Bed & Breakfast Marketing Plan
Marketing & Organizational Plan:
Lester Estate’s Bed & Breakfast Inn
Marketing & Organizational Plan
Lester Estate’s Bed & Breakfast Inn
Discuss the marketing research process for the product/service of the new venture.
“The most effective way to begin is for the entrepreneur to sit down and make a list of the information that will be needed to prepare the marketing plan (Hisrich, Peters, & Shepherd, 2010, p. 227).” Market research will be conducted to get a better understanding of the bed and breakfast industry and competitors. The owners will also be able to determine the strengths and weaknesses of the bed and breakfast industry. Gathering market research data will allow Lester Estate’s Bed & Breakfast owners to determine the type of customers they will be accommodating.
An industry analysis provides owners with an adequate understanding of the local market and support the decisions made during the process. The owners will first determine the market potential for a bed and breakfast in Marion, SC. To build a strong marketing plan the owners will gather data from general environmental trends. These trends will include household income, population changes, travel, and employment trends. The information will be obtained from known sources such as the U.S. Census Bureau, Bureau of Labor Statistics, Forrester and SC Department of Commerce. A competitor analysis will be conducted to determine Lester Estate’s competitors. The analysis will allow owners to develop a strategy for each competitor in its market. Owners will assess their competitor’s marketing strategies, strengths, and weaknesses. The information will be obtained from public information. When conducting market research for the new venture the owners will follow four steps. First, the owners will define the purpose or the objectives of Lester Estate’s Bed and Breakfast. Second, they will gather data from secondary sources. Third, they will gather
Lester Estate’s Bed & Breakfast Inn
Marketing & Organizational Plan
Lester Estate’s Bed & Breakfast Inn
Discuss the marketing research process for the product/service of the new venture.
“The most effective way to begin is for the entrepreneur to sit down and make a list of the information that will be needed to prepare the marketing plan (Hisrich, Peters, & Shepherd, 2010, p. 227).” Market research will be conducted to get a better understanding of the bed and breakfast industry and competitors. The owners will also be able to determine the strengths and weaknesses of the bed and breakfast industry. Gathering market research data will allow Lester Estate’s Bed & Breakfast owners to determine the type of customers they will be accommodating.
An industry analysis provides owners with an adequate understanding of the local market and support the decisions made during the process. The owners will first determine the market potential for a bed and breakfast in Marion, SC. To build a strong marketing plan the owners will gather data from general environmental trends. These trends will include household income, population changes, travel, and employment trends. The information will be obtained from known sources such as the U.S. Census Bureau, Bureau of Labor Statistics, Forrester and SC Department of Commerce. A competitor analysis will be conducted to determine Lester Estate’s competitors. The analysis will allow owners to develop a strategy for each competitor in its market. Owners will assess their competitor’s marketing strategies, strengths, and weaknesses. The information will be obtained from public information. When conducting market research for the new venture the owners will follow four steps. First, the owners will define the purpose or the objectives of Lester Estate’s Bed and Breakfast. Second, they will gather data from secondary sources. Third, they will gather
References: Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2010). Entrepreneurship (Eighth ed.). Boston: McGraw-Hill Learning Solutions.