The hostel industry consists of a variety of businesses that fulfill the needs of guests. Of course, one of the core components of the hostel industry is the accommodation, including bed and breakfast being accompanied by several additional services that in turn enhance the customer experience. Hence, the present business plan refers to the viability and sustainability, as well as to the limitations posed by the macro environment to the new product, named St Christopher's Village ON. As such its feasibility and sustainability must be taken into account, together with the factors that restrain its future development.
Inhaltsverzeichnis (Table of Contents)
- Chapter 1. Introduction
- Chapter 2. The development plan
- Chapter 3. Feasibility of the new product/service
- Chapter 4. The sustainability of the new product/service
- Chapter 5. Factors that limit the development of the product/service within the hospitality industry
- Chapter 6. Conclusions
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This business plan explores the feasibility and sustainability of a new product, St Christopher's Village ON, within the UK hostel industry. It examines the macro-environment, the current state of the hostel market, and the potential limitations to the product's development.
- The viability and sustainability of the new product within the UK hostel industry.
- The strengths and weaknesses of the hostel industry.
- The impact of Porter's five forces on the hostel industry.
- The factors limiting the development of the new product.
- The need for differentiation and competitive advantage in the hostel industry.
Zusammenfassung der Kapitel (Chapter Summaries)
- Chapter 1. Introduction: This chapter provides an overview of the UK hostel industry, highlighting the growth potential and the existing lack of diversity in services offered. It introduces the new product, St Christopher's Village ON, and its aim to enhance the customer experience.
- Chapter 2. The development plan: This chapter examines the historical development of the hostel industry, focusing on its growth during the 1930s and the recent shift towards more luxurious accommodations. It also delves into the competitive nature of the industry and analyzes the impact of Porter's five forces.
- Chapter 3. Feasibility of the new product/service: This chapter likely explores the feasibility of St Christopher's Village ON, considering factors such as market demand, pricing strategies, and the potential for profitability.
- Chapter 4. The sustainability of the new product/service: This chapter likely examines the long-term viability of St Christopher's Village ON, considering factors such as customer satisfaction, employee retention, and environmental impact.
- Chapter 5. Factors that limit the development of the product/service within the hospitality industry: This chapter likely explores the external factors that could hinder the growth of the new product, such as economic downturns, regulatory changes, or competition from other accommodation types.
Schlüsselwörter (Keywords)
The key terms and concepts explored in this report include: hostel industry, hospitality management, St Christopher's Village ON, new product development, market feasibility, sustainability, Porter's five forces, competitive advantage, differentiation, macro-environment, and limitations.
Frequently Asked Questions
What is St Christopher's Village ON?
St Christopher's Village ON is a proposed new product in the UK hostel industry, designed to enhance the customer experience through a combination of accommodation and additional services.
How has the UK hostel industry changed recently?
The industry has shifted from basic budget accommodation towards more luxurious "boutique" hostels, reflecting a demand for higher quality services and better customer experiences.
What are Porter's Five Forces in the context of hostels?
The business plan analyzes the competitive nature of the industry by looking at the threat of new entrants, the bargaining power of buyers and suppliers, the threat of substitutes, and competitive rivalry.
What factors limit the development of new hostel services?
Development is often limited by macro-environmental factors such as economic downturns, regulatory changes, intense competition, and the challenge of maintaining long-term sustainability.
What is the focus of the feasibility study in this business plan?
The study evaluates market demand, pricing strategies, and potential profitability to determine if the new product is a viable investment within the current hospitality market.
Why is differentiation important in the hospitality industry?
Due to a lack of diversity in traditional services, hostels must differentiate themselves to gain a competitive advantage and ensure customer satisfaction and retention.
- Quote paper
- Kostadin Ruychev (Author), 2018, St. Christopher's Village. Business plan for development of new product, Munich, GRIN Verlag, https://www.grin.com/document/438694
