SUBJECT- Final Business Plan Objective On successful completion of this assignment, students should be able to prepare a presentation of their business plans appropriate for presentations to investo
Running Head: PART 2 REPORT SUBMISSION 0
Part 2 Report Submission
Gurleen Kaur
2019081614
BUSI 4046/4053 – Final Business Plan
Professor Nathan Arney
Sunday, December 4, 2022
Legal & Organizational Structure
THE LEGAL STRUCTURE FOR THE ORGANIZATION:
The travel website is usually an important business plan whereby it is essential to follow different global and regional policies for the business to thrive. Based on my business plan, the website will operate under a global perspective where travelers globally are likely to visit the website, search for different destinations, and be able to make the booking of both traveling means and accommodations in different destinations and restaurants. Based on this idea, online fraud policies are crucial to ensure that all customers’ private information is secured. Additionally, the organization will be incorporated to ensure that all corporate policies based on the traveling website are followed effectively.
LEGAL FORM OF BUSINESS
A legal form is an important aspect that every business must have to achieve its main obligations successfully. Based on this aspect, promoting the business idea is the first legal form to ensure that it complies with the global legality formation in the website business. To achieve this, an attorney will be involved in the business idea and the legality of different policies and regulations under the business act regulations. Different policies govern online business websites, and following all of the regulations is an essential aspect every organization must follow to avoid government policy obligations and ensure that customers' data is kept secure.
THE ORGANIZATIONAL STRUCTURE
Having due most effective business structure helps the organization in the achievement of the organization objectives. There are different factors that an organization must follow to ensure that they have the most effective business structure for the organization towards making different decisions and resolving challenges that are faced within the organization. For the organization to achieve this decision, a hierarchical decision-making process is the most effective business structure that the organization will utilize. Under this structure, the decisions will be made under management rants from the junior employees to the organization's CEO (Chiou, 2011). This structure will help make new and changing different policies within the organization to ensure that the organization's culture is maintained toward the achievement of the organization's objectives.
IDENTIFICATION OF STRUCTURE
Under the hierarchical business structure, different employees will be based on the regions for marketing purposes. Under this strategy, different leaders will manage the organization under numerous ranks and responsibilities.
Organization CEO- responsible for managing overall organization operations and making final decisions toward achieving the organization's objectives.
Assistant CEO- responsible for supporting the organization's CEO in making decisions and managing employees.
Regional managers- responsible for managing different regional operations and reporting market challenges and possible solutions to the CEO.
Website marketers- responsible for marketing the organization.
Website designers and developers- responsible for maintaining the website and designing new features for the organization.
Office management team- managing the office and maintaining it.
PROCESS AND TECHNOLOGY OF PRODUCT OR SERVICE
To achieve the organization's objectives, it is the role of the organization to utilize the most effective process and correct technology. Based on the business idea, integrating different website designers is the process that will ensure that different innovations are involved in the business. When different designers are involved, innovation and professionalism are highly involved in improving the website and making it easily accessible and understandable by the users. On the other hand, utilizing JavaScript, cobra coding language, and other new security available technology are the types of technology we will utilize for the website (Jeong, 2012). Under this technology, the website will be professional and achieve its major objectives.
WORK STRUCTURE
There are different website designers and business management individuals who will be involved in designing the website and its management. Based on the idea, each professional will be responsible in their field of professionalism to ensure that the website achieves its major objectives. There will be professionals who will be managing the designer's teams. In contrast, others will be responsible for different website features like database, website coding, and secure coding to ensure that the website is secure against wrong intruders and that the customer’s data is kept secure. Additionally, customer relationship management will be the most effective process to ensure a good relationship between the organization and its customers (Mohd-Any, 2015). Collaborative CRM is usually the strategy the organization will use to build a good relationship between the organization's management, employees, and customers toward achieving the organization's objective.
THE LINES OF AUTHORITY AND RESPONSIBILITIES
As stated in the previous question, the organization chart on authority and responsibilities is as stated.
