Innovation and Entrepreneurship Report: Cultural Retreat Start-up Plan

This report details a business plan for Cultural Retreat, an innovative start-up in the travel and tourism sector. The core concept involves providing unique accommodation and travel experiences in villages to introduce global travelers to local cultures, integrating cultural immersion with premium se...Read More

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

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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

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shopping experience within the accommodation area. For example, offering local market
within the area of Hotel and resort (Saebi & Foss, 2015).

Innovation and entrepreneurship 5
Consumer needs
The opportunities in this industry can be reflected through the statistics of global
travel industry which is reflected to be more than 1.2 billion travellers in 2015 which reflect
large business disruption and innovation opportunities. The investment made by start-ups has
also been increased to around US$29 billion in 2017. The opportunities that have been
identified by creative retreat hour through the consumer needs which reflect need for cultural
touch along with the premium services in tourism services (tourisminvestment, 2019).
Consumer satisfaction is the key objective of the organisation while working on
innovation or development of a star after. Considering the 21st-century trends and
opportunities, the customer expectations has also increase in travel and tourism industry. The
buying process reflects the consumer needs which initially include searching for brand
information. This include quick access of services and products offered by the company
which can be through online mode which is most accessible in 21st-century. The statistics
reflect that in 2018 it has been recorded that customers are selecting mobile devices for
acquiring services in travel and tourism industry over traditional distribution channels. This
reflects an opportunity for the company for interesting website designing, easy to access and
navigate, modern looking and functional do maximum possible extent (Mills, 2015).
Another consumer need that has been identified as customer service, customers are
looking for solving their problems and revert to their demand as quick as possible. Thus, the
customers are looking for cultural experience and historical experience along with the quality
services of accommodation and comfort. This may include high customer services and
innovative services. Other than this the customers are also looking for adventurous trips or
destinations which has been considered by cultural retreat company that is to offer

Innovation and entrepreneurship 6
accommodation along with the day tours for more adventurous destinations, places and
historical experience for the customer (Mohd & Sasmita, 2015).
Funding sources
In a start-up one of the most important decisions is funding source that is to meet
financial requirements to implement business strategy and plan into actual action. There are
various sources available for a business. However considering cultural retreat company, the
funding sources that have been considered is a combination of debt funding that is taking
loans from financial companies and banks, It also included personal investment done by
entrepreneur through assets and cash, the reason being this act as a base for the bankers to
allow such long term loan as the self-investment reflect the long term commitment towards
the business. Bank loans are one of the most common and useful source of finance which has
been used by cultural retreat. Considering the business plan and strategy the bank consider all
the aspects and offer various advantages by customising the repayment option for the
company. This was one of the major reasons for taking bank loan as part of financial sourcing
(Murphy & Dweck, 2016).
Other than this the money has also been sourced through partnership. Since it has
been identified that the amount required for running the hospitality chain is quite high it is not
possible for funding large amount from one hand thus partnership has been adopted so as to
make a strategic interest that will also help in developing the services and products and
increasing the business in near future. Some of the small scale company that are working in
the local area are being offered this partnership so as to develop more social network and
experience in order to enhance the consumer satisfaction in the market somehow. Thus
partnership with such companies acts as an advantage for cultural retreat due to integration of
funding as well as experience from the local area (Pappas, 2016).

Innovation and entrepreneurship 7
Marketing strategy
Marketing strategy of the company is most important part for a start-up company as
people are not aware about the brand name, brand image and brand unique selling
proposition. Thus marketing strategy would be a base for creating brand goodwill in the
market. The competition in this industry is very high therefore it is very important to consider
marketing strategy at space in order to compete in this industry. Some of the global hotel
chains have been working in large number of accommodation services across the globe which
has also included small regions and City like Hilton hotel group, Radisson chain, four
seasons. The marketing mix strategy of cultural retreat company included
Product strategy
Products and services as discussed above are one of the major reasons for gaining
competitive advantage over other hospitality brands. A premium product strategy would be
considered by the company while offering accommodation and other tourism services to the
customers. The major products as discussed previously our accommodation and day tour to
the customers in order to provide them adventurous and cultural experience at local region
(Du & Bstieler, 2016). The services include prior to the trip services like web information,
online booking and other similar online platform services. This may also include sharing
existing customers experience and feedback as a review, which may help potential consumers
to increase buying decision process. Some of the additional premium services that will be
part of accommodation that is Hotel and resort will also be providing premium canopies and
tent experience for more adventurous trip for the customers (Camison & Fores, 2016).
Pricing strategy
Price is one of the major factors which are responsible for speed of the buying
decision process of the customer. The pricing strategy that will be adopted by cultural retreat

