Future of Travel and Tourism Business Plan Sample

Creating a Sustainable Future for Travel and Tourism: Comprehensive Business Plan Guide

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Introduction Of the Future of Travel and Tourism Business

Business Overview

Cosmos is a part of the Globus Group of travel Brands and has been in operation since the 1960s. The company has a presence in the US, Canada, Asia, Africa, and many more (Cosmos.com, 2023). The company offers packages for sightseeing along with bus and train tickets. Customers may book excursions inside the UK or to other parts of the globe since the agency's services extend to both domestic and foreign destinations. They're able to give low prices and a large variety of services because of their connections with major airlines, hotel chains, and other travel suppliers.

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Industry analysis

Revenues from the casino and gaming business, as well as those from restaurants, hotels, motels, travel agencies, and passenger airlines, together make up what is known as the travel and tourism industry. Revenues in the travel and tourism sector in the United Kingdom amounted to $112.9bn in 2020, a decrease of 19.8 per cent from 2016. In 2020, the food service sector was the most lucrative for the business, bringing in $49.9bn in revenue (or 44.2% of the total). The worldwide spread of COVID-19 has decimated the sector, causing a 60.7% drop in 2020 (And, 2020). Cultural heritage, arts and entertainment, and historical significance are some of the characteristics of the tourism industry in the UK. The United Kingdom is a cultural mecca for people all over the world. The “West End in London”, the Edinburgh Festival Fringe”, and the “Glastonbury Music Festival” are a few examples of the world-class theatres, musicals, festivals, and events that call the United Kingdom home (And, 2020). Shakespearean plays and folk music are other very well-liked cultural activities.

Sustainable and responsible tourism is becoming more popular as people become more conscious of environmental challenges. Sustainable practices and green initiatives that the UK has been actively promoting may attract eco-tourists who are looking for places with a good track record of protecting the environment.

Market trends

Brexit, economic instability, and the COVID-19 epidemic have all contributed to a spike in domestic travel in the United Kingdom (Li, 2020). An increasing number of visitors to the United Kingdom are opting for more eco-friendly lodgings, participating in responsible tourism activities, and giving back to the local community as part of their vacation experience.

The growth of digital technology has led to an increase in the use of technology in the United Kingdom's tourism business (Thelwall, 2019). Many landmarks now have VR tours, and vacationers may use their phones to arrange everything from transportation to lodgings to sightseeing. Destinations that emphasize health and well-being have become more popular as a result of the COVID-19 epidemic; visitors are seeking out places where they may engage in pursuits like hiking, yoga, and spa treatments.

The United Kingdom's tourism business is adapting to satisfy the needs of modern travellers by prioritizing eco-friendliness, cutting-edge amenities, and one-of-a-kind attractions (Ushakov, 2020).

Competitors

The company has several competitors in the UK tourism industry. Airtours Plc, Tropical Sky Limited, and Mountain Kingdoms Ltd are some of the competitors of the business in the country. The mentioned organizations are considered to be direct competitors of the business. The business needs to focus on activities and the strategies of the competitors to gain a competitive advantage in the marketplace.

Suppliers

In order to provide their clients with distinctive travel packages and experiences, travel agencies may also bargain for lower prices or exclusive arrangements with vendors. Cosmos Travel's business strategy, alliances, and target markets would determine the precise sources of inventory the firm would use.

  • Airlines:  Airline tickets are purchased by travel agencies, tour operators, and other travel firms either directly from airlines or through a global distribution system (GDS) like Amadeus, or Travelport (Nodehi, 2021).
  • Hotels: Both individual hotels and hotel aggregator websites like Booking.com, Expedia, and Hotels.com allow travel agencies to book hotel rooms for their clients (Kumar, 2019).
  • Rental Cars: Directly or through a third-party platform like Sabre, Travelport, or CarTrawler, rental vehicle providers make their inventory available to travel agencies.
  • Booking Tours and Excursions: Travel Agencies may contact local tour operators directly, or use a third-party platform like Viator or GetYourGuide to book tours and excursions.

