The land was composed of 1.5 hectare Victor inherited from his father in 1974 and the other 700T hectare which he purchased from his commission from commodities trading. Upon the proposal of the project, Victor asked his son Victor Jr. to make a survey and gathered enough data and information about the vicinity and its rival resort. Also, he made an application with the Ministry of Tourism requesting the approval for the establishment of the resort stating his reasons for going into the resort trade. And lastly, he made a loan application for a P1.3 M with Far East bank and Trust Company however, there is no assurance if it would recognize the merit of his proposal, with a complete paper requirement, Herrera strongly believed that his project is viable & attractive and their reports are unbiased. The only problem would be the approval of his loan application with the Far East Bank and Trust Company.
I. Statements of the Objective/s
* To pursue the loan from the bank and continue with the desired project for the resort. * To be able to impress the management of the bank to grant their loan. * To seek ideas that will make the Halina Mountain Resort a unique place that will stand out against its anticipated competitors.
II. Central Problem/s
* Loan Application
III. Areas of Consideration
i. New ideas are being brought up
ii. Wide/spacious land to utilize
iii. Strong market study
iv. Road side
v. New business along the area
vi. Large number of competitors
vii. No enough funds to start the project
viii. New business that the banks are too meticulous to grant their loan application.
ix. Limited facilities set up by the Tourism Department of Laguna. * Opportunities
x. Create new offerings that will make the resort a different one. xi. Offer packages that are affordable.
xii. Apply for the approval of the Tourism Department for the additional facilities for the resort. * Threats
xiii. Failure to be granted by the bank with their loan application. xiv. The public may not patronize their new resort. xv. A lot of competitors are near the area.
IV. Alternative Courses of Action
1. Halina can present to the bank the result of the market study made by Herrera for their application of loan to be granted.
a. It will make the resort look more competitive and strong.
a. Unsure if this new business will be accepted by the public.
2. Halina can make it a new line of business and make it a subsidiary business by their company.
a. More funds may be used without applying a loan from the bank.
a. The resort will now be a company owned.
3. Halina can offer membership schemes that will generates funds for them to materialize the project.
a. It will make the resort a private resort where members can only use the facilities of the resort.
a. Limited market segment.
V. Strategy Formulation
I, therefore, conclude that the best solution to the problem is the alternative course of action no. 1, where the Halina Mountain Resort will present to the bank the studies made by their selected firm that their proposed business is a strong and competitive one. They must explain what are the edges of their resort over their competitors that will make them a unique place to stay.
VI. Plan of Action
1. Set a meeting with the proper authorities of the bank and discuss the project. 2. If approved, materialize the project and supervise well the actions taken by the people of the resort. 3. Find alternative ways to promote the resort with a minimum cost, i.e. social networking sites. 4. Always make a customer evaluation for management to know what should be improve with their services and facilities.
VII. Potential Problems
* What if the bank would not approve their loan application? * What if the result of the project will not turn out as planned? * What if there wont be any customers that will patronize their resort?
VIII. Contingency Plan
* Halina should try the alternative course no. 2 and pursue the project their company as the head company of the resort. * Find other alternatives that will make the project more attractive to the target market and create a team that will market the resort. * Offer packages that will make it more appealing to the public to try their resort.