Innovation and Entrepreneurship in Tourism and Hospitality Management

RUNNING HEAD: Innovation and Entrepreneurship in Tourism and Hospitality Management
Innovation and
Entrepreneurship in Tourism
and Hospitality Management

Innovation and Entrepreneurship in Tourism and Hospitality Management 1
Contents
Introduction......................................................................................................................................3
Vision statement..............................................................................................................................3
Market Analysis...............................................................................................................................3
Competitive Analysis.......................................................................................................................4
Strategy............................................................................................................................................4
Products and Services......................................................................................................................5
Marketing and Sales........................................................................................................................6
Operational plan...............................................................................................................................7
Financials.........................................................................................................................................8
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

Innovation and Entrepreneurship in Tourism and Hospitality Management 2
Introduction
The objective of this paper is to enlighten the reader with the information about the new business
venture New Wave Tours present in the tourism industry. The New Wave Tours is an e-business
that provides services to people through its official website and web application. The purpose of
below mention report is to analyse the business strategies of the organization and the analysis of
the market for the purpose to predict the environment and grow. The New Wave Tours
organization would initially provide its services to the people traveling to or in Australia and
would further expand the scope of business with the time being. Further, below mentioned is the
evaluation to the business plan of New Wave Tours in international market:
Vision statement
The company believes that they lives in the industry that helps people to move, travel and enjoy
life. The company believes that they want to make the lives of people hassle free by providing
them best accommodation service initially in Australia and then throughout the globe.
Market Analysis
 The hotel and tourism industry is growing with a multiple speed of $ 1 trillion in the
worldwide environment. The industry has become one of the most attractive features for
growth in GDP of several companies. There are total 515,458 businesses working under
this sector. The industry shows annual growth rate of 1% over the past 5 years. The
spending of people has been substantially increased leading to profitability of
organizations. Innovation and technology in the given industry has highly supported the
companies to increase their level of revenue. The industry has employed more than
9,045,381 people with them and is constantly working to increase productivity (Deloitte,
2020).
 The target market for the company would be millennial of age group 24 and 35 years who
pay a large sum of money of flight booking and prefer best locations for stay. These are
the people are either traveling to Australia or are living in Australia. The competitors of