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New Business Venture

University: University of London

  • Unit No: 13
  • Level: High school
  • Pages: 15 / Words 3741
  • Paper Type: Assignment
  • Course Code: ISYS 40151
  • Downloads: 294

Table of Content

  1. INTRODUCTION
Question :

This sample will let you know about:

  • What is SWOT Analysis?
  • Discuss situational analysis.
  • What are the four P's of Marketing?
Answer :
Organization Selected : Footsteps Historical Tours

INTRODUCTION

New business venture basically means that company is starting something new. They are coming up with innovative and creative products-services by analysing needs and demands of consumers. Present study is based on case study of Footsteps tour. It is a family owned joint venture business.

Organization is serving travel services from past 20 years. Report will lay emphasis on a strategic analysis of “Footsteps Historical Tours”; the company and its position in the global tourist market. It will also focus on IT based marketing plan that will assist company in being best online travel organization. Assignment will also Recommend a timescale for Footsteps Historical Tours to implement the IT project.

Strategic analysis of “Footsteps Historical Tours”; the company and its position in the global tourist market.

Introduction and Background

Footsteps historical Tours were established in year 1983. They were working as teachers before starting this company. This business was result of their passion and hobby (Cosenz and Noto, 2018). Footsteps were really interested in attracting travellers who are mature and who have keen interest in culture, history and traditions of who are looking for a holiday which is both relaxing and stimulating.

They provide services to explore, Lincoln Edinburgh and York. In this company also provides travellers with food and accommodation services. They were engaged in providing all these amenities at really affordable place and prices. Company also organizes themed holiday like Queen Mary's footsteps a tour of historical places where Mary queen of Scots was imprisoned. They also have a daughter Isabel who studied in USA and now she is returning to UK so that she can expand her family business. Company has strong consumer base and also they have customer loyalty, but now they are thinking to expand their business by penetrating market.

Strategic Analysis

Judith and Roger have skills and abilities to change their hobby and passion into business venture. They also have an effective idea which was converted into successful organization. Whole family was engaged in working to expand the business by penetrating market and also they were thinking of diversifying it. Izzy was thinking of bringing advanced technology so that tasks can be managed efficiently and also making us of technology can lower down the burden of Judith.

In order to expand their business, they were thinking of developing an app by which travellers can avail booking online. They were also engaged in developing their website so that consumer feedback can be taken on it. This will assist them in overcoming the gaps faced by them during expansion of business. Current strategy of Footsteps is to target mature people who have high taste about culture and tradition. They are also thinking of attracting single people who are rich as only they will be able to pay for luxurious single weekend. Get Assignment Writing Help from our experts.

IT based Marketing Plan that will enable company to trade as a successful on-line travel business

Executive Summary

This marketing plan is going to show some marketing strategies by which Footstep family business can make itself more beneficial. Marketing mix is one of the best marketing strategy which does not only help companies but also help to customers in getting details of company about its products, pricing strategy, place which is being discussed. Further, it will also focus on strategic analysis in order to know company's own strengths, weaknesses, opportunities and threats for making itself able to make a strong online presence. Advanced technology or digital marketing also plays a vital role such as artificial intelligence, automation, coding facilities etc.

Vision: Vision of Footsteps family business is “To make everyone or tourists able to increase their travel experience at affordable prices”.

Mission: Mission statement of Footsteps family business is “To make a strong position in the market by increasing the rate of customers satisfaction and retention”.

Objectives: There are some short-term and long-term objectives which Footstep company wants to accomplish and for which they developed this business such as:

  • To increase understanding of the social/cultural relationship that gave rise to historical event rather profit maximization.
  • To make this business the best in terms of online travel upto 2021.
  • To maximize customers satisfaction by 20% as compare to last year.

Situational analysis

Situational analysis helps an organization in identifying all internal and external factors which can hurt and impacts on its business activities in both positive and negative manner (Clarke, Friese and Washburn, 2016). Before making a plan about expanding business, situational analysis works as the key of the success because with its help, Footsteps company can identify its own capabilities, target market, weaknesses and other external factors.

1. Marketing mix: Marketing mix is one of the main important and effective strategy which helps company in identifying suitability of their products and services for their target market and with current market trends (Kotler and et.al., 2017).

Product: Footsteps is known for its qualitative as well as affordable travel services to customers via online platforms. People involved in this business have effective and excellent knowledge about history so they offer excellent travel services like: Guide to customers, tell them about historical places and story behind that places. They also help customers in making them aware about the importance of the culture of that place as well as nearby hotels, adventurous places. It saves time as well as cost of customers. By providing all services online now, this business is increasing customers' experience. They also arrange dinners for customers in an outstanding historic inns and restaurants (Wu and Li, 2018).

Price: Footsteps family business provide travel services, guide facilities and other at affordable prices. The best policy which is being used by this company in order to attract wider range of customers and keep them stay with the company for the long run is premium pricing policy. After analysing its services and their prices with competitors' it makes changes in its prices and keep them lower. By making an effective use of advance technology, it is now offering opportunity to its customers to book their tickets and services online.

Place: In the context of place, it is stated that this family business is operating or providing services in Edinburgh, New York and some others. Now it wants to expand its business and provide its services in other countries by making an effective online presence. With the help of social media platforms it can reach to global customers and can attract them towards buying online services. So, it can be said that it provides both online and offline services.

Promotion: It is one of the important step and factor of marketing mix. Footsteps mainly focuses on promotional activities in order to make people aware about its online presence and outstanding services. With the help of Instagram, Facebook as well as Twitter they promote services by uploading pictures and successful story. With this help, customers can get details of the history of historical places, cultures. It is also stated that this family business has ability in researching and now it is providing automation services (Jindal and et.al., 2019). Want to get Assignment Samples.Talk to our Experts!

