Entrepreneurship: Effective Decision Making and Business Plan

This document discusses the importance of effective decision making in entrepreneurship and provides insights into creating a business plan for a travel agency. It covers topics such as identifying new products and services, making decisions in different groups, the process of decision making, information required for decision making, and generic decisions. The document also includes an executive summary, objectives, mission, key success factors, market analysis, market segmentation, target market segment strategy, situational analysis, and marketing plan.

Entrepreneurship
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Contents
INTRODUCTION...........................................................................................................................4
A) An effective Decisions...........................................................................................................4
B) Business Plan..........................................................................................................................6
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Entrepreneurship is based on the process that help for designing, launching and running the
new enterprise. It often initially describe the capacity and willing to organise, manage the
enterprise venture. It will describe about the effective decision making process and how it will
help for business to increase the organization profitability and productivity in global
marketplace. Furthermore, it will produce business plan of travel agency that always support for
identifying the essential requirement in business establishment.
A) An effective Decisions
For business idea, it will be require an effective decision which always support for
organization to enhance the overall demand in global marketplace. It can be possible when the
owner of enterprise focus on the decision while conducting the discussion with partners. As per
consider the business idea to set up new travel agency (Rojanathanawakun and Jarinto, 2019). It
is the most common idea but things needed to use innovative thing which always differentiated
in the entire world. An effective decision depend on the situation, current trends where how they
suitable for adopting innovative idea in business.
Identify new product and service provide to customer.
The travel agency followed the dynamic process which provide the outdoor recreation
services such as travel insurance, online rental car services, and transport time tables. Guide
books and other tour package (Zohry and Hammad, 2019). These are essential service which
needed to provide potential consumers.
How different group make an effective decision in travel agency.
It will be considered the different group which make help for increasing overall business
demand in global marketplace. The travel agency is targeting the specific groups: young active
travelers and high income health conscious individuals. The most common element among two
different group on the basis of interest, money (Zohry and Hammad, 2019). So as it become
easier to target the people. Each group has a lot of disposable income and they invest money on
travelling.
Afterwards, it will be planned an effectivbe strategic for providing the choices whereas
each customer enjoy their holidays (Capriello and Riboldazzi, 2019). It will be possible to
organise event, session where directly interact with client and identify their requirement. In this
way, it has made an effective decision to implement an appropriate standards.
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Process of decision-making and how it would be made.
The business established related decision-making based on the customer value which
drive competitive advantage in attracting and retaining client by using internet service. It is based
on the commercial medium that’s why, it will be used the internet, new way of doing enterprise
developed in global marketplace (Dimitriou and AbouElgheit, 2019). Travel agency has
comprised with the customer to complete transaction in early. In additional, organizations can
use the internet to deliver new product and service for potential group of people as per
requirement. The electronic channel of travel agency which controlling the segmentation process
to access information about customer (Zohry and Hammad, 2019). Afterwards, travel agency has
made up an effective decision in regards of setting business rules.
Information required for decision-making
As certain level, online business will continue to grow as travel but it will require suitable
information in decision making. It mainly involves online booking, current trend, and demand of
consumer (Yang and McAndrews, 2020). These are essential information which may have access
through internet connectivity because client shows the interest towards website. In additional,
purchasing power, customer value perspective towards the organization which is the most
important thing that needs in decision-making.
Generic decision
Within travel agency enterprise, it always implementing generic decision in regards of
policy making which always influence the participatory planning, simulating, modelling and
other type of decision analysis. In travel agency, marketing decision will be consider an effective
process which require to use Generic decision process (Zohry and Hammad, 2019). It will help
for marketing channel to illustrate purpose and applied in the online medium. Therefore, it can
easily identified the requirement of customer and how it will satisfy with particular travelling
services.
Determine exceptional decision might be required
The exceptional decision might be required in travel agency because it enabled the
alignment of organizational goals. As carefully implemented in business operation for long term
development. It will be possible when entrepreneur continuously focused on the business
activities (Zohry and Hammad, 2019). Afterwards, it has identified that effective decision maker
spend a lot of time for identifying the current business situation or condition. The exceptional
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decision based on the long term development where in case if critical situation occurs so that it
can apply within business process (Yang and McAndrews, 2020). In order to maintain the
position of organization in global marketplace.
Furthermore, the entrepreneur focus on the point of contact by using online medium and
identify the requirement that what channels are currently working in properly. In this way, it is
properly handle the quality of customer. Exceptional decision is also relates to the quality or
product as well as service (Yang and McAndrews, 2020). It is important for maintaining all time
otherwise, it will be chanced for affecting overall business profitability.
