UKCBC unit 4 marketing principles 3

UKCBC unit 4 marketing principles 3

10-04-17 Maddox Smith 0 comment

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UKCBC unit 4 marketing principles 3

Task 1

1: Start your report by explaining two elements of Marketing Concepts Assignment based on the example of Starbucks. You are to prepare a SWOT analysis of the effective organization and explain the importance of using SWOT analysis as a marketing tool. Next present and evaluate the marketing objectives of Starbucks and explain how defining marketing objectives can help a business to develop marketing strategies.

Introduction

This section will discuss the SWOT analysis and the business decision marketing objectives of Starbucks. The SWOT analysis is a very popular and systematic approach and it is also very appropriate analysis which helps the company to devise a strategy on the basis of the factors like the strength and weakness of the company and also recognizing opportunity and threat of the company (Amin et al, 2011). Analyses of the market can effectively be done by recognizing the strength and weakness of the company in the market and it will also help in identifying the poten
tial opportunities for the company where the company can expand and also the potential threat for which company can prepare itself (Yangdong et al, 2010). Apart from this, this section will also discuss the marketing objectives of the Starbucks. Marketing objectives is an essential part of any organisation as it gives direction to the people and the motive to achieve those objectives. This section of report will also discuss how marketing objectives helps any organisation in devising the perfect marketing strategies and principles for the organisation: –

SWOT Analysis of Starbucks

Strengths 1. Sound financial records 2. Emerge as a number one brand in coffee house segment 3. The experience of Starbucks 4. Largest chain in the world 5. Effective employee management	Weaknesses 1. Major profit comes from coffee bean price and business 2. High product pricing 3. Negative publicity
Opportunity 1. Large amount of supplier range 2. Uplift of many developing countries and economies 3. Diversified and large product range 4. Expansion of retail operations	Threats 1. Expensive coffee and other dairy products 2. Saturated market 3. Fierce competition 4. Trademark breach 5. Supply disturbance

Finding of SWOT analysis

· Strengths

1. Sound financial records: the profitability of the company has been rising from past few years. The company saw a slowdown in 2008 but with proper strategies and planning the company revived from those losses (Civi, 2013). It is one of the most profitable businesses in the market.
2. Emerge as a number one brand in coffee house segment: the brand value of this coffee house is very strong. People perceive it as number one coffee house and the quality of the coffee served is of very high quality and they also have a strong customer service. This brand is the most valued brand in the business decision making(Civi, 2013).
3. The experience of Starbucks: people value the strong experience which they have while having a Starbucks coffee and the ambience of the coffeehouse which is cordial and with friendly staff the warm atmosphere cannot be compared with any other coffee house.
4. Largest chain in the world: the company has its existence all over the world with twenty thousand coffeehouses in almost sixty countries (till 2013) (Civi, 2013). This makes it largest coffeehouse in the world.
5. Effective employee management: the company also make sure that the employees are treated well in term of a range of benefits and higher pay in comparison to the competitors.

· Weakness

1. Major profit comes from high coffee bean price and business: the major chunk of profitability come from the price of the coffee beans which is not in the control of the company and coffee prices are highly dependent on the coffee beans.
2. High product pricing: the coffee offered by the company is great and is of very high quality also the customer experience is what stand the company apart from the competitors but the high price of the coffee is the main roadblock which comes in between the success of the company as the other competitors premium coffee price is lower than the Starbucks normal coffee (Civi, 2013).
3. Negative publicity: there is always a debate about the company’s corporate social responsibility and many environmentalists complain about the lack of efforts by the company towards greenery and issues related to it.

· Opportunity

1. A large amount of supplier ranges: the company doesn’t produce coffee beans but they get it from suppliers which are mainly located in South America, Arabia and Africa. The company must increase it supplier network so that they can also import coffee from Asia.
2. Uplift of many developing countries and economies: countries like China and India can be a major market for the company as coffee consumption is quite higher and there is less number of players in the form of competitors in the market (Ferrell, & Hartline, 2012).
3. Diversified and large product range: the company must diversify in their coffee offering with the introduction of new products in the coffee business.
4. Expansion of retail operations: the company also sell its products to various retailers apart from coffeehouse and franchise business (Civi, 2013). The company must explore this area even further with making the partnership with more retailers.

