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    Business report Business report Document Transcript

    • 1LECTURERMR. CHANG JAU HOGROUP MEMBER1. YAP ZHI JUN ( 0310738 )2. TOH CHEE CHENG ( 0311122)3. YAP ZHONG LIN ( 0310557 )4. KRISTINE YONG ( 0311297 )SCHOOL OF ARCHITECTURE, BUILDING & DESIGNFOUNDATION IN NATURAL AND BUILT ENVIRONMENT (FNBE)INTRODUCTION TO BUSINESS (BUSF 0103)JANUARY 2013ASSIGNMENT 1- BUSINESS PLAN (20%)
    • 2CONTENT1. Cover page 12. Content 23. Excecutive summary 34. Business background 45. Market analysis 5 - 66. Marketing strategies 7 – 87. Management strategies 9 - 118. Financial plan 12 - 139. References 14
    • 3Excecutive summaryOceana Adventure is an underwater restaurant established Kristine Yong,Yap Zhi Jun and Yap Zhong Lin and TohChee Cheng. This business plan mainlycover 5 areas which included business background, market analysis, marketingstrategies, management strategies and financial plan.The purpose of establishing Oceana Adventure will be introduce in BusinessBackground by covering the services provided, reasons of establishing a partnershipbusiness and the location of the business.Market Analysis will show the competitor’s strengths and weaknesses. Thecustomers’ backgrounds such as, income, education, geographic location,preferences and so on.Marketing Strategies will briefly explain the marketing strategies like benefitsof the services provided in the restaurant, the arrangement of marketing strategies,pricing, advertising and promotional activities.Management Strategies describe the reasons for adapting a partnershipbusiness and how the partners divided job equally in carry out an excellentmanagement system and also the role of each mid – level employees and low – levelemployees.Last but not least, the financial plan covered the budgets needed to establishthe business, loans, expenses and the estimate profit and losses gain for the next 3years.As a conclusion, we hope that Oceana Adventure can be an internationalrestaurant in the future and become well known.
    • 4Business backgroundOur business is anunderwater restaurant with the name “OceanaAdventure”.Our restaurant is located nearby the sea to attract tourists and we wantto get away from the busy city. Our restaurant is a place for customers to relax, enjoyand have fun.Our restaurant mainly sell seafood and the speciality of our restaurant iscustomers can enjoy the marine life environment while having their meal. It is a greatexperience.We want to start this kind of business because firstly this kind of restaurant isless in the whole world and we wish to take the challenge and we hope everyonecan have the opportunity to experience eating underwater. Besides, we think that ourrestaurant is a great place for tourist, family, couples and etc to have their dinnerbecause it is a good place for gathering, to relax yourself and of course a good placeto taste the fresh seafood.Logo of our restaurant
    • 5Market AnalysisIntroduction:We are focus on higher level income people and tourists. People that have thedesire for good food, natural environment and fascinating atmosphere.The OceanaAdventure located nearby a beach. Which can attract a lot of tourists, foreigners, andhigh level income people.The purpose to be built at the seashore is because we aredoing an underwater restaurant which Malaysia still have not been developed yet. Sowe would like to take this opportunity to challenge.The competitors:There is not many underwater restaurant in the world. There are the 7 mostincredible underwater restaurants which are,1. Poseidon Undersea Resort, Fiji2. Al Mahara, Dubai, UAE3. Jules’ Underwater Lodge, Key Largo, Florida4. Utter Inn, in Lake Mälaren, Sweden5. Guinness Deep Sea Bar, Baltic Sea, Stockholm Archipelago6. Red Sea Star, Eilat, Israel7. Ithaa, RangaliFinolhu, The MaldivesThere are the strengths and weaknesses about competitors:S- Strengths1. Cheap.2. Good services.3. Polite waiter and waitress.W- Weaknesses1. They don’t have a special environment.2. They don’t give any space for marriage dinner or annual dinner.Market segmentation:Tourists: The place where Oceana Adventure located is nearby the beach. So theremust be attract by a lot of tourists. So, mainly they would like to have a try since theyhave been here already. The Oceana Adventure will be a destination with the specialunderwater sea and western food.Family: It is a great choice to bring along your children. It can develop the natureatmosphere to the children to have a good impressive to love the nature. Besides, Ican ensure that the atmosphere here can improve the relationship between relatives,parents among children and siblings.
