MGBBT0FYP Business and Tourism Management Assignment Sample

Introduction of MGBBT0FYP Business and Tourism Management Assignment

Business plan refers to a document that establishes future business objectives and strategies to attain them. Tourism sector means an industry that is related to travel for leisure, recreation as well as other purposes. The tourism sector includes several businesses such as transportation, food, beverages, accommodation, recreation, entertainment as well as travel services. The industry majorly contributes in the growth of the UK. During 2020 to 2023, travel and tourism industry`s total contribution to UK`S GDP increased by 40% (UK Tourism Trends & Statistics, 2024). The tour operating companies plays essential and crucial role in the enhancement of the tourism sector of UK. These operating companies aids in attracts wide range of tourists towards the industry by providing their effective services. Currently market size of the tour operating industry increased 43.9%, it has grown 1.5% per year between years 2018 to 2023.

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The evaluation of the contribution of tour operating company and market size help in generate business idea of tour operating company namely touring trails, specializing in using technology and robots for the guidance. The company will use travel robots to offering various services such as customer services, luggage handling, information and guidance regarding place and culture to the tourist for enhancing their tourism experience. In tourism sector the use of technology increases it helps in smooth functioning and better tourism experience, thus the technology and robots use help in providing better guidance and information to tourist regarding the tourist place.

The report will covered SMART objectives of business and personal SWOT analysis to know effectiveness to implement the business. It will also evaluate target customer market, competition, marketing plans, operations and finance to operate company efficient in profitable manner.

Objectives

Touring tour wants to attain some of objectives in the coming year. These are as under:

Short-term objectives

• Organizing greater number of tour in a year while offering effective services using technology and robots
• To attract wide range of tourists in a year by using effective digital marketing technologies

Middle-term objectives

• To enhance traffic on company website within 2 year by 20% while effectively posting on social media, using SEO and other digital marketing platforms
• To increase operational efficiency and decline cost by 5% via using cost-effective technologies

Long-term objectives

• Expansion of the business in next 5 years to another 2 countries to increase its market share by 20%

• Major investment in technologies in long term to gain competitive advantage in industry and enhancing tourist experience as well as profitability by 25%

Touring Tour in short-term prioritize to make emphasize on organizing maximum tours while using technologies and robots and grabbing tourist attention for the succession of business. Further, to attain middle-term objective important to maintain cost of the business by using technologies AI, automation. The unique business idea of the company will aids in expansion of business and increasing profitability.

Personal Swot Analysis

SWOT analysis refers to the evaluation and recognition of the strengths and weakness correspondingly aids in taking corrective measures to attain the set targets. My SWOT analysis is as under:

Strength:

• With the help of my previous experience, I identified that financial skill is one of my strength. It aids me to prepare the budget as well as manage the expenditure in the best manner so that able to commence and run business successfully (Dewi et al, 2020).
• Good communication skill of mine aids me to convey ideas, opinion to the team members as well as objective goal and vision of the business so that they work accordingly.
• Strength of leadership aids me to effectively motivate, direct and influence all members of team to learn about new technologies and generate ideas for better succession of business.

Weaknesses:

• Time management is one of my weakness, makes me unable to manage my time effectively correspondingly cause delay in completion of work.
• Lack of problem-solving skill makes me unable to identify problem and making appropriate solutions.
• Lack of effective knowledge of rules, laws regarding operating business makes difficult for proper documentation of business.

Opportunities:

• Financial skill of mine provides opportunity to operate the business within described budget and introducing technologies accordingly.
• Good leadership furnishes me opportunity to lead team and attain goals of expansion of business by correctly guiding team members (Hyatt, 2020).
• I have opportunity to attract wide range of shareholders, investors towards touring tour via effective use of communication skill.

Threats:

• The main threat is lack of awareness regarding getting solution of the problems in a wide competitive environment leads to adversely impact growth of business.
• Large competition in the industry is a threat, make difficult for my new business to mark its presence in industry.
• Lack of awareness of laws and regulation creates threat for me to conduct business in keeping in mind legal obligations. Non-compliance of the rules leads to create bad image of business.

