Global Marketing Management
Tourism is the sphere that develops constantly, no matter whether a country has an advanced economy or not. The main thing that there should be promoted factors. This sphere will always in demand as people want to have some rest after their active working days. One of the main wishes of people is to earn money and visit new wonderful and interesting countries. Belize has a huge touristic potential. There are basic characteristics, suitable for the development of tourism in Belize: historical sites, untouched forests, flora, fauna, lacunas, and caves, and they are included in eco-tourism characteristics (Jovaisa, 2011; Coe, 2012). In this paper, one aims to analyze whether market entry opportunities are advantageous for building the Madinat Jumeirah Hotel in Belize. The following six literature review is an attempt to demonstrate and support this hypothesis.
Information on the Jumeirah Hotel Chain
Jumeirah Hotels Chain is one of the largest in the world. It represents the system of elite 5* hotels of Deluxe class. The first hotel in its chain was built in 1997 in the United Arab Emirates (Our destinations, n.d.). The Jumeirah Group is a new, dynamically developing system. In 2004, Jumeirah united with Dubai Holding the biggest corporation in Dubai that involved leading business projects in the city. Jumeirah Hotels Chain has nine destinations, including Abu Dhabi, Frankfurt, Mallorca, London, Shanghai, Kuwait, Istanbul, Baku, and Maldives. For now, hotels are built in Argentina, Panama, Germany, Scotland, Spain, and Thailand (Our destinations, n.d). From the very first moment of its formation, it has earned a strong confidence from clients, as each hotel has the highest level of service. Jumeirah`s activity is not only limited to building hotels and service management, but it also includes Jumeirah Living (apartments of Deluxe class), Talise (the largest spa-salon on the Middle East), restaurants, Wild Wadi Waterpark (thematic aqua park), the Emirates Academy of Hospitality Management (institution, specialized in hotel management and services), and Retail (a network of elite shops).
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Burj Al Arab
One of the most prominent places in Dubai is Burj Al Arab, translated as tower from the Arabic language. Now, it is a symbol of Dubai. The tower is well-known as the first 7* hotel in 21st century. Living in this hotel costs from $1,000 to $28,000.
The next masterpiece in the Jumeirah Chain is the Arabian resort Madinat Jumeirah, built in 2003. It embodies the luxury of castles, situated in the United Arab Emirates. Madinat consists of two hotel complexes – Al Qasr (Castle) and Mina a Salam (harbor of the world). It is united by winding water channels and complex of traditional Arabian villas Dar Al Masyaf. The Madinat Jumeirah is unique, having no analogs in the world. This kind of hotels is planned to be built in the countries with a huge potential and opportunities in tourism, but it is still not fully opened. It represents an entire city that features style, abundance, and wealth of the Arabian heritage (Our destinations, n.d).
More Kinds of Hotels in the Chain
Palm Beach is a project, created by the representatives of the Dubai Holding and Jumeirah Hotel Chain. It was projected in 2000 (Our destinations, n.d.). This beach was constructed just in the Persian Gulf, not far from the shore since the entire territory of Dubai was occupied with buildings of different types and complexity. At that time, it was a challenge, but now, this technology is widely used all over the world. The quality of service in the chain is so high that hotels constantly receive prizes and awards. Among them there are such awards as the World` Best Hotel (Burj Al Arab), the World`s Leading Business Hotel (Emirates Towers-Twins), and Best Foreign Hotel (Jumeirah Beach hotel). More to say, this list is even not full. Hotels are built not only in the most developed places of Dubai but also in the heart of the Arabian dessert. It was called as Jumeirah Bab Al Shams. In 2006, Jumeirah Essex House was built in New York as a symbol of unforgettable Eastern culture. When creating a business plan on building residence complexes in different countries, the owners of the Jumeirah Group choose those that have business properties, historical sites, or friendly environment. Thus, Madinat Jumeirah City is planned to be built in Belize. It is a little country in Central America with undisclosed touristic potential and unprecedented historical sites. Belize unites all the characteristics, necessary for projecting an Arabian city complex. This country is not very large, which is why Madinat will be the best to be constructed on the sea shore with the help of Palm Beach technologies.
