Business Plan Namaste International Hotel Essays

Based on our business level strategy, the category we plan to be in will be a luxury, five-star hotel targeted towards international businesspeople. The name of the hotel will be ‘Namaste International Hotel.’ Namaste is a common greeting that originates from India and is used to acknowledge the divine spirit or soul of an individual (Geno). The greeting can be used by individuals of all ages. In Sanskrit, the term translates to â€Å"I bow to you† (Geno). Namaste has a spiritual connotation used to recognize that we are all one. It is one of the few Sanskrit words that are commonly recognized by non-Hindi speakers (Geno). The term Namaste in written notation is commonly used as a closing remark, very similar to â€Å"sincerely† or â€Å"regards.†Ã¢â‚¬ ¦show more content†¦Since the Namaste salutation is virtually known worldwide, it should be more acceptable and not cause any material risk to our business strategy. Target Market The target market for Namaste International Hotel is international businessmen and businesswomen working for large, growing firms that have either expanded or plan to expand in the Indian market. A survey conducted using strategic market segmentation found that â€Å"fifty-percent of hotel customers are between ages forty-one and fifty-five.† Additionally, the survey indicated that over forty-percent of customers earn more than $50,000 annually (Morton). To specify our target market, we will focus on American Baby Boomers as well as relatable people from around the world over the age of forty with an average household income of $100,000 and a high level of education or business success (Morton). Targeting this upscale segment will be successful because the total market is comprised of approximately eighty million people in just the U.S. alone. This audience is typically found â€Å"at the very top of the world’s largest, most powerful companies.† Furthermore, à ¢â‚¬Å"as established career professionals, they have tremendous buying power† (Lyon). The U.S. Census Bureau estimates that Baby Boomer buying power is equal to $2.3 trillion annually (U.S. Census Bureau). Another advantage associated with targeting American Baby Boomers and similar people from around the world rests with this group’s newfoundShow MoreRelatedMarket Entry Into India Essay1751 Words   |  8 PagesGLOBAL HOTEL INDUSTRY STRATEGY AND LOCATION DETERMINANTS The Porter’s Five Forces analysis and the assessment of the general environment of the Indian hotel industry suggest that opportunities clearly outweigh threats in this marketplace. The major competition in the hotel industry in India contains the ‘two-star’ and ‘three-star’ hotels. We plan to compete in the ‘five-star’ and ‘five-star deluxe’ market and therefore, avoiding a vast amount of competition in this regard. High-level businessRead MoreMarket Entry into India Essay2535 Words   |  11 PagesINTRODUCTION The global hotel industry is currently thriving with business, encouraging new players to enter the market and compete for profits. To be successful, firms must look to expand into new markets to gain a greater share of wallet by leveraging core competencies to increase competitiveness. In 2007, it was evident that the global hotel industry had become highly concentrated in that â€Å"about 15 percent of the world’s hotel rooms [were] concentrated in the hands of 20 brands† (Papiryan)Read MoreMis in Taj Hotels10832 Words   |  44 PagesIndustry Report – Hotel Industry Group - 1 2010 This report presents scenario of MIS in Hotel Industry with main focus on India Hotels Company Limited (IHCL, Taj Group of Hotels) India Hotels Company Limited Oxford House 15/17 N.F. Road Apollo Bunder Mumbai 400 001 India Contact Person - Denzil Barretto denzil.barretto@tajhotels.com (91-22) 6665 1000 (91-22) 2284 6680 / 83 Industry Report – Hotel Industry Table of Contents Group Details ......................................................Read MoreThe American Culture : Key Values10736 Words   |  43 PagesThe American Culture Some Key Values †¢ Individuality †¢ Results orientation †¢ Pragmatism †¢ Direct communication style Greetings and Goodbyes For most Americans a smile and verbal greeting are appropriate. In a business context, however, a firm handshake is used. Weak handshakes can be perceived as a sign of weakness. It is likely the handshake will be brief. Men usually wait for women to offer their hand before shaking. Also, direct eye contact is also appreciated. Americans tend to dislike over-formalisedRead MoreEthnic Tourism Essence of India7906 Words   |  32 Pagespurposes or the provision of services to support this leisure travel. The World tourism Organization defines tourists as people who travel to and stay in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes not related to the exercise of an activity remunerated from within the place visited. India, like many other countries has had a long tradition of religious and spiritual tourism. Our ancestors traveled to the different cornersRead MoreIntercultural Communication21031 Words   |  85 PagesI. INTERCULTURAL COMMUNICATION. FRAMEWORK ...the single greatest barrier to business success is the one erected by culture. Edward T. Hall and Mildred Reed Hall Why study Intercultural Communication? Cultural diversity and multiculturalism are the realities of everyday life for almost everyone. The growth of interdependence of people and cultures in the global society of the twenty-first century has forced us to pay more attention to intercultural issues. In order to live and functionRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesManagement California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−58539−4 Text: Effective Behavior in Organizations, Seventh Edition Cohen Harvard Business Review Finance Articles The Power of Management Capital Feigenbaum−Feigenbaum International Management, Sixth Edition Hodgetts−Luthans−Doh Contemporary Management, Fourth Edition Jones−George Driving Shareholder Value Morin−Jarrell Leadership, Fifth Edition Hughes−Ginnett−Curphy The ArtRead MoreHindi Nibandh on Advantages of Mobile and Disadvantage17790 Words   |  72 Pagesprivate entrepreneurs and promoting free market. (b) Philip Spratt preferred plans that would create economic conditions favourable for a forward march by the private enterprise. (c) Restrictions on free markets enriched large Indian companies. (d) Philip Spratt opposed the devaluation of rupee in 1966. Which of the following statements is least likely to be inferred from the passage. (a) Acceptance of A.D. Shroff’s plans in the official circles smothered free enterprise in India. (b) The views of