Innovation and Entrepreneurship in Tourism: New Wave Tours Plan

This report presents a comprehensive business plan for New Wave Tours, an e-business venture in the tourism and hospitality industry. The plan outlines the company's vision, targeting the Australian market initially with the potential for global expansion. It includes a detailed market analysis, highlighting industry growth, competitive landscape, and the target demographic of millennials. The report covers competitive analysis, differentiating New Wave Tours through specialized services and a one-stop-shop approach. The strategy section details the product (online hotel booking), pricing, distribution, and promotion strategies. The report also provides an operational plan, including marketing and sales strategies, and projected financials. The business plan emphasizes the use of technology and online marketing to establish a strong brand presence and achieve customer satisfaction. The report concludes with a summary of the business venture and its potential for success in the tourism sector.

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

Innovation and Entrepreneurship in Tourism and Hospitality Management 3
the organization are ANZ Nature Tours and Intro Travel. Both of the organizations are
Australia based that works on the similar target segment as well (IBIS World, 2019).
 Projecting the sales revenue for the organization, it should be noted that the company
would focus on selling 500 packages in the initial year and then keep on increasing the
graph on exponential basis.
Competitive Analysis
Trivago (Direct Competitor): It is as US based travel company that provide accommodation
booking services to people using German transnational technology. The company provides hotel,
metasearch and lodging services to the customers present in the industry. It was the first hotel
search engine in Germany (Trivago, 2020).
Trafalgar Tours (Indirect Competitor): this organization is working from 73 years in hospitality
industry so as to provide suitable services and let the guests live a good life. The organization is
one of leading brands present in the given industry (Trafalgar, 2020).
Intro Travel (Indirect Competitor): the organization is working in the given industry from 2005
and is targeting people belonging to age group of 18-40. The organization offer 19 trips to 7
different locations and thrive to give best services to people connecting with them (Intro Travel,
2020).
Talking about differentiation, it should be noted that New Wave Tours target one specific section
from the overall market; therefore, the services of the company are specialized in earning
satisfaction of the customers. Further, the organization also focuses on providing premium
quality services to people are comfortable and economic rates in the market. Specialization in the
services by using technology would help the organization to attain competitive advantage in the
target market. Further, the USP of the company is that it would provide one stop shop to address
the premium travel needs of the clients at reasonably rates. They will not have to keep searching
for different services while making the travel decision (McKeever, 2016).

Innovation and Entrepreneurship in Tourism and Hospitality Management 4
Strategy
Product: there is as such not physical good that the company would offer to its customers but
they will provide hospitality services to them. The company New Travel Waves would provide
online hotel booking services to people aiming to travel in Australian region. The company
would also provide comparison of different price hotels and the most relevant one for the
organization (Becker, 2016).
Price: the company has aimed to monitor the pricing strategy so as to make the services cost
effective. The business aims to reduce to costing of the products in such a way that they attain
best price advantage in the target market (Kiznyte, Welker, & Dechange, 2016).
Place: the distribution strategy of the company is concentrated in the Australian environment.
The company aims to capture the premium hotels in the Australian environment and offer its
services to people travelling to this nation. The organization acts as a mediator that let the hotel
reach to the customer with their support in between.
Promotion: as the organization is an ecommerce business, therefore, they aim to initiate
promotion on social media platforms online. Campaigning of online platform would help the
organization to expand their reach towards right type of customers in the market (Burns, &
Dewhurst, 2016).
The company should focus on hiring a team of 15 employees in the beginning. As the role of
business is mediation, therefore human resource requirement is less in the beginning.
Products and Services
With the changing environment and increasing per capita income of people, the tourism industry
has started growing with the willing of customers to travel on regular basis. Considering the need
generation for the product and services of New Wave Tours, it should be noted that the company
focus on deliver all the accommodation related services to people at one stop. The customers do
not need to go through several sites online in order to choose the most suitable package for them.
The business would deliver the accommodation packages to the clients on the mobile phones or
laptops on the same application (Ward, 2016). This would let the customer compare between
different packages and choose the most desirable option for them. The pricing strategy of the