· Threats

1. Expensive coffee and other dairy products: the biggest threat is that the company has no control on prices of coffee beans and the dairy product which are the determining factor of prices of coffee.
2. Saturated market: the market of the company is quite saturated in the developed countries. The competition is fierce and because of this the company is facing an intense competition in the market especially in developed markets. The growth of the company can face adverse effects due to this reason.
3. Fierce competition: competition is also there from local café which offers great coffee at lower prices and the options which these coffee houses offer are to the customers is more suited to customers taste and Starbucks has to face intense competition from these coffee houses also as they target market share of this coffee house (Ferrell, & Hartline, 2012).
4. Trademark breach: the company has to face many legal cases against them as they have too many people has complained against them for illegal use of a trademark which is detrimental to the image of Starbucks and also the company has to bear the cost of such cases (Ferrell, & Hartline, 2012).
5. Supply disturbance: as the company export its coffee bean from various countries, the company has the threat to face political, economic and weather condition which can be a threat to the company.

2: Next present and evaluate the marketing principles of Starbucks and explain how defining marketing objectives can help a business to develop marketing strategies.

The mission of the company is inspiring people with the taste of the coffee they offer and it clearly says one person, one cup and one neighbourhood at a time (Ferrell, & Hartline, 2012). The company is in the business from more than twenty years now and it has reached its mature stage. So the company is now focussing on spreading its wings in international business activities and strengthening the international partnership because it is giving enormous opportunities to the company.

The objective to grow in an international market has helped the company various marketing strategies. The company appointed multilingual and multinational managers to work towards the worldwide expansion in an effective and planned manner (Slater et al 2010). The motive of these people are developing new business for the company, looking after financing and also planning new stores all over the world, these people are held responsible for operations managementand logistics of the business and in the last the main motive of this group was promoting and training new managers internationally for managing business in various countries (Ferrell, & Hartline, 2012).

Marketing objectives is an essential part of any organisation and setting an objective is the core of the success and failure of the business. It is also important to understand that objective plays a very crucial part in setting marketing strategies. It is a part of corporate business objectives and it should be kept in mind while forming a strategy. Following are the various benefits of the marketing objectives: –

1. Marketing objective provides a motive to the organisation and also ensure that all the functions and efforts of the organisations are targeted towards attaining those set targets (Slater et al 2010).
2. Marketing objective also provides a direction of the employees.
3. Marketing objectives is also a source of motivation for the leaders and employees (Slater et al 2010).
4. Marketing objectives also provide proofs and support to the organisations when the success or failure of the project is evaluated.

Conclusion

SWOT analysis and marketing objective both are very crucial for formulating marketing strategies (Amin et al, 2011). In the case, Starbucks is going through major changes and they need to formulate a strategy which is effective and at the same time give support to the slow growth of the business. For which the task one has analysed the business from two angles. First a SWAT analysis is conducted which defined how the company can make use of opportunities and analyse the threats and weaknesses and take corrective measures in order to overcome the weakness and be careful from the weaknesses. The next section of the task discussed the advantages of marketing objectives and how marketing objective can help the organisation to devise some effective marketing strategies (Slater et al 2010).Order Now

edexcel hnd business assignmentsHNC Assignment Helphnd assignment help reviewsHND ASSIGNMENT SAMPLEhnd assignments in businesshnd assignments in computinghnd business assignment helphnd business sample assignmentUKCBC unit 4 marketing principles 3

UKCBC unit 6 marketing principles 3

UKCBC unit 6 marketing principles 3

10-04-17 Maddox Smith 0 comment

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UKCBC unit 6 marketing principles 3

Task 3

In task 3 you will start analysing marketing mix elements, which are in the heart of all marketing strategies. As before, think about Starbucks while addressing all the elements of this task.

Introduction

The marketing mix is the heart of any marketing strategies. Marketing mix helps in putting the right product or service in front of the customer, at the right time, at the right place (Kotler, 2011). Companies spent a lot of money and hard workin deciding a basic and simple question; what customer wants? All the elements should fall at the right place to change the mind of the customer and even if one element goes wrong, the complete marketing strategies will fail. The marketing mix is consisting of four elements or four Ps and these four Ps are product, placae, price and promotion (Kotler, 2011). This section of the report will discuss the various marketing mix and how marketing strategies of Starbucks is affected by this.