Organization CEO- responsible for managing overall organization operations and making final decisions toward achieving the organization's objectives.
Assistant CEO- responsible for supporting the organization's CEO in making decisions and managing employees.
Regional managers- responsible for managing different regional operations and reporting market challenges and possible solutions to the CEO.
Website marketers- responsible for marketing the organization.
Website designers and developers- responsible for maintaining the website and designing new features for the organization.
Office management team- managing the office and maintaining it.
Market Research & Marketing Plan
MARKET RESEARCH
In the case of a travel website, we expect the website to be accessed by individuals from anywhere globally. We expect to have close to one million visitors to our site globally. In the current world, people are willing to visit sites globally, making the tourism sector continue growing. The website targets middle-income and high-income individuals willing to travel to different destinations globally. We are also considering young people of different sexes accessing our website daily. Out of the one million individuals accessing the site, we expect to get 10% of the individuals who are 100,000 that will be using our online services for their trips globally every month. Currently, the target market is growing, and most people want to make bookings and reservations from the comfort of their homes, so our website will be able to provide these services.
BARRIERS TO ENTRY
One of the barriers which our company is facing is high startup costs. Coming up with a travel website is, at times, expensive since you have to cater for the advertisement fees, pay the web designer and hire experts to run your website. In the website's marketing, we expect to incur high costs since we are new in the market, we have to advertise more to be known by the users.
The issue of high costs will be solved by welcoming investors on board who can provide funding for the website. The owners will also use their savings to invest in the website.
THREATS AND OPPORTUNITIES
Threats
The first threat is the change in government regulations. Since some countries have strict laws concerning websites, this will limit our breakthrough into the market, affecting our penetration.
Advancements in technology could threaten the company since it will be costly for the company to manage.
Competition is the other threat since we have got companies which are well established and we have to compete with them.
Opportunities
Going mobile.
Leaving no room for ambiguity.
Making the site search smart as well as simple.
PRODUCT/SERVICE FEATURES AND BENEFITS
Consumers who have an appropriate need for the services can access the website. Upon opening the attractive pages that have color graphics as well as easier to use plus interactive format, the user will be able to see three categories which include:
Areas to visit
Reservations
Other services.
This will make it easier for the clients to view where they are interested in visiting and make their booking by comparing prices.
TARGET CUSTOMERS
The customers we are targeting with our services are individuals with families between the ages of 20 to 70 years. Both males and females will be able to get benefits through our website. More so, we will target colleges and schools willing to visit different areas globally and locally. The average income for our target customers is $1000.
KEY COMPETITORS
Our competitors in the market are well-established brands like booking.com and Expedia plus trip.com (Statista, 2022). The companies offer online booking services, reservations, plus flights. As strong brands in markets, we will have to provide discounts to our customers to attract them to our services.
POSITIONING/NICHE
Our company will provide a comparison of different places to visit where the customers will be able to compare the amount they can spend for the visit. We will provide pictures to our customers where they can see different features in a place before they can make their booking for travel.
PROMOTIONAL BUDGET
At the start of the website, we expect to invest $50,000, catering to advertising expenses and promotion to make it known globally. On an ongoing basis, we will be investing $5,000 every month for advertisements across different platforms.
PRICING
For the users who register to use our services, we will charge them a fee of $160 annually for membership, and for every booking they make, we will be charging 5 of the total amount.
References
Chiou, W. C., Lin, C. C., & Perng, C. (2011). A strategic website evaluation of online travel agencies. Tourism Management, 32(6), 1463-1473.
Jeong, C., Holland, S., Jun, S. H., & Gibson, H. (2012). Enhancing destination image through travel website information. International journal of tourism research, 14(1), 16-27.
Mohd-Any, A. A., Winklhofer, H., & Ennew, C. (2015). Measuring users’ value experience on a travel website (e-value) what value is cocreated by the user? Journal of Travel Research, 54(4), 496-510.
Statista Research Department, (2022). Market cap of leading online travel companies worldwide in 2021, https://www.statista.com/statistics/1039616/leading-online-travel-companies-by-market
