Throughout this course, you analyzed the hospitality industry and determined a revenue-generating idea for a hotel or resort. In the previous topic, you developed a PowerPoint presentation to present to executives revealing your revenue-generating idea for final approval. For this assignment, develop and submit an Executive Summary that provides a one-page synopsis of the revenue-generating idea to share with executives of the organization. Be sure to summarize the following:
- A brief description of your event or idea.
- A description of your market, including industry reports to support the potential success of the idea.
- A description of your competitive advantage.
- A discussion of pricing strategies for the idea.
- An explanation of how you will allocate the funds.
- A plan to implement the event or idea.
- A strategic plan to continue developing revenue generating ideas and profits for the hotel or resort.
While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
This assignment will be graded using the "Executive Summary Grading Sheet." attached below
This assignment based on the previous powerpoint assignment that you guys did 2 weeks ago. I attached it below so you can use it for this assignment
SEA FOOD FESTIVAL HOTEL HILTON ADELAIDE Description of event The event is based on a food festival to be conducted by Hilton Hotels Adelaide. The seafood food festival is one of its kind in Australia. The festival is conducted to give the local citizens and the tourists to enjoy the delicacies from the sea. The main aim of the event is to give the customers a taste of summer through the sea food and poolside adventure. The event was conducted near the rooftop infinity pool. Stalls would be created to serve the sea food. The event shall consist of an extensive menu and coolers along with it. The entry fees for the event will be AED 150 per person and an extra AED 75 for wine pairings. Milestone The milestones for the event includes the sales target and customer reach. The event is and is conducted in the peak season when the tourists visit and the local people enjoy the bright summer just after the fall. The event shall target a minimum gathering of 1000 people over three days. The poolside has the capacity to accomodate atlests 500 people at a time. The event shall be based on marketing and the usefulness of the venet in delivering the goals. The financial taagte for the event is around AED 200000. The milestones are the KPI on which the event will be measured and its success will depend on it. Marketing The marketing for the event will be conducted in two ways. One is social media marketing and the other is the word of mouth in the community. Social media marketing is based on creating an event for the same on the facebook page. Other than this the pictures and videos in form of teasers shall be posted on instagram. The process of marketing includes links through which the customers can buy their entry pass and book their slot for the event. the marketing for the event shall commence at least one month before the date. The aggressive marketing will be targeted towards gourmet food enthusiasts. Marketing The second marketing channel to be used in the word of mouth system. The hotel community has a strong base of customers and loyal following. The world of mount in the food enthusiasts, bloggers environment will lead to the development of awareness for the event. The total budget for the marketing plan is set at AED 10000. The marketing through this cahamle shall be more festive in reaching the local customers. The food blogs and the people whole are polaris in the coauncity shal spred the world of sushc and vente being taking place. Food groups shall be informed and such events shall be promoted by them. Word of mouth will have no extra budget and shall be delivered through connections for the people in the society. Stakeholder Responsibility SuppliersThe suspliers have the bsisc reposbsilsity to ,mage the requirements and deliver quality raw materials. The venue is based on good quality and premium offerings for the customers and thus it is essential for the hotel to look after quality. Other than thesis the psupliers have the reposisbsislty to dleber the materials on time to keep the whole event in sync and on schedule Chefs The chefs are another primary stakeholders in the process. The event beieg based on the food adn behrvarfe sectsion. The cooking of the food and the choice of menu and offerings are essential for the success of the event. The chefs are possible to fulfil any need and also maintain the top quality process and techniques to cook the best quality materials for the success of event StakeholderResponsibility Guest Managers The guest managers will have the ultimate responsibility for amnanagaing the geutss and take control of the vente. The hospitality industry is based on the needs of the customers and the way it is fulfilled. In this case the magers will take care of any need for the customers and fulfill it. Bartenders and Servers The servers and the bartenders are the secondary level guest relations executives. In this case the responsibility of the serversis to take care of food and beverage demand of the customers and alsos to take any personalised requests and check wiethe floor managers to fulfil it. Similarly the bartender will oversee the wine and drinks that shall bals be the part of events. Similarly to the chefs the bartenders will be responsible for the beverage section of the event. Internal Risk Analysis The risks in the event in terms of internal influences are the financial position. The event is to be conducted for three days of raw materials and the competition for all the members of the hotel related to the event needs to be synchronised. Time is another factor which can influence the system. The hotel's news to show up on time and the supplier shall be received within a specific time to see that the whole process is under control. The service shall be on point and all the amenities must be ready before the guests arrive. External Risk Analysis The external influences are the ones one which there is less or no control. One of the msots sosgsnifanct aprt tahat must be addressed and strategies must be applied to mitigate the risk is environmental condition. As the event is set to be drawn beside the pool idea in open air. The problems of usden rainfall or other natural phenomenon may hamper the quality of the event that is to be delivered. To mitigate the risk the event shall be planned keeping in arrangements to continue the same event even under critical conditions or rainfall. The process shall be to keep covers and the choking musts be down under the shed. The guests shall be given the choice to enjoy the event even in a hall if there is any such natural phenomenon. References Kubler, S., Robert, J., Hefnawy, A., Främling, K., Cherifi, C., & Bouras, A. (2017). Open IoT ecosystem for sporting event management. IEEE Access, 5, 7064-7079. Park, S. B., & Park, K. (2017). Thematic trends in event management research. International Journal of Contemporary Hospitality Management. Adam, I., & Ping, J. (2018, August). Framework for security event management in 5G. In Proceedings of the 13th International Conference on Availability, Reliability and Security (pp. 1-7). Executive Summary Grading Sheet REQUIREMENTS: POSSIBLE ACTUAL INSTRUCTOR FEEDBACK Develops an executive summary that presents the revenue-generating idea to executives. 15 Includes a brief description of your event or idea. 15 Describes the focused market and includes industry related reports. Includes the competitive advantage within the market. 25 Discusses pricing strategies and an explanation for allocating funds. 30 Develops a plan to implement the idea with a strategic plan for future revenue-generating ideas. 30 Mechanics of Writing: · Student is clearly in control of standard, written American English. · All work includes correct spelling, punctuation, and grammar. 15 Language Use and Audience Awareness: · Student uses correct, effective sentence construction, word choice, etc. · Student uses language in a manner that is appropriate to the purpose, discipline, and scope of the assignment. 15 TOTAL 145 © 2016. Grand Canyon University. All Rights Reserved.