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Results of the First Part of the Research
The results of this study have supported the hypothesis that Jumeirah Hotels Chain is the best, luxury one with the highest level of service. It introduces all the modern technologies that exist in the waiting sphere.
Information on Belize
Belize has a very advantageous geographical location. It is situated in North America. The country borders on Mexico in the north and Guatemala in the west. It is bounded by the Caribbean Sea from the eastern side. Capital is Belmopan (Approved estimates, 2016). The climate in the country is mild and tropical. Average temperature during the year is 26?C. Still, the climate is advantageous for relaxing for only some part of the year. Thus, the period from August to December is the best one for developing touristic possibilities. From May to July, it is a rainy season, while January-May period is dry. Sometimes, there are hurricanes from the Caribbean Sea, and they lead to downpours and floods, which could lead to adversity. The territory of the country is not very large, only 22,966 km?. Most of the territory is low, swampy plain with many lakes and lacunas. Belize is famous for castles and villages that were built in the Maya era, or, to be exact, in the pre-Columbian period (Coe, 2012). The most famous among them are Lubaantun, El Caracol and Lamanai (Jovaisa, 2011).
Mineral Resources, Flora, and Fauna
Mineral resources are still explored. One of the most popular of them is oil. Flora and fauna of the country are unique and exotic. More than a half of the territory consists of wet tropical forests. The most valuable among them are Mahogany and pine tree. The tapir is the national animal of Belize. It is one of the biggest mammals in North America (Jovaisa, 2011). It belongs to the disappearing species and red-listed ones. Jaguars and crocodiles Mariletta are listed as on the verge of disappearance as well.
Competitive Nature of Industry
Belize is famous for eco-tourism, as it has nature, untouched by a human. Barton Creek Cave and Hidden Valley are well-known among tourists. In the Jaguar Paw, there is a system of caves that used to have a colossal meaning for the Maya. They thought that grottos were the gates between heaven and hell (Coe, 2012). Belize is well-known for its Blue Hole that beckons divers from all over the world. The Barrier Reef is the second largest in the world after the Australian Reef. The reef is situated not far from the island Ambergris-Caye, the most luxurious one among Belizes isles. The most popular activities among tourists are cave-tubing in the Jaguar Paw, bird watching, eco activities, diving, and surfing.
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The state establishment of Belize is based on the principles of parliamentarian democracy of the Westminster system. This country is a former colony of Great Britain. It gained independence on September 21, 1981 (Coe, 2012). Although Belize is independent, it is still under the aegis of the United Kingdom as formally the Queen of Great Britain, Elizabeth II, is the Head of the country.
Political Risks and Procedures
Belize is a monarchy with Governor-General as an acting leader. The executive branch is represented by the Parliament, with the Prime-Minister as its head. The leader of one of the parties is elected by the majority of votes. He obtains a post as the winner of parliamentarian elections that are held once in five years. The legislative power belongs to the two-chamber National Assembly. The Upper House is Senate that consists of 12 members, elected on the five-year term by the Governor-General. These members are chosen by the advice of the leading party`s head, the head of the opposing one, and the representatives of religious and social parties (Jovaisa, 2011). The Lower House consists of 31 delegates, elected by the population. Thus, there are two main parties in the country: the United Democratic party (left-wing, with 25 places within the Parliament) and the National United party (centrists, with 6 places). The national alliance for Belizean rights, the National party of reforms, and the Folk National party are not represented in the Parliament.
Cultural Nuances That Require Adaptation
Nation of Belize is very diverse. It consists from the representatives from Germany and Great Britain, China, India, and Pakistan.
Economy of Belize
More than 70% of the population are involved in the sphere of hospitality (Statistics, 2017). Export is the second item of income after tourism. Belize delivers sea food, citrus fruit, brown sugar, bananas, and clothes. Per Capita gross domestic product is $9,000 (119th in the world) (Jovaisa, 2011). Thus, 72% of the population work the tertiary sector, while the production sector occupies 18%, and agriculture 10% (Statistics, 2017). Industrial sphere of the country includes clothing manufacture, food, building, and oil extraction. Agronomy in Belize is represented with bananas, cacao, citrus, brown sugar, fishing, shrimp hatchery, and timber harvesting.
