Careers and Economic Activities Assignment Sample

Introduction Of Careers and Economic Activities

The UK's tourism services sector includes diverse employment, professions, business, and economic pursuits. Travel agents, tour guides, hotel and lodging managers, event planners, food and beverage managers, and suppliers of transportation services are just a few of the jobs and professions in this industry (Fontefrancesco, 2023). Cultural and heritage tourism, adventure tourism, ecotourism, and sports tourism are a few of the commercial activities in this industry. This industry includes a variety of businesses, from little bed and breakfasts to big hotel chains, local tour guides to big international tourist agencies, and amusement parks to historical sites.

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Idea for a new business within the Tourism sector

The little travel service, which organises gourmet vacations in Italy, is looking to expand into a new venture. The new idea is proposed to announce the launch of second location in the United Kingdom, specifically in the exciting city of London, due to the continued growth and the high demand from the loyal client base (Hashemi, et.al, 2023). The organizational unit that offers products or services to clients with the intention of making a profit is referred to as a business. The process of gathering and analyzing data for business decision-making is known as business research.

This report's objective is to carry out a feasibility study for the suggested luxury culinary tour company. The report's goals include determining the market's demand for luxurious culinary tours in London, identifying potential rivals, analyzing the venture's financial feasibility, determining the regulatory and legal requirements, and suggesting a marketing plan to attract clients. The opportunity to educate tourists about authentic Italian cuisine and regional producers makes this proposal interesting because it can provide a different cultural experience. London is a thriving city with a diversified culinary scene and rich cultural legacy, and boutique travel service, which specialises in exquisite gourmet tours of Italy, hopes to reproduce this success there.

Figure 1 Culinary Tourism

(Source: Adventure Student Travel, 2022)

Tourism products like to offer on the local market, who can be your clients, their demographics, needs, wants, and demands

The boutique travel agency's intended offering to the local market is high-end, food-focused itineraries around London. These excursions cater to well-heeled customers with a penchant for culinary excellence, cultural curiosity, and out-of-the-ordinary vacations. Customers in this age range tend to be more affluent and more discerning, seeking for upscale lodgings and individualized care. Their clientele might consist of businesspeople, gourmets, and tourists looking for authentic local experiences. The desires of the clientele centre on sampling the finest Italian cuisine, learning about genuine regional producers, and relaxing in the lap of luxury. They're looking for things like private tastings with well-known chefs and insights into the history of regional cuisine. The demand for these activities stems from tourists' yearning for one-of-a-kind adventures that are rich in culture, cuisine, and opulence.

Future competitors and stakeholders (people who have an interest in your business

Internal stakeholders are people or organizations that are directly interested in or proposed luxury culinary tour company could be:

• Management team -The group of people in charge of overseeing the day-to-day activities of the company. By making strategic choices, putting rules and procedures into place, and allocating resources, they can have an impact on the firm.
• Employees - They can have an impact on the firm by rendering excellent service, representing the brand, and enhancing its general success.

The company might set up open lines of communication and routine check-ins with the management group and staff to make sure everyone is on the same page regarding expectations and goals to manage these internal stakeholders (García-Carrión, 2023).To keep the owners updated on the company's success, frequent financial reports may also be given to them.

External stakeholders are people or organizations that are not part of the company but who may be impacted by or able to influence business decisions. External stakeholder examples for the proposed luxury culinary tour company could be:

• Customers - The people who pay for the service and have high standards for the overall experience. They can have an impact on the company by submitting reviews and providing feedback.
• Suppliers - The people or organizations that offer the business goods or services like transportation or meals. They can have an impact on the company by delivering high-quality goods or services and charging fairly.

The company might put a priority on customer happiness by continually providing high-quality service and encouraging feedback to manage these external stakeholders. Finally, the company may make sure that all pertinent regulations are followed and could keep lines of communication open with regulatory organizations.

Future competitors

Finding and analyzing both direct and indirect market competitors is the process of conducting a competitive analysis. Competition for the proposed luxury culinary tour firm will come from existing tour operators who provide culinary experiences in Florence, as well as from local eateries and enterprises involved in the food industry.

The proposed company will provide a fully individualized and personalized experience that focuses especially on upscale cuisine tours to stand out from the competitors. To assure access to the best and most distinctive culinary experiences in Florence, the company will also place a priority on relationships with regional suppliers and chefs.

Short and long-term strategy

Market research

The process of acquiring and analyzing data on a market, including that market's size, potential, and customer preferences, is known as market research (SojasiQeidari, 2023). Informed judgments on product development, marketing tactics, and other crucial areas of corporate operations are made possible. The people who appreciate luxurious travel experiences are interested in eating authentic Italian food, and have the disposable income to finance such experiences are probably the potential customers for the suggested luxury culinary tour firm. The demographic information in the following table relates to potential clients:

Figure 2 driven shaping the future of food tourism

Business strategy

A company's business strategy is the collection of strategies and initiatives it uses to accomplish its goals and objectives. It includes defining the company's mission, evaluating the company'sstrengths and weaknesses, spotting market opportunities and threats, and creating a strategy to gain a sustainable advantage.

The short-term goal of the proposed luxury culinary tour company's business plan is to establish a strong reputation for providing clients with specialized, high-quality experiences. This would involve making financial investments in marketing and advertising campaigns to attract new clients as well as building relationships with local farmers and chefs to guarantee access to the greatest and most different culinary experience in Florence (Darsana, 2022). The short-term objective is to position the company as a leading provider of luxurious culinary tours, to cover costs and making a little profit.

