Business Report of A Travel Business Assignment Sample

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Introduction

The range and types of jobs within the Tourism Services Industry in the UK

The UK's tourist services sector provides a wide variety of occupations, professions, and business ventures. Here are a few instances:

  • Tour companies: These businesses plan and offer pre-packaged trips and vacations(O'Reilly, 2020).
  • Travel agents: Travel agents offer individualised planning and reservation support.
  • Tour guides: These experts offer on-site direction and commentary during sightseeing tours (Hsu et al., 2021).
  • Sightseeing Tours: Companies that offer sightseeing tours arrange for guided tours(Pike, 2020).
  • Travel Desks: Travel desks are located in hotels or transportation hubs and help travellers by purchasing tickets (Fletcher,2018)

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The idea for owning new business within Tourism Sector

I propose a new business within the tourism sector that focuses on eco-friendly adventure tours. The company would offer guided tours to unique natural and cultural destinations in the UK, with a strong emphasis on sustainability and responsible travel practices. The head office and service outlet could be located in a city like Bristol, known for its vibrant eco-conscious culture and proximity to diverse natural landscapes. This idea is interesting to me as it combines my passion for travel and exploration with a commitment to environmental conservation and promoting sustainable tourism practices(Fullen,2006)

A company or other entity that engages in commercial, industrial, or professional activity in order to make money is said to be in business. Business research is the methodical exploration and analysis of business-related topics with the goal of offering insights, resolving issues, and helping people make well-informed business decisions.

  • The aims and objectives of the report are :
  • To identify proper stakeholder for the business
  • To do a complete market research
  • To create a proper business strategy
  • To do a PESTLE analysis

Stakeholder analysis

a.) Internal analysis

Internal stakeholders are individuals or groups within a company who have a direct interest and influence on its operations and success. In the context of my proposed of your guide, the internal stakeholders would include:

Internal Stakeholders Definition Impact on Business
Shareholders People or organisations that provide money and are invested in the company Will provide the company with cash resources
Will have an impact on decision-making and strategic direction
Will affect profitability and long-term success(Eden & Ackermann, 2020)
Administrative Team A team of people in charge of managing operations and making important business decisions Will oversee daily operations and make sure everything runs smoothly
Will put strategic objectives and strategies into action.
Will synchronise the company's operations, marketing, and financial elements (George & George, 2021)

The CEO will be in charge of overall strategy planning, financial management, and stakeholder coordination within my management plan. Customer service, logistics, and tour planning will be under the management of the operations manager. The finance manager will be in charge of financial planning, budgeting, and reporting, while the marketing manager will create and implement marketing strategy.

b.) External Stakeholders

External stakeholders are people or organisations from outside the firm that are interested in or impacted by the business' activities and results.

External Stakeholders Definition Impact on Business
Clients Individuals who pay for and use the tour guide services Customer loyalty and a company's reputation both help it grow and draw in new clients (Sainaghi & Baggio, 2021).
Local communities Members of the local community near the tour destinations Maintaining good ties with the community helps the tours guide service run smoothly and reduces possible disputes (Fernandez-Ruiz & Holgado-Tello, 2021).

Market research

a.) Definition of market research

The systematic collection, analysis, and interpretation of data and information on a particular market, including its clients, rivals, and market trends, is known as market research.

b.) Potential clients

Customer Segment Description Demographic Data Forecasted visitors
Nature Lovers Individuals who appreciate and seek out natural beauty Age- 25-45 10000 per year
Gender : Male and Female
Location: Urban and Suburban
Adventure Seekers Thrill-seekers looking for outdoor challenges Age: 18-35 8,000 per year
Gender: Male and Female
Location: Urban and Rural
Sustainable Travelers Environmentally conscious travellers Age: 25-55 6000 per year
Gender: Male and Female
Location: Urban and Suburban
Cultural Explorers Individuals interested in cultural experiences Age: 30-60 4000 per year
Gender: Male and Female
Location: Urban and Suburban

Figure 1: Forecasted Visitors

c.) Specific need

Unique and immersive cultural experiences are specifically needed, wanted, and demanded in the local market of Bristol, UK. The popularity of guided tours that provide in-depth understanding of the city's history, architecture, and customs is evident from word-of-mouth and internet evaluations. Both tourists and locals are looking for genuine and lasting experiences that go beyond the superficial charms. By providing specialised cultural tours guided by skilled guides who can provide insights, tales, and engaging experiences, our tour guide business will meet this demand.

