Entrepreneurship in Tourism and Hospitality

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Student Name Kalend bev Mikhail Student ID zero(prenominal) 22025713 Unit Name Entrepreneurship in Tourism and Hospitality Unit Code MNG00427 Tutors hit Goh Chye Yeow Terence Assignment No. 2 Assignment Title Opportunity abridgment story Due date December 14, 2012 Date submitted December 13, 2012 promulgation I conduct read and perceive the Rules relating to represents (Rule 3. 17) as contained in the University Handbook.I understand the penalties that apply for plagiarism and agree to be bound by these rules. The clear I am submitting electronic in ally is entirely my own work. Signed Kalend bev Mikhail (please sheath your name) Date 13/12/12 Table of contents decision maker Summary3 1. 0Introduction4 . 0 Idea and Competition4 2. 1 Description of the venture & Service homework4 2. 3 Why it is advance(a)4 2. 4 Location5 2. 5 offspring of manners and itsprices6 2. 5. 1 equipment casualty determinants7 2. 6 Competition8 2. 7 SWOT analysis9 3. 0 Target Market and lawsuits for its selection11 3. 1 Industry Analysis12 3. 1. 1 beseech outlook bargaining power of buyers12 3. 1. 2 sum outlook bargaining power of suppliers13 3. 1. 3 Barriers to Entry13 3. 1. 4 Substitutes14 3. 2 Market Size & Trends14 3. 3 Estimated Market Value17 3. 4 Estimated gross sales Forecasts for 3 classs17 . 0 Assessing my entrepren eurial capabilities17 4. 1 Team Experience18 4. 2 HR Plan18 5. 0 Equipment needs20 7. 0 Conclusion22 REFERENCE LIST23 Executive Summary This opportunity analysis key is aimed at assessing the feasibility of immature hotel project with its main positioning in Denmark. It covers four major sections. The scratch section describes the project idea including w presentfore it is innovative and identifies the competitors for the idea. The innovatory idea is to build eco-friendly hotel with variety of sustainable solutions integ strided in it.The main foundation for the price is value-based condition insurance policy with the main reason to capture verdancy consumers value through surroundally-friendly hotel solutions. The criteria for analysing our competitors include close location to the airport as intimately as hotel star- military rank. This section ends by identifying the strengths, weaknesses, opportunities and threats for our rude(a) hotel venture. The second section as sesses the food market place for the idea by recognizing the sucker market and do industry and market analysis.The channelize market is sub-divided into three incompatible segments which argon mature markets (B2C), return markets (B2C & B2B) and grand consumers. It contains more detailed description why these segments were chosen. To perform an industry and market analysis, several research methods were utilize amongst which atomic sum up 18 primary and secondary methods. It is the third section that gives a cornerst iodine for human resource activities and evaluates the group members. This section explores on myself as an entrepreneur and provides HR envision with an assessment of finger, allow categories and liquidate posts assign to each team member.Finally, the last section produces sign set-up costs necessary for sweet venture creation. It includes equipment needs for equipping 50 hotels boards and specifies timeframe for the buy of all items. First years profit and loss evade is also presented in this section. Introduction The paper presents opportunity analysis report for a radical hospitality venture. The main purpose of this report is to learn the extent to which this project is feasible. Kalendarevs Skyscraper Copenhagen Hotel is spillage to be a invigorated-sprung(prenominal) innovative hotel turn up in Denmark which get out allow clearly identify goal to localise green consumers.The naked as a jaybird hotel provide excite a set of innovatory eco-friendly solutions which go out benefit green consumers who care about the environment. 2. 0 Idea and Competition 2. 1 Description of the venture & Service provision The idea of the project is to open a advanced innovatory 4-star hotel which is going to be environmentally-friendly. It volition be specially designed and constructed for travelers who care about the environment (green consumers) and wish to down extraordinary muckleiness trip or city conflagrate. The hotel provide be named Kalendarevs Skyscraper Copenhagen Hotel.The hotels central location is think to be at a late district Oresundsmotorvejen of Copenhagen city (Denmark) which volition allow it to focus on the smallest details by providing a live on of Scandinavian comfort, sustainability and quality. Besides its sustainability efforts some(prenominal) for mankind and environment, Kalendarevs Skyscraper Copenhagen Hotel ordain be generally known as the first hotel that volition deliver transcendent servicing of process experience for green travelers. This would be illustrated in ground of the transnational samples provided within the hotel which is rare in the field of honor where the hotel is built. . 