Target Customers and Market

Touring Tour will use STP analysis to identify its target customers. STP is a marketing model use by companies to clearly define the market for the product and how to market or communicate with the potential target customer. It will aids the Touring Tour to make marketing communication more relevant, focused as well as personalized for the customers. It is as under:

Segmentation: The Company segment its customers while using demographic, psychological as well as geographical aspect. The company will focus on segmenting audience on factors such as age, gender, income, occupation, lifestyle, spending habits, geographical location and so more.

Touring Tour will offer different kind of packages for the leisure travelers, adventure seekers, luxury travellers, budget travelers while using technologies and robots to enhance experience of tourists.

Targeting: Touring Tour will target males and females between 21 to 29 ages because they prefer to travel the most. The company will target its potential customers by charging varied prices from different customers according to their packages.

Positioning: To effectively communicate product or services to chosen customers or position company in industry the business will use digital platforms such as social media marketing and search engine optimization to grab customers efficiently.

In modern era, the current trend in UK in regards to tourism industry is use of technologies to perform the business activities in smooth manner. Technology leads to shape the travel and tourism experience of both business as well as customers aids in save time, simplify processes and enhancing customer experience. Currently, the UK tourism market demand more use of emerging technologies such as AI, automation, robotics and so more to save the time, cost, providing better services to tourist such as automate booking processes, providing better guidance via bots, prompt respond to customers queries and complaints (Kılıçhan, and Yılmaz,2020). Presently the tourist required that all companies offer online services regarding bookings or to know about prices, different packages and detailed information of overall tour.

Touring Tour in its business mainly focus on using technologies such as automation for make automatic bookings of customers, addressing grievances and queries. Also, it will use robots to furnish guidance to the tourist regarding different tourist places, their history, culture. Tourists can ask questions to the robotics assistants and immediately get answer, thus specializing in using technologies and robotics Touring Tour is effectively fulfil the demand of local market. Technologies assist the company to offer personalized travel information and advice leads to improve guest satisfaction and experience. Also, it provides competitive advantage to business.

Touring Tour to support its business idea will use reviews as well as word-of-mouth marketing. Company after providing tour services to its customers asked to give their reviews at the online website of the company, this will aids to attract wide range of customers towards the business which is essential to make the business successful. The company will use word-of-mouth marketing to support its business, it use influence marketing in which company make partnership with travel influencers to recommend business services to the targeted audience. In current time, people take services of business which is recommended by the person to whom they follow. Thus, the reviews as well as word of mouth significantly and efficiently support the Touring Tour start-up business which is important to mark its footprint in the high competitive industry.

Competition

Competitive analysis

Competitor’s analysis refers to a procedure or method of recognizing competitors in the industries and evaluating their different marketing strategies. Competitor analyze will aids the Touring tour to identify own strengths and weaknesses in relation to each competitor. The main competitors of Touring Tour in UK market are Exotica, Intrepid travel and Audley Travel. These all companies operate their business in UK provide different package holiday services to its customers to gain competitive advantage in the market.

The competitor analyze is as under:

Touring Tour business is different from the competitors in terms of its proficient services. The company emphasis on utilizing robotics for better operation as well as effective guidance for its customers in a significant manner that aids in making tourist experience better and satisfied as a result makes its business different from its rivals.

Marketing Plan

Marketing plan aids the Touring Tour to makes promotional strategies to grab prospective customers. Digital technologies aids in collecting reliable data and insight to make an effective marketing strategies. With the help of technologies company would become able to get knowledge of customer needs or demands and accordingly improve their service to market its business and become successful.