B) Business Plan
Executive Summary:
The tourism agency has undergone rapidly growing the unsurpassed nature over last
decade. The document has mainly contain the entire business plan that mainly offering the
entrepreneur or executive those who are seeking to do enterprise internationally (Capriello and
Riboldazzi, 2019). Virtually organizations that require to make an effective policies and
procedures that appeal to maintain the business operations. It mainly involves the physical
requirement for business establishment. In most of cases, it carried out the high level of risk. The
travel agency target the potential consumer those are high income where each one individual
interested in the facilities and services.
Objective
Travel agency consider the objective for next three years which mainly include:
 To create the service based agency and maintain the expectation level of consumer.
 To record the market share 26% of high end hard adventure in term of travel space.
 To improve the profit margin of business and develop sustainability
 To achieve the best return rate of consumer with next 3 years.
Mission
The start-up based travel agency is to provide the better service to customer. In order to
maintain high quality of outdoor adventure, attract or maintain more potential consumer.
Internally, it intend to create the healthy environment and culture so that each staff members
enjoy at workplace (Singh and Ranjan, 2019). Staff members are treating as fairly compensated
and motivated to the respect of consumer. In order to maintain best quality of services in context
of travel.
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Key of success
There are consideration of key success which help for segmenting market while
implementing an effective strategies.
 Promising the demand or requirement of consumer.
 Timely response to the potential client on the behalf of special requests.
 Implementing the strategic alliances
 By using marketing channel for establishing awareness among people.
Market Analysis
Travel agency is based on the upward growing industry whereas it consider various
reason for increasing the demand in global marketplace. Initially, it relatively maintain the
economic condition or situation over last past years. In order to identify the currency in other
regions. As per analysis, it has found that travel may increase by 3.2% in 1999 which mainly
predicated the rate of grow approximately 2.0% in 2000 (Kourtesopoulou, Theodorou and
Papaioannou, 2019). In another, it has identified that economy rate has increased business
demand in global marketplace. It directly impact on the domestic business which boosted travel
5.8% in 2000. Afterwards, it has continuously grow again and again.
As per analysis, Travel agency is growing segement in the maketplace, in recently, it has
increased in extreme to do with strong competitive natire of people. However, companies are
generated $7 billion in 1999. It has been increased 66% in executibe participation between 1999
and 2000.
Market Segmentation
The start-up travel ahency has been targeted the potential consumer those are having high
income. Conscious individual people show interest towards the services (Capriello and
Riboldazzi, 2019). The major purchaser is located in the urban areas. They always want to go
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outside world. So as it become easier for business to provide better service and attract large
number of population. In another way, it has identified that hard traveler is likely to be men
between age of 20-40. However, it is increasing the number of traveler. In order to spend a lot of
time in travelling.
The potenatial consumer will be reached by using marketing communication technique. It
is the most suitable method that help for building an effective coordination to the client.
Information or data has been located in related to specific profile in both hard as well as soft
travelers (Marin-Pantelescu, Tăchiciu and Topor, 2019). Internet will provide an approproate as
well as effective medium of coordination, communication. Many travelers use internet to take
services so as increase chances of growth and development of business. In many situation,
purchase decision may be influenced by the large amount of disposable income which held by
family issues and economy of particular year. The travel agency is targeting the specific groups:
young active travelers and high income health conscious individuals.
The most common element among two different group on the basis of interest, money. So
as it become easier to target the people. Each group has a lot of disposable income and they
invest money on travelling.
Target market Segment strategy
Travel agency will promote the business and always try itself as differentiated provider of
luxury hard travel. In order to set up the price accordingly by choosing service niche (Capriello
and Riboldazzi, 2019). There are certain reason for segmentation of particular group of people.
 Traditionally, it has been spends fair amount of money for special trips.
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 It is willing to pay the premium for shelf adventure excursion.
Situational Analysis
Strength:
 The travel agency employee know what they are selling. Customer make the right
decision for particular travelling trip. In additional, it bring value to the potential client.
 It may have deals with other airline and also supplier client for particular trip (Inada,
2020).
 It offering the better service in different manner, identify what end client and complete
booking process themselves. The challenge is that when reach to client with proper
information.
 The internet will provide navigation with multiple options.
Weakness
 It became difficulties for justifying their own value towards customer. In order to
enhance the client trip through better product, value and information (Marin-Pantelescu,
Tăchiciu and Topor, 2019).
 It is not adopting the new pattern or habits quickly. Travel agency has limited technical
revolution which providing huge market potential.
Opportunities
 It will use the modern technology which always trying to enhance the customer
experience. It will be increasingly the business performance and efficiency.
