
Concept explainers
A group of University students are considering opening a new business in the Tourism sector. The product or service is a novel idea in the Tourism Sector. Notably, the tourism sector is known to be competitive. As a result, it is important for organizations to be aware of their alternative organizational strategies. It is also important that they understand how to develop a sustainable competitive advantage. The group is also considering utilizing the strategy formulation framework to aid in developing the company and its novel products. The group is aware that there are certain habits that strategic leaders must encompass but are not sure what they are. The team is aware that they would face potential issues within strategic implementation and would like to understand how this can be remedied. The group is interested in the development of a Project Implementation Plan and have sort your expertise to develop one for the product or service in the tourism sector. N.B. An implementation plan is a management tool that facilitates the execution of a strategic plan for a company or a project by breaking down the implementation process into smaller steps while defining the timeline, the teams and the resources that will be needed. In this case, an implementation plan is a document that outlines the steps your team (your assigned group for this course) should take to accomplish a shared goal or initiative. The Plan helps you get insight into the steps and actions that are necessary to make a change or an innovation in your company.
1. Clearly indicate and describe with full details the product or service the group intends to offer in the Tourism sector. Provide clear descriptions. Pictorial representation can be included where required of the product/service. The name of the company must be stated. Brief background on the company should also be included.
2. Develop a strategic vision and mission for the business.

Step by stepSolved in 3 steps

- Critically analyze the formulation of corporate strategy and explain how it is linked to the strategic management process within hospitality organisations.arrow_forwardExplain with an example how sustainable marketers can overcome the performance barrier to better position their products in the market.arrow_forwardExample of a company which uses C2C: Customer to Customer. Describe the firm and why it is an example of the particular business model.arrow_forward
- ADD MORE TO THE CONCLUSION BELOW In conclusion, Amazon Business has had a significant impact on society, and it is essential to analyse this impact through the lens of sustainable development. By prioritising responsible management that considers the three pillars of sustainability - social, economic, and environmental - Amazon can ensure that its impact is positive and sustainable for the long term. Amazon has played a significant role in shaping the e-commerce industry and has contributed to economic growth. However, the company's operations have raised concerns about working conditions, market monopolisation, and environmental impact. Therefore, there is a need for responsible management to ensure sustainable development. Amazon should improve working conditions, promote fair competition, and adopt environmentally sustainable practices. By doing so, Amazon can play a positive role in society and achieve sustainable development. To improve its impact on society, Amazon should focus…arrow_forwardEntry and exit criteria vary across stages of the life cycle. When is it best to start a new stage?arrow_forwardThe following question is for a market analysis of a hypothetical online tutoring business. Answer the following questions about the online tutoring market: Industry Characteristics: What are the specific characteristics of the industry? Who are the main participants, at a high level? Customers, suppliers, competitors? Stability: Comment on how stable the industry has been historically and how dynamic it is currently. Serviceable Available Market (SAM): Market Segments: What are the main segments or groupings that could be defined from the overall industry? How do you categorize them: geography, customer demographics, ethnicity, age, type of business, prospective business customer type, etc.? Market Segmentation: This section is where you will define the main market segments as well as the one or two you will be targeting. Begin with the Total Available Market (TAM) within the industry you plan to compete for. This includes all types of customers that have an interest in or…arrow_forward
- Tech Products Inc. is one of the world's leading technology companies known for its innovative products, including the TechPhone, TechPad, Tech computers, and software services. At present, Tech Products Inc. is now facing significant challenges in an evolving industry landscape due to increasing competition and the introduction of similar products on both the local, regional and global markets. The company is aware that internal and external drivers play a crucial role in shaping the strategic direction and overall performance of an organization, and that to remain relevant they must be able to understand and respond to these drivers in an effective manner. To assist them in formulating a comprehensive strategy that can help the company navigate the complex business environment it faces, Tech Products Inc. has hired you as a Strategic Management Consultant. Further to an initial meeting with Management, it was ascertained that Tech Products Inc. has not been keeping abreast with the…arrow_forwardWhat types of commerce will fit an online clothing business (B2B, B2C, C2C or a blend)? What should be created in a feasibility plan for eCommerce, mobile, and/or traditional commerce. How will they interact with one another and how will data be handled? Will everything go to a central location to help track availability and inventory?arrow_forwardA company achieves sustainable competitive advantage when: Answer D) its strategy and its business model are well-matched and in sync. C) it is consistently able to achieve both its strategic and financial objectives. B) it has a profitable business model. A) an attractive number of buyers have a lasting preference for its products or services as compared to the offerings of competitors.arrow_forward
- Tech Products Inc. is one of the world's leading technology companies known for its innovative products, including the TechPhone, TechPad, Tech computers, and software services. At present, Tech Products Inc. is now facing significant challenges in an evolving industry landscape due to increasing competition and the introduction of similar products on both the local, regional and global markets. The company is aware that internal and external drivers play a crucial role in shaping the strategic direction and overall performance of an organization, and that to remain relevant they must be able to understand and respond to these drivers in an effective manner. To assist them in formulating a comprehensive strategy that can help the company navigate the complex business environment it faces, Tech Products Inc. has hired you as a Strategic Management Consultant.Further to an initial meeting with Management, it was ascertained that Tech Products Inc. has notbeen keeping abreast with the…arrow_forwardWhat potential long-term problems might develop from encouraging customers of craft breweries to immediately adopt the industry's most recent best practice?arrow_forwardTech Products Inc. is one of the world's leading technology companies known for its innovativeproducts, including the TechPhone, TechPad, Tech computers, and software services. At present,Tech Products Inc. is now facing significant challenges in an evolving industry landscape due toincreasing competition and the introduction of similar products on both the local, regional andglobal markets. The company is aware that internal and external drivers play a crucial role inshaping the strategic direction and overall performance of an organization, and that to remainrelevant they must be able to understand and respond to these drivers in an effective manner. Toassist them in formulating a comprehensive strategy that can help the company navigate thecomplex business environment it faces, Tech Products Inc. has hired you as a StrategicManagement Consultant.Further to an initial meeting with Management, it was ascertained that Tech Products Inc. has notbeen keeping abreast with the changes in…arrow_forward
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON





