Innovation and Entrepreneurship - Cultural Retreat

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Innovation and
entrepreneurship
[Type the document subtitle]
1/20/2020
student name

Innovation and entrepreneurship 1
Contents
Introduction................................................................................................................................2
Products and services.............................................................................................................2
Competitive advantage...........................................................................................................3
Technological innovation...................................................................................................3
Unique designing...............................................................................................................3
Speciality services and shopping experience.....................................................................3
Consumer needs.........................................................................................................................5
Funding sources.........................................................................................................................6
Marketing strategy.....................................................................................................................7
Product strategy......................................................................................................................7
Pricing strategy.......................................................................................................................7
Placing strategy......................................................................................................................8
Promotional strategy..............................................................................................................8
Conclusion................................................................................................................................10
References................................................................................................................................11

Innovation and entrepreneurship 2
Introduction
Entrepreneurship reflects creativity and innovative skills of an individual which
define the ability to transform the unique idea into business start-up. Thus, the report will
discuss a business entrepreneur while researching travel and tourism industry. The start-up
that will be part of discussion, in the report further is “Cultural retreat.” This start up is based
on innovative idea of entrepreneur to provide accommodation and traveling experience in
villages to introduce global travellers with the local culture. This will include integrating
culture with premium services of hotel and travel guide. Therefore, it can be said that through
this report the start-up that will be consider as a part of discussion is from hospitality industry
(Weisberg, 2006).
Here, the unique selling proposition is the location which will be attractive for the
tourists across the globe that is to provide cultural and traditional aspect of the local area
integrated with the technological innovation and premium services. The major reason that the
contingencies of success of this start the plan is attraction for local areas, which will also
include as a retreating trip, adventurous trip. It has been identified that people are looking out
four trips to get a break from their usual lifestyle, which is majorly including work, business
or job and western lifestyle. This reflected the need for cultural retreat becomes more
relaxing and relieving for the tourist which could be one of the major reasons for success of
this start a plan (Coulson-Thomas, 2017).
Products and services
The major products and services that will be offered through cultural retreat company
will be accommodation service, which will include tent house, hotel and resort in local or
village area. Here, the cultural ground is easily approachable and enjoyed by the tourist.

Innovation and entrepreneurship 3
Moreover the services will also include local village day out where the lifestyle and culture of
local village will be offered to the tourist to enjoy along with the guidance for the same
(Bruns, 2013).
Competitive advantage
The key points that will act as competitive advantage for this start a business would
include (Betton, 2017)
Technological innovation
As discussed previously this will be an integration of local cultural experience along
with the premium services that will include digital services like online booking, easy digital
approachability, web check-in, personalisation services, and digital use in hospitality
experience (Ahlin, 2014).
Unique designing
Since the purpose of this start-up is to connect tourist with the local culture, the need
for hotel designing is one of the major aspect that will act as competitive advantage for the
company. This may include traditional reforms of the local area. Along with a luxurious
effect of traditional and cultural designing will be part of hotel interior (Coulson-Thomas,
2017).
Speciality services and shopping experience
Another service or product that will be part of the start-up business and act as a
competitive advantage are providing speciality services like specific spa, massage or unique
technique that is adopted in the local culture, which will be provided within the
accommodation facility. Other than this, a gift shop or shopping services will be available
within the hotel so as to provide cultural or local products for tourist and take advantage of