1: Start by explaining how products in Starbucks are developed in order to make sure that competitive advantage is sustained. You should focus here on the differences in products between Starbuck and different coffee shop. Provide at least two examples.

The USP of Starbucks is their unique taste and the quality of coffee beans. The company spent a lot of money in getting the best coffee beans making the coffee unique and very different from other coffee offered by other coffee houses. Also, the company also spent money in creating a perfect ambience for the coffee consumer where the customer gets the perfect atmosphere to have coffee with friendly staff (Ferrell, & Hartline, 2012). When people explain about the coffee of this company, they talk about the whole experience and that is what the main focus of the company is. The main motive is creating a perfect business environment with the perfect coffee so that people can sit and relax and have their coffee.

2: Next you are to explain distribution strategies used by Starbucks. Think about customers’ convenience and satisfaction in relation to distribution channels used.

The coffee houses are available all across the world and Starbucks coffee house is quite popular everywhere. It is quite obvious the distribution channel is quite strong (Ferrell, & Hartline, 2012). They import their coffee beans from specific countries like Africa, South America and Arabia. The company is also trying many manufacturers in various part of Asia as well so that the distribution channel can be strengthened.

Apart from this, the coffee beans and other products are also available in various retail store so that people can buy the coffee beans also to have the coffee experience at home. They have their existence all over the world and they specifically have worked on the visibility of the coffee houses at premium locations.

3: In the next part you are to analyse pricing strategies used by Starbucks. Provide an explanation how prices are set in relation to company’s objectives and market conditions (competition, current economic situation etc.).

Starbucks is known for employing a value based pricing strategy which focuses on earning maximum profits. The company conduct proper research and analyses techniques to decide the price. The price is set in a way that will not affect the buying behaviour of the customers and even attract more customers (Ferrell, & Hartline, 2012). The company follows profit maximization policies and a company decides the price of the product and the output level which generate the maximum profits. Usually, a company follows a strategy where they cut the price to attract customer but there are rare companies who are based on deep analysis and calculating the real customer foundation (Gordon, 2012). Starbucks in its complete lifespan never decreased the price. The price of coffee only increased and the increase in price has not impacted the buying behaviour. The company is more dependent on those customers who have a strong taste of the coffee and liked the quality the company offered (Civi, 2013). Many customers obviously switched but many stayed because the taste is what matter to them not, the price. The company stick and rather reinforced the premium image of the brand. They also applied price hike on specific flavours and the sizes instead on the complete menu.

4: Promotional activity is a must for every organization and behaviour. Make a research into promotional activities of Starbucks and illustrate how promotional strategies used by this organization are integrated and related to marketing objectives of the organization.

The company promotional strategy is something to study for. They have very few promotional advertisements for Starbucks coffee in newspaper, magazine or television advertisement (Gordon, 2012). Starbucks mainly depend on word of mouth promotion technique where the quality of product and the perfect ambience speak for itself. The company promoted the best services and these strategies helped the company to a great extent (Civi, 2013). The employees are trained in a way that they now just make the perfect coffee but also provide a legendary service in their language to the customers. This strategy includes various things like:

1. Personalized service by knowing the customer’s names.
2. Customized and specific coffee preferences.
3. Knowing the customer’s work and nature of work.
4. Also indulge in customer’s personal information like family and friends.

5: Finally at the end of this task you were asked to provide a short analysis of additional elements of the extended marketing mix based on the example of Starbucks.

The additional elements of the marketing mix are physical evidence, people and process. Starbucks provide physical evidence in the form of experience to the people which take back with them and this is the reason they come back to the same brand to have coffee. The company spent a lot on its people. They recruit and train the employees carefully. The company is known to be most ethical company and they make sure that the employees stay happy so that they can convert it into their performance. In the end process, include the perfect process which the company follow which the employees execute in making a perfect coffee and providing a perfect ambience to the customers.

Conclusion

The marketing mix is an essential activity for any small business enterprise and Starbucks follow it in a perfect way (Gordon, 2012). They make sure that no stone remains unturned and they cover all the aspect of marketing mix perfectly.Order Now

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Unit 1: Business Environment Organization Purposes

Unit 1: Business Environment Organization Purposes

11-04-17 Maddox Smith 0 comment

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Unit 1: Business Environment Organization Purposes

Unit Description

This is a Business Environment Organization Purposes Assignment in which we discuss organizational types, objectives, national and market environment.

