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- This is a project in which you have to create a business plan. The aim for the creation and development of a business plan is to ensure that all critical parts of a new company or business / product or service are reviewed and covered in order to get funding support of a hypothetical sponsor. Your business can be your dream business, a start-up or an established one, B2C or B2B. The business plan is your roadmap for future development.
- What your business plan needs to include:
- An executive summary highlighting the main points - to catch people's attention.
- Details of key personnel with an organizational chart showing individual responsibilities.
- Market research - details of competitors and how your product or service fits into the market
- Your marketing plan - how you are going to get your product or service in front of potential customers, together with any assumptions made when setting your targets.
- Simple financial information to compare your business' performance against industry benchmarks.
- A cash-flow forecast. This will indicate the amount of funding you need and why. For a start-up, include estimates of how much finance you will require for two to three years or until you start to make a profit.
Question 1: (a) Explain the purpose and relevance of a business plan within the hospitality sector. (b) Discuss the importance and role of market research within business pl
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