Touring tour will use promotional activities to attain its objectives in the successful manner. These are as under:

• Influence marketing: It is a kind of social media marketing in which company make collaboration with the travel influencers to grab the attention of potential customers. The influencer make videos and post images of Touring Tour on their social media account while informing services of business. These leads to aids in promote the business in great manner as in current time people choose travel destination and tour companies which is recommend by person whom they follows (Leung et al, 2022).
• Direct marketing: The promotional activity includes direct communication with the potential buyer via use of personalized email, SMS marketing, personalized email campaigns, direct mails and personalized offers (Spiller, 2020). These activities allow the business to establish direct relationship with its customers and grab their attention directly. It aids the business in getting quick response from the target audience according to personalized offers.
• Search Engine Optimization: Touring Tour practice of SEO aids the business to rank its website top while showing the search engine result. Whenever the potential buyer search for the tour operating company then name of the company appear on top correspondingly buyers visits company`s online website as a result aids in attain objective of the business regarding increasing in 20% of the website traffic.

Thus, the promotional activities of the business aids in attain the short, middle and long term objective of the business including attracting wide range of customers to organize number of tours in a year, increasing website traffic, increasing market share by 20% and profitability by 25%.

Operations

Stakeholders

According to the stakeholder’s analysis, there are various stakeholders of the business. These are as under:

All are the stakeholders of the Touring Tour that directly and indirectly support the business to remain profitable. Keep satisfied section of analysis includes shareholder and customers as they have power to impact company decision, but low interest in profitability of company. Manage closely covers investors, top management as they have high power to make company decision and interest in company success (Rupčić and Babšek, 2024). In addition, NGO`s has low power and interest as no interest and role in company`s profitability. Employees and trade union have high interest in company as to get better job opportunity within business. The two important stakeholders of the Touring Tour are investor and customers. Investor is crucial for enhancing capital as well as expanding operation of the business, without it difficult to run the business. Further, without customer success of business is impossible, thus important to satisfy their needs.

Organizational Structure

Touring Tour will employ staff as under:

In upcoming 12 months, Touring Tour will increase its customer-service representative and package planner with the increase in operation of the business. Expanding business required more employees for smooth functioning of the business. More customers come with expansion as a result to address their queries and grievances, Touring Tour have to increase its customer-service representative. Further, to gain competitive advantage in the market, business has to hire a expert team of marketing. The company will follow hierarchal structure where instructions and orders flow from top to middle and lower (Saiti and Stefou, 2020). All employees are clearly aware about role and responsibility to effectively accomplish Touring Tour goals. At the start-up level of business, hierarchal structure is effective as it ensures clear line of authority as well as reporting within the business which is quite essential for the succession of the business.

Laws and Regulation

For commencing business of tour operating Touring travel have to adherence and comply with the regulation 1992 in regards of package travel, package holiday and package tour regulations. These regulations establish responsibilities of travel organizers towards its customers in relation to marketing, booking as well as delivery of the packages (Package Travel Regulations 1992, 2024).

The company also requires obtaining license of ATOL means Air Travel Organizers Licensing as well as registered with ABTA (Association of the British Travel). This license give right to the company give services of tour and packages.

Touring tour requires to insured its business from uncertainties correspondingly it can take general/business liability insurance to cover itself from legal cost if sued for personal injury, copyright. In addition, it can be insured in terms of commercial property, it help the company to protects its physical assets from fire or theft.

Finance

Touring tour will spend its £ 20000 on various activities of business such as paying rent for premises, taking insurance, paying payment for telephone and internet, postage, printing, stationary, paying professional fees, gas, electricity and water and so more. These all expenses are important for better start-up and functioning of the business. For establishing Touring Tour, the owner has to pay rent, fees, telephone and internet bill to remain connect all activities of the business.

The major expenses of company include expenses on gas, electricity and water as company spend 4500 pound on it. At the physical premise supply of electricity and water is crucial so that employees can work efficiently. The other big expense includes transport and delivery as it includes expenditure of 2800 pound. These cost occurred due to moving goods and materials from shops to the physical location of the business.

Back Up Plan

In case, if I am unable to repay the payment of loan, the first thing I will do is contact my lender and explain situation due to which I am unable to make payment. I will manage the loan repayment by reducing the amount of EMI or through restructuring the loan to make repayment more manageable. For instance: in case of bearing loss in business, it becomes difficult to repay the loan amount, in that case, I will use personal savings to manage the repayment. In addition, payment of surplus amount than monthly installment from principal amount will help in loan repayment on time (Kiros, 2023). This will results in financial benefit by saving the amount of interest.

