new harmony, in facility feasibility study ryan butler kyle lester ashlee doster erin hertzel...

New Harmony, INNew Harmony, INFacility Feasibility StudyFacility Feasibility Study

Ryan ButlerRyan Butler Kyle Lester Kyle LesterAshlee DosterAshlee Doster Erin Hertzel Erin HertzelJessica Tapper Ross SuperczynskiJessica Tapper Ross Superczynski

PurposePurpose

The New Harmony Convention and Visitors The New Harmony Convention and Visitors Bureau has been approached regarding the Bureau has been approached regarding the potential to construct a multipurpose facility in potential to construct a multipurpose facility in New Harmony, IN. the project development New Harmony, IN. the project development would include meeting and special event space would include meeting and special event space and other related components deemed and other related components deemed necessary. It is our intent to examine the necessary. It is our intent to examine the market and financial feasibility of the proposed market and financial feasibility of the proposed facility.facility.

PurposePurpose

In order to provide the most accurate analysis In order to provide the most accurate analysis of this proposal we began our research by of this proposal we began our research by answering these two questions…answering these two questions…– What would New Harmony like to see?What would New Harmony like to see?– What does the Marketplace want?What does the Marketplace want?

AreaAreaDemographicsDemographics

New Harmony DemographicsNew Harmony Demographics

Area Population: 916 peopleArea Population: 916 people– 382 Households, 228 Families382 Households, 228 Families

Household Breakdown Household Breakdown (of the 382 households)(of the 382 households)

– 27% have children under 1827% have children under 18– 47% married couples47% married couples– 10% single women homeowners10% single women homeowners– 40% non-families40% non-families– 21.2% single homeowner over 6521.2% single homeowner over 65

New Harmony DemographicsNew Harmony Demographics

Average Household Size 2.12Average Household Size 2.12 Average Family Size 2.8Average Family Size 2.8 Racial MakeupRacial Makeup

– White 98.9%White 98.9%– Native American 0.55%Native American 0.55%– Asian 0.22%Asian 0.22%

New Harmony DemographicsNew Harmony Demographics

Age BreakdownAge Breakdown– Under 18: 20.3%Under 18: 20.3%– 18 to 24: 4.5%18 to 24: 4.5%– 25 to 44: 21.2%25 to 44: 21.2%– 45 to 64: 24.7%45 to 64: 24.7%– 65 + 29.4%65 + 29.4%

MEDIAN AGE: 47MEDIAN AGE: 47 For every 100 Females – 82.5 MalesFor every 100 Females – 82.5 Males

New Harmony DemographicsNew Harmony Demographics

Median Household Income $28, 182Median Household Income $28, 182– Median Family Income $40,850Median Family Income $40,850

Per Capita Income $17,349Per Capita Income $17,349 12% of the Population Lives Under the Poverty 12% of the Population Lives Under the Poverty

LineLine

Current SituationCurrent Situation

Current SituationCurrent Situation

Current SituationCurrent Situation– SummerSummer

The Ropewalk Writers RetreatThe Ropewalk Writers Retreat New Harmony ProjectNew Harmony Project Golden Raintree Antique ShowGolden Raintree Antique Show Music at MaplepointMusic at Maplepoint New Harmony Theatre and Traditional Independence New Harmony Theatre and Traditional Independence

DayDay– Fall/WinterFall/Winter

The German KunstfestThe German Kunstfest

Current SituationCurrent Situation

– SpringSpring Wine FestivalWine Festival Heritage WeekHeritage Week Artist’s Paint OutArtist’s Paint Out Harmonic Hundred Harmonic Hundred

Bike TourBike Tour New Harmony New Harmony

Herb FestivalHerb Festival

Great use of their Great use of their historical past to draw historical past to draw tourists!tourists!

Competitor AnalysisCompetitor Analysis

Competitor Analysis has several Competitor Analysis has several important roles in strategic planningimportant roles in strategic planning

To help management understand their To help management understand their competitive advantages/disadvantages relative competitive advantages/disadvantages relative to competitors.to competitors.

To generate understanding of competitors To generate understanding of competitors past, present, and most importantly, future past, present, and most importantly, future strategies.strategies.

Competitor Analysis…Cont.Competitor Analysis…Cont.

To provide an informed basis to develop To provide an informed basis to develop strategies to achieve competitive advantages strategies to achieve competitive advantages in the future.in the future.

To help forecast the returns that may be made To help forecast the returns that may be made from future investments.from future investments.– EX: How will competitors respond to a new EX: How will competitors respond to a new

product or pricing strategy?product or pricing strategy?

Questions to ask when undertaking a Questions to ask when undertaking a competitor analysiscompetitor analysis

Who are our competitors?Who are our competitors? What threats do they pose?What threats do they pose? What is the profile of our competitors?What is the profile of our competitors? What are the objectives of our competitors?What are the objectives of our competitors? What strategies are our competitors pursuing What strategies are our competitors pursuing

and how successful are these strategies?and how successful are these strategies?

Questions to ask…Cont.Questions to ask…Cont.

What are the strengths and weaknesses What are the strengths and weaknesses of our competitors?of our competitors?

How are our competitors likely to respond How are our competitors likely to respond to any changes to the way we do to any changes to the way we do business?business?

Existing VenuesExisting Venues

Existing VenuesExisting Venues

Who has a similar concept as we are trying to Who has a similar concept as we are trying to build?build?

How is their facility set up?How is their facility set up? What are their target markets?What are their target markets? How successful are they?How successful are they? Would a similar concept work for our proposed Would a similar concept work for our proposed

venue?venue?

Existing VenuesExisting Venues

DiNolfo’s Banquets; Mokena, ILDiNolfo’s Banquets; Mokena, IL– DiNolfo’s DiNolfo’s

Occasions Banquet Hall; Shelbyville, INOccasions Banquet Hall; Shelbyville, IN– OccasionsOccasions

Existing VenuesExisting Venues

What are some common themes that seem to What are some common themes that seem to work for these venues?work for these venues?

Can we adapt these themes?Can we adapt these themes? What original ideas can we create that would What original ideas can we create that would

set our venue apart and give us a lead in the set our venue apart and give us a lead in the existing market? existing market?

Physical building Physical building

Technology in Facility Technology in Facility

The most up to date Meeting room technology The most up to date Meeting room technology is needed to make this a successful facility. is needed to make this a successful facility.

To find the prices and products needed we To find the prices and products needed we would visit sites like thesewould visit sites like these

TechWebTechWeb Meeting Planners Meeting Planners

Show me the MoneyShow me the Money

To find prices we would use the comparable To find prices we would use the comparable properties and gage a ball park figureproperties and gage a ball park figure

We would also get an estimate from area We would also get an estimate from area contractors. contractors.

All BusinessAll Business

LocationLocation

Location, Location, Location Location, Location, Location

EmployeesEmployees

Research would be done to find the average and Research would be done to find the average and competitive rates for area employees.competitive rates for area employees.

Managers would be brought in from Purdue University Managers would be brought in from Purdue University at a comparable rate to similar convention centers. at a comparable rate to similar convention centers.

Top USA JobsTop USA Jobs New Harmony Inn and Conference Centers New Harmony Inn and Conference Centers

The community says NO!The community says NO!

Already there… probably don’t need another Already there… probably don’t need another conference center in the smallest city in the conference center in the smallest city in the world.world.

New Harmony Inn and Conference CenterNew Harmony Inn and Conference Center

Wrap Up…Wrap Up…