Executive Summary
Using the attached files of a factious company Lifetime Getaways create an Executive Summary.
2-3 pages single spaced
Executive Summary.
What is your business strategy, including mission, vision, major objectives, and strategic plan for ensuring business success?
You probably thought about mission, vision, etc. earlier, but now it is time to rethink when you have the whole picture in view. The three to four pages Executive Summary is the last element of your business plan, and the first thing a bank representative, potential investor, or potential buyer will read. It must be crisp and concise, yet comprehensive as it needs to summarize all the key elements of your plan.
Who are your customers and why?
Lifetime Getaways Inc. is an all-inclusive rental property company that specializes in
beach homes and condos along the coast in Florida. Our customers are; family-friendly, middle
class, and upper class people from all over the world who are seeking to take a vacation by the
beach. With cleaning services included, a nautical beach themed home and a perfect walking
distance to the beach, Lifetime Getaways Inc. is the perfect rental property to book a vacation
with, and with 1,200 miles of sand beaches and 1,800 miles of coastline (Florida Quick Facts,
2017), Florida is the perfect beach destination.
Family- Friendly
Being family-friendly is critical for Lifetime Getaways Inc. because a large portion of
families take a vacation by the beach each in year in Florida. Families travel from all over the
world to enjoy the sunshine and beach activities. With all the beaches in Florida, there are 25
beaches that specialize in being family-friendly, those beaches are; Key Biscayne, Sarasota,
Mexico Beach, Naples, Cedar Key, St. Augustine, Destin, Fort Myers, Islamorada, Jacksonville,
Sanibel Island, Miami Beach, Fort Lauderdale, Key West, Clearwater Beach, St. Petersburg,
Jupiter Island, Anna Maria Island, Marco Island, Delray Bach, Siesta Key, Hollywood, Amelia
Island and Cocoa Beach (VacationIdea Staff, 2017). Lifetime Getaways Inc. has many homes
and condos available for rent in these locations to attract more families who are seeking to take a
vacation in Florida.
Middle & Upper Classes
Along with families, Lifetime Getaways Inc. also has a majority of its customers from the
middle and upper classes. An average cost per week to rent a condo in Key West is about $2,000.
The average for other beach locations in Florida is between $1,800 and $3,000 per week.
Lifetime Getaways Inc. prices per night differ depending on the location. For example, one of
our condos with two bedrooms and two bathrooms available to rent in Islamorada, Florida is
$362 per night averaging to about $2,540 per week. A security deposit of $200 must be paid
when booking any of our rentals. Renters will receive their security back one to two weeks after
their stay once it is confirmed that there are no damages. Our all-inclusive rentals also provide
cleaning services and transportation if requested by the renters. Another example, one of our
homes with two bedrooms and two bathrooms available to rent in Cocoa Beach, Florida is $280
per night averaging to about $1,963 per week. Our prices differ depending on the high demand of
traffic in the specific location. Cocoa Beach is popular, but not as popular as Key West which is
why our condos and homes located in Key West are pricier. We have more customers in the
middle and upper classes due to our prices per night to rent one of our beach homes or condos.
Middle and upper classes have a steadier income rather than College students wanting to take a
vacation on Spring break. A middle class person makes an income between $46,000 and
$125,000 per year. An upper class person makes an income higher than $125,000 per year.
Majority of our homes and condos are rented from these classes which is why Lifetime
Getaways Inc. has many customers that are in the middle and upper classes.
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Figure 1:
Florida Quick Facts from the US Census Bureau
Comparison
by County
2015 Per
capita income
in the past 12
months
2015
Homes
median
value
2015
Median
household
income
2015
Persons
below
poverty
level
USA $28,930 $178,600 $53,889 13.5
Florida $26,829 $159,000 $47,507 15.7%
Brevard $27,571 $142,200 $48,925 13.4%
Clay $26,464 $153,000 $58,290 11.6%
Duval $26,543 $142,300 $47,690 16.0%
Flagler $24,360 $164,100 $47,866 11.7%
Jackson $17,196 $92,100 $35,098 22.5%
Lake $24,236 $140,100 $46,403 12.8%
Marion $21,675 $111,000 $39,459 18.7%
Orange $25,411 $163,800 $47,943 15.6%
Palm Beach $33,650 $204,700 $53,363 13.5%
Polk $21,196 $107,300 $43,162 17.3%
Seminole $29,162 $176,100 $57,010 11.5%
St. Johns $37,581 $244,400 $66,194 9.8%
Sumter $30,145 $213,900 $50,350 10.1%
Volusia $24,026 $131,600 $41,117 16.3%
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Figure 2:
Brevard Clay Duval Flagler Jackson
Lake Marion Orange Palm Beach Polk
Seminole St. Johns Sumter Volusia
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What type of business activity can you provide that will provide value to the selected
customer?