Introduction

The business environment is ever changing however key aspects never change. The diagram below shows the business environment. Organisations have to be aware of their competitors, the industry as a whole and the wider environment. All of these factors affect the running of organisations and need to be studied as a result.

LO1: Understand The Organisational Purposes of Businesses

Q1.1 Identify at least four different types of organisations that exist in the U.K.

Select two types of organisations from those identified and state their purposes.

A description of an organisation: An organisation can be defined as a social or business unit, which comprises of people working together to achieve a common objective or goal. This goal can be either driven by profit motive or non-profit motive. Organisation is managed through an organizational structure with people having different roles and responsibilities managing the operations of it (Nickels et al, 2011).

Identification of four different types of organisations in the U.K. This could include defining their legal structure;

Four different type of organisation in UK are:

• Sole Traders: This type of business organisation is widespread in UK. It is mainly owned by a single person, decision making is quick in this type of organisation. Entire profit goes to the sole trader or owner of the organisation.
  • Legal Structure: this type is easy to setup with minimum paperwork required. The sole trader has the entire liability of the business i.e. he/she is responsible for all the debts and profits of the organisation. Sole trader within the framework of law has to prepare and produce an annual accounting return for the purpose of accounting to the Inland Revenue.
  • Purpose: Primary purpose of this type of organisation is to earn and maximize its profit out of the revenue earned. Through whatever services being offered a sole trader’s main motive is to earn maximum profit within the legal framework.

• Partnership: In United Kingdom partnership is also a popular form of organisation. Partnership is forged between two to twenty partners. Thus with each partner in the business contributing to growth of the firm through his unique skill set or money investment. Impact of profit and loss is distributed across all the partners depending on their stake in the business.
  • Legal Structure: Partnerships between partners is setup through ‘Deed of Partnership’- a legal document which is made by the partners and witnessed by a solicitor. This deed legalise the entire partnership between all the partnership for example, their responsibility, profit sharing ratio etc.
  • Purpose: Purpose of partnership is to setup a business through a collective effort (or investment) where every partner get his share of profit (or loss) based on his stake in the organisation. This type of organisation helps in distributing the risk based on the investment made by each partner.

• Companies: A company can be defined as an association or collection of individual which is owned by shareholders, who have authority to appoint the director of the company to run its operation.
  • Legal Structure: A company has to be registered through various documents at Companies House in Cardiff. These documents such as Memorandum and Articles of Association clearly identifies and sets the internal and external relationship within company.
  • Purpose: Purpose of the company is to offer a service or product to its customer along with ensuring that interest of all the shareholders remains safe.

• Franchising: This type of organisation is focused on hiring out or licensing of the core business idea, product or service to another party (franchisee) after the franchisee pays a license fee and various other cost to get a permission to use that brand or service. KFC is a typical example of this model.
  • Legal Structure: Legality of this type of organisation is setup through formal agreement between Franchisor and Franchisee. Franchisee pays a specific amount of money for use of the brand, expertise and various other aspects related to the Franchisor.

Q1.2. Select an organisation of your choice and describe the extent to which this organisation meets the objectives of its stakeholders.

Selected Organisation: For this task selected organisation is Admiral Group plc. This organisation is a motor insurance company which has its head office located in Cardiff, Wales. Admiral group is also listed on the London Stock Exchange. With operations spread across 8 countries, Admiral group employs over 6600 people (Knight, 2010).

Stakeholder: A stakeholder can be defined as a person or an entity which has certain stake in a business organisation or a project. In case of a business organisations behaviour, stakeholders might not have interest in company’s day to day operations, however they are definitely impacted with company’s performance and growth. It can also be defined as a third party which has made significant investment or provided funds for the expansion of the company (Ramirez, 1999).

Different stakeholders for Admiral group are as follows:

• Admiral’s group board: Admiral’s group board comprises of all the executive positions which are responsible for company’s growth and operations. Various roles which are covered in the board are, Non-executive chairman, COO, CEO, Non-Executive Director, and CFO.
  • Objectives: Objective of this type of stakeholder is to ensure smoothness in the key decision making process, and efficient management of the company.