Figure 2: Bristol cityscape

Source: (Fernandez-Ruiz & Holgado-Tello, 2021)

Our tours will respond to the need for real cultural immersion, meeting the desire for a better knowledge of Bristol's rich legacy through interesting storytelling, interactive activities, and access to hidden jewels.

Figure 3: Client positive reviews

Source: (Fernandez-Ruiz & Holgado-Tello, 2021)

d.) Competitors Analysis

The process of identifying and analysing the advantages and disadvantages of possible rivals in a certain market or sector is known as competition analysis.

Competitor Description
Explore Bristol Established tour company offering diverse guided tours in Bristol
Bristol Walks Specializes in walking tours exploring the city's history and culture
Bristol Heritage Focuses on heritage tours showcasing Bristol's architectural landmarks
Hidden Gems Tours Offers offbeat and unique guided tours, highlighting hidden gems in Bristol (Mesherghi,Joel , 2022)

Business strategy

a.) Definition of business strategy

A long-term plan of action for achieving certain goals and objectives in a market that is competitive is known as a business strategy (Whittington & Scholes 2019).

b.) Short-term strategy

My company uses focused marketing efforts and alliances as one short-term tactic to raise brand awareness and draw in additional clients. I want to attract a larger audience and boost sales right away by utilising social media channels, internet advertising, and partnerships with neighbourhood influencers or related companies. In terms of control, I prefer a hands-on strategy to guarantee effective operations and uphold quality standards. In terms of creating money, I aim for long-term profitability while reinvesting in company expansion (Lamberton & Minor, 2018).

c.) Long term Strategy

One long-term strategy applied to my business is to establish strategic partnerships and expand into new markets. By collaborating with other businesses in related industries or entering into joint ventures, my business can access new customer segments and geographic locations, thereby fostering growth in the long run. This strategy allows for diversification and expansion beyond the initial target market, leading to increased market share and sustained profitability (Lamberton & Minor, 2018).

PESTLE analysis

Factors Description Potential Impact on Business
Political Government regulations and policies Changes in regulations may impact business operations, licensing requirements, and permits (Kew & Stredwick, 2017)
Economic Market conditions, inflation, economic growth Economic downturns may reduce consumer spending, while growth can lead to increased demand(Bamberg et al., 2015)
Social Cultural trends, consumer preferences, demographics Changes in consumer preferences or social norms may require adapting products or services(Hofstede et al., 2010)
Technological Advancements, innovation, automation Technological changes can provide opportunities for efficiency gains or disrupt the industry(Chesbrough, 2010)
Legal Laws, regulations, employment legislation Compliance with legal requirements, labour laws, and data protection regulations(Stone & Devenney, 2018)
Environmental Sustainability, climate change, environmental laws Increasing focus on sustainability may require eco-friendly practices and impact operations(Porter & Kramer, 2011)

6. Recommendation

a.) Why the business will be a success

There are various important reasons why the company will succeed.

  • First, offering eco-friendly adventure tour guides is a distinctive selling proposition (Fuchs et al., 2020). This specialised approach distinguishes us from conventional travel companies and gives us a competitive edge.
  • Employing tour guides that are extremely experienced and enthusiastic will also create outstanding client experiences, giving compelling tales and individualised encounters.
  • Our reputation and client loyalty will increase as a result of rave customer evaluations and recommendations from friends and family (Munar & Khoo-Lattimore, 2021).
  • Additionally, our strategic marketing strategies will successfully reach and draw in our target market through social media participation, focused web campaigns, and partnerships with regional businesses.
  • Last but not least, our long-term plan of diversifying our services and entering new areas will foster growth. This will ensure continued success in the competitive tourist industry(Lamberton & Minor, 2018).

