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New business venture a Crucial Aspect of Business

University: Imperial College London

  • Unit No: 14
  • Level: High school
  • Pages: 14 / Words 3511
  • Paper Type: Assignment
  • Course Code: ISYS40151
  • Downloads: 250
Question :

This sample will let you know about:

  • Discuss the importance of new business ventures.
  • Discuss strategies used for global marketing.
Answer :
Organization Selected : Footstep Historical Tours

A new business venture is referred to as the starting up of a new business or entering in new filed which the company was earlier not using. This can also be like introducing a new product or a new service (Cosenz and Noto, 2018). The business environment is very changing and the business cannot provide the same product and services whole of the business life. Thus, it is very essential for the company to try some new things and goods and services and try to innovate new ideas and techniques. Thus, the present report is based on company Footstep Historical tours which was established by Judith and Roger in the year 1983 and which was established because of their interest in visiting different historical sites and the battlefields.

In this highly competitive world there are many different types of changes taking place in the business environment and it is very crucial for the company to adapt to these changes in proper and effective manner. This is because if the company will not adapt to these changes then the company might lose its competitive position. Thus, in the present case Footstep Historical tour is trying to get advance in the field of IT and for this they have consulted a new IT firm Inter- Net to try to modify the company in field of new IT developments. Hence, for this first company will analyse the different strategies used by company to maintain its global position. Further the development of an IT based marketing plan will be made for the development of information technology within the company. In the end the timescale will be recommend that these changes can be made in how much time (Bjerke and Gaddefors, 2017).

Analysis of strategies of company and its position in global tourist market

The company Footstep Historical Tours is a company which is related to travel and tourism sector as this company arranges for the tours and travel for the people who love to travel. This company was set up in the year 1983 by Roger and Judith as their hobby was travelling to the historical places. Both Roger and Judith was professor at the university and were in the field of teaching but as their hobby was historical tours so they ended up in starting Footstep Historical Tours.

But as the company operates in the global business environment where the competition is very high and intense it is very necessary for the company to work in effective manner (Aaboen and et.al., 2017). This is because of the fact that if the company will not work in accordance to the latest changes then the consumer will not like the services being provided by Footstep Historical Tours. Thus, it is very necessary for the company to have a good and secured position in the global market. Ask for assignment help from our experts!

In words of Umrani, Doudpota and Ahmed (2016) the major strategy to be adapted by Footstep Historical Tours is to arrange for all the resources required to operate in the highly global competitive world. This is because of the fact that the resources are very scarce and it needs to be utilised in proper manner. Hence, for this it is very necessary for Footstep Historical Tours to optimally utilise all the resources in such a way that it is left for future use as well.

But in against of this Ahamat and Chong (2020) argues that the major strategy to be adapted by Footstep Historical Tours for gaining a competitive position in the global market is the use and adaption to the latest technological changes taking place in the global market. This is very important because the use of technology help the company in increasing the efficiency of the company and its practices. Also, the use of technology will help the company in sharing the inf0ormation with other companies and to the consumers relating to their packages and offers made by the company to the consumers. This will also help the company in keeping the records and personal information of the consumer safe and secure so that it will not be misused by the other competitors and companies.

In against of this Fatma and et.al., (2020) articulates that the major strategies for securing good and effective position within global market is the proper use of marketing strategy overseas. This is important because the marketing refers to as the promotion of the goods and services which the company providing to its consumers. This is very important because there are many different companies which deals in same product and services. Hence, it is required to company to make effective use of marketing and different strategies of marketing. At the global level the marketing is very important to sustain the market and to get a competitive position in the market.

Thus, for gaining a competitive position the most important thing for Footstep Historical Tours is to decide for the segment for which they will mainly provide their services and this can be done with help of model of STP that is segmenting, targeting and positioning.

Segmenting- this is referred to as the differentiating the different types of consumers in single group on basis of some common characteristics like age, gender, occupation, behaviour and many other segments (André, Cho and Laine, 2018). But the major segment chosen by Footstep Historical Tours is the demographic segment and under this the major segment is the age and the income status of the person. This is majorly selected because of the fact that the old age people will be more attracted towards the historical monuments and architecture. Thus, the package of Footstep Historical Tours will be more preferred by older people (Cummings and Vaaler, 2019).

Targeting- this refers to as the fact that out of the selected segment some of the people are targeted or majorly focused. This is majorly because of the reason that it is not necessary that every person like the packages being provided by company. Thus, the company target some of the consumer and their requirement. In the case of Footstep Historical Tours the major target is the older people and the mature people and people who have more of money. This target is being selected because of the fact that the older people have more interest in the historical places and monuments and architecture.