2. SWOT analysis

Strengths:

  • The main strength of this company is it provides qualitative services at affordable prices.
  • They arrange dinners for customers and provide additional services to them.

Weaknesses

  • Lack of resources is one of the main weakness.
  • Financial instability to invest in technologies.

Opportunities

  • Opportunity to make strong online presence and approach wider range of customers.
  • Effective research ability helps them in retaining customers for the long run.
  • Increase sales and taking competitive advantage by making online presence is other opportunity.

Threats

  • Competition is one of the main threat for Footsteps company.
  • Lack of passion and rude behaviour of one of the business man can decrease sales.

So, from the above discussed analysis, it can be said that company has several opportunities and can expand its business by making an effective use of its own strengths and removing weaknesses (Gürel and Tat, 2017).

Monitoring and controlling:

Monitoring and controlling is the last but not the least step of marketing mix. It plays an important role because with its help and performing this function, company can measure effectiveness of its performance. It can also make changes in its strategies by evaluating and knowing the difference between planning and actual performance. There are several tools are available for controlling and monitoring by which Footsteps can measure its performance such as KPI, ROI, feedbacks etc. Key performance indicator is one of the best and effective measurement tool (Slayton and Jaeger, 2018).

By making an effective use of this tool, Footsteps can identify its actual position and all those areas in which it lacks. There are several areas in which it needs to be effective such as Marketing, research, sales, customer services. So, with the help of KPI, it can know its performance and effectiveness of performance in each area. The main aim of using this tool is to make changes in strategies and ways of performing activities accordingly. With its help it can increase its skills and can accomplish its all objectives.

IT inexperience of the current business owners and recommend suitable hardware and software

Judith and Roger are making use of outdated method. They are doing all the task manually which is increasing their burden. According to recent market trend their method is really hectic and increasing pressure on them. In order to expand their business, they must be involved in making use of updated technology like digital marketing. They can develop website of their company. This can enable them to make consumers aware about exciting offers which organization is bringing. On the website they can also take consumers feedback.

This can assist Footsteps tours in making their services more quality focused (Umrani, Doudpota and Ahmed, 2016). Company can also develop their own app that can make it easier for travellers to book tickets online. Footsteps can also install Customer relationship management software that can enable them to infeed to all details related to employees and consumers. They can make changes in company according to it.

Apart from that tour operator can also take help from third party sites such as Go-Ibibio, in order to increase their consumer base. Registration on these websites will help them in reaching out those customers who are visiting their source which is generally more than what they are getting from their sites. They can also install data base management system. This system will assist Judith and Roger to enhance data security and also there will be better data integrity. Also Footsteps when expanding their market will require more resources.

Like for example they will have to install at least that PC's, WI-FI and LAN network. For making use of digital market techniques, Footsteps will also require installation of new software system like Google Analytics, Google AdWords to measure the performance and attract more people. They can also develop app in which company provides details about the places where they want to visit.

Also features can be developed in app which notify travellers about exciting offers that company is bringing to them. Some of the people don't want to have guide with the, so in order to enhance their knowledge they can develop a feature in app which guides them about the place which they are visiting and also tells them about history and culture of place. Many other features can be put by Footsteps like for instance app has a feature which reminds client about their flight bookings, restaurants and café which they can explore, adventure which can be taken by them. Also maps can be installed in app that can assist travellers in reaching out the destination. All these features can help Footsteps in growing and will make them best online travel business. Take Marketing Essay Help from our team of Qualified Writers.

CASE STUDY QUESTIONS

What ways do Roger and Judith Iron ridge conform to images of typical entrepreneurial figures?

Roger and Judith opened Footsteps 20 years ago in 1983. Previously they worked as teachers, they left that job after their years and started a touring business. Basically they started this business as they have keen interest in visiting battlefields and keen historical sites. The business was giving them an opportunity to pursue their much-loved hobby as well as giving them a living. They both converted their passion and hobby into successful joint venture family business. This conform their images to be atypical Entrepreneur. Roger also have various entrepreneurial traits like he knew importance of providing quality service to consumers. While working together both of them have divided their work according to their interest. Like Roger was engaged in doing research, he tries to provide travellers with live experience when they are visiting the historical sites. On the other hand, Judith performs all financial transaction of company.

Ways in which business and family roles overlap in the Footsteps

Roger was a reluctant entrepreneur, he was busy doing all the research work and had no time for his family (Birley and Stockley, 2017). He has a snobbish attitude and is impatient. Judith feels that all the work related to day to day activities of business was done by her and She really felt unsupported at early stages. Roger's contribution in family was not up to mark. Judith also wants to invest her time outside the work too, so that she can come up with more new ideas to make their business grow and provide ultimate benefit to Footsteps. Roger did not paid attention to his daughter Izzy, they did not share a close relationship as Roger was fully engaged in his research work. So Izzy became close to his mother.

Strength and weaknesses of the Footsteps family members

Strength and weakness of Roger-

Roger has abundant knowledge related to new business ideas, He absorbs himself in the research side of the historical tours, meticulously investigating historical accounts, facts, relationships and occurrences in order to give the historical tours customer a ‘living experience' of historical happenings.

Roger has certain weaknesses too like he was not involved in applying various business practices to manage business. He was not interested in Logistic and organizing side to manage Footsteps. He also does not have command of over his language and is impatient. Roger was also ruthless, because of which many travellers so not like to do booking through him. So he needs to change that.

Strength and Weakness of Judith

Judith was an effective organizer and also act well as a mediator. She was engaged in managing all administrative work of company. Judith was an easy going person. She was also polite which has assisted in growing her

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