New Business Development Essay Example | Topics and Well Written Essays - 4000 words

New Business Development - Essay Example ervice 28 7.3.Personal and personnel position 29 7.4.Financial Controls 29 7.5.Marketing Controls 30 Marketing control is a vital step for any organization. The Sale objective of the firm is estimated in this process and depending on that the Sales Forecast and Quotas are set for next year budget depending on that. Proper evaluation of the marketing plans is very crucial to set the budget. For this evaluation time to time marketing activities are done like data collection and doing market research on the existing plans how they are implemented and how much effective they are in the market. Depending on the survey results the budget for the next year is calculated. The Venetian Macao should do market research for their plans and find the quality of their services provided to the customer and keep track of every possible problem that can create a problem in the business (Kotler, 2008). 30 Reference 31 A. Assignment I 1. (Company / Business / Service) Description 1.1. The Concept Leisur e industry has become one of the attractive industries in the global market. This industry includes the sectors like tourism, hospitality, entertainment and recreation, and with the changing lifestyle of people, the popularity of leisure services are growing significantly. This paper will attempt to present a new business development of ‘Venetian Macao’ in the UK leisure industry. Venetian Macao is popular hotel based in Las Vegas, and it offers a range of services like accommodation, entertainment, casino dinning etc. leisure and casino industry has been playing an instrumental role in UK’s economic development as it attracts a large number of visitors in UK for leisure purposes (PWC-UK, 2011). 1.2. Developmental Perspective 1.2.1. Strategic Perspective Venetian Macao is a premium hotel group that offers leisure services, and hence it primarily focused on very niche market of segment. In the UK leisure industry, the hotel groups will attempt to follow the same s trategy. The following model shows it provisional generic strategy, Figure 1: Generic Strategy (Source: Eldring, 2009, p.7) Therefore, Venetian will focus on focused differentiation strategy by offering high premium leisure and entertainment services to UK people and inbound tourists in UK. By following this core generic strategy, Venetian can be able to develop a competitive advantage. However, in this process it needs to prepare an overall business development strategy. 1.2.2. Marketing Perspective In order to gain competitive advantage in the UK leisure industry, Venetian will focus on the value creation of its customers as well for the UK economies. Venetian is famous for its