Business and Tourism Management Assignment Sample

Introduction to : Business And Tourism Management

Business and tourism management is considered as that field which particularly combines business principles with travel management activities. The tourism sector of the UK has been developed and it plays a major role economy, generating annual revenue in billions. As it is the largest industry, this encompasses a wide range of industries; this involves tour operators, event planning agencies and travel agents. In the past year, tourism has transformed because of globalisation, technological advancement and customised travel experience, increasing the demand for customised travel. The effective evolution developed growth within niche markets like eco-tourism, adventure tourism and tourism-based events. According the Visit Britain, the United Kingdom greeted more than £31.9 million visitors in the year 2022, which largely contributed to the economy of more than £28.4 billion (VisitBritain, 2022). The travel trend is diversifying; the tourists are mainly focusing on unique experiences which cater to convenience, comfort and safety.

Our business is based on “Event planning”, which taps into the boosting market by providing customised services in event planning, this also provides safety training and risk assessments for the travellers who are attending the events. A unique idea is developed for increasing the well-being of travellers and resolving the increasing concerns related to safety. The business aims to associate the eagerness of event tourism with effective safety solutions. The services will be customised event planning which also provides the risk assessments for the event venues, specific destinations and different sessions of training for the event organiser and tourist. The services are mainly related to the tourism landscape, in which the travellers are focusing on safety over cost. Research has shown that 65% of global travellers rely on event planning safety, and security while planning the trip (World Travel and Tourism Council, 2022).

The business will mainly operate in the major locations of London, which is a global hub for events, tourism and business travel. The destination provides access to the consumers; including the international and local travellers. This will serve as the event organizer and focus on partnership with the safety institution, travel agencies and event organizer.

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SMART objectives

• Short-term objectives (6-12 months)
• The goal is to set up the operational office within London hire five safety experts, and skilled event planners and boost the digital presence in the six months to boost the brand visibility.
• The objective is to secure more than 10 contracts with the event organizers and travel agencies for the event planning and safety risk assessments in the first twelve months.

Medium term objectives (1-3 years)

• The Medium-term goals are to grow the consumer portfolio to fifty contracts in two years by building partnerships, and marketing efforts with the ten main travel agencies.
• Launch and develop the module of the online safety training in the 18 months to effectively reach out the event planners and international travellers. The major objective is to gain 200 users to join the training in the initial 2 years of launch.

Long-term objectives (3-5 years)

• Expand the operations to the main three cities of the UK such as Edinburgh, Birmingham and Manchester in the next five years, securing more than 100 events yearly in all locations (Altinay et al, 2016).
• Partner with the tourism safety bodies and UK governments for five years to offer effective safety guidance within event-based tourism.

Conducting a personal SWOT analysis

Strengths

• I have more than 3 years of event planning experience and also have experience in travel-related functions, conferences and corporate events. The effective and hands-on experience prepares me with the logistical skills and organizational skills to handle multifaceted events.
• My communication ability with the vendors, consumers and team member is the significant asset. I surpassed consumer relationship management, negotiation and making sure the event expectations were met and understood clearly.

Weaknesses

• Though I have event planning experience I particularly lack in the safety risk assessment training.
• I am well-known in events budgeting, and also have financial management knowledge, which includes accounting but I have limited cash flow forecasting knowledge.
• While managing multiple events at peak times, I found challenges in time management.

Opportunities

• The tourism industry is majorly evolving, and due to it I have the different opportunity to boost understanding related to emerging trends such as risk management and sustainable tourism. This will add value to the event planning services.
• I am also having opportunity related to partner with safety organizations, travel agencies and different government bodies; this can develop the synergies to increase the reach and credibility of business.

Threats

• The industry of event planning is competitive because various established players are providing the same services. I can differentiate the business via niche offerings such as safety assessments can be important.
• The changes in travel regulations and economic downturns occur because of unforeseen events such as pandemics. This has an impact on the needs of the services within the event planning in the tourism sector.

Identifying and describing potential customers

Potential consumers

The business “event planning”, will mainly emphasise on two main consumer segments such as individual travellers and event organisers.

Event organisers: This includes the individuals and organizations who are responsible for the exhibitions, destination weddings and planning for corporate events (Fletcher, et al, 2018). These need seamless risk assessments and event coordination to make sure that each event is local regulation compliant and safe. These consumers are aged between 30-50 years along with a marketing, event management and corporate service professional background.

Individual travellers: This segment involves the different individual tourists who are attending various events like festivals, conferences and sporting events within the UK. The age of the individual is 25-45 years and also majorly focuses on business, leisure and adventure travel.

Market analysis:  The tourism sector of the UK is mainly dynamic, particularly contributing more than 100 billion yearly to the economy. The statistical information has revealed that more than 39 million visitors has been forecasted in the year 2025 (Statista, 2022). The UK’s large-scale events include festivals, concerts and business conferences, which mainly attract domestic and international tourists every year.