Innovation and entrepreneurship 8
is premium pricing strategy. Since the company has been working towards offering premium
services for the customers and the customers prefer to enjoy such experience will not hesitate
to pay a premium price for such accommodation and trip. Thus the prices offered by the
company will be higher as compare to other local, small and medium hotels (Amabile &
Rigolizzo, 2015).
Placing strategy
Placing strategy is one of the most important marketing strategies as this is
responsible for major competitive advantage for cultural retreat company. The placing
strategy that will be adopted by the company is the unique location; this could be a Heritage
Village that will reflect culture of the city and region. This may also include location nearby
historical places within the country like popular lake, mountains and rural area. Most of top
global hotel and resorts are placed in popular region of the country, where the unique selling
proposition for cultural retreat will be to offer such locations that have not been tapped by the
brand is yet (Norman & Verganti, 2014).
Promotional strategy
Extensive promotional strategy would be adopted by the company so as to increase
the brand name and brand recognition while launching cultural retreat. This strategy is more
important because the location selected for such services is not very populous, central
location of the country. The promotional strategy that will be adopted by cultural retreat
includes social media marketing. Video promotion as a mode for portraying message could
be used to attract potential customers across the globe. This could be done through some of
the popular social media platforms. This may include platforms like Facebook, Twitter,
YouTube, Snap chat and Instagram. Another strategy will include digital advertisement; this
may include advertisement through television and radio; the reason being to tap or cover

Innovation and entrepreneurship 9
large population and attract international tourist. A shorter version of this advertisement
could also be used as promotional Launch video through social media platforms discussed
above (Okpara, 2017).

Innovation and entrepreneurship 10
Conclusion
Cultural retreat is start up based on innovative idea of entrepreneur to provide
accommodation and traveling experience in villages to introduce global travellers with the
local culture. Products and services offered through company will be accommodation service.
Services also include local village day out and adventurous day out trip. Key points that will
act as competitive advantage include technological innovation, unique designing, speciality
services and shopping experience. The opportunities that have been identified by creative
retreat hour through the consumer needs which reflect need for cultural touch along with the
premium services in tourism services.
The funding sources that have been considered is a combination of debt funding that
is taking loans from financial companies and banks, personal investment done by
entrepreneur, and sourced through partnership. Premium product strategy and premium
pricing strategy will be adopted by cultural retreat. The placing strategy includes unique
location; this could be a Heritage Village, popular lake, mountains and rural area.

Innovation and entrepreneurship 11
References
Ahlin, B. (2014). Entrepreneurs’ creativity and firm innovation: the moderating role of
entrepreneurial self-efficacy. Small Business Economics, 43(1), 101.
Amabile, T., & Rigolizzo, M. (2015). Entrepreneurial creativity: The role of learning
processes and work environment supports. The Oxford handbook of creativity,
innovation, and entrepreneurship, 61.
Betton, P. (2017). Competitive Strategy: Creating and Sustaining Superior Performance.
Macat Library.
Bruns, P. (2013). Corporate Entrepreneurship: Innovation and Strategy in large
organisations (3rd ed.). london: Palgrave MacMillan.
Camison, C., & Fores, B. (2016). Does incremental and radical innovation performance
depend on different types of knowledge accumulation capabilities and organizational
size? Journal of Business Research, 831.
Coulson-Thomas, C. (2017). Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services, 2017(Summer), 26.
Du, S., & Bstieler, L. (2016). Sustainability, social media driven open innovation, and new
product development performance. Journal of Product Innovation Management, 33,
55.
Mills, A. (2015). Everyone loves a secret: Why consumers value marketing secrets. Business
Horizons.

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Mohd, N., & Sasmita, J. (2015). Young consumers’ insights on brand equity: Effects of brand
association, brand loyalty, brand awareness, and brand image. International Journal
of Retail & Distribution Management, 43(3), 276-292.
Murphy, M., & Dweck, C. (2016). Mindsets shape consumer behavior. Journal of Consumer
Psychology, 26(1), 127-136.
Norman, D., & Verganti, R. (2014). Incremental and radical innovation: Design research vs.
technology and meaning change. Design issues, 78.
Okpara, F. (2017). The value of creativity and innovation in entrepreneurship. Journal of
Asia Entrepreneurship and sustainability, 1.
Pappas, N. (2016). Marketing strategies, perceived risks, and consumer trust in online buying
behaviour. Journal of Retailing and Consumer Services, 29, 92.
Saebi, T., & Foss, N. (2015). Business models for open innovation: Matching heterogeneous
open innovation strategies with business model dimensions. European Management
Journal, 201.
tourisminvestment. (2019). hotel-performance. Retrieved from
http://www.tourisminvestment.com.au/en/research-insights/hotel-
performance.htmlhttp://www.tourisminvestment.com.au/en/research-insights/hotel-
performance.html
Weisberg, R. (2006). Creativity: understanding innovation in problem solving, science,
intention and the arts. Jhon Wiley & Son: NJ, 104-340.

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