Report of at least 1,600 words (excluding appendices, charts and tables). Each student is to develop an innovative Food and Beverage operation from concept to ready for operations. The following aspects are to be considered: – Briefly describe the hospitality industry and the relevant hospitality service segment in which your new business will operate – Identify and briefly explain four issues and two opportunities which the industry or the hospitality segment currently faces – Briefly explain your new business concept – Apply the following marketing concepts to your new business idea (product, price, place, promotion and level of service) – Explain why the business concept will work under current market conditions – Explain how the business would be organised (hierarchy: simple, functional; centralization: centralised / decentralized power; and formalization: rigid / flexible rules, policies and procedures) – List all the resources (inputs) you will require for your new business; identify their approximate cost (construct a budget) – Explain how you will obtain the necessary funds for your new business – In your text and the reference list, include minimum of 10 academic references (journal articles, books, newspaper articles). For more details refer to the marking rubric for Assessment 3 at the end of this document. Please find the attached file.
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