(Source 1Development in the event tourism industry, 2023)

Specific need, want and demand of the local market: Travellers are becoming more focused on security and safety due to the recent political instability and health concerns. There is a high need for services related to “Event planning” with event-based risk assessments. Travel organizers and event organisers are mainly searching for assurance and convenience (Adongo et al, 2021). The event organisers mainly want to boost the safety services to make sure about smooth operations. On the other hand, individual travellers also want to have security so that they will receive effective safety training before joining the event. The demand for peace of mind has increased the business preferences related to safety management and event planning. The demand related to safety services is increasing because of the large-scale event and business tourism. According to the National statistics, business visits within the UK have increased by 8% in the year 2022, the business travellers are interested in joining exhibitions and conferences (National Statistics, 2022).

The business will cover the major market demand, and the event planning resolves the demand, wants and needs by providing comprehensive packages. This mainly combines effective risk assessments and event planning. Offering seamless coordination among the event organisers includes vendor management, logistics and attendee support, making sure that all events are efficient and executed safely.

Discussing potential competition

The tourism safety industry and event planning within the UK, it is highly in competition with the different established organizations which are also providing the related services.

(Source 2 Spending in different event types in the UK, 2023)

 “Event planning” can differentiate itself from its different rivals by focusing on both safety services and event planning within a single package (Griffin, 2015). Most of the rivals are emphasizing event logistics such as impeccable events and Eventia or safety such as first response safety and “Event planning” will offer a comprehensive solution. The different and unique combination permits the travellers and organisers to make sure that the events are planned. Moreover, our customised safety training for travellers sets this apart in the market, providing peace of mind to the individuals who are joining the events within unfamiliar destinations.

Discussing marketing plans in terms of promotional activities, and digital tools.

Digital technologies play a major role in the success of “Event planning”, this permits us to reach out and engage the broader audience and also boost effective brand awareness. By utilising the different digital platforms, can generate leads, boost marketing efforts and establish ourselves as one of the trusted providers of event planning.

SEO and website: The website will provide services as the major marketing tool, this offers information related to services, solutions for event planning and safety training. SEO will be used to make sure that the site ranks the highest for major keywords. This will include the “risk assessment for travellers” and “event safety planning within the UK”.

Social media marketing: The different social media platforms such as LinkedIn, Instagram and Facebook will be a major in engaging the consumers (Madura, 2007). We will mainly use the platforms to provide success stories, safety tips, consumer testimonials and insight into event planning and also position “Event planning” as the leader within the industry. The paid advertising via social media will permit targeting the major demographics; this includes the travellers and event organisers who are aged between 25-59.

Promotional activities

Collaboration with the event venues and travel agencies: Collaborating with the event venues and travel agencies will help in achieving access to the consumer. Via the partnership, we will focus on our service promotion to meet the objectives.

Influencing marketing: The effective partnership with safety experts, event planners and travel bloggers, has an effective presence on an online basis which can effectively drive service awareness among consumers. Influencer promotion, particularly on Instagram, will help reach the target market of the event organiser and young travellers.

Online safety workshops and hosting webinars: Providing online safety workshops and free webinars for travellers and event organisers will majorly position our business as the key player within the field. The workshops will build trust, generate leads and also meet the goals.

Identifying key stakeholders.

Key stakeholders

Vendors and event venue: Vendors and event venues such as audio-visual providers, caterers and decorators, will play a major role in the execution of our services. By effectively maintaining relationships with reliable vendors and reputable venues, we might make sure of a high-quality experience and event planning for the consumers. We will significantly partner with the major events venues within London, Manchester and Birmingham, by developing the agreements which permit us to evaluate the training and regular safety assessment.

Travel agencies: These will be major collaborators for boosting the business, mainly in promoting safety training and risk assessments to the travellers who are attending the events (Fletcher et al, 2018). The role of mentioning the event experiences and travel itineraries makes the travel agencies a valuable partner. We will significantly engage with the different travel agencies by developing the co-branded packages, and by providing the safety services within the event travel bookings.

Staff and employment: In the starting phase, will focus on hiring a team of five members in the staff to run the “Event planning” business.

Event manager: (1): These will be responsible for the event planning, maintaining the relationships with the venues, vendors and coordinating the logistics.

Safety experts: (2): The different certified specialists who will focus on safety training and risk assessments for the organizers and event attendees.

Market specialist: (1): This emphasises managing the platform of social media, promoting the business, and overseeing the partnerships and email campaigns.

Administrative assistant: (1): handling the consumer booking, daily operations, consumer support and invoicing.

In the next 12 months, the plan is to boost the count of staff to “10” to fulfil the increasing demand, mainly in the cities outer of London. The effective growth will involve the event coordinators and safety experts to offer support in the expansion of another market in the UK like as Edinburgh, and Manchester.

Long-term organizational structure: Within the long term 3-5 years, the business will expand within the different countries of the UK and also on an international basis. We foresee the organization's structure which involves the regional offices. Every office is mainly accomplished by the “Regional manager” and also involves the local teams of safety experts, event planners and the administrative staff. The organizational structure will be flat which promotes flexibility and communication with the effective divisions among the safety training, operations, consumer relations and marketing.

