Business Plan for Old Course Hotel

Introduction2

Discussion3

Data Entry Methods for a Business4

Selecting Franchising as an Entry Mode for Old Course Hotel7

Market segmentation, Positioning and Targeting8

Business Plan for Old Course Hotel12

Implementation, Evaluation and Control12

Conclusion13

References15

Business Plan for Old Course Hotel

Introduction

Risk and control is the most important managerial swapping between the unconventional modes of market entry. Every business needs to focus on some of the major areas by which they can have a complete know how of how market will respond to their entry and how they are going to get started with their business (ULF , E., 2012).

At the initial stages of the business, good marketing strategies must be planned because this is the directly related to the business profitability and survival in the market. In this ever growing competitive market, it is not easy for a small and new business to create a strong foundation and strengthen their position while the existing businesses are already successful in the market (Giovanni.J.D, Levchenko.A.A, 2013, pp. 283-296).

There are several ways to enter into the market. While, a business think of entering into a market there are some questions which needs to be focused. Globalization has left an impact on the whole world (Adam J. Koch, 2011, pp. 65-75). Many of the businesses are going global and many of them are still striving towards operating global operations due to the high technology advancements in the past few decades.

The questions that a person should answer before starting any business includes finding out the best way for a company to operate globally, going beyond the local market and trying in the unknown territories, finding out the safest way and to make it profitable (Brookes. M & Altinay. L, 2011). In this report, we are going to discuss the suggested entry methods for the business and specifically selecting the best entry method for the Old Course Hotel.

After a company had entered into the market, one should focus on their targeted customers, how the customers should be segmented, which audience suit the nature of your business. For example, “ToysRus” is a toy shop and the target audience can be only kids who can play with toys and not the adults (Singh A. 2011, pp. 35-40). Similarly, in case of the Old Course Hotel the targeted customers couldn't be a specified in the limited bracket of age as this is the restaurant and mostly all age groups are interested in food and enjoy a different kind of dishes.

Discussion

When a business thinks of making alliances with the local distributor, no investment is required to be spent on in the country for example, in building offices, sales personnel, distributing channels, and campaigns for the marketing of the product. When the distributor buys the goods and takes the ownership as the international company's production facility is not availed, the risk of credit also diminishes as it is assumed that the distributor has obtained a letter of credit from its bank. This way of handling a business can affect the control ...