3 Why it is innovative Our plans include to receive several awards amongst which is Ecotourism award and to be the first danish pastry hotel in the category of the Worlds Greenest Hotel. The hotel should stand out for its remarkable interior and architecture wh ich allow for be a unique blend of classical Scandinavian design and Paustian modern design. In addition, the hotel building pull up stakes be integrated with eco-friendly solutions and as to our plan our hotel building should become the first CO-2 neural in Denmark.To achieve these, we leave alone be implementing variety of green placement strategies and will be participating at annual internal deed overs to be recognized by green consumers. By signing the hold with UN Global Compact, Kalendarevs Skyscraper Copenhagen Hotel will evidence that the hotel aims at more than upright quality and comfort. Its uniqueness will be addressed in hotels innovations and wealth of green technology solutions which will be showcased from the hotels outside(prenominal) up to the get ons shampoo bottle. Likewise, the hotels facade will be integrated with the largest solar park in northeast Europe.With the use of innovatory groundwater-based cooling and heating system, Kalendarevs Skyscrape r Copenhagen Hotel will be the first danish pastry hotel to decrease energy consumption by nearly 90 per cent. Consequently, hotel will be sustaining healthy and safe environment within the venue and its live. In addition, the application of the variety of sustainable actions will result in change magnitude CO2-emissions and will dis analogousiate the hotel from its competition. All abovementioned could be achieved from the efficient use of constitutional food in the hotels Scandinavian restaurant as well as electricity conservation in the hotel hallways. 2. Location The location of Kalendarevs Skyscraper Copenhagen Hotel will be amid Copenhagen airport and city centre which is rattling convenient. The main reason is because choosing this location will allow visitors to reach the hotel in hardly a(prenominal) minute drives. Also, since airport is close to hotel, free shuttle bus service will give travellers opportunity to come to hotel directly from the airport. some other d istinctive good why this right(a)ty was chosen is because metro put up will be in truth close to Kalendarevs Skyscraper Copenhagen Hotel which will ease tourists journey in exploring antithetic depictions within Copenhagen city.By and large, Kalendarevs Skyscraper Copenhagen Hotel will be a considerable choice for work people, void tourists and green consumers in Copenhagen. The picture 1 at a lower place shows the estimated location of Kalendarevs Skyscraper Copenhagen Hotel which is close to Copenhagen Airport and city centre. The street name is Oresundsmotorvejen which is a unsanded district. picPicture 1. Source Google Maps, 2012 2. 5 Number of rooms and itsprices The hotel will have 50 rooms in check. There will be 30 standard rooms, 10 deluxe rooms and 10 family rooms. Our main set policy would be value-based pricing.The key attributes which differentiate the product involve quality, physical attributes, style, steel and service (Pricing for Profit, 2012). Our gre en consumers who care about the environment will give notice the fact of paying grittyer prices for the innovations and environmentally-friendly solutions integrated into our hotel. Hence, it is smart to set value-based pricing instead of cost-based pricing to capture that value. As formula 1 shows, Kalendarevs Skyscraper Copenhagen Hotel will be providing the following prices for their rooms listed below Room example Rate (US$) STANDARD ROOM $359. 97 DELUXE ROOM $359. 40 FAMILY ROOM $325. 09 finger 1 The weekend rates will be higher than week days. There would be no booking fees. We will be offering one free night if our rooms are offered for cheaper prices elsewhere.In addition, if the traveler changes his/her plans, hotel will allow a change or cancellation of the qualification with no worries. 2. 5. 