Laws, regulations and insurance: As the business is providing safety services, this needs to adhere to the “Health and Safety Act 1974” (Health and Safety Act 1974, 2023). It involves conducting via the complying with the regulations of safety and also making sure the events fulfil the important standard of health and safety. Moreover, we will also make sure about the COVID-19 safety guidelines and requirements of public health. For the big events, need to focus on licenses and permits from the different local councils, this includes the “Temporary event notices” (TENs), which are needed for the events which include regulated entrainments, alcohol and food services for late night. The “publicity liability insurance” will make sure to cover the injuries and potential damages which occur at the time of the event.

Considering financial aspects such as cash flow, expenses, etc.

The start-up loan of the £ 20,000 will be mainly allocated to make sure about the safety solutions for the travellers and smooth event planning.

Advertising and marketing expenses (£ 6,000): Marketing will be the largest expenditures within the starting stages. This is a novel business, it is important to attract consumers, develop brand awareness and create a digital presence. The major portion of the loan will be utilised in SEO, website development advertising via social media. The effective efforts are helpful in increasing the traffic on the website securing the contracts with the different travellers, and event organisers and generating leads.

Staff costs: By hiring skilled experts are also the major expense, the team will include the event planners and safety experts, and their expertise plays an important role in providing quality services. The cost of staff includes the starting month of salaries, permitting us to emphasise the operations with the high quality.

Reflecting on backup plans for loan repayments.

If we are not able to make the loan repayments because of some unforeseen circumstances, this includes the economic downturns and lower sales.

Diversify revenue streams: To reduce the risk related to the cash flow issues, will provide more services such as virtual event planning and safety training. The services mainly need the slight overhead cost and also generate the income related to the event restriction within the tourism.

Reduced operational costs: If they see the tight cash flow, will decrease temporary expenses which are non-essential, this includes the hiring the additional staff and marketing spend (Fullen et al, 2006). Remote work also decrease the cost related to offices such as utilities and rent.

Reinvestment and personal savings: Within the prolonged difficulty case in loan repayment, will use personal savings. Moreover, we will focus on reinvestment strategies; which include the utilising income from the initial months to maintain the loan obligations.

CONCLUSION

Conclusively, it can be said that “Event planning” will be a successful business because the demand is high related to event planning within the tourism industry. Combining the professional event planning with the important safety services, will meet the growing demand related to a seamless and secure event experience. The business focuses on an Effective marketing plan, clear strategy and stakeholder partnership for smooth financial sustainability. The business is prepared for both long-term and short-term expansion, the requested loan for a start-up will permit us to build an effective brand presence, establish operations and hiring of experts. The loan plays a major role in launching the business which reduces the critical gap within the tourism industry.

 REFERENCES

Books and journals

• Adongo, C.A., Amenumey, E.K., Kumi-Kyereme, A. and Dubé, E., 2021. Beyond fragmentary: A proposed measure for travel vaccination concerns. Tourism management, 83, p.104180.
• Altinay, L., Paraskevas, A. and Jang, S., 2016. Planning research in hospitality and tourism. Second edition. Routledge, Taylor & Francis Group.
• Fletcher, J., Fyall, A., Gilbert, D. and Wanhill, S., 2018. Tourism: principles and practice. Harlow: Person Education.
• Madura, J., 2007. Introduction to Business. 4th edn. Thomson Higher Education.
• Marine-Roig, E. and Huertas, A., 2020. How safety affects destination image projected through online travel reviews. Journal of destination marketing & management, 18, p.100469.
• Quintal, V., Sung, B. and Lee, S., 2022. Is the coast clear? Trust, risk-reducing behaviours and anxiety toward cruise travel in the wake of COVID-19. Current Issues in Tourism, 25(2), pp.206-218.

Online

• Development in the event tourism industry, 2023. Online. Available through https://hndeventmanagement.weebly.com/development-of-the-events-industry.html
• Health and safety act 1974, 2023. Online. Available through <https://www.hse.gov.uk/legislation/hswa.htm>
• National statics, 2022. Online. Available through https://www.ons.gov.uk/peoplepopulationandcommunity/leisureandtourism/articles/traveltrends/2022
• Spending in different event types in the UK, 2023. Online. Available through <https://99firms.com/blog/event-industry-statistics/#gref>
• Statista, 2022. Online. Available through <. https://www.statista.com/>
• VisitBritain, 2022. Online. Available through https://www.visitbritain.org/

Author Bio

Jordan Clarke   7 Years | Masters

I am Jordon and I am a resident of London. I have completed my master's from Imperial College. I have gold medals in bachelor's as well as master's. I have been a certified academic writer for 7 years or more. My passion is to help students write flawless assignments. I have also been a professor at two or three renowned universities in London, so I am very well aware of what the guidelines demand.