• Employees: Admiral Group has approximately more than 6600 employee working across 8 countries. Employees can be categorised as internal stakeholders. In 2013 Admiral Group decided to distribute 1,500 GBP shares to its employees via its Employee Share Scheme, which in turn makes all its employee as shareholder as well.
  • Objectives: This type of stakeholder i.e. employees are important for an organisation, as they are the one who drive the growth and expansion of the company. Their main objective is to perform their designated responsibility and add to company’s overall efficiency and productivity.

• Shareholders: Shareholders are one of the most important external stakeholders of the company. For Admiral Group shareholders have been a key component of its growth strategy. Shareholders invest in the company, and through investment received from the shareholders, company charts its growth path.
  • Objective: Main objective of shareholders is to gain profit from company’s growth. Thus more the company grows and expands, better is the profitability for the shareholders. Through board of directors shareholder are aware of company’s growth, and based on the situation from time to time, shareholders raise their voice of concern regarding any poor decision made by company’ board.

• Subsidiaries: With more than 23 subsidiaries, Admiral Group has vast line of business spread across globe. These subsidiaries plays and important role in growth of company. Thus making them an important stakeholder in Admiral Group.
  • Objective: Subsidiaries are more of an internal stakeholders, however their prime objective is to deliver the services or the product with best operation efficiency as established by the parent group. These subsidiaries also have to ensure that they are profitable for the parent group.

Admiral Group’s effort to meet objectives of its different stakeholders is as follows:

• Through its well-structured board of directors and corporate governance practises, Admiral Group has been actively ensuring that its board group’s objective of smooth decision making process and other important aspect are met without any delay or roadblock. That is why its board has complied with the code of conduct in all respect in 2012. With its comprehensive programmes of meeting and dialogue it has ensured that objective of efficient management is met properly.

• Admiral group has been working relentlessly to ensure that all its subsidiaries are performing in sync with company’s core objective of diversification and maintaining profitability. Through its flexible management approach the core parent group has been handling its subsidiaries. It has also established a second layers of management in these subsidiaries to ensure that there is no inefficiency in decision making process.

• For its shareholders, Admiral Group through its timely annual reports have been informing the shareholders about its growth. In 2013 it pain an interim dividend of 48.9 pence per share to its shareholders. Hence through dividends, profitability and timely communication Admiral Group has been meeting objectives of its shareholders.Order Now

edexcel hnd business assignmentsHNC Assignment Helphnd assignment help reviewsHND ASSIGNMENT SAMPLEhnd assignments in businesshnd assignments in computinghnd business assignment helphnd business sample assignmentUnit 1: Business Environment Organization Purposes

Unit 4 Human Resources Management Assignment

Introduction

This Unit 4 Human Resources Management Assignment is a study about the importance of human resource management and personnel management and explains difference between the traditional and modern approach of work force management. A company works for achieving its goals and objectives by increasing the performance of the employees. Job evaluation and motivation by rewarding system helps to increase the engagement of employees in the company.There is a detailed study of the role of human resource planning process in the effective human resource management.Some companies of UK are taken as examples like Amway, The Body Shop International and case study of Virgin Media. A comparative study is done of these companies for the applicability of  human resources management and process of termination of employment.

Task 1

1.1 Differentiate betweenpersonnel management and human resource management giving examples in two suitable organizations.

Personnel management can be defined as approach to manage employees and maintain the workforce satisfied. This approach concentrates with the relationship of the employees with organization. This relationship can be positive or negative but personnel management makes an effort to keep the positive relationship of employees with the growth of organization. Personnel management includes all the activities which are related to employee retention like organizing, integrating and compensating the work force. Basically the approach is a traditional approach which is a general management of entire activities of work force in organization, whereas Human Resource Management is a modern approach to employee management and managements of their capabilities. Human resource management is an approach which is work for the optimum utilization of human resources. In human resource management an overall development is done in the direction of achieving the goals and objectives of organization. in personnel management job design is executed according to the distribution of work but in case of human resource management the job is designed in team work and tasks where a team and a group is constructed to do a particular task (Tran, H. 2015).

