E129 Nicolae Bocsan: Aventură Tourism - Business Enterprise Creation

This document presents the initial business concept for "Aventură Tourism," a Romanian tours and travel company focused on mountain tourism, aiming for domestic expansion within three years and international operations within seven. The document details key partnerships with local businesses and public institutions, key activities such as planning tours and promoting eco-tourism, and a value proposition offering discounts to seniors while promoting Romanian tourism. Customer relationships are fostered through equity shares for tour operators and personal tour guides. Channels include a mobile app, website, and local football grounds. The target customer segments are students, researchers, and general tourists. The document also includes peer feedback from a Working Party (e-WP) and a self-selected discussion group, highlighting strengths in technological and financial aspects, value propositions, and channel selection, but also weaknesses in customer segmentation and online presence. The concept is then reiterated with improvements based on the feedback, including a stronger online presence, recruitment of experienced staff, and broader customer segment offerings.

Individual Concept Document
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Table of contents
Introduction......................................................................................................................................3
Original Business Concept..............................................................................................................4
Concept Improvement Reiteration.................................................................................................10
Reference List................................................................................................................................12
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Introduction
Establishing a new business is a task that requires great understanding of market variables as
well as consumer preferences. However, to initially set a business up, the most important aspect
is always the idea on which a business stands. This idea, based on its suitability, is either
applauded or restricted by the consumers. This study shall shed light on the many variables in a
business idea and try to find out feedback on that idea. After this, an improved plan shall be
proposed overcoming the found out weaknesses.
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Original Business Concept
“Aventură Tourism” shall be a Romanian tours and travel company with emphasis on the
mountains and other tour facilities related to it. Although the company shall look to attract
tourists from a domestic perspective, within 3 years, the company shall expand into the
neighbouring countries; within a span of 7 years, “Aventură Tourism” shall function on an
international basis.
The “key partners” as mentioned in the BMC, relate to the strategic relationships that the
company shall look to build initially. These relationships shall help the company initially to grow
in brand awareness as well as trust amongst the new consumers. For “Aventură Tourism”, the
key partners are local businesses, museums, parks as well as other public institutions.
“Key activities” are the immediate actions that the company shall carry out. Initially, the
company shall look to create strong bonds with local tour operators. Planning extensive tours
comes next. The company shall also look to promote eco-tourism from the very start.
“Value proposition” are the various processes that a company undertakes to satisfy the needs of a
customer. Initially, “Aventură Tourism” shall seek to offer special packages at heavy discounts
for people above the age of 55. Although aimed at attracting customers initially, “Aventură
Tourism” shall continue with this aspect forever. At the same time, the company will also look to
promote Romanian tourism through their efforts.
“Customer relationship” refers to the processes through which the consumer shall maintain
interactions with their consumers. Providing the tour operators and booking agencies with equity
shares, shall help the company get access to a good consumer base. At the same time, the
company will seek to provide personal tour guides so that their principles are visible through the
way they work.
“Channels” refer to the medium through which a service or product can be distributed (DaSilva
and Trkman, 2014). The company will promote its services through their mobile applications and
website. At the same time, local football grounds shall also be used as a channel of service
distribution.
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“Customer Segments” refer to the various sections of the society that a company wishes to sell
its products or services to. For “Aventură Tourism”, students and researchers shall be given
utmost importance whilst maintaining a high regard for general tourists as well.
“Key resources” are the digital as well as physical capabilities of a company. Their official
website, mobile applications and the various social media sites are the greatest resources of
“Aventură Tourism”
“Costing and Revenue structure” refer to the outflow of cash and the money coming in
respectively (Zikmund et al., 2013). This shall mainly help the business keep a track of its
income vs. its expenditure.
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Customer
Segments
•Tourists
•Students
•Researchers and
explorers
Value Proposition
•“Aventură
Tourism” seeks to
replenish the
number of people
visiting Romania
•“Aventură
Tourism” shall
inculcate their
packages with
cultural and ethical
values of Romania.
Key Activities
•Planning
extensive tours
•Supervising
relationships
with local tour
operators
•Increasing
interest in eco-
tourism
Key Resources
•Website
•Mobile
Application
•Social Media
Customer
Relationship
•Equity shares to
be offered to tour
agencies and
booking agencies
•Providing
personal tour
guides to people
above the age of
55
Channels
•Local Football
grounds
•Website
•Social Media
•Personal
interactions with
tour operators
Cost Structure
•Marketing: both domestic and international
•Equity to shareholders
•Employee Salaries
•Taxes and returns
Revenue Structure
•Sales
•Sponsorships
•Advertisements
Key Partners
Local businesses
Museums
public parks
other public
institutions
6

