Business & Tourism Management Assignment Sample

Introduction of Business &Tourism Management

Tourism refers to the economic, cultural and social phenomenon that involves movement of a person or group of individuals to countries or regions outside their daily environment for personal as well as business purposes. The concept of tourism was first introduced in the 17^th century when young people from northern along with the western countries of Europe made what was known as Grand Tour. Young nobles covered the Italy, Greece, Germany and France with the aim of exploring the cultural heritage, art and history. By 18^th century, this tradition was widespread between richer classes and it also spread to other countries worldwide. Individuals travelled for different purposes such as; leisure, entertainment, business, employment and health (Rodriguez, 2020). They usually travel by train and taking benefits of fact that railway network linked the destinations in Europe and other regions worldwide. This report is going to be discussed about the new business plan which is based on develop an application ‘Medico’. This application will provide the suggestions and recommendations regarding excellent medical care facilities to the travellers. This app will suggest best medical services with available across the United Kingdom. This app will definitely provide lot of benefits to the people who travels UK for best and affordable health care treatment. This new business will operate in all over the UK but the head office will be located in the Reading, England. Medical service application will be profitable. In year 2021, there were almost 34,000 people who visited to UK for medical treatment (Statista Research Department, 2023). If Medico app will launch successfully in the UK then it can solve problems of many patients and contribute to improve their health and well-being. This application will provide all kind of information such as; health care organisations for different diseases and medical service providers, thus people can easily discover best hospital and doctor.

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Main Body

SMART objectives

Short-term

• Increase app traffic by 10% in 3 months
• Attract more customers by12% within 5 months

The new business wants to increase app traffic within 3 months through increasing the efforts and by providing useful information. The company also desires to attract more customers by using excellent marketing activities.

Medium term

• Grow online business by 5% in 6 months
• Increase business exposure by 10% within 9 months

Medico will develop business by making partnership with other brands and medical services and try to achieve this goals within time limit. The new business will also increase exposure of business. The firm will do this by using different social media platforms which will help to increase awareness regarding this application.

Long-term

• Increase profit margins by 9% within 12 months
• Grow shareholder value by 5% within 15 months

The long-term goals of the business will include boost profit margins and enhance shareholder value. Both goals will facilitate the company to achieve higher growth in the business. It will also help in improving financial conditions of business. The firm can achieve it by building excellent workforce who will do hard work and help to accomplish the business long-term goals and objectives.

Personal SWOT analysis

SWOT analysis is excellent tools which help to identify the strengths, weaknesses, opportunities and threats of any person or business. The detail of personal SWOT analysis is given below:

• Strengths – From my past experience I have identified that I have good organisation, communication, problem-solving and technical skills. Earlier, I worked as customer service representative in the company where I solve queries of clients. I also worked as an assistant in private firm where I provide technical assistance. I also have an excellent knowledge of technical tools, software and methods which will help me to develop medical app (Puyt, Lie and Wilderom, 2023).
• Weaknesses – I realised that I am weak in time management skills as I often felt difficulties to manage time in my workplace. My poor time management ability negatively impacted my work and it can also affect my upcoming business project. Fear of public speaking is also my weakness and it can also impact future deals and activities related to new business.
• Opportunities – Knowledge about advance technology and tools like virtual reality, artificial intelligence, machine learning and automation can provide lot of opportunities to me. Health care industry knowledge can provide advantages in developing the Medico application. I will definitely use my skills and knowledge to grab the opportunity and convince investors to invest in my project. The current trend in the market of making business digital will be useful for me and I will take advantage of it to make mobile app (Waliszewski and Zięba-Szklarska, 2020).
• Threats – Regular growing competition in the market will be greatest threat for me and can act as barrier for my new business project. There are many entrepreneurs in the market who have great knowledge and they can give tough competition to my business. My weak time management ability can create problems so, I need to focus on this skills to get success in my new project.