Positioning- this is referred to as the ability of the product or service in creating the position within the minds of the consumers. This can be created with help of some distinct features of product or service being provided by the company. Hence, this will give a competitive advantage to the company over other competitors and this will increase the profitability of the company (Hsu, Chuang and Wang, 2019). The Footstep Historical Tours for creating a good position in mind of consumer used the technique of giving consumer choice greater preference. Thus, this satisfies the need and requirements of the consumers and they like the goods and services of Footstep Historical Tours to a great extent. Need Assignment Examples?Talk to our Experts!

SWOT analysis- another major strategic analysis of Footstep Historical Tours can be done with help of SOWT analysis. This SWOT analysis is a tool which helps the company in analysing their strength and weakness of the company and the opportunities and the threats present in the external environment. This help the company in analysing the opportunities in market and the strength that whether the company will be grab the opportunity or not and if yes then making the strategies for the opportunity. On the other hand, in case of threats the company makes the strategies in order to reduce the threat and convert them into strengths so that the different opportunities can be grabbed by the consumers (Hamilton, 2019). The SWOT analysis of Footstep Historical Tours is as follows-

Strength

  • Major strength of the Footstep Historical Tours is that it has strong client base. This client base includes loyal and trustworthy consumers. Due to the reason that consumers are loyal and honest towards the company, hence, the company also provide quality services to those consumers. This is done to make the consumer happy and satisfied.

Weakness

  • Major weakness of the Footstep Historical Tours is that it takes time to build consensus among family members. Moreover, they all do not think professionally in the specific situation (Covin, Garrett and Bouncken, 2018). Thus, this can create conflicts among the family members and this may have a negative influence over the consumers and the reputation of company may decline.

Opportunity

  • Online marketing and online availability of product is the one of the main approach that is commonly used by the business firms now a day to elevate client base.  Thus, by going online firm can explore opportunities that are available in the market. This is a major opportunity to be used by the company as this will increase the number of consumer for the company.

Threat

  • One of the major threats is that doing online marketing of the business is not an easy task. Firms have to spend thousands of dollars to get better results on online marketing. Initially better results are not obtained in easy way. Hence, there may be a situation where firm spend heavy amount online and failed to get better results initially.

 IT based marketing plan

The marketing plan is referred to as the plan which is made for the company in order to assist the company in marketing its product and services in the market. This marketing plan guides all the employees of the company that how they have to work and what efforts are to be applied in marketing the goods and services in the international market. In the present case of Footstep Historical Tours the plan of company is to launch their travel business on online platform with help of technology (Kimiagari and Montreuil, 2018). The marketing plan intended for Footstep Historical Tours for launching its business online is as follows-

Initiating company’s own website- this is the first step wherein the company makes a website for the company in order to attract new consumers and to retain the existing consumers. This website is very important for the online business as this will help the consumer in gaining knowledge relating to the goods and services being offered by the company (Tan and et.al., 2019). This website needs to be very attractive so that the new consumer look at the website and like the goods ands services of the company. This will take a time of around 2 months because this is a long process as first some IT developer will be hired and the website will be developed.

Starting a B2C business with help of online medium- this is the next step of the IT marketing plan wherein Footstep Historical Tours will start the new venture by selling the goods and services through the online medium to the consumers. This model is known as the B2C model wherein the business directly sells the goods and services to the consumer. Here no involvement of intermediary or the wholesalers is involved and this result in decrease in cost of company as the intermediary will not charge their commission (Christensen, Bartman and Van Bever, 2016). This will take time of approximately 4- 4.5 months because the company has to set up a system which will deliver to the place of the consumer. With this model of B2C method the consumer will order the plan with just one click over the phone and the order what they require and it is the responsibility of Footstep Historical Tours to deliver the goods and services to the consumers.

Development of advertisement strategy- in this stage the company will make some of the strategies for making the plan for the marketing of the goods and services. This is necessary because of the fact that in this modern and highly competitive world the company has to advertise by giving more advertisement over social media. This is the latest method of advertising in which the makes advertisement and displays it with help of different social media platforms. Also, this is very helpful in covering a large market share and to capture and attract more consumers (Rahman and et.al., 2016).

Budget

Activities

Amount

Initiating company’s own website

The major amount is required at this stage of marketing plan as here all the research work is done and the website is created. The budgeted amount here is $160 approximately.