1 Price determinants FriedhelmTringas(2012) suggests that in case the implore or occupancy rate step-ups plot supply of hotel rooms decreases, the hotel must knock hig her prices for its rooms. It is vital for hotel to cover its operational expenses. Therefore, it is not a keen practice to sell all rooms at the same rate since it rarely produces good occupancy and median(a) rates (FriedhelmTringas, 2012).The key rate determinants for our hotel are determine as follows Location Demand Competition Hotel rating Aforementioned determinants set up the basis for rate scales and determine tax revenue management parameters (FriedhelmTringas, 2012). Additionally, it is the guest who is willing to pay certain rate for hotel room and, at that placefore, node willingness influences pricing decisions of the hotel (Hotel Traffic Builders, 2010). Accordingly, Kalendarevs Skyscraper Copenhagen Hotel will base their pricing decision considering the following aspects Innovative solutions such as Solar decorate Park, groundwater-based heating and cooling system and first carbon-neutral hotel building in Denmark will allow hotel to set higher prices for i ts products and services State-of-the-art interior and contented location which is close to airport and city centre are outstanding advantages that distinguish our hotel Statistics suggest that at that place is an increasing lead for city break tourism in Copenhagen with an annual average growth in bed nights in the midst of Years 2006-2010 being 7% (VisitDenmark, 2012).Hence, higher strike in city break tourism sector gives Kalendarevs Skyscraper Copenhagen Hotel an opportunity to increase our prices within this sector. 2. 6 Competition pic get a line 2 Above Figure 2 presents the main direct competitors of Kalendarevs Skyscraper Copenhagen Hotel. The reasons why these hotels are our future tense competitors are 1) because of their close location to the airport its on average 5-10 minutes drive away 2) these hotels are 3-4 star hotels. ? Competition in aptitude. Hotel capacity has been significantly increasing in Copenhagen since 2009.The figure increased by up to 30% ( VisitDenmark, 2012). The capacity increase will result in many challenges for Copenhagen city, but still it will be beneficial for travelers since hotels will provide better services for cheaper prices. Compared to Kalendarevs Skyscraper Copenhagen Hotel which capacity will be equal to 50 rooms, Palace Hotel Copenhagen has a preponderant capacity with the consider of rooms which is more than double 162 bedrooms (VenueFinder, 2009). This gives Palace Hotel Copenhagen a competitive advantage to gain larger market share. ? Price comparison pic Figure 3 Source Booking. com, 2012The price comparison is implemented in five different hotels with 2 room types. As the Figure 3 shows, the strength is showcased by Bella Sky Comwell Hotel Copenhagen and Park Inn by Raddison Copenhagen Airport in terms of the lowest rates for their standard rooms. The prices are similar between lineament Airport Hotel Dan and Palace Hotel Copenhagen with the prices being $202. 75 and $233. 38 per night respect ively. Its important to note that our Kalendarevs Skyscraper Copenhagen Hotel will be charging the highest prices at initial stages of start-up to cover its expenses and perform market-skimming pricing strategy.In family room type, the main competitor of Kalendarevs Skyscraper Copenhagen Hotel will be Quality Airport Hotel Dan. The smallest rates within both room types are supplied by Bella Sky Comwell Hotel Copenhagen. While identical room facilities, room sizes and al almost the same prices are offered by all hotels, Kalendarevs Skyscraper Copenhagen Hotel will be positioning itself as a luxury hotel with a set of innovative and creative solutions which will allow hotel to set oft higher prices for its rooms. Its main aim will be not to evade the lowest prices, but charge as higher prices as possible. . 7 SWOT analysis Figure 4 ? Strengths Location One of the to the highest degree distinctive advantages of Kalendarevs Skyscraper Copenhagen Hotel is its location which is at a walking outdistance to city center and metro stations. Internationalized service standards I find that enhancing service experience at international service levels along with the friendly and civil stave will be greatly appreciated among our up approach path customers. In addition, such service experience will be new to our area. dust & Spacious rooms we will sustain cleanliness and comfort within all hotel rooms.Our eco-friendly solutions such as energy consumption, diminishing CO2-emissions and electricity conservation will bring pleasant experience to green consumers. ? Weaknesses higher(prenominal) prices Many expenses would be incurred at start-up stage such as building the hotel, integrating innovations, hiring and nurture employees and outsourcing other departments. Since it all will affect our cost of rooms, we will have to initially charge higher rates for our rooms to cover underlying operational expenses and to gain some market share. This is the main weakness of our hotel.Small room type selection Offering limited choice of room types while our competitors have variety of choices can be another weakness of our hotel. ? Opportunities forward-looking 10-floor housing building which is BIGs project has been recently constructed in Copenhagen (Archinnovations, 2010). It has 8 houses for mixed use within this building. Its a great opportunity to catch the flow of customers since this new housing building is located close to our hotel. Another opportunity will be expanding the pattern of hotel duress and gaining larger market shares within Danish hotel industry.However, additional financing will be required for expansion purposes. ? Threats The major threat for our hotel is to get proper financing from the bank. This means that our hotel project and its innovations should be first approved by the local government and then credited by financial institutions. In addition, being a new establishment, our competitors will be eager to mensuration u s by introducing lower prices and scratch price war. It means that there is a threat for our hotel in terms of harsh competition and we have to be more alert in rewrite survive in such conditions. 