In addition, refinance on business loan is another alternate way to manage repayment amount of loan (Kitomo et al, 2020). I will refinance on the business loan on better rate of interest to manage loan repayment. After determining the cost of loan and interest, I will go for refinancing. This will helps in balancing repayment track by providing benefit of saving money and changing circumstances on loan. Besides that, adjustment of repayment plan based on actual business revenue will help in managing payments. Tracking of monthly cash flow will assist in managing long and short term business loan by tracking of expenses and liabilities.

Conclusion

As expressed, tourism and business management plays important role in effectively manage activities within a tourism industry. The report covered business plan of Touring Tour, a tour operating company specializing in using robots going to start a business in UK while taking loan of £ 20,000. Company objective is increasing website traffic and increasing market by 20%. Touring tour target all age customers from different geographical area, attracts customer via using influence marketing and social media marketing. The report outlined that investors and customers are two essential stakeholders for succession of business. It also state back up plan for repayment like paying out of savings and refinance on business loan.

References

Books and Journals

• Dewi, V., Febrian, E., Effendi, N. and Anwar, M., 2020. Financial literacy among the millennial generation: Relationships between knowledge, skills, attitude, and behavior. Australasian Accounting, Business and Finance Journal, 14(4), pp.24-37.
• Hyatt, M., 2020. The vision driven leader: 10 questions to focus your efforts, energize your team, and scale your business. Baker Books.
• Kılıçhan, R. and Yılmaz, M., 2020. Artificial intelligence and robotic technologies in tourism and hospitality industry. Erciyes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (50), pp.353-380.
• Kiros, Y., 2023. Loan repayment performance and its determinants: evidence from micro and small enterprises operating in Dire-Dawa, Ethiopia. Journal of Innovation and Entrepreneurship, 12(1), p.5.
• Kitomo, D., Likwachala, R. and Swai, C., 2020. Financial Management Practices Among Micro Enterprises and their Implications for Loan Repayment: A Case of Solidarity Group Lending of DCB Commercial Bank in Dar es Salaam. International journal of economics and finance, 12(12), p.122.
• Komilova, N.K., Usmanov, M.R., Safarova, N.I., Matchanova, A.E. and Murtazaeva, G.I., 2021. Tourist destination as an object of research of social and economic geography. Psychology and Education Journal, 58(1), pp.2058-2067.
• Leray, C., 2023. How does green travel marketing influence and impact the tourism industry in the aviation, tour operators, and accommodation fields?: How trustworthy is the sustainability marketing of these companies?.
• Leung, F.F., Gu, F.F., Li, Y., Zhang, J.Z. and Palmatier, R.W., 2022. Influencer marketing effectiveness. Journal of marketing, 86(6), pp.93-115.
• Panchal, A., Shah, A. and Kansara, K., 2021. Digital marketing-search engine optimization (SEO) and search engine marketing (SEM). International Research Journal of Innovations in Engineering and Technology, 5(12), p.17.
• Rupčić, N. and Babšek, M., 2024. Stakeholder analysis as tool for organisational learning in social services: does internal social capital play a role?. International Journal of Learning and Intellectual Capital, 21(2), pp.115-149.
• Saiti, A. and Stefou, T., 2020. Hierarchical organizational structure and leadership. In Oxford Research Encyclopedia of Education.
• Spiller, L., 2020. Direct, digital & data-driven marketing. Sage.
• Online
• Package Travel Regulations 1992. 2024. Online. Available through: < https://www.netlawman.co.uk/ia/holiday-packages-operators >
• UK Tourism Trends & Statistics. 2024. Online. Available through: < https://www.condorferries.co.uk/uk-tourism-statistics>

Author Bio

Cameron Lee   4 years | MSc in Management

I am Cameron Lee and I have completed an MSc in management from a renowned University of the United Kingdom. For the last 4+ years, I have been assisting students with their assignments, dissertations, essays and other academic papers. If you are struggling with your management task you can have me by your side for help. I would like to give you the best results.