175,063 was the revenue of the meeting hire or the functions attend. It is necessary the revenue be increased by 15% (Bontis, Janoevi? DÃ… ¾enopoljac, 2015). Whenever there is a chance to take a contract, the rate of the contracts should be higher. It is always better to achieve the revenue target from the budget that has provided. The staff turnover should be reduced. Marketing Objectives of the Hotel: In the 2nd year, the Paradise Hotel provides the following marketing objectives: The higher the promotional campaign the better the marketing objective. Give more priority to the events that are followed. Give incentive to all the market that is targeted. Giving more incentives will attract this market. Strategies Strategies are the new concept for the strategic management. For strategic planning, it is better to determine the goal, complete the activities to achieve the goal and perform an action with the available resources. It is better to recognize the strategic planning of an organization to make it profitable (Bontis, Janoevi? DÃ… ¾enopoljac, 2015). In this case, to fulfill the objectives of the hotel, there should be some strategies to be followed so that the hotel can meet those objectives. There are short-term and long-term strategies to achieve the financial and the marketing objectives: Financial Strategies of the Hotel: To meet the financial objectives, the below marketing strategies have followed: To increase the revenue of the room, it is better to decide the rate of the room during the season as more tourists will be coming and the department of the rooms must look into the revenue that is targeted. A strategy has applied by the hotel to come up with a solution to the problem of staff turnover. They decided to provide training to the employee and increase the wage (Guilding, Lamminmaki McManus 2014). An idea is set to the employees mind to meet the value of the money. This idea is met by giving the guest a better service or quality service during the time they stay. Marketing Strategies of the Hotel: To meet the marketing objectives, marketing strategy have stated below: The promotional campaign has to be increased with the help of different local newspaper and different site of social media. Keep follow up with the events that are present in that year so that promotional campaign can be increased. A package should be created so that the targeted market can be attracted. Build a close relationship with the suppliers and the customers with their work, have a better communication with the brand value, and effectively evaluate the guests needs. Communicate through the promotional campaign to offer the guest with the unique services. References Bianchi, C., Pike, S., Lings, I. (2014). Investigating attitudes towards three South American destinations in an emerging long haul market using a model of consumer-based brand equity (CBBE).Tourism Management,42, 215-223. Bontis, N., Janoevi?, S., DÃ… ¾enopoljac, V. (2015). Intellectual capital in Serbias hotel industry.International Journal of Contemporary Hospitality Management,27(6), 1365-1384. Dogancili, O. S., Tarakio?lu, S. (2017). A Study on Examining Turkey and Australia by Swot Analysis in terms of Ecotourism.Journal of Tourism and Gastronomy Studies,32, 42. Guilding, C., Lamminmaki, D., McManus, L. (2014). Staff turnover costs: In search of accountability.International Journal of Hospitality Management,36, 231-243. Kryvinska, N., Bauer, C., Strauss, C., Gregus, M. (2014). A SWOT Analysis of the Soft-Computing Paradigms SOA/SoC/Cloud Combination (C-SOA) in Software Development. InMCIS(p. 27). Lei, W. S. C., Lam, C. C. C. (2015). Determinants of hotel occupancy rate in a Chinese gaming destination.Journal of Hospitality and Tourism Management,22, 1-9. Masiero, L., Heo, C. Y., Pan, B. (2015). Determining guests willingness to pay for hotel room attributes with a discrete choice model.International Journal of Hospitality Management,49, 117-124. Mohsin, A., Lengler, J., Aguzzoli, R. (2015). Staff turnover in hotels: Exploring the quadratic and linear relationships.Tourism Management,51, 35-48.