3. Target Market and reasons for its selection Our primary rates would be 3 different markets 1) Mature markets (B2C) demographically, these are women with their age ranging from 35 to 55 years old. It also includes families with their main interests being shopping, eating and drinking, good atmosphere and different events. Geographically, this market segment comes from Southern Sweden and Norway which is very close to Copenhagen (VisitDenmark, 2012). The main reasons to appealingness to this segment include high degree of awareness of Copenhagen and ease of accessibility (proximity).In addition, as the study suggests that this segments motivations for travelling include tour hotels and restaurants, enjoying the atmosphere, visiting different attractions, exhibitions and museums s uch as Tivoli and Louisiana (VisitDenmark, 2012). 2) Growth markets (B2C & B2B) here we would be targeting at high spenders (high income travelers) as well as women sr. 35-55. The primary target group for B2B market would be Russia. The other geographic segments that we would be targeting at include UK, Germany, Holland, France, Spain and Italy.While this segments interests are similar to mature market segment, women also tend to be more fire in local lifestyle and architecture and design (VisitDenmark, 2012). One of the main reasons to target this segment is because people within this segment have very limited noesis of Copenhagen city and our main aim would be to attract those people to our city as well as make them hobble at our unique hotel. Moreover, it would be a great opportunity for our new hotel to showcase its innovative hotel building interior and exterior since this target market is inspired about architecture and design (VisitDenmark, 2012). 3) Green consumers.Whil e it would be challenging for our new hotel, we would still be implementing green placement strategies to target green consumers. While guests are not always predictable, industry research showed that many guests had given a preference to the hotels caring about the environment (Environmental Leader, 2012). Since our hotel is going to be environmentally-friendly, we would appeal to green consumers as one of our primary target market. The reasons why green consumers choose to hang in at environmentally-friendly hotel are because they are highly concerned about others and work towards the good of society (Environmental Leader, 2012). . 1 Industry Analysis While there was a subnormality in Copenhagen hotel market occupy in 2008-2009, Sadolin&Alb? k (2010) predicts that the market would recover and is expect to be going upwards from the year 2010, although at a pokey pace. This view was supported by DTZ Research (2011). Particularly, for the fifteen-year finish, Sadolin&Alb? k (201 0) witnessed just one year in which city hotel demand was facing negative growth. This was the end of 2008. Still, Sadolin&Alb? k (2010) believes this segment to be an expanding segment longer term. 3. 1. Demand outlook bargaining power of buyers 35% of thorough market demand with total revenue of $794. 4 million is sexual conquested on domestic demand which Copenhagen hotel market heavily relies upon (Sadolin&Alb? k, 2010). Such macroeconomic trends as GDp and consumer expending are highly interlinked with domestic demand. As a result, we should keep those trends in mind when analysing the hotel market outlook. The demand of Scandinavian market in Copenhagen hotel demand accumulates to 17%. In 2009, Norway became the largest demand generator for Copenhagen exceeding Sweden (Sadolin&Alb? , 2010). From 2010 onwards, it is expected that Norwegian hotel demand would remain at high level. On the contrary, 17% pay in demand growth was encountered by Swedish demand which formerly sc ored the highest ranking for Copenhagen hotel market. Study suggests that the economic outlook for Sweden resembles the outlook for Denmark (Sadolin&Alb? k, 2010). However, the holidays and business trips to Denmark are becoming expensive for Swedes because Danish krone and euro are practically stronger than Swedish krona. Accordingly, Sadolin&Alb? (2010) believes that while there was a small demand decrease in Swedish segment in 2010, it will definitely recover starting from 2011 (Sadolin&Alb? k, 2010). In their market research, Sadolin&Alb? k (2010) forecasts that the annual growth of bed nights would be around 5% in years 2011-2014. Also, research predicts that domestic demand would be at around 37% of total demand. 