Developing a European Youth Hostel Concept : Case: May Hostel, Ho Chi Minh City
Tran, Linh; Vo, Thien (2014)
Tran, Linh
Vo, Thien
Lahden ammattikorkeakoulu
2014
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-201501121175
https://urn.fi/URN:NBN:fi:amk-201501121175
Tiivistelmä
This study aims to propose a novel business idea for the Vietnamese market: a European hostel model for international travelers in Ho Chi Minh City. In order for this idea to be further developed, the first and foremost thing is to explore whether this European hostel concept is promising for this target market.
The structure of this research includes three main parts. First, the original business concept is thoroughly examined. Second, an insightful market research into Ho Chi Minh City is conducted, based on which the original concept is modified. Finally, a preliminary business plan of May Hostel is provided as an abstract presentation of the modified business concept. It is important to note that, the main focus of this study is the market research which helps assess the potential of the business and lay a solid foundation for the implementation plan. This study, however, does not focus on the actual process of establishing a hostel business in order to raise finance or make profit.
To serve the ultimate goal of this research, deductive research approach was employed with a combination of both qualitative and quantitative research method. Data was collected from various sources such as consumer surveys, interviews, personal observations, published texts, articles, journals, reports, and previous studies. In addition, a field trip to Ho Chi Minh City was conducted for more insightful and creditworthy knowledge regarding this target market.
The main findings of this research reveal that, despite the high threat of substitutes and new entrants, European youth hostel is a promising business concept for international travelers in Ho Chi Minh City with very positive market demand. Though the required investment is considerably high, the estimated profit margin in the first year denotes a good potential of the business.
The structure of this research includes three main parts. First, the original business concept is thoroughly examined. Second, an insightful market research into Ho Chi Minh City is conducted, based on which the original concept is modified. Finally, a preliminary business plan of May Hostel is provided as an abstract presentation of the modified business concept. It is important to note that, the main focus of this study is the market research which helps assess the potential of the business and lay a solid foundation for the implementation plan. This study, however, does not focus on the actual process of establishing a hostel business in order to raise finance or make profit.
To serve the ultimate goal of this research, deductive research approach was employed with a combination of both qualitative and quantitative research method. Data was collected from various sources such as consumer surveys, interviews, personal observations, published texts, articles, journals, reports, and previous studies. In addition, a field trip to Ho Chi Minh City was conducted for more insightful and creditworthy knowledge regarding this target market.
The main findings of this research reveal that, despite the high threat of substitutes and new entrants, European youth hostel is a promising business concept for international travelers in Ho Chi Minh City with very positive market demand. Though the required investment is considerably high, the estimated profit margin in the first year denotes a good potential of the business.