Tourism in Malta - Assignment
Added on 2020-10-22
10 Pages5047 Words371 Views
Research Reflection Report.Marks AvailableResearch Methods & ProcessesHow and why have you chosen/decided on the research methods and processes which you are using/have used for the development of your Major Project?How would you describe these to:1)a reader of your Major Project and/or 2)a future employer(max. 550 words)In today's world of technology and advancement people are getting more attracted towardtravel and tourism in order to fulfil their wonder lust by roaming around the world. On ofthese locations which people prefer to visit is Malta, a nation surrounded by sea. This is thefactor which attract people to visit Malta for spending their summer vacations at a placewhich is full of nature and beaches. The tourism visit in Malta has been increased in lastfew year that has also contributed toward improving the economical condition of countryby providing several job opportunities and mediums to open up[ businesses for servingtourists. This increase in tourism has also encouraged young people to come up with newor innovative idea for setting up their restaurant in order to serve people who are visitingMalta and earn money. These business opportunity has increased the competition inmarketplace. From this analysis I have assumed that tourism has improved infrastructure that encouragedpeople to establish their own restaurant business which provide greater profitability tothem. But from this I have analysed that there are number of restaurant which offer onlyfew of the cuisine dishes but they haven't focuses toward offering core dishes of cuisine. Inaddition to this, these cuisines dishes are mainly cooked by the local chef of Malta whichsometimes are not able to provide that taste for which these dishes are famous. Hence, thisis a greater opportunity for “Chuck & Chick restaurant”, as they are planning to setup arestaurant chain which offer core dishes that are being offered within country to which thatparticular cuisine belongs. In addition to this, it has been planned that at initial stage threerestaurant would be setup in which each branch offer a cuisine and interior would be set asper the culture of that country whose food restaurant is going to offer. For this purpose, Ihave performed an investigation in order to collect relevant information in this concernedtopic. For this I have grabbed data from secondary sources such as journals, newspapers,online articles and surveys previously performed over restaurant. This help in gathering
view point of several authors in context of developing a business plan for themedrestaurant. In addition to this I have also performed feasibility analysis to determines theviability of project, business model and viability plan with an aim to position a newrestaurant in such competitive environment. In order to get efficient information I have used both primary as well secondary sourcesand further I have performed deductive reasoning for testing the feasibility of business planin term of product, industry, market, organisational and financial feasibility which help indetermining the viability and effectiveness of project. The main reason behind adoptingdeductive approach is that I have to test as well as challenge the feasibility of my businessplan and to develop an understanding regarding future practices by thoroughly reviewingthe existing data related with restaurant market as well as industry. The intended reader of my business proposal are government and legislator authority whichprovide licence for setting up restaurant at location which are decided by Chuck & Chickrestaurant. This research project provided me with several knowledge, skills and tools thatsupported me in improving my problem solving and writing skills. It also support me inperforming feasibility analysis of my project to determine whether Chuck & Chickrestaurant should invest in Malta to setup their business or not. Literature & sources1)What are the most important theories/literature/evidencesources which you are using to justify your research and your Major Project?In this business plan of Chuck & Chick multi-cuisine themed restaurant I have used bothprimary and secondary data collection sources for gathering the information related withmy project. In order to collect primary data I have formulated a questionnaire in whichquestions would be fill up potential customers regarding the food and benefit whichrestaurant is going to offer its customers. Apart from this in secondary method of datacollection I have used online articles which have current and relevant information relatedwith this restaurant industry of Malta and present competition. These all sources has beenused which enable me to form an opinion regarding the feasibility of project. Apart fromthis literature review, I have also applied some theories also in order to justify my researchover this topic. The models or theories applied for research are :Porter's Five force model:- This model focuses toward performing an industrialanalysis to determine the current state of particular sector along with the
2)Why are these sources important and fundamentalto your work?(max. 550 words)opportunities or threats that are present for a business. It focuses over five basicforces which have an great influence over the growth and operations performed bya business. I have applied this model in order to identifying the competition presentin market that may affect the operations performed by Chuck & Chick restaurant infuture. In addition to this it also helped me in determining the bargaining power ofbuyer and suppliers so that cost of business can be managed properly. Business Canvas Model:- It is a kind of model which represent a detailedinformation about the product or services that a company is planning to offer alsowith channel and value added features. By applying this model I presented apictorial representation regarding the concept over which the business would bedeveloped. Main reason behind creating this model is to represent the basicinformation about the Chuck & Chick restaurant so that it can be presented in frontof stakeholders who are interested in this plan.These analysis models and literature review helped me up to a great extend in evaluatingthe number of threats and opportunities that are present in Malta which may affect mybusiness plan. In my research I have focused over determining the feasibility of mybusiness proposal so that I could be able to evaluate the weaker point in my plan if anypresent so that it can be rectified before starting work over plan. For this research, first ofall I have implemented Porter's five force model in order to determine the industrialfeasibility for this project. This is one of the most essential part of literature review sectionas it helped me in evaluating the competition present in market. In addition to this it alsohelped me in determining the potential profitability attractiveness present in industry whichact as an opportunity for the growth and success of this business idea. Apart from this italso help in determining the barriers that are present in industry for new entrant whichsupport in formulating effective strategies so that these barriers may not affect the revenueas well as practices of the restaurant. Apart from this, I have also used Business canvas model that has supported in determiningthe ways through which Chuck & Chick restaurant can create value in front of customersand how these values can be further converted into revenue. In addition to this, Business
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