3. 1. 2 Supply outlook bargaining power of suppliers With three new hotels opened in 2009 and one new four-star hotel opened by Arp-Hansen Hotel Group named Tivoli Hotel (400 rooms), there would be 12% increase in the city hotel market supply (Sadolin&Alb? , 2010). Since there is slow upturn in demand, this would be unprecedented annual increase in supply and would cause challenging years for Copenhagen hotel market. Also, with the construction of new four-star hotel named Bella reduce Hotel in 2011, the hotel will become the largest hotel in Copenhagen with total calculate of 814 rooms and 23-floor towers (Nordic Hotel Consulting, n. a. ). With these projects accomplished, the hotel market projection is that there would be 200-room increase each other year which is acceptable to consider.As reported by Statistics Denmark (2010), Copenhagen hotel market consists of 81 hotels and capacity is 12,500 rooms in total. Arp-Hansen and Scandic Hotels, with their smaller properties progressed under Choice brands, are the largest operators in this segment. 3. 1. 3 Barriers to Entry 1) High enthronization on start-up One of the most challenging barriers for entering the Danish hotel industry is high investment at initial stages of start-up. In additi on, since our new hotel is going to be innovative, there would be many expenses and risks involved.With the use of secondary research, it was identified that Copenhagen hotel market has very few properties on management contracts. Instead, it is a lease driven market (Nordic Hotel Consulting, n. a. ). Because of the slowdown in Copenhagen hotel industry in 2008-2009, the significant number of investors wishing to invest into fixed leases was reduced (Nordic Hotel Consulting, n. a. ). Therefore, it can be concluded that high investment with no support from investors makes the opportunity to enter hotel industry in this area very challenging. 2) Brand identificationAs was previously mentioned, there are already accomplished competitors (such as Park Inn by Raddison Copenhagen, Palace Hotel Copenhagen and others) on the market who possess customer loyalty and brand identification. Therefore, it would be troublesome for our Kalendarevs Skyscraper Copenhagen Hotel to enter Copenhagen ho tel market where we would need to spend time, money and efforts in prepare to differentiate our hotel products and get customer loyalty. 3. 1. 4 Substitutes In the hotel industry, there could be other hotels just behind our corner.Compared to our new hotel, these substitute hotels can be similar in terms of pricing ranges and amenities offered. However, our main efforts, withal quality product and amenities, would be directed towards service excellence and innovatory eco-friendly solutions. Hence, it will be very difficult for the substitute hotels to compete with us in terms of social eco-friendly responsibility. Fair enough that because of the environmentally-friendly solutions and minute service in our hotel, the value-price ratio between our hotel and competitors should be relatively distinct. 3. 2 Market Size & TrendsSince our hotels target markets are mainly foreigners, the following information and statistics are presented based on tourists arriving to Denmark. As to the n umber of tourists coming to Denmark in 2012, the number accounts to 358,858 people (Statistics Denmark, 2012). Figure 5 below illustrates the number of people out of total tourists who fit the profile of one of our target market those from Norway and Sweden. Tourists from Sweden account for 2,748 people in three age categories which are 30-39 years, 40-49 years and 50-59 years. In per cent, it is 0. 76% target market out of 358,858 total song of tourists.As for Norwegian tourists, the number of tourists scores 3,218 people or approximately 0. 9% of target market. As we can see, tourists from Norway outweigh those from Sweden for 0. 14%. pic Figure 5. Source Statistics Denmark (2012) pic Figure 6. Source Statistics Denmark (2012) The above Figure 6 presents the statistical data on another target segment of our future hotel with countries bid France, Italy, Netherlands, Spain, UK, Germany and main B2B market Russia. The age groups are 30-39 years, 40-49 years and 50-59 years and th e figures are in thousands of people.As the chart shows, visitors from Germany set the highest ranking which is total 4,861 people for all age groups or 1. 35% based on 358,858 total numbers of tourists. The second largest tourist generating region is UK from where 0. 54% (or 1,951) of tourists are coming. Similarly, the Russian tourists account for 0. 