Conclusion

a.) Key findings

The study presented above concludes by highlighting the opportunity for growth in the field of eco-friendly adventure tour guides. The desire for distinctive and environmentally friendly travel experiences, together with the market's preference for distinctive offers and skilled tour guides, favourably positions the overall tour guide industry. While a long-term growth plan through expansion and alliances will assure continuous success, strategic marketing strategies, including targeted campaigns and collaborations, will drive client acquisition. We may proactively adjust and seize possibilities by keeping an eye on political, economic, social, technical, legal, and environmental concerns. Overall, our company is well-positioned to satisfy consumer demand and enjoy sustained success in the thriving tourist sector.

References

  • Bamberg, S., Hunecke, M., & Blöbaum, A. (2015). Social context, personal norms, and the use of public transportation: Two field studies. Journal of Environmental Psychology, 41, 20-27.
  • Chesbrough, H. (2010). Business model innovation: Opportunities and barriers. Long range planning, 43(2-3), 354-363.
  • Crouch, G. I., & Ritchie, B. W. (2018). Tourism, competitiveness, and societal prosperity. Journal of Travel Research, 57(8), 1013-1028.
  • Eden, C., & Ackermann, F. (2020). Making strategy: The journey of strategic management. Sage.
  • Fuchs, M., Buerger, C., & Werthner, H. (2020). Technology as an enabler of sustainable tourism: State of the art, potentials and challenges. Journal of Sustainable Tourism, 28(1), 1-23.
  • Fernandez-Ruiz, B., & Holgado-Tello, F. P. (2021). Local Resident's Attitudes toward Tourism and Its Relationship with Destination Image and Place Attachment. Sustainability, 13(7), 3665.
  • Fletcher, J., Fyall, A., Gilbert, D., Wanhill, S. (2018) Tourism: principles and practice. Harlow: Person Education. 2. Madura, J. (2007) Int
  • Fullen, S.L. and Podmoroff, D. (2006) How to write a great business plan for your small business in 60 minutes or less. Ocala: Atlantic Publishing Company.
  • George, J. M., & George, J. M. (2021). Understanding and managing organizational behavior. Pearson.
  • Hofstede, G., Hofstede, G. J., & Minkov, M. (2010). Cultures and organizations: Software of the mind: Intercultural cooperation and its importance for survival. McGraw-Hill.
  • Hsu, C. H., Wu, C. Y., & Li, X. (2021). Tourism and Tour Guide Employment in Taiwan: An Empirical Analysis. Sustainability, 13(1), 185.
  • Johnson, G., Whittington, R., & Scholes, K. (2019). Exploring Strategy: Text and Cases (12th ed.). Pearson.
  • Kew, J., & Stredwick, J. (2017). Business environment: Managing in a strategic context. Kogan Page.
  • Lamberton, C., & Minor, M. (2018). Entrepreneurship: Successfully Launching New Ventures (6th ed.). Pearson.
  • MarketLine Industry Profile: Travel & Tourism in United Kingdom' (2023) Travel & Tourism Industry Profile: United Kingdom, pp. 1–80.
  • Munar, A. M., & Khoo-Lattimore, C. (2021). Marketing of sustainable tourism products: Examining the role of destination management organizations. Journal of Sustainable Tourism, 29(5), 690-708.
  • Mesherghi,Joel , 2022. Competitive Analysis: A Comprehensive 9-Step Guide. [Online]
    Available at: https://www.searchenginejournal.com/competitive-analysis-9-step-guide/460015/#close
    [Accessed 15 May 2023].
  • O'Reilly, D. (2020). Tour Operators in the Digital Age: Innovation and Adaptation Strategies in Response to Disintermediation. Journal of Travel Research, 0047287520934433.
  • Pike, S. (2020). Tourism destination marketing organizations: A systematic review. Journal of Travel Research, 0047287520952509.
  • Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2), 62-77.
  • Stone, P., & Devenney, J. (2018). The modern law of contract. Routledge.
  • Sainaghi, R., & Baggio, R. (2021). Rebuilding tourism destinations: A stakeholder analysis and the need for strategic intelligence. Journal of Destination Marketing & Management, 19, 100558.
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