Target customers and market

The medical tourism has gained the critical insights into why patients are more and more seeking to travel for the medical care. Medico is seeking to tailor their services to meet the rising needs as well as expectations of international patients. They will highlight the standard of care and also build the significant confidence which underpins the decisions to seek the medical treatment abroad (Campra et al, 2022). The Medico app offers a central portal where the patient can find all the information they need. The app will target countries such as South America, Canada and Mexico who are seeking for medical tourism trips such as cosmetic surgery, dental care, organ transplantation as well as cancer treatments. Travellers within UK for medical treatment become more common among the residents from various countries. Several factors have contributed to the growth of medical tourism, these include rising readiness to travel for health care, disposable income, low-cost travel as well as expansion of marketing. Elderly people from the different countries with the emerging healthcare facilities may travel to the United Kingdom for better treatment and care.

Elderly people have the rising need for the health care services which are sought by different countries for care plans. Medico app will offer the elderly with the treatments as well as specialists of their choices which ensure them in quality health care services. Elderly patients seek care abroad to access the specialized treatments as well as world-class facilities which might not be readily accessible in their home country. 

The UK’s medical tourism market is booming which is expected to reach $122 billion by 2034 at the 14.8 annual growth (United Kingdom Medical Tourism Industry, 2024). The research suggests that UK medical tourism will boost the record by $ 122.5 million CAGR at the end of 2034. The scale of the UK’s medical tourism business has risen because of the expansion of health concierge services across the nation. Customers are also coming from around the world to use these services because of the remarkable medical infrastructure. The country is attracting various medical tourists for the treatments for the range of ailments. This promotes the uptake of medical tourism as well as offers profitable expansion prospectus. The booming market for the medical tourism linked with the prevalence of the private healthcare infrastructure, enhances sales revenues as well as stimulates the expansion.

Specific needs of local market

Medico will provide patients with the access to innovative procedures as well as technologies which are not accessible in their home country. People have mobility limitations which make it significant for the Medico to offer accessible environments. Patient has complex medical requirements which need specialized care as well as facilitates the tailored to their health consequences (Lunt, 2022). Navigating the cultural and language barriers might be challenging for the patients who are traveling for the medical care. Medico will offer cultural sensitivity and clear communication for their experience. Medico offers personalized patient care facilities which ensure the well-being and satisfaction of the elderly medical travelers. Medico creates the specialized services as well as facilities catering to patients that can assist in the medical tourism market.

Potential competition

This model is helpful for the competitor analysis in the medical tourism sector. There are detail description explained below:

• Bargaining power of suppliers – The bargaining power of suppliers is low to moderate for medical the company because there are various suppliers in the marketplace. The company can choose suppliers from large number of suppliers.
• Bargaining power of buyers – Bargaining power of the suppliers is relatively high as there are many other mobile application that provide similar services. Customers can switch company anytime according to their needs (Isabelle et al, 2020).
• Threat of substitution – The impact of substitution threat is also moderate for the business. Customers use application that provide relevant and accurate information. If the new business will fail to offer services then customers can substitute application with others.
• New entrant’s threat – Government are now encouraging entrepreneurs to follow their passion and open business. They also provide fund for start-up business, it makes it easy for the entrepreneurs to set up business without any problem (Mugo, 2020).
• Competitive rivalry – There are many mobile app that provide health care information in the UK. NHS Digital, Patient Access, HealthRota and Microguide are some top mobile application that will give tough competition to Medico app.

Competitor analysis

Marketing plans

Digital analytics measures the performance of the Medico’s online channels as well as campaigns. This offers vital insights into the international patients' journey as well as the influence of the marketing campaigns on the conversion rates. Data mining will help the business in gaining the business insights, enhance operational effectiveness as well as productivity while cutting down the cost expenses using the range of statistical approaches as well as algorithms. Technologies services in Medico App will enhance the website ranking, enhance online visibility as well as attract the visitors internationally.

Search Engine Optimization (SEO) and ads: the goal of the SEO is to link the website with the algorithms for users seeking for the medical services. This offers the extensive reach as well as a more conversion-ready audience (Virani et al, 2020). Social media channels also customize the targeting as well as brand awareness to complement them. These ads will help Medico to enhance its visibility which will lead to more patients identifying the brand.