Human resource management is adopted in the human resource in FMCG Company of UK Body shop international. The company is investing in the activities of human resource for expanding the human resources of the company and overall development of man power. Activities of personnel management are covered in the human resource management as in it is wide approach. The company’s staff management, organization, integration, compensation and development are the activities covered in the process of human resource management(Tran, H. 2015). The leading FMCG Company Amway has adopted the approach of personnel management. The company recruits selects and then trains the entrepreneurial managers. By personnel management approach an overall development is created of employees who give them direction to meet their personal requirements in the company asemployee. Human resource management helps to increase the involvement of employees in organization and help to achieve optimum utilization of workforce. These approaches are used to motivate the employees in the company (Tran, H. 2015).

1.2. Assess how human resource management functions help your chosen organization in achieving its purpose.

The main purpose of human resource management is to manage the human resource in a manner that the best can be abstracted from them. In present business scenario employees are not just an input for the company they plays important role in the success of the organization. In an organization following activities are covered in the process of human resource management (Parry, & Tyson 2011).

1. Planning: Planning of human resource is the initial function of human resource management in any organization. Planning is defined as making an estimation of the number of employees and staff required in organization.  Required quality and standards are defined which will be the basis for the recruitment. In Amway the planning for resources is very important for the management of all the activities.As the company is one of the biggest FMCG Companies in the world, and have its business around the world so it is necessary to have sufficient workforce.
2. Staffing: Staffing includes recruitment process and selection of people for achieving the goals and objectives of organization.Every company has its requirements for the selection of employees. Predefined objectives and requirements works as the benchmarks for selection of human resource. Amway have staffing policy in which the employees are selected according to the methods and techniques within the different qualified applicants. Job designing is also done in the process of human resource management as in work and tasks are defined according to the ability of the human resources (Parry, & Tyson 2011).
3. Orientation and trainings: Orientation is a period which works as a helpline for the new appointed employees. In this period employee adjust himself in the working environment of the company and helps to know about the company’s working strategies. Amway provides proper orientation programs to its employees and entrepreneurial managers in which presentation about the company and its working culture is shown to them. Trainings and development programs are executed to increase the quality of employee’s performance.
4. Performance appraisal and compensation: Performance appraisal is a technique which helps to monitor and control performance of employees. Performance appraisal depends upon the feedbacks and reviews of the supervisors and managers.Incentives, bonuses, promotions are includes in the techniques of performance appraisal. Compensation is the value of performance of employee and is defined as a major cost in organization. Amway has a framework for the distribution of compensations and policies for performance appraisal (Parry, & Tyson 2011).

1.3. Evaluate the role and responsibilities of line managers in your organization or familiar organization and how it supports human resource management functions.

Line manager: In organizations there are levels in structure and hierarchy is also there. Line managers are the authorities which are have responsibility to manage activities of employees. In this type of management communication is from top to down level and feedbacks are down to top level.Line manager helps to proper execution of human resource management(Nankervis, A.R., et. al 2013).

Roles and responsibilities of line manager-

• Day to day activities is managed by line managers of employees which help to monitor employee’s performance.  Amway have a quality of line manager which manages employee’s activity.
• Line manager provides his expertise information if required to employee. In Amway the line managers are responsible to guide its employees by their expertise knowledge.
• In Amway the line managers are liable for the allocation of tasks to team of employees or individual.
• He is the responsible person for controlling the performance of company’s employees. The line manager of company evaluates the performance of employees on a regular basis and avoids unethical activities (Nankervis, A.R., et. al 2013).

1.4. Analyze how legal and regulatory framework impact on human resource management.

Human resource management is a methodology for the overall development of human resources in organization.In the process of human resource management legal and regulatory framework works as safe wards for the employees against any kind of misconducts (Bratton, J. 2012). Following are the acts and regulations which make impact on the human resource management-

• Sex discrimination Act 1995/97– The act was established to protect the employees at work place by the discrimination on the basis of gender.
• Equal pay Act 1970– according to this act there should be no discrimination for compensation on the basis of gender, religion,cast etc.
• Employment rights Act 1996– The employment rights Act is incorporated to protect rights of the employees in the work place.
• National minimum wages Act 1998– The national minimum wages act provides minimum wages to every employee for per hour work which is decided in the act and categorized (Bratton, J. 2012).