    • 6Couples: there is also a special space for couple to have their own privacy. Theenvironment here is romantic and sophisticated.Marriage dinner or annual dinner: It is open for those who plan to hold on a dinner athere. It is good to discuss about it. We will arrange the menu, decoration, function,and others as what you want if it is considerable.Growth Year 1 Year 2 Year 3 Year 4 CAGRTargeted customersTourists 20% 15 000 18 000 21 600 25 920 20.00%Family 15% 8 340 9 591 11 029 12 684 15.00%Couples 18% 8 750 10 325 12 184 14 377 18.00%Marriage/Annual dinners 10% 6 770 7 440 8 184 9 002 10.00%Total 60% 38 860 45 356 52 997 61 983 60.00%Target Market Segment StrategyThe Oceana Adventure will focus on attracting tourists diverse clientele ages 20-55with an annual income of at least $ 35, 000.We want the tourists, family, couples and those who wants to hold on an annualdinner with wealth image and compulsive spenders. The purpose to focus on thisgroup of people because they are those who frequently go to high level restaurant orcafeteria. They are willing to spend money with good food and therelaxedatmosphere, also, they spend for the service at a value price. The availabledemographics make us to know more about the characteristics of our clientele.Those wo willing to spend at The Oceana Adventure is mostly people with high levelincome and those who willing to spend to enjoy and relax.Our geographical include those who from the beach, people who live nearby, passerby and also tourists. The characteristics of our clientele will be those who know toenjoy life, entertaining and sophisticated diners.TouristsFamilyCouplesMarriage/Annualdinner
    • 7Marketing StrategiesService’s BenefitsFirst of all, our restaurant is not same like other normal restaurants. Our restaurant isunderwater restaurant. These are the service’s benefits: -1. You can enjoy your food surrounded by marine life.2. You can have the chance to take picture with the marine.Sales StrategyOur restaurant mainly aimed for the tourists because the location is nearby thebeach. Other customers will be family, couples, marriage and etc.How we sell our product?1. Cooperate with certain hotels- If you are the customers of the certain hotel that we cooperate with, youcan have your meal in our restaurant for 10% discount.2. Packages- Addition of RM10 to get a free photo of you with the marine.- Kids with the height below 100cm can have half price for the set of themeal.3. Vouchers- Free RM50 voucher with purchase of RM150 and above.How the customers obtain product from us?1. Dine in- Customers can straight away come to our restaurant and have their meal.2. Internet- Customers can visit our website and have online booking.3. Phone reserved service- Customers are welcome to call for reserving.PricingThe price in our restaurant is much higher than other normal restaurant because wehave better and special environment. However, the price is totally worth for it.1. Steaks RM 40 – RM 702. Seafoods RM 20 – RM 703. Desserts RM 10 – RM 204. Drinks RM 5 – RM 30
    • 8Advertising and Promotional ActivitiesThroughout the whole year we plan to have different kind of activities and promotionsto promote our restaurant so that we can achieve our goal.Advertising:-1. Poster2. Television3. Internet4. RadioPromotional activities:-1. Valentine day- Free a bouquet of flower with purchase of RM100 and above2. Christmas day- Free family photo with marine life and Christmas tree3. Chinese New Year- Lucky draw for the customers4. Marriage ceremony- Free one room of hotel for one night for the customers5. Monday blue- Blue indicate the ocean, so every Monday with wearing blue shirt can have5% discount for every meal
    • 9Management StrategiesManagement is very important in a business. Without a well managementsystem, a business would not last long. Thus, management process also helps toimprove business success rate. Management process include planning, organizing,leading and controlling. Hence, we set up our goal, strategies and tactics beforeestablishing the business.Partnership Legal StructureOceana Adventure is a partnership business which founded by 4 partners.They are TohChee Cheng, Kristine Yong, YapZhi Jun and Yap Zhong Lin. After anexhaustive discussion, 4 partners of Oceana Adventure had agreed to adopt thepartnership business legal structure. We had considered about all the aspects withthe help of a lawyer in providing his professional opinion before making decision.There are few reasons come to our partnership business. First of all, there are 4 ofus, which we already fulfilled the basic requirement of at least 2 persons to establisha partnership business. Furthermore, partnership business is small and easier to bemanaged unlike the corporation business. It is also easier to get capital as ourbusiness has 4 partners, banks are more willing to lend money as 4 partners will besharing the profits and losses. In addition, we understood that honesty is important inpartnership business, we will try our best, coordinate with one another and managethe problem together to ensure the business runs smoothly.•To be aninternationalrestaurant.Goal•To be a wellknownrestaurant.Strategies• Come out withpowerfuladvertisement• Promoterestaurant bypopular artist.Tactics
    • 10Oceana AdventureRestaurant Manager Human ResourceManagerMarketing Manager Financial ManagerManagement system of Oceana Adventure.Role of Each of The Members in Oceana AdventureWe had equally divided the role play of each of the partners in our business.Such as, TohChee Cheng as Restaurant Manager, Kristine Yong as HumanResource Manager, Yap Zhi Jun as Marketing Manager and Yap Zhong Lin asFinancial Manager. Following is the table of summarize job scope for each of theposition handled by 4 of us.Titles Job scopesRestaurantManagerEnsure high quality services by performing frequentchecks.Supervise the operation of restaurant to maximizeprofit.Motivate the employees.Solving problems such as, services and food qualitycomplaints.Ensure the restaurant follow all the health and safetyregulations.Review and monitor make sure the expenses did notover budget.Human ResourceManagerConduct training program.Team leader in handling employee issues.Resolve conflicts between workers.Assist in hiring workers.Marketing Manager Conducting market research.Analyzing customer research.Develop marketing plan to promote the restaurant.Report the marketing activity and results base onresearch conducted.Financial Manager In charge of financial planning, such as flow of cash.Prepare budgets.Take part in making decision regarding financial.Control the risk in financial.