Word of mouth campaigns: to enhance the users' activities within the app, medico needs to focus on health influencers whose audience is interested in the medial tourism niche as well as develop campaigns which motivate application usage. Influencers will promote app features which encourage engagement like exclusive offers and interaction features which will help in retaining and attracting patients seeking for intervention.

Partnership: The firm can collaborate with digital marketing agencies which will play a vital role in promoting the credibility with the users. They helps in creating the strong digital presence which serves as a promoter for boosting trust as well as securing profitable contracts with the local medical tourism agencies (Kim and Hyun, 2022). They also outline their market positions, business goals, competitors as well as target audience. This will enhance Medico’s app visibility, revenue generation as well as customer engagement.

Operations

Key stakeholders

There are several stakeholders are associated with the business and all stakeholders play a most important role in the organisation.

Management – Management will set the goals and objectives regarding business and make strategies. Managers will also manages and supervise all activities in appropriate way and make sure that all other objectives are aligned with the company goals.

Employees – Employees are essential part of the business and without them the company cannot survive in the market. Employees will use their skills, knowledge and competencies and do hard work to perform various tasks and activities (Hein et al, 2020).

Customers – The business will launch this app only for people so that they can easily get required information so customers are valuable stakeholders for the Medico. Customers will login into the app which will increase traffic on mobile application and help to increase revenue.

Investors – The owner of this business will get fund from the investors so that they can set up the new business. Without investors, the company will not get adequate amount of fund to carry out the business activities (Joseph et al, 2020).

Government bodies – Government will provide permission to launch the mobile application which will offer medical services. Government authorities will control overall business activities and operations and make sure that the firm will be on right track.

Organisational structure

Organisational structure refers to the system which shapes how several activities and functions are directed to accomplish the goals of the company. These activities can involve rules, responsibilities and duties (Filimonau, Derqui and Matute, 2020). It will also determines how information regarding business flows between different levels in the firm. The new business will hire the expert who will manage the all business activities and human resource managers who will hire talented and skilled employees for the business. The major focus on the candidates who have excellent technical knowledge because it will be an online business and all employees will have to work on computer systems. The business will also hire the marketing professional to market and promote the mobile application among customers. In the next 12 months, the company will hire more employees so that they can expand the business.

Operational considerations

It is required for the business organisations whether it is existing or new to comply with the rules and regulations to avoid any legal problems. These legislation and laws are set by the government for the businesses.

Intellectual property – The new business need to have intellectual property rights like copyright. It will help to protect the innovative application from other companies and people.

Tax laws – Tax laws should followed by the Medico app and pay taxes on time. Tax evasion can create issues and harm the reputation and image of the business (Gao, Liu and Hua, 2022).

Labour laws – Labour laws was developed to protect the employees as well as employer which include different areas working hours, employment contracts, policies etc. The business will follow employment laws and make sure that they will provide fair wages to the employees.

Environmental law – Now, government set strict environmental rules due to increasing impact of business on environment. The businesses need to follow sustainable and ethical ways to operate business.

Financial aspects

A new business has £ 20,000 to start the new business of developing a mobile application. The new company will spend money on different activities such as; renting and premises, equipment purchasing, transport and delivery and telephone internet which will be priority of the firm. The company will also spend sufficient money approximately £ 500 on marketing and advertisement which will necessary to promote the app among people in the market. Without effective marketing, the company will not able to increase awareness about new medical services application. The firm will also apply for loan almost £ 10000 which will help to set up the business effectively. The company will uses money carefully and will not misuse the funds. Medico app will expect to generate around £ 12000 sales from new Medico app in one year. Medico app will pay monthly loan from money they has to avoid legal issues. The firm will also provide salary to the staff members and pay professional fees.

Back-up plans

It is crucial for the new business to prepare the backup plan as it will provide protection in case of crisis and disaster. With reliable backup strategy in place, it is possible for the firm to recover from situation and resume their business operations. In case, if Medico app will not be able to pay loans then they can use other ways to manage loan repayments. The company can use their personal savings and assets to pay the bank loans because if the company will not pay money on time then bank can take legal action. It can impact the reputation and image of the company in the market. The company can sell assets which are not necessary for everyday operations. By this approach they can make money and pay loans. The business can also reduce the number of employees so that they can save money and use it in repayments. Medico app can also take help from investors or partners, they will definitely provide financial support.