52% which is also our target market. The travellers from Spain and Italy represent almost the same smallest figures in target market, 0. 20% and 0. 18% respectively. Additional target markets include France and Netherlands. Tourists from Netherlands descend to 0. 1%, while those from France generate 0. 23% of target market. original % in target market is arrived by addition of all numbers in each segment which equals to 4. 99% for the year 2012. In order to determine the hotel market trend (upward or downward) in Denmark, below is the forecast for 3 upcoming years. To derive appropriate estimated numbers, we initially have to look a t previous years records. According to Statistics Denmark (2012), the number of tourists from 2010 to 2011 increased by 16,106 somebodys or 4. 8% (from 329,940 in 2010 to 346,046 in 2011).The same upward trend appeared between 2011 and 2012 with an increase of 12,812 travellers or 3. 7%. So the average increase number for the period from 2010 to 2012 is 4. 25%. While the total number of tourists was growing, the percentage of target market in period from 2010 to 2012 was gradually decreasing. In 2010, the total target market accounted for 5. 23% while the figure felt down to 5. 08% in 2011. As was previously stated, the percentage in target market was 4. 99% for year 2012. Accordingly, the average decrease in target market between 2010 and 2012 was -0. 12%.As a result, the following forecast numbers (Figure 7) for years 2013, 2014 and 2015 will be predicted based on past years records. Y. 2013 Y. 2014 Y. 2015 Tourists jibe no. of tourists 374,109 390,008 406,583 % in target market 4. 7% 4. 75% 4. 63% Total market size (in number of tourists) 18,219 18,525 18,825 Figure 7 Based on the forecasts above for the chosen target markets, we can declare that while the total number of tourists is growing, the percentage in target market for each hearty year is decreasing. 3. 3 Estimated Market Value The Figure 8 below shows the estimated hotel market value in selected target market. The average length of preventative of international visitors to Denmark is determined as 4. 535 in 2013.This figure is arrived by appraise the average length of stay in 2011 which is 4. 42 nights and it is 4. 65 nights in 2010 (Bastis, 2011). Average hotel expenditure in Denmark per day is 58. 25 Euro per day (Carl Marcussen, 2008). It is homogeneous of $75. 6 (Oanda, 2012). Hence, using the data above the market value is estimated. Y. 2013 Y. 2014 Y. 2015 Tourists No. n target market 18,219 18,525 18,825 X average length of stay 4. 535 4. 535 4. 535 X average hote l expenditure per day $75. 6 $75. 6 $75. 6 Total market value $6,246,311 $6,351,222 $6,454,076 Figure 8 3. 4 Estimated Sales Forecasts for 3 Years Y. 2013 Y. 2014 Y. 2015 Tourists Total market value $6,246,311 $6,351,222 $6,454,076 Your % share 7% 8% 10% Your sales projections $437,241. 7 $508,097. 76 $645,407. 6 4. 0 Assessing my entrepreneurial capabilities Being motivated by the need for achievement, I am constantly searching for difficult projects and like to achieve my dreams. As a result, Ive chosen to open my own Kalendarevs Skyscraper Copenhagen Hotel even though it is difficult project to accomplish with much creativity and innovations required. Having background experience in hotel industry (particularly Dedeman Silk Road Hotel where I worked), I got valuable knowledge and hands-on training from the leading experts in this field.Particularly, the departments I worked in include Sales & selling, Reservation, Banqueting & Conference, F&B and also Front Office. I n addition, I have been managing my own business from my early years which deals with spectator care products. These prove my entrepreneurial attitudes and aptitudes. I am very much confident that combination of my training in hotel industry as well as long-term background experience in my own business field will result in successful feasibility of my new project. . 1 Team Experience For the successful implementation of new project, each new venture has to adequately make use of its human resources. For our new team to be effective each member of the team should have a clear understanding of why the team exists. Also, there must be shared and meaningful purpose which will unify each team member. In case of our idea, our project is intended to launch new sustainable hotel with variety of eco-friendly innovations. 4. 2 HR PlanAccording to World Tourism make-up (cited in City-of-hotels. com, 2012), the reasonable number of supply required per each 10 rooms is 12 someones for 4-star hotel. Hence, since our hotel will have 50 rooms, the optimum number of staff required is 60 mortals. These include faculty (no. of positions) Experience acquaint Categories Pay Rates per month Executive assistant (1 Inter someoneal skills leaders Award- for $15,608. 0 position) 5+ year experience supporting at the writ of execution lead executive level practices in delivering quality service violence director (1 Must have BA in business find out with Leadership Award- for $9,371. 