 It improve the dynamic online package which including more services. In additional, as
established the under specific threats.
Threat
 The most common threat faced by travel agency is related natural disasters, terrorism.
These are completely affects on the overall business capabilities (Marin-Pantelescu,
Tăchiciu and Topor, 2019).
 It is not being able to provide information of customer what they offered.
 The people travel habits are affecting on the economic condition or situation.
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Marketing plan
On the basis of research, it will make plan for develop marketing plan in competitive
environment (Chiang, 2019). In order to recommend qualified professional to reach on target
audience by using distributed communication channels.
 Social media: it is the most common technique which help for targeting a lot of potential
customer because many people use social media platform. It became easier to directly
establish the connection with people, providing the correct information about product,
services.
 Brochures: it is inexpensive fulfilment brochures and package that will be published by
travel agency. Although cost of material is low which perceived the best quality of
services (Marin-Pantelescu, Tăchiciu and Topor, 2019). The system need to flexible that
will control the price by allowing printing or mailing the Brochures. It is based on the
traditional method for providing the information to potential customers.
 Personal selling: it is another method when established the international business contact.
Travel agency will prepare to allocate the significant amount of time for personal selling.
In order to provide the accurate information about particular item or services.
Competitors and buying patterns
The competitors are exists in the market which mainly categorised into two primary
ways. It provide the operators who specialising in the traveller whereas they provide the better
service and brief idea about the activities (Marin-Pantelescu, Tăchiciu and Topor, 2019). In this
way, it will be representing the strength which provide the undifferentiated product in the
competitive marketplace. In addition, they do not have much resources and ability to recognise
the desirable goal. So that it will target the consumer with full accommodation service as per
demanding. In this way, it directly positively impact on the business profitability.
The travel agency offer the high price but provide the high luxurious packages, in
generally provide the better services (Marin-Pantelescu, Tăchiciu and Topor, 2019). There are lot
of activities which more along with the line of sightseeing and consider as low risk alternatives.
The agency will include reputation and having knowledge about industry.
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CONCLUSION
From above discussion, it has been understand the concept of Entrepreneurship which is
based on the process of designing, launching and running the new enterprise. It has summarised
about the effective decision making process and it is helping for entrepreneur for business
establishment. In order to increase the organization profitability and productivity in global
marketplace. Furthermore, it is also produced business plan of travel agency that always support
for identifying the essential requirement in business establishment.
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REFERENCES
Book and Journals
Capriello, A. and Riboldazzi, S., 2019. How can a travel agency network survive in the wake of
digitalization? Evidence from the Robintur case study. Current Issues in Tourism. pp.1-4.
Chiang, W.Y., 2019. Establishing high value markets for data-driven customer relationship
management systems. Kybernetes.
Dimitriou, C.K. and AbouElgheit, E., 2019. Understanding generation Z’s travel social decision-
making. Tourism and hospitality management. 25(2). pp.311-334.
Inada, Y., 2020. Effects of Collaborative Learning in a Japanese Higher Education
Entrepreneurship Course: Developing Self-Efficacy and Confidence. Review of
Integrative Business and Economics Research. 9(3). pp.108-132.
Kourtesopoulou, A., Theodorou, S.D. and Papaioannou, A., 2019. The Impact of Online Travel
Agencies Web Service Quality on Customer Satisfaction and Purchase Intentions.
In Smart Tourism as a Driver for Culture and Sustainability (pp. 343-356). Springer,
Cham.
Marin-Pantelescu, A., Tăchiciu, L. and Topor, D.I., 2019. Role of Tour Operators and Travel
Agencies in Promoting Sustainable Tourism. Amfiteatru Economic. 21(52). pp.654-669.
Rojanathanawakun, Y. and Jarinto, K., 2019. ATTITUDES, SATISFACTION AND DECISION
OF THAI CONSUMERS IN PURCHASING PRODUCTS AND SERVICES OF
ESTABLISHMENTS SERVED BY CLMV WORKERS. RMUTT Global Business
Accounting and Finance Review. 3(1).
Singh, S.V. and Ranjan, R., 2019. Online travel portal and their effect on travel agency: A study
on outbound visitors of Varanasi. International Journal of Research and Analytical
Reviews (IJRAR). 6(2). pp.387-393.
Yang, Y. and McAndrews, C., 2020. Statewide Analysis of Individuals’ Exposure to Business
Establishments and Active Travel Behavior. Transportation Research Record,
p.0361198120912241.
Zohry, M. and Hammad, A., 2019. Evaluating the Strategic Performance in Tourism and
Hospitality Establishments in Egypt. International Journal of Heritage, Tourism and
Hospitality. 13(1). pp.13-34.
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