Market Analysis
The primary customers for Lifetime Getaways Inc can be described as the people who
like going on vacations. The number of these kinds of individuals is high during holidays. It
means that holidays favor the business more and during such times, the company receives
several first-time customers whose return status depend on the types of services offered to them.
Over the years, the company has reaped big during the holidays due to its efficient services to the
customers. It means that there are high chances of getting return clients and even new ones
invited by their current customers. The company is involved in various business activities
purposefully to provide value to their customers. They include vacation amenities such as
laundry, maid service, prepared planning, spacious accommodations and entertainment among
others.
Statistics collected over the past years by the company reveal that a high percentage of
the customers are couples in the middle to upper middle class. The company’s other customers
are families and retirees. It means that the company has to consider these customer bases when
planning its operations because they have a significant influence on its success. Recent research
by Northstar reveals that most Americans prefer to go on vacations during the holidays, mainly
the summer break. The research also shows that an average American prefers to go for vacation
during the month of July. These people are also likely to stay within the country for vacation but
prefer visiting other states. The research also reveals that 55% of American adults plan vacations
every year. The majority of likely vacationers spend an average of 1 week during the vacations.
A third of them spend an average of 2 weeks while 15% of them will spend more than two
weeks. Also, 51% of Americans agree that July is the best month to go on vacation during
summer holidays followed by August. The research also revealed that employed Americans are
likely to go for vacations more than the unemployed. Besides, the income of Americans plays an
important role in vacation as those with high-income go for vacations more than those with lowincome
(McCarthy, 2014).
In consideration of the above statistics, the company will ensure that it prioritizes the
needs of the people who are likely to go for vacations, people with time and funds available to
take these vacations. Lifetime Getaways will offer various packages catered to couples as well as
families that will offer a variety of suggestions on activities available to them in the area they are
vacationing at. Recommendations will be made available via a website in activities in the area as
well as restaurants and other interesting sites. The company will also consider people with highincome
in the provision of their services. Such people expect quality services due to their normal
lifestyles and Lifetime Getaways Inc will ensure that the expectations of these people are met.
Online Concierge or Planned Recommendations
Lifetime Getaways will offer a website dedicated to concierge services and planned
recommendations made available to the client via website log in. This will allow the client to
chose and plan an evening or a week of activity without worry. They will be able to read and post
reviews by previous clientele in what is available in the area they are vacationing at. Apart from
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the above considerations that the company will put in place, Lifetime Getaways Inc will ensure
that it offers packaging inserts as a way to increase the loyalty and provide value to its
customers. For instance, the company will provide discount offers, sample of products bearing
the company’s name, small gifts, personal notes, and thank you cards.
Spa and fitness center
Our Spa and fitness center gives you an opportunity to keep your healthy lifestyle while
vacationing. A fully equipped fitness center, pool and spa in a majority of our condo rentals are
available to you 24-hours a day and are included in all our packages and is a great alternative to
outdoor activities.
Locations
With locations in Amelia Island, Clearwater, Anna Maria Island, Cocoa Beach, St
Petersburg, Delray Beach, Fort Myers, Jacksonville, Siesta Key, Daytona Beach, South Beach,
etc. We have many locations for you to choose. Per tripadvisor.com, Siesta Key Beach is ranked
the 5th best beach in the World and #1 in United States. Also, according toVacationrentals.com
South Beach, Daytona Beach are among the best Spring break beaches. If you are planning your
family vacation during the Spring break time, these are good choices to consider.
Discount Offers
Discount offers exist as one of the main types of package inserts (Duchessi, 2001). The
offers can be delivered digitally through email. Discount offers often increase a customer’s
chances of coming back in future. Lifetime Getaways Inc will ensure that it has discount offers
during the month of July since this is the month when most US Nationals go for vacations. One
example of a discount offer that the company will provide is a 25% off for a customer’s next
visit. Most customers prefer companies that offer discounts than those that do not. Therefore,
there are high hopes that the company will attract more customers during the next holiday.
Sample of Products with the Company’s Name
Samples of products are of great value to any company regarding the introduction of the
company’s other products and services. Also, they will be critical in marketing the company.
These samples of products are key in the creation of customer value since they are free and most
customers will be delighted to acquire them without paying anything (Duchessi, 2001). There are
high chances that the company will experience return customers and its other products and
services will reach a broader market than before.
