Friday, May 22, 2020
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 ââ¬ËNamaste International Hotel.ââ¬â¢ 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 ââ¬Å"I bow to youâ⬠(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 ââ¬Å"sincerelyâ⬠or ââ¬Å"regards.â⬠â⬠¦show more contentâ⬠¦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 ââ¬Å"fifty-percent of hotel customers are between ages forty-one and fifty-five.â⬠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 ââ¬Å"at the very top of the worldââ¬â¢s largest, most powerful companies.â⬠Furthermore, à ¢â¬Å"as established career professionals, they have tremendous buying powerâ⬠(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 groupââ¬â¢s newfoundShow MoreRelatedMarket Entry Into India Essay1751 Words à |à 8 PagesGLOBAL HOTEL INDUSTRY STRATEGY AND LOCATION DETERMINANTS The Porterââ¬â¢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 ââ¬Ëtwo-starââ¬â¢ and ââ¬Ëthree-starââ¬â¢ hotels. 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