Tourist Playing Card Ltd Business Strategies - Example

Business Plan Name Institution Date Business Plan Introduction Tourist playing card is a business which will be involved in manufacturing, distribution and selling of playing cards to travel agents and flight companies. The business will be a limited liability company established under the laws of Queensland, Australia. Basing on the current playing cards prices and cost of revenue structure within the tourism industry, the business anticipates that it has the potential of $200,000 in gross sales within the first year of operations. The promotional playing cards will assist in delivering the advertising publicity for the tourism related businesses. These cards will be connected with games as well as entertainments and hence individuals/customers will be in good mood after laying them. As a result, this creates a positive association with the business that is being promoted and will make individuals more receptive to the idea of the tourism related businesses. The best aspect about these playing cards is that it will be possible to distribute them within any promotional setting. Essentially, the playing cards will have the name of tourism related business being promoted in the middle of the card and some description of the business and some other aspects such as the business’ website and location (Laurie, 2011). Business Profile The location of the business will be Coolangatta, which is located at the southern end of the Gold Coast. This location was chosen after a thoughtful and detailed research and demographic profiling and the advantages of this location to the business include: Coolangatta is home to some of the region’s most attractive beaches and hence favors tourism promotion The location is just a few minutes drive from several National Park, for example Murwillumbah and Lamington National Parks and this favors the business too Gold Coast is widely known as Australia’s premier tourist destination and hence several hotels, travel agents and tourism bodies are located here (Gold Coast City Council, 2012). The business has identified tourism promotion card as its primary interest and to that end the company had concentrated its efforts in developing special playing cards, whereby the tourism businesses being promoted will pay for the promotion services. The company will be manufacturing playing card, print the business being promoted on the card and then distribute the cards to the hotels, airports, travel agents, as well as tourism agencies in the region; these will then give the cards to their customers for free. Focused on tourism promotion using the playing cards, the business is primed to take advantage of a growing and profitable tourism industry within the region. The manufactured playing cards will have special themes and hence each and every tourism related business, will select the theme that fits its needs most appropriately. The printed playing cards will be made from a quality material and this will ensure that they will last the recipients for repeated usage (Laurie, 2011). The main idea of using playing cards for promotion is that anytime the customers of the targeted tourism related businesses decide to play a game using the cards, the customers will take out the playing cards and notice the businesses descriptions and other features in the middle of the card. Normally, individuals tend to play the cards with their colleagues, families and friends and this means that even more individuals will get exposed to the businesses being promoted. Distribution of the printed playing cards will definitely lead to the businesses being promoted soaring to the next level (Laurie, 2011). Mission Statement Tourist Playing Card Ltd sole purpose is to set up a profitable and well managed business whereas at the same time advocating, promoting, developing and sustaining the economic well being of the Gold Coast Tourism Industry. We aim providing the best promotional services of quality, fun and entertainment. Legal Structure The business is a limited liability company and this structure was chosen because the legal structure is well suited for organizations with a single owner (Pinson, 2008). The business will operate as a proprietary company rather than a public company. After the registration of the business under the Corporations Act 2001 (Commonwealth), after the business is registered in Queensland State, it will be free to trade within all other states in future. Short and Long Term Goals The objective of the business is to manufacture quality, full-service playing cards that will command approval of the primarily tourism community which it serves. Short Term Goals 1. A 15 percent market share of promotion industry within the first year 2. A modest rise within the business’ gross margins within the second year of operation 3. Advertising and promotion: To implement the five year marketing initiatives as well as annual marketing plan and accomplish the outlined outcomes of each Long Term Goals 1. An increase within the market share by at least 15 percent for each of the business’ first five years 2. Product development: Assess product groups and identify developing clusters and reinforce their impact by targeting program activities 3. Marketing research: Go on building on the research plan to take in trends and developing product niche 4. Awareness: Expand tourism awareness 5. To maintain and improve customer satisfaction 6. Implement a strategy to help the tourism industry to progress in a more sustainable manner (Bent, 2008). Market and Competition Analysis Analysis of the Market Research has illustrated that the prime market for the business is within hotels, airports, and tourism agencies close to neighborhoods. Ease access to these premises is crucial, though street frontage is not an important prerequisite. A twenty to thirty miles radius is considered the radial market area of the business. Nonetheless, depending of competition, the market area can grow to a forty mile radius and with easy highway access to a radius of fifty miles from the business location. In addition, there are many hotels and transport centers near the business location because such projects integrate tourism promotion with dinning, accommodation and transportation facilities to form a resident and tourist destination (Grayline, 2012). Strengths Few competitors in the region Growing and profitable tourism industry within the region Highly dedicated personnel The customers will be provided with the cards for free There are several tourists destinations and hotels in the region Airlines, hotels like giving free items to customers, especially when they are free to them Weaknesses The business is has just been established and hence there are no identified and reliable customers The targeted business might be having others promotion