History and background information
Business name
- The business will be called Glamour Banquet Hall, Inc. registered in the State of New York.
General description of the business
- Glamour Banquet will be a freestanding facility business providing space and party related services.
Justification for business choice
- Rising demand for free-stand banquet facilities in the US, including New York
- Ability to provide bundled services, event planning, catering, receptions, and venues among others
- The success of Glamour Banquet will be achieved by leveraging aspects such as exemplary customer service (tailored to individual customers) and proper management
Products and Services
- Glamour Banquet Hall, Inc. will provide space and party related services for wide range of parties and meetings including weddings, receptions, luncheons, receptions, parties, work related events and religious meetings among others.
Trends in the industry
- Ecofriendly space
- Multipurpose and flexible halls
- Urban outdoor space
- Open kitchens
- Controlled lighting and versatile ambience
- Opportunity for networking
- Availability of technical equipment, including modern technologies for events (Torgerson 1)
- These are some of the upcoming trends driven by changes in customers’ demands (Witt 1)
The business will be located along the street 4077 White Plains Road, New York that has the following advantages.
- Diverse customer base
- Improved infrastructure
- Closeness to suppliers
- Availability of professional network
- Availability of skilled workforce
Location disadvantages
- Stiff competition
- Limited parking for customers and employees
- City planning may hinder customer access
- Buildings in the city could hinder versatility
- Relatively high rental cost
Goals and Objectives
Short-term Goals
- To develop all event-planning activities within six months
- To acquire 15 percent of the market share within a year
Mid-term Goals
- To introduce onsite catering services by partnering with hotels to meet all kinds of customer requests
Long-term Goals
- To introduce restaurants for special occasions and events for catering and private dining within the next two years
- Glamor Banquet Hall will expand to 20 US states within the next six years.
Marketing
Market Segment Size and Key Characteristics
Glamor Banquet Hall, Inc. will target couples who want to get married and other business executives looking for a suitable venue for corporate events (Profile America, Inc 1-4). Key characteristics of the market segments are:
- More than 300 firms that offer banquet hall services are available.
- Consumers are generally corporations and individuals seeking to host special events, including wedding and training programs.
- The market growth depends on referrals and excellent services specifically tailored for individual clients (Reid and Bojanic 139).
Target Market and Customer Profile
The target market consists of large firms and couples seeking venues for their special events (Chernev 39).
- Couples with more than $40,000 per month
- Willing to spend over $10,000 on the event
- Corporates with more than 100 employees
- Couples seeking for privacy
- Clients looking for experienced events and wedding planners
- Customers seeking for equipment
Competition
More than 300 banquet hall service providers are found in New York. Major competitors are:
- Medina Hall
- Grand Slam Banquet Hall
- Grand 2020
- Holiday Inn
- Intercontinental
Advantages
- Well established.
- Significant asset base and investments in facilities and equipment.
- Knowledgeable staff.
- A wide range of services.
Disadvantages
- Expensive.
- Concentrated in high-end areas.
Glamor Banquet Hall, Inc. will position itself as a provider of exceptional services and products at relatively less expensive cost than competition while leveraging event technologies.
Promotion
- Online presence and use of social media tools.
- Publications in local wedding and event magazines and local newspapers.
- Collaborate with existing wedding and event planners.
Management/Operations Plan
Owner’s Responsibilities
- Effective leadership and management
- Responsible for overall performance and sales
- Key decision-making on expansions, investments, and partnerships
- Seeking for new opportunities
- Hiring new staff
Days and Hours of Business
Glamor Banquet Hall, Inc. will operate seven days in a week.
Online presence will be 24/7
Office Hours: 8:00 AM to 10:00 PM
Important Operational Aspects
Glamor Banquet Hall, Inc. will focus on two divisions, namely venue hosting and event planning. For weddings, parties, and related activities, the Company will only host a single event for a day while corporate events may utilize various rooms.
Glamor Banquet Hall, Inc. will also arrange for entertainment, catering, beverages, alcohol, transportation and any other unique services required. Key employees will coordinate these aspects of operations.
Employee Positions
Financial Data
Startup Costs
Initial investment: $500,000
Monthly Operation Costs
Sales to break even in the First Year
Yearly costs = $390,000
Event costs = $10,000
At least 39 events every year (Hofstrand 1)
Risks
- Competition will be mitigated through excellent services
- The company will take 75% of the event cost upfront to mitigate losses incurred when events are cancelled
- Staff benefits and compensations will be reviewed to deter attrition
Supporting Documents
Logo
Interior Design
Price List
- Bundled services for not less than 10 persons $10,000
Sample Advertisement
- Glamor Banquet Hall, Inc. welcomes you to experience royalty event and planning services.
References
Chernev, Alexander. The Marketing Plan Handbook, 3rd ed. Chicago, IL: Cerebellum Press, 2011. Print.
Hofstrand, Don. Breakeven Sales Volume. 2007. Web.
Profile America, Inc. Banquet Facilities. 2006. Web.
Reid, Robert D. and David C Bojanic. Hospitality Marketing Management 5th ed. New York: John Wiley and Sons, 2009. Print.
Torgerson, Rachel. “10 Wedding Technology Trends Straight From The Future.” The Huffington Post. 2015. Web.
Witt, Debra. The Hottest New Wedding Trends for 2016. 2016. Web.