0 position) minimum of 5 years overall experience executing leadership practices in delivering quality service Financial command (1 Must have worked in hotel industry and have Innovation Award for staff $8,665. 0 position) knowledge of standard costing and inventory members who develop new controls. innovative systems, approaches or methods Assistant Financial Must be financially literate with 5+ years Innovation Award for staff $8,422. 0 Controller experience including inventory and product members who developed new (1 position) costing experience innovative systems, approaches or methods Accounts Clerks (4 Experienced in high volume data entry and Partnership Award- successful$3,045. 0 per person positions) accounts receivable with minimum 2 year partnership with other team experience members aid Manager At to the lowest degree 5 years of experience in corporate synthetic rubber Award for a staff $7,201. 0 (1 position) facilities, including 2 years of supervisory who demonstrates precaution experience practices Maintenance Assistant (1 Qualified individual with high school diplomaSafety Award for a staff $7,093. 00 position) or GED required.Preferably, one year who demonstrates safety experience of building and grounds practices maintenance Maintenance bunch (7 Preferably, 2 years technical degree Partnership Award- successful$1,762. 0 per person positions) partnership with other team members Director Sales & MarketingMarketing experience plus graduated from Leadership Award- for $10,899. 00 4-year college with Bachelor stratum. executing leadership (1 position) Proficient in technical sales proving the practices in delivering annual growth with 5-10 years of experience. quality service Sales Co-Ordinator (2 Bachelors Degree in Hospitality, Marketing, Outstanding bran-newcomer $4,547. 00 per person position) Business Management or equivalent.New Award-for new comers graduates are welcomed demonstrating good results in the first 6 months of their telephone line Sales & Marketing Manager Five year experience in hospitality industry. Sales Manager of the Year $8,648. 00 per person (5 positions) Particularly, sales & market management Award- for achieving experience is required brilliant results in sales & market Reservation Clerk Customer service experience for at least 2 Customer Focus Award $5,662. 0 per person (3 positions) years. High call volume experience plus multiunderstanding and phone lines. appreciating customer values Rooms component part Manager Must have worked as a front office manager Improving Planning processes $9,590. 00 (1 position) for at least 2 years. College degree or and practices Award for equivalent is preferred. excellent planning and implementation of relevant practices at workplace Rooms Division Assistants Excellent interpersonal skills with at least Work Performance Award for $4,848. 00 per person Manager (5 positions) 5 years prior experience in Rooms Management. an employee who works above the average Front Office Crew (5 Previous experience is not mandatory. Partnership Award- successful$4,748. 00 per person positions) Preferably, steadfast job history and some partnership with other team customer service background. members Executive kinfolkkeeper (1 Worked as Housekeeping Director or Manager Performance and Quality $6,179. 00 position) wit h a minimum of 2-3 year experience in Improvement Award hospitality field Housekeeping crew anterior housekeeping work experience in Partnership Award- successful$4,724. per person (10positions) hospitality enterprise is desired partnership with other team members acquire Manager (2 Minimum five years relevant experience. Planner of the Year Award $7,491. 00 per person positions) Bachelor or equivalent is required. for concise and centred leadership. F&B Manager (1 positions) Previous experience in the Food and beverage, chic Spark Award $6,656. 00 culinary or other interrelated area. Number - for bringing innovations in of years at least 2 year experience service experience excellence Assistant F&B Manager (3 Must have worked in low volume or multi-unit Bright Spark Award- for $4,101. 0 per person positions) Food and Beverage operations with minimum 1 bringing innovations in year experience service experience excellence Executive Chef (4 Prior minim um experience of 5 to 7 years The Award for Environment and$5. 739 per person positions) working as a chef. Preferably, degree from a Corporate Sustainability culinary institute. for being eco-friendly and performing operations in social and environmental context. Figure 9. Source for pay rates Statistics Denmark (2011) Total Number of Staff 60 people Total Budget needed for Salary per month $328,984. 00 5. 0 Equipment needs relic name Quantity per each room Timeframe for items greet per each hotel room Total cost (for 50 purchase hotel rooms) piece of furniture -Bed frames 1pc $69. 