The long-term business plan will focus on growing the company's travel options to incorporate other locations within London and eventually other states of the UK. Building a strong brand and reputation for providing high-quality, individualized experiences in the luxury travel industry will be necessary for this, as well as making investments in infrastructure and technology to support development. The long-term objective is to establish the company and its stakeholders as a major global supplier of luxurious and cultural experiences.

PESTLE Analysis

A framework called a PESTLE analysis is used to examine the external macro environmental elements that can have an impact on a firm. It examines the elements that can impact the firm on a political, economic, social, technological, legal, and environmental level. Here is a PESTLE study of the hypothetical luxury food tour business:

• Political – the business may be impacted by Italian government rules relating to tourism. For example, modification to safety standards or visa restrictions may have an impact on the number of tourists entering the nation.
• Economic - The Italian economy's GDP growth and inflation rates, for example, can have an impact on the travel and tourism sector (Jannah, et.al, 2022). The cost of travel for visitors may alter as a result of fluctuations in currency exchange rates.
• Social - The kinds of experiences and services that the company provides can be influenced by Italian cultural norms and trends (Handayani, et.al, 2023). The business may also be impacted by changing traveller preferences and tastes.
• Technological - Technology advancements like social media, mobile apps, and online booking platforms may have an impact on the luxury culinary tour company's business strategy.
• Legal - The running of the firm may be impacted by legal considerations such as safety rules, tax laws, labour laws, and environmental regulations (Widodo, 2023).
• Environmental - The tourism sector in London may be impacted by environmental factors as weather, natural disasters, and climate change. In terms of customer demand and supplier capabilities, the environmental element may have an impact on the business.

Recommendations

Some suggestions for the company to improve its chances of success include:

1. Establish strategic alliances with upscale resorts and hotels to market the business' services to its visitors.
2. Add wine tastings, cooking lessons, and other culinary events to the company's menu.
3. To improve visibility and create a powerful online presence, make use of social media platforms and online review sites.
4. To guarantee that the business remains competitive and relevant, it should frequently analyze market trends and client preferences and alter as obligatory.
5. Utilise data and analytics to get an understanding of customer preferences and behaviour so that you may adjust your products.

Conclusion

The report highlights that the suggested luxury culinary tour firm has the potential to be a successful and profitable enterprise by providing travellers visiting Florence with distinctive and excellent culinary experiences. The organization may create efficient plans to reduce risks and take advantage of possibilities by conducting market research, identifying potential clients, and comprehending the external elements that can have an impact on the business.

References

• Adventure student travel, 2022, culinary travel, (online)<https://www.google.com/search?q=culinary+tourism&rlz=1C1YTUH_enIN1013IN1013&sxsrf=APwXEdcwLW46ZQlt6VV343JL3VWNXCHx1g:1683796009162&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiUgoD49Oz-AhUgT2wGHQklDcYQ_AUoAXoECAEQAw&biw=734&bih=706&dpr=1.25#imgrc=H85D8LfmtkNcmM>accessed on 10.05.2023
• Darsana, I.M. and Susanti, P.H., 2022. Trends of Traditional Culinary Tourism Research in Tourism Sector Journals Around Indonesia.Budapest International Research and Critics Institute-Journal (BIRCI-Journal),5(1).
• Fontefrancesco, M.F., Boscolo, A. and Zocchi, D.M., 2023. Rural Culinary Tourism in Southern Europe: Emerging Educational Needs of a Growing Sector.Tourism and Hospitality,4(2), pp.293-306.
• García-Carrión, B., Del Barrio-García, S., Muñoz-Leiva, F. and Porcu, L., 2023. Effect of social-media message congruence and generational cohort on visual attention and information-processing in culinary tourism: An eye-tracking study.Journal of Hospitality and Tourism Management,55, pp.78-90.
• Handayani, T.S., Iqbal, M., Marisya, F., Marsinah, M. and Despita, D., 2023. Culinary Tourism Development in Palembang City: A Case Study BebekGendut Restaurant as An Economic Driver in The Traditional Halal Food.Ekonomica Sharia: JurnalPemikiran Dan Pengembangan Ekonomi Syariah,8(2), pp.191-204.
• Hashemi, S., Mohammed, H.J., Kiumarsi, S., Kee, D.M.H. and Anarestani, B.B., 2023. Destinations food image and food neophobia on behavioral intentions: culinary tourist behavior in Malaysia.Journal of international food & agribusiness marketing,35(1), pp.66-87.
• Jannah, R., Abbas, E.W., Jumriani, J., Handy, M.R.N. and Putra, M.A.H., 2022. BanuaAnyar Culinary Tourism Area as a Tourism Attraction in Banjarmasin.The Innovation of Social Studies Journal,3(2), pp.157-162.
• SojasiQeidari, H. and Hosseini Kahnooj, S.R., 2023. Analysis of Factors Influencing the Motivation for Traveling to Culinary Destinations and Their Effect on Tourists' Loyalty and Return.Journal of Quality Assurance in Hospitality & Tourism, pp.1-23.
• Widodo, S., Surya, E.D. and Tasril, V., 2023, February. Analysis of Promotional Strategies with a Culinary Tourism Approach to Increasing Tourist Visitson the Beach Digitalization-Mediated Variable. InProceeding Medan International Conference on Economic and Business(Vol. 1).