“To develop the marketing plan, it is necessary for the entrepreneur to gather vital information (Hisrich, Peters, & Shepherd, 2010, p. 227).” This entails conducting market research in order to gain insights into the bed and breakfast industry and its competitors. Through this research, the owners can pinpoint both strengths and weaknesses within the industry.
Lester Estate’s Bed & Breakfast owners will collect market research data to determine the demographic of their customers. An industry analysis will help owners gain insight into the local market and inform their decision-making. Initially, the owners will assess the market potential for a bed and breakfast in Marion, SC. They will then use general environmental trends data to develop a robust marketing plan.
The research will focus on several trends, including household income, population changes, travel, and employment. To study these trends, reliable sources such as the U.S. Census Bureau, Bureau of Labor Statistics, Forrester, and SC Department of Commerce will be utilized. Additionally, a competitor analysis will be conducted to identify Lester Estate’s competitors. This analysis aims to assess the marketing strategies, strengths, and weaknesses of each competitor in order for the owners to devise appropriate strategies for their market. The information for this analysis will be collected from publicly available sources.
The owners of Lester Estate’s Bed and Breakfast will conduct market research for their new venture in four steps. They will first define the purpose or objectives of the bed and breakfast. Then, they will gather data from secondary sources. Next, they will gather information from primary sources. Finally, they will analyze and interpret the results obtained from their research. The objective of Lester Estate’s Bed & Breakfast is to determine if a bed and breakfast will be successful in the rural area of Marion, SC by gathering information from local community members and travelers.
Community members and travelers will be surveyed about their opinions on the presence of a Bed and Breakfast establishment in the local area. In order to analyze the industry, secondary sources will be utilized as a means of gathering information for the business plan (Hisrich, Peters, & Shepherd, 2010, p. 227). To assess market potential, the owners will conduct research utilizing government agencies and the internet. Primary data, which refers to new information, will be collected through a data collection procedure (Hisrich, Peters, & Shepherd, 2010, p. 229). The owners will also network with other local business owners to gather data and determine their target market.
The owners of the bed and breakfast will employ surveys as the primary research method for gathering data. These surveys will be placed in local Visitors Locations to gather information from travelers seeking information. After collecting all the data, the owners will analyze it to assess the potential success of the bed and breakfast in Marion. This marketing research will also help them determine their target market by identifying market opportunities and threats. Hence, it is important to discuss the target market for their product/service.
It is crucial to identify the target customer group for effective marketing planning in the bed and breakfast business. Lester Estate’s Bed and Breakfast primarily caters to tourists who need overnight accommodation while passing through. Its advantageous position on the main highway towards Myrtle Beach makes it a perfect choice for beach visitors.
Despite being situated a forty-five-minute drive from Myrtle Beach, the bed and breakfast manages to attract tourists who prefer to make hotel arrangements upon arrival. The primary goal of this establishment is to offer tourists an opportunity to unwind and prepare for their beach vacation. During the off-season, the owners also aim to cater to the local community by providing an ideal location for hosting business meetings and accommodating out-of-town guests for local businesses. Furthermore, the bed and breakfast appeals to local patrons interested in arranging events such as baby showers, bridal showers, and romantic getaways.
The marketing mix components, including product strategy, pricing strategy, distribution concept, and promotional strategy, are discussed here. The product strategy in the marketing mix describes the bed and breakfast and the services offered to customers. Guests will experience the distinctiveness and sophistication of Lester Estate’s Bed and Breakfast, with access to various amenities and around-the-clock privacy.
The exceptional service provided by Lester Estate will leave guests longing for another indulgent and carefully planned stay. While determining their pricing approach, the owners of the estate took into account their competitors, profit margins, and the expenses required to maintain the venue’s operations. Guests are charged a fixed rate for their rooms, but prices may vary depending on market conditions. The distribution concept revolves around offering convenience to guests at the bed and breakfast. All amenities, including access to the enchanting garden, movie screenings, fitness facilities, and swimming pool, are provided on-site, allowing guests to enjoy a range of services without needing to leave.
The final stage of the marketing mix is the promotional strategy. As an entrepreneur, it is important to inform potential consumers about the product’s availability and educate them through advertising media such as print, radio, or television (Hisrich, Peters, & Shepherd, 2010, p. 244). To promote Lester Estate, the owners will print and distribute flyers in the town, provide brochures at the Visitor’s Center located one mile away from the bed and breakfast, and place an advertisement in the Marion Star Mullins Enterprise newspaper.
At the local Hot Spot Convenience Store, which is located two miles away from the bed and breakfast, a billboard advertisement will be displayed. The owners have planned to collaborate with local radio stations in the opening week. Together, they will organize a grand prize drawing where participants can win a free one night stay or receive a 50% discount on a social event.
A website will be created to allow guests to view a virtual tour of the bed and breakfast, read reviews from previous guests, and book a reservation. The legal structure of the organization and the rationale for this form will be discussed. Lester Estate’s Bed & Breakfast will be considered a Limited Liability Corporation (LLC). Liability is essential to any business. Since the corporation is an entity or legal ‘person,’ which is taxable and absorbs liability (Hisrich, Peters, & Shepherd, 2010, p. 258). “
The owners of Lester Estate’s Bed and Breakfast have chosen this legal form to safeguard their personal assets from liability risk. They would like to discuss the organization structure for the organization and the rationale behind this structure. The organization structure for Lester Estate’s Bed and Breakfast will be kept simple as it is a small business operating within the owners’ home. According to Hisrich, Peters, and Shepherd, organization structure refers to the establishment of jobs and communication relationships within an organization.
Ms. Mary Davis, the main owner, will oversee the daily operations of the bed and breakfast with the assistance of her grandson. The accounting responsibilities will be taken care of by the owner’s granddaughter, and additional help will be hired during peak season to support the family. The marketing strategy implemented by Lester Estate’s Bed and Breakfast aims to attract guests and fulfill their requirements.
References
- Hisrich, R. D. , Peters, M. P. , & Shepherd, D. A. (2010).
- Entrepreneurship (Eighth ed. ). Boston: McGraw-Hill Learning Solutions.