00 $3,450. 00 -Desks 1pc $249. 8 $12,494. 00 -Chairs 2pc $79. 00*2=$158. 00 $7,900. 00 Total time frame for Hotel supplies purchase of all items Fitted Sheets 2 dozen approximately 5 months $72. 99*2=$145. 8 $7,299. 00 Towels 1 dozen $42. 99 $2,149. 50 Pillows 2pcs $5. 29*2=$10. 58 $529. 00 Mattresses 2pcs $3. 99*2=$7. 98 $399. 00 -Bathtub or shower in the 1pc $26. 99 $1,349. 0 room -Hair-dryer -Telephone 1pc $22. 99 $1,149. 50 -Safety deposit box for notebook computer and other 1pc $78. 6 $3,903. 00 valuables -Hangers -Compact refrigerator -Light Bulbs (lighting) 5pcs $1. 25*5=$6. 25 $312. 0 -Air-conditioning 1pc $117. 99 $5,899. 50 -Electronic locks with magnetic key cards 12pcs $5. 95*12 = $71. 4 $3,570. 00 1pc $915. 0 $45,750. 00 1pc $329. 00 $16,450. 00 $112,604. 50 Figure 10. Source Midwest Hotel piece of furniture Liquidators LLC (2011) The total finance required for the initial project start-up is $441,588. 0. Due to the pretermit of finance and inability to collect the funds at current period of time, the project will be on hold till the middle of Year 2013 until enough money is put together. pic Figure 11 Since our new hotel is start-up, there is a first year loss as Figure 11 shows. It could an alarm that we should decrease set-up costs and wage s in order not to face the repeated losses in future years. 7. 0 Conclusion To conclude, this report analyzed the opportunity of starting a new and innovative hospitality venture which is eco-friendly hotel in Denmark.It was identified that the main innovations would put up of groundwater based cooling and heating system to decrease energy consumption, first CO-2 neutral hotel building in Denmark and the largest solar park in North Europe. The prices for hotel rooms were determined with the value-based pricing policy and various price determinants in mind. In addition, the main competitors were critically analyzed and SWOT analysis provided. three different target markets were found for our new venture and the reasons for its selection were explained.Supporting the feasibility of our project, there is an industry and market analysis which clearly detects the current market trends, estimated market value and four influential market forces. HR plan for our new venture was composed b y detailing experience requirements, award categories and pay rates for certain occupations. Finally, set-up costs along with equipment needs were identified and firsts year profit-and-loss was produced. REFERENCE LIST 1) Archinnovations, 2010. BIGs 8 House Mixed- function development in Copenhagen online visible(prenominal) at Accessed 18 November 2012. ) Bastis, 2011. Destination Denmark online procurable at Accessed 20 November 2012. 3) Booking. com, 2012. 253,034 hotels worldwide. 17+ million hotel reviews. online Available at Accessed 18 November 2012. 4) Carl Marcussen, 2008. A multiple regression approach to estimating tourist spending per person per night at Danish destinations pdf Available at Accessed 21 November 2012. 5) City-of-hotels. com, 2012. Hotel Staff online Available at Accessed 25 November 2012. ) DTZ Research, 2011. Market Report Fall 2011 greater Copenhagen pdf Available at Accessed 19 November 2012. 7) Environmental Leader, 2012. Analysis Hotels Must Use Ta rgeted Marketing to Attract Green Consumers online Available at Accessed 19 November 2012. 8) FriedhelmTringas, 2012. How Do Hotels Determine Room Rates? online Available at Accessed 21 November 2012. 9) Google Maps, 2012. pass Oresundsmotorvejen, Kastrup, Denmark online Available at Accessed 17 November 2012. 10) Hotel Traffic Builders, 2010.Revenue Management for Dummies pdf Available at Accessed 17 November 2012. 11) Midwest Hotel Furniture Liquidators LLC, 2011 pdf Available at Accessed 26 November 2012. 12) Nordic Hotel Consulting, n. a. Hotel Market Report Copenhagen pdf Available at Accessed 19 November 2012. 13) Oanda, 2012. Currency Converteronline Available at Accessed 25 November 2012. 14) Pricing For Profit, 2012. Value-Based Pricing online Available at Accessed 27 November 2012. 5) Sadolin? k, 2010. Copenhagen Hotel Market Report 2010 pdf Available at Accessed 19 November 2012. 16) Statistics Denmark, 2010 online Available at Accessed 20 November 2012. 17) Statistics D enmark, 2011 online Available at Accessed 22 November 2012. 18) Statistics Denmark, 2012 online Available at Accessed 20 November 2012. 19) VenueFinder, 2009. Palace Hotel Copenhagen. online Available at Accessed 17 November 2012. 0) VisitDenmark, 2012. COPENHAGEN CITY BREAK dodging 2012-2014. pdf Available at Accessed 17 November 2012. Strengths Weaknesses 1. Location 1. High prices 2. Internationalized 2. Small room type selection Services standards 3. Clean & Spacious rooms Opportunities Threats 1. New housing development 1. financing issues 2. Expanding hotel chains 2. price war