means, for instance through magazine advertisements The projected target profits might not be achieved The employees do not have prior experience in playing cards field Opportunities The business has high chances of growing and expanding since playing card business does not have many players A high number of target clients such as hotels is present in the region Confidence in tourism sector in the area as well as increased awareness of the significance of tourism industry among the area residents High returns from the business Niche market development Threats Uncertainty in the business trend Limited new product development in the area might be limiting yield High volume, low yield markets Generally, there are many strengths and opportunities in this business as compared to threats and weakness which are relatively less. Accordingly, the present weakness will require some control and should be lowered when the business finally starts while the threats will also require some control (Michael, 2010). Competition Analysis Even though there is no other tourism playing card business within Gold Coast area. There are other companies that pose competition to this business for promotion of tourist related businesses. The competitors are direct and indirect as well. The agencies and companies that are the most crucial partners, the region based destination marketing agencies, can be regarded as the only direct competitors to this business. Therefore, Tourism Playing Card business will aim at forging and strengthening relationships with hotels and travel agencies such as Travel Agents in Gold Coast, Gold Coast Airport Marathon, Hotel Dungarvan, Gold Coast hotels, Watermark Hotel & Spa Gold Coast, Sofitel Gold Coast Broadbeach and such. This will result to more co-op programs that are win/win and at the same time reduce efforts duplication. However, there are times when the same firms are developing their own programs and are seeking the same tourism stakeholders to invest. This potentiality weakens the likelihood of the business getting a chance to promote the tourism related businesses (Bent, 2008). On the other hand, indirect competitors of the business consist of websites, newspapers, magazines, in addition to consumer shows, which are provided directly to the tourism stakeholders through for-profit businesses. Basically, a tourism stakeholder has a number of alternatives for marketing its businesses that it is normally hard for tourism stakeholders to wade through the quagmire. The goal of this business is to offer the best possible value for the tourism stakeholders to a level that they will first look to the playing card business when considering their promotion requirements. Still, the business faces competition from Gold Coast City’s destination marketers which include the Australian Tourist Commission (ATC), Tourism Queensland (TQ) as well as the Gold Coast Tourism Bureau. Jointly, these agencies engage within strategic communication campaigns for building the general image and position of the tourism in gold coast within domestic and international tourist markets (Australian Government, 2009). Therefore, this means that these three tourism promotion agencies pose a great competition to the business. However, the many facilities offering tourism related services such as hotels probably would prefer promotion through playing cards because it is relatively cheaper as compared to other means of promotion. In particular, the business does not face any competition from a similar playing card business in the region and thus this business is the only key player in promoting the tourism related businesses in the region. Industry Trends The region depends on tourism marketing for future growth in the number of hotels visiting the area. In particular, growth from new markets can be anticipated, more so those where the level of income is expected to grow at a high rate (Tourism Research Australia, 2010). The economy within the region is projected to remain comparatively strong, in an atmosphere if low inflation as well as low interest rates. This therefore indicates that the business opportunities for marketing and promoting tourism related business in the region are likely to increase. With the steady growth within the business along with convection segments, it is evident that there is a need for addition of key promotion services to cater for the promotion of tourism related businesses (Tourism Research Australia, 2010). Promotion businesses are still not congested within the region and this implies that the tourism playing card promotion businesses can join the industry and become of the key players. Competitive Advantages The high standards set by the business as well as the business locality are going to make it extremely difficult for competitors to get in and survive within the market area. The business’ research indicates that there is an opportunity of providing a high-quality service in a tourism-oriented setting. Where the business will be able to provide competitive pricing to its customers and still make an exceptional profit (Cullen, 2007). Our research indicates that most of targeted businesses within the region would opt to use another promotion strategy to promote their services. Considering that playing cards is a new promotion means in the region and due to its efficacy in business promotion, many businesses in the region would consider using the playing cards for promotion. Consequently, our competitive advantage in this will be in attracting and retaining the new customers with the best trained and experienced individuals we can enlist. With our expertise and experienced employees, we will be in a position to offer the finest playing cards as possible. References Australian Government. (2009). Department of Resources, Energy and Tourism, National Long- Term Tourism Strategy. Discussion Paper. Bent, F. (2008). Underestimating Costs in Public Works Projects: Error or Lie?"Journal of the American Planning Association. Vol. 68/3. Buhl, K. (2010). How Inaccurate Are Demand Forecasts in Public Works Projects?" Journal of the American Planning Associations. Vol. 71/2. Cullen, D. (2007). The Little Book of Big Promotions, Volume 10. Sydney: Rockport Publishers. Grayline, (2012). The Changing Face of Australia’s Tourist Destinations. . Laurie, D. (2011). Divining Your Future Using Playing Cards & Numerology: Your Personal Guide to Solving Everyday Questions with the Power of Numbers. New York: Author House. Michael, H. (2010). Marketing Strategy. London: Cengage Learning. Pinson, L. (2008). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business and Securing Your Company’s Future (6th Edition). Chicago: Dearborn Trade. Tourism Research Australia, (2010). State of the Industry, 2010. Gold Coast City Council, 2012, ‘Gold Coast Harbor Study. Australia. Read More