For the watersports and fishing opportunity the costs are vast, but the payout could potentially be remarkable.

i. First, new staff is required for this opportunity to take place: Lifeguards/rescue operators are a must as incidents could happen at any moment, maintenance crew for the jet skis and row boats are vital to the prevention of incidents and decrease the amount of incidents significantly, safety instructors play a vital role in informing how to rightfully and safely handle the mechanical equipment in the water, and a supervisor is to be on duty at all times to keep the operation running smoothly.

ii. Second, hiring a new department head should be in the works as the chain of command should be followed properly.

iii. Next, in order to make this opportunity a reality, new equipment is required. The intended equipment is as follows: fifteen new fishing rods for rentals, ten new row boats, twenty-five new sets of water ski gear, five new jet skis, and rescue equipment for both the lifeguards as well as life vests for the guests. The lack of these items prevents the installment of this opportunity; however, the Princess could choose to either just capitalize on one or the other for the time being.

iv. Furthermore, materials such as gas for the jet skis and bait for the fishers are also a must or, once again, this operation goes nowhere.

v. Lastly, renovations such as a fishing dock/boat pier and a boathouse would help this opportunity run more smoothly. These are not necessarily deemed necessary, but enable a smoother, cleaner run of the operation.

2. Employee wages for a single year have been calculated to be the most costly at an outstanding $1,068,375 a year

3. . As previously stated, new renovations are in order; a fishing pier/boat dock and a boathouse are required to implement this idea. The fishing pier/boat dock is priced at a shallow $27,500 and the boathouse is priced at $25,000. Both of these calculations are rough estimates of the projects.

4. . In order to prove the customers are willing to participate in the event is to add onto the room registration. This add-on could simply be a question such as would you be interested in watersports or fishing at the Scottsdale Princess location or is there something else you would prefer to be implemented in the future of the Princess?

Pricess

1. The 4 Ps of the Marketing Mix allows the Princess to evaluate what is exactly being offered to the guest through this opportunity.

i. As for the Place, the Princess does not need to worry so much about this factor of the Marketing Mix as they have already acquired more than enough room to do so. The Place simply adds to the surroundings for the guest to partake in. Simply put, not all of the guests are going to enjoying an entire day of golfing, or maybe do not enjoy golfing at all. With the reallocation of the golf course water hazards, the Princess grounds become more frequented.

ii. Next, the Product allows for guests to get a little more wild, within reason of course, and have some spontaneous fun.

iii. The Price of this opportunity varies between party sizes and which event the party is more interested in. For example, renting a jet ski would be $120 for the first hour and an additional $60 for each hour after. This does include the water ski rentals priced at $35 for the first hour and $10 for each hour after. For reference purposes, the row boat, fishing option would be $90 for the first hour and $25 for each hour after. Fishing gear would be priced at $35 for the first hour and an additional $10 for each hour after. Lastly, for both options, life vests are mandatory for all minors but are encouraged for all guests, life vests are $15 dollars a vest.

iv. Lastly, the Promotion of the opportunity gives the guests something else to add to their highlights and memory banks known as social media. The guests, will not only be influenced by the promotion of the options but will participate in promoting The Scottsdale Princess further without even being aware.

2. The value the customer is willing to pay for the idea would be willing to pay for this although the price is pretty steep. Even so, the guests more likely to frequent The Scottsdale Princess are upper-middle class and upper class citizens; having less of a hold on their money during times of vacation. Public rental businesses price their rentals at $120, however they do not provide the water to use these rentals nor do they transport the rentals to the water for the guests. As for fishing gear rentals, the gear is priced between $25 and $40 but like the jet ski providers, these providers do not supply the water to fish, the fish, or are in your temporary backyard.

3. The competition is not offering a similar opportunity.

4. a. Implementing this idea will create a competitive advantage by simply offering what the competitors do not have. Also, it allows for complimentary services to be given away from time to time offering a full 3-hour watersport choice completely free not including the room stay which also assists in booking a room.

5. The particular revenue stream contributes to the overall revenues by brining in more profits each year; however, the calculated profits were calculated out of sheer optimism and are not likely to be achieved always but the question of there being profit in this idea is undoubtfully cast.

You have worked to establish both the required costs and revenue streams for your event or idea. Based on feedback from your instructor and peers, create a pro forma balance sheet, income statement, and statement of cash flow projecting the costs and revenue streams relating to your event or idea. These projections are based on your individual research and competitor's metrics reports. Each statement should address financial components of the event or idea, expenses, and revenue streams based on projected sales of your event or idea. You are only required to evaluate financial information relating to your revenue-generating opportunity.

Submit the following for your Pro Forma assignment:

1. Balance sheet
2. Income statement
3. Statement of cash flow