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Entry/importation. This country is an international offshore zone, which means that everyone, who is willing to build a business in Belize, works under the terms of beneficial taxation. Export in 2015 equals $380 million. Main buyers of the countrys products are the USA (30.7%), Great Britain (29.8%), Nigeria (4.9%), Cote d’Ivoire (4.5%). Import in 2015 equals $610 million (Statistics, 2017). It includes industrial production, methods of transportation, firing, medicine, provision, drinks and tobacco.
Suppliers/channels of entry. Main suppliers are the USA (33.7%), Mexico (14.2%), Cuba (8.5%), Guatemala (6.8%), Spain (6.1%), and China (4.1%) (Statistics, 2017). Within the country, there are no armed conflicts. This fact only promotes the development of the touristic business. External bond in Belize equals $20,733 million in 2017 (Approved estimates, 2016). In the energy sector, except for some hydroelectric resources, most of the energy products are imported. In the industrial sphere, making cosmetics, furniture, and products for pharmaceutical development are the secondary consideration.
Results of the Second Part of the Research
The results of this study have supported the hypothesis that Belize is suitable for building a new 5* hotel in the Jumeirah Chain. It has an advantageous geographical location between two continents – Central and South Americas, unique flora and fauna, mild tropical climate, historical sites, a country is an offshore zone. Belize is a developing country with a huge undiscovered potential. Qualified personnel can be found for the building of the hotel, as 70% of the population are involved in the service management.
Business Plan and Marketing Entry Opportunities
The Madinat Jumeirah will be suitable for rich people who are comfortable with retired kind of relax. It should be built in remote parts of the country, on one of the islands of Belize. For example, it can be situated on the island Tobacco (one of the distant among Belize isles), as people with money prefer a quiet kind of relaxation. The most valuable thing for the people from North and South America is that they do not need to buy ticket to Abu Dhabi to see the eastern exotic and culture as they will see it on the North American continent, in Belize.
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Before building the hotel, it is necessary to analyze the rivals on the market. In Belize there are no competitors for the Madinat Jumeirah 5* as there are only 4* hotels.
A year prior starting projecting the Madinat Jumeirah, an advertising campaign should be made. There many potential clients in touristic sphere in Belize. Still, there is a problem that most of them do not have enough information on the possibilities they would get when visiting this wonderful country.
Customer Segments / Profiles
After the chapter with advertising content, the company should offer a description of services provided. This chapter will include the number of rooms, one-place, two-place and more suites, automobile parking that can be paid for non-residents of the hotel, restaurant, spa-complex, observance of interpreters and guides, and a stand with the order in cinema, theaters, concerts.
In the marketing part of the plan, a SWOT analysis will be made (Approved estimates, 2016). Strong sides of the Madinat Jumeirah in Belize are the existence of an experienced management team, modern technologies, the analysis of clients` requirements, organization of training personnel, work with different modes of payment, accumulation of sales experience and creation of the client data base. Strong sides in services are perspective planning of growth selling policy, presenting accompanying services, the highest level of handling, and financial independence. Among weak sides there are such characteristics as no possibility to influence rivals as well as management`s choice in the personnel and resources. Opportunities are the expanding of the market for outlets, a growing necessity in business, national earnings will become higher, and the presentation of services in accordance with the world standards. Threats are as follows: although country is peaceful, there is a threat of war, political risk, cultural conflicts, corruption among officials, and decrease in the rival`s prices.
Calculation of Capital Spending, Risks
After a SWOT analysis, calculation of capital spending is made. Plan will include the price of building materials (can be bought in Belize or Mexico), transport spending, expense for assembly, alignment and start-up, office equipment, food expenses (sea food and fruit will be bought in Belize, while meat and dairy products in Argentina or Mexico). Hygiene accommodation and bed sheets will be imported from Abu Dhabi, as in Belize there are no quality ones. The sum of amortization in all the above-mentioned cases will be included as well. Importation will suffer preferable tax treatment as Belize is an offshore zone. Block of risks and insurance includes rivals` risks (existence of new competitors), market risks (demand and consumption may change), industrial risks (change of suppliers, facilities, and technologies), financial risks (growth in the price for energy products, raw materials), management risks (dissonance in managing and hotel`s development), economical one (change in the economy, level of percentage rates, force majeure, and inflation).