Target clientele

Cosmo Holidays probably has a wide variety of clients, from young families to empty nesters to lone adventurers. Beach vacations, city tours, outdoor adventures, and cultural excursions are just some of the many options.

Cosmo Holidays welcomes clients of all ages, from young professionals to retirees. They may target a specific demographic, such as parents with small children, or provide services to a more general public (Skånland, 2021).

Customers of Cosmo Holidays may come from a wide range of economic levels, although the company primarily targets those with middle- to upper-middle-class incomes who can spare some cash for vacations (Ngezahayo, 2022).

Cosmo Holidays' clientele ranges from seasoned adventurers looking for off-the-beaten-path adventures to first-time explorers who choose tried-and-true tourist traps (Yang, 2020).

Swot

Strengths:

  • Excellent public perception and standing as a travel brand.
  • The professional and well-versed staff of travel agents and support personnel.
  • A fresh strategy for organizing vacations puts the focus on the client.
  • Strong ties to the vendor and supply base translate to lower costs for them.

Weaknesses:

  • Limited availability of vacation packages from other providers.
  • Reduced brand recognition as a result of insufficient marketing and advertising Misra, 2020).
  • Due to the absence of an easily accessible online booking and reservation system, the customer service procedure may be lengthened.

Figure 1: Swot analysis

Swot analysis

(Source: questionpro.com, 2023)

Opportunities:

  • Growth in untapped niches for tourism, such as eco-tourism and other forms of adventure travel.
  • Including more options in vacation packages helps to attract more people.
  • Advertising and marketing initiatives have been ramped up to increase brand recognition and find new audiences (Darras, 2021).

Threats:

  • The travel sector is very competitive, as both new and old firms have emerged.
  • Customer demand for vacations may be impacted by economic downturns and currency changes.
  • Destination dangers, such as a lack of security or accessibility due to political unrest or natural calamities (Darras, 2021).

Marketing mix

Product: Price: Place: Promotion:
Cosmos Holidays provides consumers with a variety of vacation packages to choose from. Flights, lodging, and transportation to and from the hotel, as well as optional activities like tours and transfers, are all part of these bundles. Cosmos Holidays' package prices vary according to the location, season, and features selected. The organization provides a range of price tiers to accommodate a variety of customers' needs (Yang, 2020). The organization has relationships with several airlines and hotels, giving consumers numerous alternatives for both travel and lodging. The firm also makes use of social media in its efforts to attract new clients and maintain relationships with its current clientele (Durrani, 2021). In addition, consumers may take advantage of early booking discounts and last-minute packages available at Cosmos Holidays all year round.

Figure 2: Marketing mix

Marketing mix

(Source: byjus.com, 2023)

Digital Applications / Business Software

Booking, itinerating, real-time updates, and customer assistance are just some of the many services that travel businesses may provide through digital apps.

Booking flights, hotels, and activities, as well as seeing itineraries, receiving real-time updates, and contacting customer care, are all possible via smartphone apps provided by travel businesses to their clients (Nodehi, 2022). Cosmos Holidays subscription fees depend on the service which they are provided. Agencies such as Cosmos Holiday may provide more economical choices for independent travel agents or those just starting in the sector.

Cosmos gives their customers several features such as they provide wonderful options for mobility available in Cosmos, including spectacular train journeys, overnight cruise ships, gorgeous day ferries, and private first-class motorcoaches (most of which provide complimentary Wi-Fi) (Çi?demli, 2022).

Financial aspect

The pro forma statement of the business has been described below which indicates the income and expenses of the business in the relevant sector.

Task Figures
Net sales £ 800,300
Cost of goods sold £ 575, 027
Gross profit £ 225, 654
Operating expenses £ 112,226
Net profit before tax £ 113,126
Net profit after tax £ 90,675
Cash dividends £ 25,400
To retained earnings £ 34,090

Conclusion

It can be concluded that the organization has been able to capture the regions and areas of the tourism industry in the UK. It has been found that with a decline of 19.8 per cent from 2016, the travel and tourism industry in the United Kingdom brought in $112.9 billion in revenues in 2020. In 2020, the food service industry brought in the most money for the company at $49.9 billion. individuals' awareness of environmental issues has led to a rise in the number of individuals interested in ecotourism. The UK's efforts to promote sustainable practices and green projects may entice eco-travellers in search of destinations with a solid history of environmental protection.