Starting a B2C business with help of online medium

This is also an expensive step in the marketing plan because here the company has to invest in the installation of delivery system to the deliver the goods and services to the companies. This involves amount of approximately $50 per month.

Development of advertisement strategy

This is also a stage wherein high cost is being involved. This is majorly because the advertisement is done all over the globe and this involves a lot of money. The budgeted advertisement expense for Footstep Historical Tours is around $100

Monitoring and evaluation- this is the last stage of the IT marketing plan which is the most crucial step. This is majorly because of the reason that if the plan will not work in the intended manner then this will impact the profitability of the company (Krotov, 2017). Hence the monitoring of the activities will ensure that what the company has thought is being done in the same manner. Thus, for this the company sues the technique of setting standard and in this strategy the company first set some standards that is the standard performance that the employee has to perform at least up to that level. Hence, if the employees will not work in accordance with the standard then it is clear that the company will not attain the goals in the intended manner. Another major technique of monitoring which can be used by Footstep Historical Tours is the benchmarking under which the company compares its performance with the other companies working in the same business.

Hence, in the end it can be said that for success of the company the most important thing is the marketing. This is majorly because of the reason that if the marketing will not be effective then the consumer will not be able to know well about the goods ands services being provided by the company. If the consumer will not know about this then the consumer will not like to go to Footstep Historical Tours for their needs and demand. Thus, this will decrease the market and sales of the company. Hence, for this the most important thing is the effective use of the marketing strategies and plan (Shahriar and Shepherd, 2019). This is pertaining to the fact that the effective use of marketing strategies will help the company in utilising all the resources in effective and efficient manner and this increases the productivity and profitability of the company.

Recommended time scale for implementing IT project

In the end it can be said that the proper and effective use of marketing plan is very necessary for the company in gaining success (Xi and et.al., 2018). This is because of marketing will not be handled in effective manner then the company will not get success and will not earn a good amount of goodwill for the company. Thus, for this and the development of the plan of launching the business with help of e- commerce some of the major recommendations of improvement are as follows-

The first and foremost recommendation for company is to hire a good person for the work of market research. This is necessary because of the reason that the company works in the world which is very dynamic and ever changing in the nature. Thus, there are many different and frequent changes taking place in the environment which can impact the business in either positive or in negative manner. Thus, it is very important for Footstep Historical Tours to manage the study of these changes in the market and to identify that whether the changes has any impact over the operation of company or not have to adapt to these changes.

Another major recommendation for the company is that first the company must adapt a system of test and trial for the website. Under this method the company must first make the website and try it for once and if it gets popularity then it must go over global market. For instance the company must first try the website in either home country or by selecting a particular set of consumer. If it gets successful in that particular market then the company must try it all over the world.

One more major recommendation for the company is that the IT department of Footstep Historical Tours must work much hard and must continuously see for the changes taking place in the technological sector. This is necessary as this will help the company in tracking the fact that whether the company is using the latest techniques of working or not (Matsheke and Dhurup, 2017).

Also it is recommended to Footstep Historical Tours to use the software of ERP that is enterprise resource planning. This is business management software which will help Footstep Historical Tours to use the system for the integrated application in order to manage the whole business and its activities. This includes the feature that all the information relating to all the business function and activities are recorded in this software and can be used for future reference.

For the purpose of handling the IT marketing plan it is recommended to Footstep Historical Tours to install the IT infrastructure for assisting the implementation of new technology within the company. This includes the hardware requirement of 64 bit Operating system which will faster the speed of working. Also, this will involve the storage devices and the network connectivity so that all the data is stored on the hardware and is kept safe. Get Business Essay Help from our Experts!

Time plan

This is referred to as the time which is taken in order to plan and implement the plan into action. It is advisable to the company that they must take in order to complete the task.

Marketing plan

Timeline

Analysis of business

10 days

Audience

20 days

Goals

2 days

Strategies and creativity

40 days

Technology

30 days

Benchmarking

1 day

Conclusion

In the end it is summarised from the above discussion that at time of new business venture there are many different things which the company must take into consideration. This is because opening a new business is a tough task and involves a lot of formalities and steps. Thus, the present report focused on developing new business venture by Footstep Historical Tours. This venture was a B2C business model with help of online or e- commerce business. Thus, for this the present report first identified the position of company in the global market and the strategies being used by them like STP and SWOT analysis. Further the marketing plan for the IT project of Footstep Historical Tours was discussed like initiating a website, launching business model of B2C and developing budget and monitoring of the whole plan.

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