Financial plan will be introduced after the evaluation of risks. It includes sales implementation plan, production plan, materials, personnel plan, and other expenses. This plan is used to analyze all the materials, necessary for the construction of the hotel. The most valuable expenses are on customers. Analyzing process is not the last thing in projecting the strategy of financing. It includes two types of resources of finance: investor`s inputs, wiling to acquire industrial iomes, and landings, received under the circumstances of their repayment within the frameworks mentioned. Financial plan includes such issues as the start and finish of the project, currency, taxes, inflation, and discounting rate.
Tariffs and taxes. In Belize, there are two main types of tariffs: for delivery, supply, and import there is 0% rate, while for the other issues 12.5% (Jovaisa, 2011). The last part of management plan in the process of building the hotel includes NPV (net present vales) and IRR (international rate of return). To build a perfect hotel, one must analyze all necessary information about the country.
Government/economic regulations. Belize is an offshore zone, which means that the government does not control the touristic sphere.
Marketing Entry Opportunities
The business plan should include SWOT and marketing analyses, financial planning, strategies and effectiveness rate. There are different types of expenses in the financial plan. For the evaluation of backlog and definition of financial result there are such types as expenses on production and periodical ones, straight and collateral, main and conversable.
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Further, marketing strategy has to be made after the financial plan since it is an element of marketing plan of the company. It defines a long-term destination for development with a limited system of resources to achieve the maximum level of income. Thus, marketing strategy includes marketing platform for key groups of products, market priorities and positioning of the brand, segmentation of the market, prognosis of the business volume in accordance to its geographical position, communication and sales system, defining of price policy (Ryan, 2014). This kind of strategy also defines what products are bought by customers, where buyers wish to buy products, in accordance to what scheme these products should be bought, and which groups of customers are valuable for the company. Within the marketing strategy, situational analysis (rivals) is discussed. The second step of marketing strategy is to make an update of evaluation of the present changes in the company. In marketing strategy, there are three types of marketing: economic, communicational, and social (Ryan, 2014). Then, one should look at the positioning on the market. The seventh step in marketing strategy is economic strategy.
Digital marketing strategy. Within the strategy, there is a digital marketing. It includes analog and non-analog vision (Ryan, 2014). Specialists stress that there is even a special map of digital-channels. They include SEO-optimization, context, media advertisement, PR, Viral, SMM, E-mail marketing, media mix, and special projects. This kind of strategy consists of seven steps: fixation of the current situation and main purposes, basic strategy of achieving goals, product line, target audience and segments, rivals, defining of advantages, and positioning. Digital marketing is used for the promotion of the hotel`s building process. According to the above-mentioned steps, communities in social networks are made to support communication with customers. In the system of making decisions, there are relevant and irrelevant decisions, permanent and changeable as well as real and alternative. Control of execution comes to controlled and unchecked management decisions. There is a very special type of costs that is connected with the marketing part of the plan. Thus, discretionary cost is the type of expenses that includes expenditures with a definite purpose. This type of costs may include advertisement, personnel training, investigations and developments as well as public relations. In this view, within the notion of optimization of expenses, there are two types of expenses: cash flow and cash inflow.
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Results of the Third Part of the Research
Results in this study have supported the hypothesis that the Madinat Jumeirah is perfect for those people, who have enough money, although they do not have much time to fly to Abu Dhabi just to visit an exotic country. Thus, a truly Eastern city is always available to welcome its guests in Belize.
Results of the Study
The results of all the above-mentioned studies prove that the Madinat Jumeirah would be suitable for building a hotel in Belize in a remote area. The hotel will be built in accordance with the Palm Beach system, invented in Abu Dhabi at the beginning of 2000. The system of hotels is one of the leading chains in the adaptation of modern technologies. The chain of Jumeirah hotels is the best. It has won numerous prizes in the sphere of hospitality. Belize is an offshore zone, which means that it has concession system of tax assessment, which makes touristic sphere easier and more profitable for investors. It has a perfect geographical location between two American continents. Belize is a developing country. To start building the hotel in this country, one should project a marketing and financial plan that include different types of expenses, value, and profit.