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Unit 4 Human Resources Management Assignment

Unit 1 Travel and Tourism Entrepreneurs

Unit 1 Travel and Tourism Entrepreneurs

20-04-17 Maddox Smith 0 comment

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DESCRIPTION

Program	BTEC Higher National Diploma in Travel and Tourism
Unit Number and Title	Unit 11 Travel and Tourism Entrepreneurs
QFC Level	Level 5

Introduction

One of the largest industries which is growing rapidly because of global economic impact is the travel and tourism industry. Many cultural, political, social, economic factors affect the tourism industry both globally as well as locally. A carrier in tourism industry will always flourish because of the impact it has on the minds of people. Entrepreneurship in Travel & Tourism industry is very common along with the hospitality industry. Many opportunities for innovation of both product and process can be seen. The holiday packages, travel and accommodation services, food services are the areas in the tourism sector where entrepreneurship can be carried out. A successful entrepreneur can contribute to the economies both locally as well as globally. When funds are available for this industry, it is easy to start a business and provide good services to the people so that every process becomes easy for e.g. by online booking for tours and accommodation etc. Providing all the necessary information online and making it a user friendly interface should be the objective. Innovation in the food and beverage and hospitality services should be brought about. The concept of entrepreneur was given by Richard Cantillon (1759).

Task 1

(a) Self-assessment of entrepreneurial traits (characteristics) that you may possess and the entrepreneurial skills required to be a travel and tourism entrepreneur.

The role of an entrepreneur in travel and tourism sector deals with opening a new or working for an established tourism enterprise (Oosterbeek, Praag & Ijsselstein, 2010). Their main target is customer satisfaction. To be successful in the business an entrepreneur should have few traits as discussed below.

• Passion: being passionate about their business is the most important trait. When extra efforts will be put in, the success of the business will bring more happiness then the wealth earned from it (Lee & Tsang, 2001).
• Discipline: this is very essential to move towards your goal as every step taken will be counted. Strict discipline will take entrepreneurs closer to their goal.
• Self-confidence: believing in one’s self is very important to bring about a change in the society. Practical and positive approach is followed by good entrepreneurs who are confident about success in the industry.
• Open minded: this attitude helps entrepreneurs to be very sharp and observe everything around them. This will help them in bringing up innovative ideas and learn from their surroundings.
• Innovation: innovative ideas are the need of the hour and good entrepreneurs always look at how things can be modified and improved in order to build a successful business.
• Competitive spirit: an entrepreneur always believes that he is the best among all and has the capability to bring about a change. Striving for the best every time is the attitude of a successful entrepreneur.
• Work ethics: ethics at the work place is very important and successful entrepreneurs are the once who come first to the office and leave last. They may also be required to work on holidays and other off days to achieve few goals.
• Excellent communication skills: entrepreneurs need to have excellent communication skills to sell their product or services and also to keep their employees motivated.
• Strong determination:defeats and failures are a part and parcel in the business and a good entrepreneur should not be affected by this and take it in a positive side. The word impossible does not exist in their dictionary (Altinay, Daniele and Gurel 2010).

The skills that an entrepreneur needs to possess in a travel and tourism industry is that they should be able to motivate themselves. Due to large amount of competition in the market, ups and downs in the business are seen regularly. This should not affect the determination of the entrepreneur and he should have a lot of self-confidence. Work ethics and morals also need to be maintained as one bad reputation might ruin the entire business. Time management is also an important criterion as every second is important and a good entrepreneur is learning every second (Baum & Locke, 2004). Improving their business is very essential and they should introduce new ways to increase the sale of their business and attract more customers to use their travel packages. While starting a business, the finance should be well understood and record of the expenditure has to be maintained. Out of the above mentioned traits and skills, I have few of the characteristics in me which would make me a good entrepreneur in the travel and tourism sector which is discussed in the next section.

(b) Rank each trait identified and the skills you possess on a 1 to 10 scale and provide a brief explanation on your judgment with some evidence.

The skill and the traits will decide how good an entrepreneur you are and how the business will progress in your leadership. On conducting self-assessment, I can say that I have the qualities in me to become a successful entrepreneur of the travel and tourism industry. In the traits listed above, the ranks which I would give to each one of them from 1 to 10 are Disciplined, self-confidence, work ethics, competitive spirit, passion, strong determination, innovative, good communication skills, open minded and finance.  Travel and tourism industry requires a lot of motivation of my fellow employees.

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Unit 1 Travel and Tourism Entrepreneurs