Small Gifts
Just as samples, small gifts are crucial in promoting customer value, as they exist as an
excellent way to delight and surprise customers (Duchessi, 2001). Lifetime Getaways Inc will
ensure that its customers get gifts when they visit their premises during their vacations. Gifts are
the best way to lure customers to come back, and they are highly effective in marketing the
company, as both parties will benefit. Customers will feel appreciated and this is essential in
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promoting their loyalty to the company. A gift is pleasantly surprising, and many customers will
be delighted with receiving gifts from the company.
Personal Notes and Thank-You Cards
Writing personal notes and thank you cards to customers are the simplest and least
expensive ways to lure customers and provide value to them (Duchessi, 2001). A personal note
or a thank you note can be written on a simple card, and it is efficient in building customer
loyalty. Lifetime Getaways Inc will ensure that it gives its customers thank you cards as a way to
appreciate their visit to its premises. Handwritten thank you cards exist as the most efficient way
to encourage repeat business.
All in all, Lifetime Getaways Inc will use various business activities to provide value to
its customers purposefully to lure them back. The company’s primary customers have been
identified as newlywed couples and individuals with high income. The company will ensure that
it provides excellent services to these customers to boost their chances of engaging in repeat
business. Some of the ways to give value to these customers include writing them personal notes
and thank-you cards, giving them small gifts, products with the company’s name, and discount
offers.
Describe the macro and industry environmental factors affecting your industry.
Political
The political climate can have dramatic effects on any business, especially during times
of a new presidency or an upcoming mid-term election. Current and future legislations can
change how a company grows or strives in the market and regulatory processes, trading policies,
or external conflicts can impact growth in the industry.
Tourism is Florida’s most important business adding nearly $70 billion in revenue and
over 85 million visitors annually (Florida Quick Facts, 2017). Unfortunately, tourism can be
greatly affected during polarizing political times. Between 2000 and 2006, during the Bush
presidency, the U.S. experienced negative trends in global favorability due to the 2003 invasion
of Iraq and its aftermath leading to a 20 percent decline in international visitation (Prakash,
2016). A Skift survey asked Canadians and U.K. citizens their likelihood of visiting the United
States during a Trump presidency and showed that 45 percent of Canadians and nearly a third of
Brits would avoid traveling here; a major concern given that they make up the first and third
largest international visitors respectively (Whyte, 2016). Though one survey cannot and should
not represent all possibilities, it is important to notice a relation between political perception and
travel.
Economic
Few things are as important as the economic climate when operating a business. Being
able to not only see but to predict economic factors can greatly impact any business. A few key
elements are economic trends, seasonality issues, market cycles and specific industry factors.
The Florida Economic Estimating Conference, held February 21, 2017, showed the state
performing well in many key factors. Statistics include:
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• Person income growth was 1.1 percent over the second quarter of 2016.
• Florida ranks 22nd in the nation for personal income growth.
• Forecasts to continue to grow annually between 4.3 and 5.1 percent.
• Job market growth of 3 percent projected for the 2016-17 fiscal year.
• Unemployment rate of 4.9 percent in December with long-term rates lowering to 4.7
percent.
• 10.3 growth in median prices for existing homes during the 2016 fourth quarter.
• Median home prices are expected to increase 9.4 percent in the 2016-17 fiscal year.
• 29 million visitors came to Florida during fourth quarter 2016 equaling a 5.6 percent
increase over the same period in 2015.
• 2016-17 expects this trend to continue with a projected overall rate of growth of 5.7
percent, despite a reduction in the number of Canadian visitors.
Social
Several social factors or social elements from the external environment for Lifetime
Getaways Incorporated come from different parts of our society. These factors can have
influences from different parts of society which can include family, media elements, and coworkers
(Kozenkow, 2017). Social factors can affect beliefs, attitudes and change someone’s
point of view. The changes in our society’s views can allow for businesses to have special
occasions to be able to take advantage of. A company or business needs to be able to adapt to
current social factors to allow the organization to be successful (Kozenkow, 2017).
With Lifetime Getaways Incorporated focus on all-inclusive condo rentals for middle and
upper-class families, the importance of adapting to current social factors is a major factor for the
success of the company. Having the correct social factors from the external environment when
having families as customers, can be a big factor in getting these new customers to choose
Lifetime Getaways Incorporated for vacation rentals. A lot of this current generation is retiring
and will have more time for vacations (Goldberg, 2015). This helps Lifetime Getaways
Incorporated as a new business entering a growing market of vacation rentals.