References

  • and, R. (2020). Travel and Tourism in the United Kingdom (UK) - Market Summary, Competitive Analysis and Forecast to 2025. [online] Researchandmarkets.com. Available at: https://www.researchandmarkets.com/reports/5526783/travel-and-tourism-in-the-united-kingdom-uk [Accessed 13 May 2023].
  • Çi?demli, A.Ö.Ö. and Avc?, C., 2022. Technology Usage in Tourism Events, Fairs and Festivals: Samples from Turkey. In Technology Application in Tourism Fairs, Festivals and Events in Asia (pp. 331-342). Singapore: Springer Singapore.
  • Cosmos.com. (2023). About Cosmos - Cosmos® Affordable Packages. [online] Available at: https://www.cosmos.com/Why-Cosmos/ [Accessed 13 May 2023].
  • Darras, A., 2021. Overview of the dynamic role of speciality cut flowers in the international cut flower market. Horticulturae, 7(3), p.51.
  • Darras, A., 2021. Overview of the Dynamic Role of Specialty Cut Flowers in the International Cut Flower Market. Horticulturae 2021, 7, 51. Trends in Ornamental Plant Production, p.97.
  • Durrani, M., 2021. Physics on holiday. Physics World, 34(8), p.16.
  • Kumar, A. and Mahendrakar, S., 2019. Serverless Integration Design Patterns with Azure: Build powerful cloud solutions that sustain next-generation products. Packt Publishing Ltd.
  • Li, M., Xu, W. and Chen, Y., 2020. Young children's vacation experience: Through the eyes of parents. Tourism Management Perspectives, 33, p.100586.
  • Misra, M., 2020. Experiencing tentacle difficulties? SWOT it out! A SWOT Analysis on the Giant Pacific Octopus Marine Conservation Tourism Programs at the Seattle Aquarium. University of Washington.
  • Ngezahayo, S., 2022. Essentials of Career Management for Language Professionals: A Blueprint for Mastering your Career and Leading a Healthy Work-Life Balance. Tellwell Talent.
  • Nodehi, T., Zutshi, A., Grilo, A. and Rizvanovic, B., 2022. EBDF: The enterprise blockchain design framework and its application to an e-procurement ecosystem. Computers & Industrial Engineering, 171, p.108360.
  • Nodehi, T., Zutshi, A., Grilo, A. and Rizvanovic, B., 2022. EBDF: The enterprise blockchain design framework and its application to an e-procurement ecosystem. Computers & Industrial Engineering, 171, p.108360.
  • Skånland, S.S. and Mato, A.R., 2021. Overcoming resistance to targeted therapies in chronic lymphocytic leukaemia. Blood Advances, 5(1), pp.334-343.
  • Thelwall, M., 2019. Sentiment analysis for tourism. Big Data and Innovation in Tourism, Travel, and Hospitality: Managerial Approaches, Techniques, and Applications, pp.87-104.
  • Ushakov, D., Tsypko, V.V., Orehowskyi, V.O. and Vasylchuk, V.M., 2020. Contemporary conditions for tourism sector transnationalization. Journal of Environmental Management & Tourism, 11(4 (44)), pp.844-856
  • Yang, M.J.H., Khoo-Lattimore, C. and Yang, E.C.L., 2020. Three generations on a holiday: Exploring the influence of Neo-Confucian values on Korean Multigenerational Family vacation decision making. Tourism Management, 78, p.104076.
  • Yang, M.J.H., Khoo-Lattimore, C. and Yang, E.C.L., 2020. Three generations on a holiday: Exploring the influence of Neo-Confucian values on Korean Multigenerational Family vacation decision making. Tourism Management, 78, p.104076..
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