New Harmony, IN Facility Feasibility Study Ryan Butler Kyle Lester Ashlee Doster Erin Hertzel Jessica Tapper Ross Superczynski

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

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

Area Demographics

New Harmony Demographics Area Population: 916 people Area Population: 916 people –382 Households, 228 Families Household Breakdown (of the 382 households) Household Breakdown (of the 382 households) –27% have children under 18 –47% married couples –10% single women homeowners –40% non-families –21.2% single homeowner over 65

New Harmony Demographics Average Household Size 2.12 Average Household Size 2.12 Average Family Size 2.8 Average Family Size 2.8 Racial Makeup Racial Makeup –White 98.9% –Native American 0.55% –Asian 0.22%

New Harmony Demographics Age Breakdown Age Breakdown –Under 18: 20.3% –18 to 24: 4.5% –25 to 44: 21.2% –45 to 64: 24.7% – % MEDIAN AGE: 47 MEDIAN AGE: 47 For every 100 Females – 82.5 Males For every 100 Females – 82.5 Males

New Harmony Demographics Median Household Income $28, 182 Median Household Income $28, 182 –Median Family Income $40,850 Per Capita Income $17,349 Per Capita Income $17,349 12% of the Population Lives Under the Poverty Line 12% of the Population Lives Under the Poverty Line

Current Situation

Current Situation Current Situation –Summer The Ropewalk Writers Retreat The Ropewalk Writers Retreat New Harmony Project New Harmony Project Golden Raintree Antique Show Golden Raintree Antique Show Music at Maplepoint Music at Maplepoint New Harmony Theatre and Traditional Independence Day New Harmony Theatre and Traditional Independence Day –Fall/Winter The German Kunstfest The German Kunstfest

Current Situation –Spring Wine Festival Wine Festival Heritage Week Heritage Week Artist’s Paint Out Artist’s Paint Out Harmonic Hundred Bike Tour Harmonic Hundred Bike Tour New Harmony Herb Festival New Harmony Herb Festival Great use of their historical past to draw tourists! Great use of their historical past to draw tourists!

Competitor Analysis

Competitor Analysis has several important roles in strategic planning To help management understand their competitive advantages/disadvantages relative to competitors. To help management understand their competitive advantages/disadvantages relative to competitors. To generate understanding of competitors past, present, and most importantly, future strategies. To generate understanding of competitors past, present, and most importantly, future strategies.

Competitor Analysis…Cont. To provide an informed basis to develop strategies to achieve competitive advantages in the future. To provide an informed basis to develop strategies to achieve competitive advantages in the future. To help forecast the returns that may be made from future investments. To help forecast the returns that may be made from future investments. –EX: How will competitors respond to a new product or pricing strategy?

Questions to ask when undertaking a competitor 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 and how successful are these strategies? What strategies are our competitors pursuing and how successful are these strategies?

Questions to ask…Cont. What are the strengths and weaknesses of our competitors? What are the strengths and weaknesses of our competitors? How are our competitors likely to respond to any changes to the way we do business? How are our competitors likely to respond to any changes to the way we do business?

Existing Venues

Who has a similar concept as we are trying to build? Who has a similar concept as we are trying to 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 venue? Would a similar concept work for our proposed venue?

Existing Venues DiNolfo’s Banquets; Mokena, IL DiNolfo’s Banquets; Mokena, IL –DiNolfo’s DiNolfo’s Occasions Banquet Hall; Shelbyville, IN Occasions Banquet Hall; Shelbyville, IN –Occasions Occasions

Existing Venues What are some common themes that seem to work for these venues? What are some common themes that seem to work for these venues? Can we adapt these themes? Can we adapt these themes? What original ideas can we create that would set our venue apart and give us a lead in the existing market? What original ideas can we create that would set our venue apart and give us a lead in the existing market?

Physical building

Technology in Facility The most up to date Meeting room technology is needed to make this a successful facility. The most up to date Meeting room technology is needed to make this a successful facility. To find the prices and products needed we would visit sites like these To find the prices and products needed we would visit sites like these TechWeb TechWeb TechWeb Meeting Planners Meeting Planners Meeting Planners Meeting Planners

Show me the Money To find prices we would use the comparable properties and gage a ball park figure To find prices we would use the comparable properties and gage a ball park figure We would also get an estimate from area contractors. We would also get an estimate from area contractors. All Business All Business All Business All Business

Location Location, Location, Location Location, Location, Location Location, Location Location, Location

Employees Research would be done to find the average and competitive rates for area employees. Research would be done to find the average and competitive rates for area employees. Managers would be brought in from Purdue University at a comparable rate to similar convention centers. Managers would be brought in from Purdue University at a comparable rate to similar convention centers. Top USA Jobs Top USA Jobs Top USA Jobs Top USA Jobs New Harmony Inn and Conference Centers New Harmony Inn and Conference Centers New Harmony Inn and Conference Centers New Harmony Inn and Conference Centers

The community says NO! Already there… probably don’t need another conference center in the smallest city in the world. Already there… probably don’t need another conference center in the smallest city in the world. New Harmony Inn and Conference Center New Harmony Inn and Conference Center New Harmony Inn and Conference Center New Harmony Inn and Conference Center

Wrap Up…