Conclusion

In conclusion, the medical tourism “Medico” offers with the range of advantages that attract various people to select the health alternatives. Medical tourism has emerged as a viable alternative for the patients around the world who are seeking for the medical surgeries as well as treatments. Factors like reducing healthcare expenses, long waiting times as well as limited access to the specific treatments in the UK drive the people to explore the medical alternatives. With the user-friendly applicator helps the organization to handle the needs of the patients on a global level. The objective of the digital marketing is to attract the users which offer them with the access to information regarding the Medico through digital media.

References

Books and Journals

• Campra, M., Riva, P., Oricchio, G. and Brescia, V., 2022. Bibliometrix analysis of medical tourism. Health Services Management Research, 35(3), pp.172-188.
• Filimonau, V., Derqui, B. and Matute, J., 2020. The COVID-19 pandemic and organisational commitment of senior hotel managers. International journal of hospitality management, 91, p.102659.
• Gao, X., Liu, N. and Hua, Y., 2022. Environmental Protection Tax Law on the synergy of pollution reduction and carbon reduction in China: Evidence from a panel data of 107 cities. Sustainable production and consumption, 33, pp.425-437.
• Hein, K., and et. al, 2020. Identifying key elements for paediatric advance care planning with parents, healthcare providers and stakeholders: a qualitative study. Palliative medicine, 34(3), pp.300-308.
• Isabelle, D., and et al, 2020. Is Porter's Five Forces Framework Still Relevant? A study of the capital/labour intensity continuum via mining and IT industries. Technology Innovation Management Review, 10(6).
• Joseph, L., and et al, 2020. A qualitative research study which explores humanitarian stakeholders’ views on healthcare access for refugees in Greece. International journal of environmental research and public health, 17(19), p.6972.
• Kim, H.L. and Hyun, S.S., 2022. The future of medical tourism for individuals’ health and well-being: a case study of the relationship improvement between the UAE (United Arab Emirates) and South Korea. International Journal of Environmental Research and Public Health, 19(9), p.5735.
• Lunt, N., 2022. Medical tourism. Key Concepts in Medical Sociology (3rd ed., pp. 222–227). SAGE. https://books. google. rs/books, pp.222-227.
• Mugo, P., 2020. Porter’s five forces influence on competitive advantage in telecommunication industry in Kenya. European Journal of Business and Strategic Management, 5(2), pp.30-49.
• Puyt, R.W., Lie, F.B. and Wilderom, C.P., 2023. The origins of SWOT analysis. Long Range Planning, 56(3), p.102304.
• Virani, A., Wellstead, A.M. and Howlett, M., 2020. Where is the policy? A bibliometric analysis of the state of policy research on medical tourism. Global health research and policy, 5, pp.1-16.
• Waliszewski, K. and Zięba-Szklarska, M., 2020. Robo-advisors as automated personal financial planners–SWOT analysis. Finanse i Prawo Finansowe, 3(27), pp.155-173.

Online

• Rodriguez, C.P., 2020. Travelling for pleasure: a brief history of tourism. [Online] < https://www.europeana.eu/en/stories/travelling-for-pleasure-a-brief-history-of-tourism > Accessed Date - 19/09/2024.
• Statista Research Department, 2023. Number of overseas resident visits to the United Kingdom (UK) for medical treatment in 2021, by region of origin. [Online] < https://www.statista.com/statistics/1382573/inbound-visits-for-medical-treatment-uk-origin/ > Accessed Date - 19/09/2024.
• United Kingdom Medical Tourism Industry, 2024. [Online] < https://www.futuremarketinsights.com/reports/uk-medical-tourism-market > Accessed Date - 19/09/2024.

Author Bio

Andrew Carter   10 years | MSc in Management

I am Andrew Carter and graduated with distinction, earning a Master of Science degree in management from Cranfield University. I am very well aware of the problems students face as I was a student once. I want to take them out of such a situation and for that I have been helping them for 10 years. I have completed more than 500 management papers for students in provided time.