Innovation and Entrepreneurship in Tourism and Hospitality Management 5
organization helps them millennial in attaining premium quality services at economic rates in the
market. The customers can save their budget for other expense while traveling by making use of
New Wave Tour accommodation packages.
Marketing and Sales
The company would position themselves at a place where people can afford the services of the
organization and attain high degree of satisfaction while experiencing it. This position would
help the organization to build its brand reputation in the market. Further, considering the
promotion strategy, it should be noted that the organization should organize an online marketing
campaign naming ‘Experience the Waves’. Under this marketing campaign, the organization
should advertise the brand and portray details about the services that the company is going to
provide to the people (Rosati, & Conti, 2016). They should make use of all social media
platforms like Facebook, Twitter, Instagram etc. to promote the marketing campaign and build
brand image in the market. Further, the sole focus of the campaign should be to capture the
interest of visitors and attain their detail for remarketing. The company should conduct several
campaigns during the peak season in Australia (Mason, 2015).
New Wave
Tours

Innovation and Entrepreneurship in Tourism and Hospitality Management 6
Operational plan
Activity Time Period
(in months)
Manager Growth
Objective
Concerned
Department
Situational
Analysis of
industry
3 Marketing manager Getting internal
and external
information
R&D
Customer profile
analysis
2 Marketing manager Analysis of need
and preferences of
customers
(Horner, &
Swarbrooke,
2016)
Marketing
Attaining
resources
2 R & D Head Getting material
like technology,
land etc.
R & D
Implementing
marketing mix
6 Manager Implementing
marketing mix
promotional
activities for
marketing and
sales
Management
Observing results 1 Manager Analysing the
difference
between desired
and actual
outcomes and
implementing
marketing plans
accordingly
(Ferreras-Garcia,
Management

Innovation and Entrepreneurship in Tourism and Hospitality Management 7
Hernández-Lara,
& Serradell-
López, 2019)
Financials
The company being a sole proprietor organization would make use of owner’s funds for meeting
the capital requirement of the business. Below mentioned is projection of sales and profitability
of the company:
Sales (500 package* 1000 AUD) 500000 AUD
Costing 250000 AUD
Profit 250000 AUD
Conclusion
Thus, in the limelight of above mentioned actions, the fact should be noted that the paper
highlighted the information about the business venture New Wave Tours working in the
environment of Australia. The company is planning to launch the business in the hospitality
industry of Australia while providing premium services to people at economic rates. The paper
highlighted the operational and marketing activities of the company with an aim to promote
brand name in the market of Australia. Financial projections for the initial year is discussed for
the business.

Innovation and Entrepreneurship in Tourism and Hospitality Management 8
References
Becker, E. (2016). Overbooked: The exploding business of travel and tourism. Simon and
Schuster.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan
International Higher Education.
Deloitte, (2020). 2019 Travel and Hospitality Industry Outlook. Retrieved from
<https://www2.deloitte.com/us/en/pages/consumer-business/articles/travel-hospitality-
industry-outlook.html>
Ferreras-Garcia, R., Hernández-Lara, A. B., & Serradell-López, E. (2019). Entrepreneurial
competences in a higher education business plan course. Education+ Training.
Horner, S., & Swarbrooke, J. (2016). Consumer behaviour in tourism. UK: Routledge.
IBIS World, (2019). How is the Industry Trending? Retrieved from <
https://www.ibisworld.com/global/market-research-reports/global-hotels-resorts-
industry/>
Intro Travel, (2020). About Us. Retrieved from < https://www.introtravel.com/about-intro/>
Kiznyte, J., Welker, M., & Dechange, A. (2016). Applying project management methods to the
creation of a start-up business plan: the case of Blendlee. PM World Journal, 5(5), 1-24.
Mason, P. (2015). Tourism impacts, planning and management. UK: Routledge.
McKeever, M. (2016). How to write a business plan. Nolo.
Rosati, U., & Conti, S. (2016). What is a smart city project? An urban model or a corporate
business plan?. Procedia-Social and Behavioral Sciences, 223, 968-973.
Trafalgar, (2020). Trafalgar. Retrieved from < https://www.trafalgar.com/en-au>
Trivago, (2020). Our Story. Retrieved from < https://company.trivago.com/our-story/>

Innovation and Entrepreneurship in Tourism and Hospitality Management 9
Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.’