    • 11Role of The Mid-level EmployeesFollowing is the table of mid – level employees in our restaurant.Positions Job scopesChefs ( 10 people ) Cook delicious food for customers.Cashiers ( 3 people ) Calculate total payment and answercustomer’s question.Stuff Manager ( 2 people ) Assist restaurant manager in managingthe restaurant.Role of The Low-level EmployeesFolllowing is the table of low – level employees in our restaurant.Positions Job scopesBusboys (6 people) Clean up the restaurant.Dishwashers ( 8 people ) Wash the dishes.Waiters/ Waitreses ( 15 people ) Serve the customers.
    • 12Financial PlanBudgets:CostsInstallation RM 3,000,000Professional Chef RM 35,000Kitchen Tools RM 15,000Dining Tables & Chairs RM 23,000Seafood RM 22,500Safety RM 26,000Decorations RM 25,000Insurance RM 30,000Total RM 3,176,500*Individual Budget: RM 3,176,500 / 4 = RM 794,125Loans:We will be borrowing RM 900,000 in total and to be estimated return it in 2 yearstime.1. Cost of Goods Sold : The cost of goods sold was determined by taking actualProfit and Loss statements from various restaurant concepts and then usingour pricing structure and guest counts to arrive at costs.2. Marketing Fees: These funds will be used for the production of variousmarketing materials.3. Advertising: These funds will be used, if necessary, to maintain our sales atprojected levels. Just to make sure that our restaurants make enough noticeon the public.4. Management Fees: As we grow in size, this cost burden will increase perstore.Important Assumptions:The financial plan depends on important assumptions, most of which are shown inthe following table as annual assumptions. Interest rates, tax rates, and personnelburden are based on conservative assumptions. Some of the more importantunderlying assumptions are:1. We assume there are no unforeseen changes in consumers tastes orinterests to make our concept less competitive.2. We assume the equipment is in good working order.3. We assume there are enough loans and financing are sufficient to maintainand fulfill our financial plan as shown in the tables.
    • 130123456Year 1 Year 2 Year 3 Year 4LossProfitsEstimated Annual Profit:SalesTax received RM 2,500Cost of goods sold RM 8,000,000Total RM 8,002,500*Estimated Profits: RM 8,002,500 – RM 797,500 = RM 7,205,000*Individual Profits: RM 7,205,000 / 4 = RM 1,802,150ExpensesEmployee salaries RM 116,000Credit card charges RM 6,000Marketing fees RM 600,000Management fees RM 590,000Advertising RM 70,000Taxes RM 10,000Paper and Cleaning RM 3,000Bill payments RM 2,500Total RM 797,500
    • 14References1. Ravi Assar, Business Studies, What are the Characteristics ofPartnership?Retrieved 1March 2013, fromhttp://www.publishyourarticles.net/knowledge-hub/business-studies/what-are-the-characteristics-of-partnership.html2. Jobwings, retrieved 2 March 2013, from http://www.jobwings.com/en/job-advice/accounting-jobs/job-tickets/accounting-and-financial-management3. Information Nigeria, Dining Just Got Amazing: World’s First UnderwaterRestaurant, retrieved 1 March 2013, fromhttp://www.informationng.com/2012/10/dinning-just-got-amazing-worlds-first-underwater-restaurant.html4. Los Angeles Times, Offbeat Traveler: Ithaa Undersea restaurant at ConradMaldives Rangali Island, retrieved 3 March 2013, fromhttp://www.latimes.com/travel/la-trw-offbeattraveler7-pg,0,6549249.photogallery5. Mr, Chang Jau Ho,2013 Introduction of business note, chapter 4 themanagement process.6. Wanken blog,ITHAA UNDERWATER RESTAURANT, retrieved 3 March 2013,from http://blog.wanken.com/11814/ithaa-underwater-restaurant/