Technological
The vacation rental industry is currently like many other industries because of the use of
new technology. Some new improvements in payment technology and mobile application
technology to the vacation rental industry have brought faster service to customers (Corzo,
2017). The use of the new technology has brought greater access to customers, which has
brought more customers to vacation rental companies. An example of this new technology being
put to use in the vacation rental industry is by a company called Ascent Processing Incorporated.
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This company is one of the leading payment processors in the vacation rental industry. Ascent
Processing Incorporated provides innovative payment processing solutions by using the PayPal
chip card reader, which is portable and allows for debit or credit card payments (Ascent
Processing Incorporated, 2017).
For mobile application technology, Streamline Vacation Rental Software is a top
company in the vacation rental business that builds fully function websites and mobile apps that
can be used by companies in the vacation rental industry. With this company, vacation rental
businesses can meet their current and future demands with Streamline’s robust suite of mobile
applications (Corzo, 2017). With Streamline Vacation Rental Software’s Guest, Owner,
Housekeeping and Maintenance Applications, businesses that use these apps can gain an edge
over their competition (Corzo, 2017). These are both examples of companies and technologies
that would be used by Lifetime Getaways Incorporated, so that our new business would have an
advantage over other competitors in the vacation rental industry. The use of the PayPal chip card
reader and mobile application technology has brought better service to customers; which by
having both are great improvements and positive developments for the vacation rental industry.
Demographical
Understanding the demographics of an area will help determine how to market to an area.
Demographical information includes, but is not limited to, geographical area, income, age, race,
education level and gender (Chron). In the real estate business, understanding who your target
market is will help not only the customer, but also the person selling the property, whether on a
short term, or long term basis. Demographic data is derived from government surveys as well as
private surveys. This information assists in determining the values held by the people of the area.
For example, a business owner may decide not to build a slaughterhouse next-door to a school,
or a cemetery near a nursing home. On the other side, a business owner may decide to build
beach houses in areas such as Clearwater, Panama City, or Pensacola beach due to the popularity
of the areas. Business owners like ourselves have decided to take on this route.
We plan on marketing to middle to upper class families who desire to travel to popular
beaches in Florida and spend time with their loved ones. The demographical area we are
marketing towards is educated, males and females, aged 25-50, who are interested in in-state
travel.
Cultural
According to Reference.com, a cultural environment is a “set of beliefs, practices,
customs, and behaviors that are found to be common to everyone that is living within a certain
population” (Reference). It is also the “relics, the cultivated environment, scenery, and traditions
[protected by] legislation, environmental and cultural administration, [as well as] the actions of
those living in the given environment (nba.fi). As described by MBAskool.com, the Cultural
Environment includes “the study of social hierarchy, social norms and customs, regional/ religion
based groups and their behavior helps us to understand the cultural environment of a place. This
helps a marketer to position the products appropriately” (mbaskool).
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The internal factors affecting the cultural environment begin in how management leads
the organization. Successful leaders lead by example and encourage others to always do better.
The cultural environment is determined by the nature of those working within a company. Weak
employees will bring the company down, the strong will lead the company to victory. Effective
communication is extremely important in a business as much of the work completed is done
through communication. Many businesses have failed due to lack of communication or bad
communication overall. For example, let’s say leader Thomas wants all of his employees to make
a meeting, he tells two or three people and says, “Spread the word”. Let’s say they tell eighty
percent of the people in the company. If you have ever played telephone, the message will never
correctly get communicated, and some will never even hear about it! This creates hostility
amongst employees as well as mistrust when incorrect information is delivered to them. The
relation between departments affects the communication direction of the company. “Forward
looking statements provide the business for company decisions and activities” (Chron).
Characteristics of the consumer in the given industrial markets allow marketers to
“identify their resources [as well as] the characteristics refer to the qualities, different and similar
that make up the markets” (MyMarketingNotebook). Distinguished characteristics of business
markets include the concentrated demand, derived demand, higher levels of demand fluctuation,
as well as purchasing professionals (Professional Selling).
Deeper internal factors that impact the real estate industry include: company reputation,
overall ability of natural resources i.e. land, culture of company, operational capacity, brand
knowledge, market share, trade secrets, key personal, and operational efficiency (NetMBA).
In conclusion, different factors of the cultural competition in the market include fining
out who our competitors are and how to combat what they are offering (NetMBA). We need to
ask ourselves what we value as a company. Are we looking to be the cheapest? The highest
quality? Or the most available? As an organization, we are also searching for how to best serve
our customers with the areas we serve our customer, the products included and services
customers will feel confident in utilizing. Finally, we will search for the value in our market
shares and let our shareholders feel confident in investing in Lifetime Getaways Inc.
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