Co-creation of a New Venture on Leisure and Tourism - Coursework Example

Co-creation of a new venture on leisure and tourism Contents Introduction 3 Part 3 Business Environmental Analysis 4 Business strategies 5 Business Market Analysis 5 Targeted Customer 6 Part 2 6 Conclusion 7 References 8 Introduction In the country of Berkshire, Reading is a large town. Berkshire is a ceremonial country of United Kingdom. The country is very famous from the medieval period for its strong royal connections. The country had a major impact for the English Civil War. Presently the Reading town has a large population of 155,698. The town is having a good geographical location. It is located near London between the river Kennet and Thames. Berkshire town had an outstanding natural beauty with strong historical presence. It is considered as one of the best place for leisure tourism. In the modern world tourism business is very popular. It is one of the important industries in UK. With the co creation of new venture of leisure tourism in Berkshire, our company will be eligible to get a high chance of popularizing its business and increase its profitability. Our company will showcase the product of the Reading town of Berkshire by full utilizing the leisure time of its customers and satisfying them. Part 1 Creating a new venture for developing our business of leisure tourism in Reading town of Berkshire, our company have to make a detailed analysis of all the factors directly and indirectly affecting the tourism business. After the proper analysis of all the factors our new venture will develop plans and objectives for the business (Smith, 2014). Some of the important tools of management are associated with the development of business has to be implemented for the development of our business. Reading town has many tourist destinations like gardens, parks, monuments, Museums etc. Our company will provide luxurious tourism services to those places. Business Environmental Analysis Reading is a town of the ceremonial country of Berkshire. The Labour Party has a control over this town. The government has a unitary authority. It helps in the growth of business. Tourism is an important industry of UK (Beaver, 2005). Therefore our leisure tourism company will get a support from the government for contributing in the development of the state. Reading is one of the important commercial centres of Southern England. Therefore the economy of this place is well developed. Major companies have their headquarters in this town. Establishing company in Reading will become an important factor contributing in the economic development of the company. The social condition of the town Reading is stable and good. It supports the industrial growth. There is no such regional conflict in its society. The social rules and regulation of this place is well organised. The social structure of this town has a large contribution in attracting tourists. The technological development of UK helps to build strong infrastructural facilities in Reading town. It helps to preserve and build places of visitor’s attraction. The technological development also influences the transportation system of this place. Tourism industry depends a lot on transportation service. This will help our new venture company to continue its tourism business smoothly in reading. Reading town is characterised by excellent landscape and beautiful environment (Buhalis and Darcy, 2010). The town has many places of visitors’ attraction which helps in the growth of tourism industry. Also the industrial environment of this place is very good and motivated the company in its growth. The legal system of the Reading maintains strong rules and laws for peace and safety of the people. This has a strong impact on the visitors. Moreover different companies can run its business property for the presence of strong legal system. Business strategies The product of our new ventured company is offering leisure tourism service in Reading to its various customers. The leisure tourism service is based on the combination of physical resources, company activities and services. Our company will provide travel guidance along with dinning and lodging facilities to its customers. The company will have a tie up with different hotels and transport companies in Reading for proving an excellent tourism service. Our new ventured company will also provide customized leisure tourism packages according to the need and demands of the customers. The price of our service will depend on our new ventured company’s investments and on the amount of money we want to earn as profit. The price of the service will also consider the spending capacity of its customers and the cost involved in visiting all the tourists sports (Govers, Go, and Kumar, 2007). The most important factor in leisure Tourism Company is its place. The customers want to visit those places where they can relax and receives many leisure facilities. They want to spend a good time by visiting different destinations. Promotion is an important tool in marketing the company. Our new ventured company needs a strong promotion for establishing itself in the market. Advertising of our company and its service of leisure tourism will help to generate awareness among its potential customers. These promotional activities will contribute in the development of brand image of the company. Business Market Analysis Our new company of leisure tourism will face a strong competition in the market of UK. Tourism is one of the important businesses of this country. The industry of tourism contributes a lot in the economy of England. Therefore there are many tourism companies present in the UK market which provides the service of leisure tourism within and outside UK. Those companies have their strong brand presence in the market and they provide high quality of leisure tourism services. Therefore our company have to experience high industrial rivalry. Leisure tourism is a high end product. There is no such substitute of this product present in the market. So our company will not face the threat of substitute product which will help to grow the business. As too many companies of tourism are present in the market of Berkshire therefore the customers of leisure tourism has a strong bargaining power. Our company have to fix its price and services in such a way that it can attract maximum customers (Baloglu and McCleary, 2010). The suppliers of our company will be the hotels, restaurants and the transport companies who will provide services to our customers. The company have to bear moderate bargaining power of these service providers for the strong competitive market of leisure tourism industry. Targeted Customer Our leisure tourism company’s targeted customers will be the high income people. Leisure tourism is a high priced service. The customers of our company will belong from the society where they are used to the concept spending high amount of money for their leisure. The people who are focused on the quality of the service are the targeted audience of our business. The targeted age group of our customers will be above 35years. This is because approximately after that age high income people are more interested in opting leisure travel for relaxation. The aged people are also the target customers of our company. The reason is in the old age people wants some recreation and refreshments (Wang and Pizam, 2011). By experiencing leisure travel they can spent a luxurious time which refresh them from their boredom. Part 2 Our team and I decided to start the business of leisure tourism in Reading of Berkshire, Leisure tourism is a growing business. In the UK market tourism is the leading business and contributes a lot in the economy of the country. The leisure tourism industry is experiencing a huge number of customers. Therefore establishing business in this segment will be beneficial for the company. Our team has selected the business destination in Reading because it is a very popular town of Berkshire having different locational advantages. It is the main commercial centre of Berkshire having offices of different big companies. Moreover this destination has many places of visitors’ attractions which will help to develop our business. For creating our new venture we will analyse the market condition of the Reading and its surrounding areas which will have a strong effect on our business. On the basis of the analysis our team develop business strategies for establishing our company in leisure tourism industry. The location, infrastructure, technological facilities and some other factors have made Reading a perfect place for leisure travel. For this reason many companies have started this business in Reading. As a result our company will face a strong competition. According to my opinion our company needs to develop effective and attracting plans and offers to attract its targeted customers. Our company should offer a unique experience of leisure tourism to the customers for differentiating its position and brand. Conclusion In the modern world tourism is gaining its importance day by day. Leisure tourism is one of the important parts of the tourism industry, People having high income avail the service of leisure tourism. Tourism in UK is a very popular business. This assignment focuses on the establishment of a new company by different partners in the industry of leisure tourism. The company will be located in Reading town of Berkshire. The business environment of the company is very tough and competitive. Various types of research and analysis are done for providing a memorable experience of leisure tourism to the targeted customers. References Baloglu, S. and McCleary, K. W. 2010. A model of destination image formation. Annals of Tourism Research. Vol. 26(4). Beaver, A. 2005. A Dictionary of Travel and Tourism Terminology. New York: CABI. Buhalis, D. and Darcy, S. 2010. Accessible Tourism: Concepts and Issues. London: Channel View Publications. Govers, R., Go, F. M. & Kumar, K. 2007. Promoting tourism destination image. Journal of Travel Research. Vol. 46(5). Smith, S., 2014. Tourism Analysis: A Handbook. New York: Routledge. Wang, Y and Pizam, A., 2011. Tourism Destination Marketing and Management: Collaborative Stratagies.Wallingford: CABI. Read More