Peer group reflection
The peer group I selected to review this business plan had two categories. One was a pre-selected
Working Party (e-WP) and the other was a self-selected discussion group. Some views were
positive whereas there were many negative feedbacks as well. All over, the business plan faced
positive criticism, which shall be taken care of in future amendments of the BMC. Some of the
reviews and the feedbacks have been discussed below.
Working Party (e-WP) feedback: The most important reason for selecting this group was that I
believed that they could provide me with a general global outlook and that they would be able to
provide me scenarios on an international stage. The feedback comprised of reviews that are more
positive and helped me understand the viability of the present BMC.
The online group reported that the BMC I had come up with was very achievable. The promises
made were not false and enough emphasis had been laid on technological and financial aspects
of the business. The feedback regarding the cost and revenue structures were positive with
additional comments that they were very “real-world”. This proves that from a technological
aspect, the BMC had covered very good grounds.
The value propositions were marked as a great achievement by the e-WP. They believed that it
highlighted the way “Aventură Tourism” wished to work and that it would be of both emotional
and sentimental value to the consumers. However, I was criticised for not making offers to the
couples or the young groups who extensively focus on going to the mountains. Although there is
much scope for making this part better, the e-WP reported that as an initial business, such
mistakes were common and could be easily taken care of.
The biggest negative as seen by the e-WP is that I have focussed on strengthening relationships
with local tour guides only. Although they acknowledge the fact that attracting domestic partners
at once might be problematic, they have stated that the company should most definitely try to do
the same. However, not mentioning that in the BMC was seen as a major flaw and I was
particularly asked to take care of it in the future version of the same.
Overall, the comments of the e-WP were motivating and I view them as crucial in making the
necessary changes in my initial plan. Their feedback has enabled me to be more confident about
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my strategic planning skills. At the same time, their comments have given me a global
perspective due to which now I shall be able to focus more on aspects of business expansion.
Self-Selected Discussion Group: Making use of a localized point of view is very crucial in order
to establish a business. Due to this, my self-selected discussion group consisted of mostly
management students and some successful local business owners. Their feedback would help me
in understanding the aspects of establishing a successful business in Romania. I upheld some of
the comments received from my e-WP group to understand how those ideas suited the current
scenario of my business.
The most initial feedback I received from the discussion group is that I had not focussed much
the customer segments of the business. According to them, the categories were “vague and
ambiguous”. They suggested that categorizing the tourists on a basis of their frequency would be
the most successful because that could let me emphasize on my business operations and help the
business grow in image. They stated that based on frequency, I would be able to promote my
business in the exactly right segment of customers.
The discussion group identified another flaw in the key activities that “Aventură Tourism”
wished to undertake at present. They said that building a strong information base would be
mandatory. According to them, consumers are only able to trust new companies if they ave
enough information regarding the same. Before building relationships with local tour guides, the
company has to focus on building a strong presence online. By doing so, the company will be
able to provide the customers with all the necessary information that they might require. At the
same time, the discussion group also stated that planning extensive tours would require a few
experienced individuals. Therefore, the company should also hire at least two experienced
officials to help the company in building a stronger information as well as consumer base.
According to the group, the cost and revenue structures were on point and depicted income and
expenditure accordingly. However, it also gave the opinion that the cost and revenue structures
should also include a section for miscellaneous as there will always be expenditures unaccounted
for. Budget allocation and distribution is greatly affected by the cost and revenue structure.
Therefore, not having a miscellaneous section could prove to be quite a risk in the near future.
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According to the discussion group, the greatest area of promise in the BMC was the selection of
channels through which “Aventură Tourism” shall seek to distribute its services to the
consumers. They stated it to be very new and something that had not been used much in this
country. They believe that selecting the local football grounds would not only be a convenient
source, it could also work wonders in spreading the company’s reach. Inculcating sports with
tourism is a process that has helped many international tourism bodies gain prominence over the
years. The group believes that this idea could go a long way in both Romania’s tourism as well
as its sports industries.
From the pre-selected discussion group, many negatives came into the view of the learner. It
helped me in not only assessing the reasons for the shortfalls in the BMC but also enable me to
get a local perspective from successful business owners. Both feedbacks shall help me in
formulating a better and more efficient management plan which shall be discussed in further
parts of the report.
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Concept Improvement Reiteration
After the initial presentation to the e-WP groups as well the pres-selected discussion groups,
many shortcomings were identified in the initial business plan. In the new improved version of
the BMC (given below), all such negative feedbacks ere taken care of and inclusions were made
as and when required.
Initially, building a strong online presence has been added in the “key activities” section. This is
directly in link with the suggestion made by the discussion group that I had chosen. Included in
the key activities, this shall work as a guideline for the company to measure its success in
reaching a considerable number of people. Another important addition to this part of the business
plan is that of recruitment processes. As mentioned by my discussion group, the company should
focus on hiring a minimum of two experienced officials. This should help the company with the
provision of the required outlook and the skill-set as well.
The second change is in the value propositions part. Including special packages and discounts for
couples and young people interested in touring the Romanian mountains shall help the company
establish its primary business operation. This shall also have an impact on eco-tourism because
the youth nowadays set the trends, which are followed by others.
The customer segment has also been changed keeping in mind the feedback received from the
discussion groups. They now include the three categories “frequent”, “general” and “rare”. This
shall allow the company focus on the consumers that would ensure maximum sales growth. Also,
the budget allocation would be changed accordingly, helping the company focus on which
segment of consumers they want to focus on.
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Customer
Segments
•Frequent
•General
•Rare
Value Proposition
•“Aventură
Tourism” seeks to
replenish the
number of people
visiting Romania
•“Aventură
Tourism” shall
inculcate their
packages with
cultural and ethical
values of Romania.
• The company shall
provide for special
discounts for
couples and
youngsters who
wish to visit their
country for tourism.
Key Activities
•Creating a
strong online
presence
•Recruitment
processes
•Planning
extensive tours
•Supervising
relationships
with local tour
operators
•Developing
business
relations with
domestic as well
as international
tourism service
providers
•Increasing
interest in eco-
tourism
Key Resources
•Website
•Mobile
Application
•Social Media
Customer
Relationship
•Equity shares to
be offered to tour
agencies and
booking agencies
•Providing
personal tour
guides to people
above the age of
55
Channels
•Local Football
grounds
•Website
•Social Media
•Personal
interactions with
tour operators
Cost Structure
•Marketing: both domestic and international
•Equity to shareholders
•Employee Salaries
•Taxes and returns
• Miscellaneous
Revenue Structure
•Sales
•Sponsorships
•Advertisements
• Miscellaneous
Key Partners
Local businesses
Museums
public parks
other public
institutions
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DaSilva, C.M. and Trkman, P., 2014. Business model: what it is and what it is not. Long range
planning, 47(6), pp.379-389.
Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013.Business research
methods.Cengage Learning.
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