Implementation Plan for Friar Tucker Galleria Project
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Implementation Plan for Friar Tucker Galleria
Friar Tucker International (FTI) is a company that provides hospitality services to a variety cuisine and entertainment customers. The company employs 1,200 individuals and generates revenue in excess of $300 million. FTI specifically manages a variety of establishments including 15 cuisines, 10 sports entertainment, and eight family entertainment operations. FTI has also gone outside of its core business by having agreements with two hotel chains to manage their establishments and execute diverse projects for them. (FTI Simulation, 2008)
Business has come to FTI because of its stellar work and results. FTI has rejected several proposals because it was executing a large number of diverse projects. Even so, FTI has accepted some projects that step outside of its core business. FTI CEO, Ricardo Bellini, decided to create a project selection committee (PSC) to regulate new projects. This was the company’s first attempt to implement a component of a project management system.
The PSC was given the responsibility of reviewing five projects. After an initial review three projects were selected to investigate further. These projects were Kalimpong, Braithwaite Greens, and Galleria. These projects were selected because they met the qualifications indentified in the organizations strategic goals. Once an understanding of each project was formed the committee identified the project that aligned with the direction for the company. This was done systematically through the use of a project selection matrix. The committee selected the Galleria project because it was the best fit to realize FTI’s strategic goals.
Friar Tucker’s Strategy
FTI has been extremely successful operating in the hospitality services industry. The vision of FTI is “to be among the top ten hospitality service providers in the family entertainment business, based on our superior service levels and innovative marketing.” The corresponding mission is “to attract more visitors and customers through food and entertainment facilities, and ensure a great family experience.” (FTI Simulation, 2008) The company wants to establish a presence in the entertainment hospitality segment. Secondly, FTI wishes to expand into specialty cuisine establishments. Lastly, FTI wants to expand into the corporate entertainment segment. The Galleria project fits into FTI’s strategic plan and furthers the progression of these three focus areas
“The Galleria is a proposed entertainment with a multiple screen theater, indoor gaming facilities, a restaurant, two bistro cafйs, and a shopping mall that offers several thousand square feet of retail space.” (FTI Simulation, 2008) This project is intriguing and lucrative as it has the potential to attract a variety of different customers. FTI will expand its competencies with this project because the Galleria is a new venture. The Galleria focuses the company’s recourses in the right direction in order for FTI to achieve its goal of becoming one of the top 10 hospitality providers in their industry. The Galleria will establish a presence into the corporate entertainment segment and strengthen its presence in the entertainment segment.
FTI has exciting projections for the revenue that the Galleria project may bring. “The projected annual revenue from the restaurant and gaming facilities is one million in year one and going to 7 million in year two to 35 million in year 10. The income from theater rentals and cafes should bring an additional 4 million annually.” (FTI Simulation, 2008) Since the Galleria is a new venture, it requires new and improved competencies. Building new competencies is one of the critical success factors that must be applied to give the Galleria project the greatest opportunity for success. The project must have an investment that is less than 15 million and break-even quickly. Revenue streams for the project must flow in quickly and grow over time. FTI must attract new market segments of customers meaning FTI must enhance its brand image.
FTI’s revenue projections may change from the stated figures as this is a new type of market. Meeting the revenue projections will be obtained through a quality implementation of the project. An important ongoing key for the Galleria is a quality marketing campaign. This is important in order to tout the facilities that are available for corporate meetings and functions. FTI must produce a quality product with the Galleria because of the breadth of customers who will be attracted to the facilities. The success of the company in this venture will help ensure that it can grow this area of the business with new clients and create more opportunities.
The Galleria project is an important step for FTI to achieve its strategy. Each member and resource must be used to the greatest of