SECTION III: DEVELOPING A BUSINESS PLAN CHAPTER 6
Crafting a Business Plan……………………………………………………………………. 74 a. Value of Developing a Business Plan .......................................... 75 b. Elements of a Business Plan ....................................................... 75 c. Benefits of a Business Plan ........................................................ 81 d. Differences Between Strategic Management, Feasibility Study, and Business Plan .......................................... 82 Building a Marketing Plan................................................................... 84 a. Market Research ........................................................................ 93 b. Industry Analysis ....................................................................... 95 1. PESTEL .............................................................................. 95 2. PORTER ............................................................................. 96 c. Identification of the Target Market ........................................... 98 d. Marketing Mix ........................................................................... 99 e. Marketing and New Media ........................................................ 100 f. Development of Advertising and Promotion Plan ..................... 101 g. IMC in Tourism and Hospitality ................................................. 102 Creating a Successful Financial Plan .................................................. 107 a. Sources of Finance ..................................................................... 107 b. Financial Management............................................................... 109 c. Basic Financial Statements ........................................................ 111 d. Cash Management .................................................................... 115 e. Cash Budget .............................................................................. 116 f. Ratio Analysis and Interpreting Financial Ratios ....................... 117 g. Break-even Analysis .................................................................. 119 h. Pricing Strategies and Tactics .................................................... 119 i. Pricing Concepts for Service Firms and Food Retailers ............. 121 Service and Product Design ............................................................... 123 a. The Product Development Cycle ............................................... 123 b. Creating a Prototype–Service and Product Design .................... 124 c. Product and Service Descriptions ............................................. 128 d. Product and Service Innovations .............................................. 134
CHAPTER 7
ENTREPRENEURSHIP IN TOURISM AND HOSPITALITY
CHAPTER 8
CHAPTER 9
vii CHAPTER 10 Creating the Operation and Management Plan ................................. 136 a. Building the Team ..................................................................... 136 b. Roles and Responsibilities of Team Members ............................ 137 c. Understanding the Business Operation ..................................... 137 d. Procedures and Control ............................................................. 138 CHAPTER 11 Presentation and Evaluation of Business Plan ................................... 140 a. Executive Summary ................................................................... 141 b. Opportunity ............................................................................... 141 c. Market Analysis Summary ......................................................... 142 d. Execution and Implementation ................................................. 142 e. Company and Management Summary....................................... 143 f. Financial Plan ............................................................................. 143 g. Appendices ............................................................................... 143 SECTION IV: CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY IN THE TOURISM AND HOSPITALITY INDUSTRY CHAPTER 12 Developing a Sustainable Tourism and Hospitality Industry............... 146 a. Key Stakeholders of Tourism and Hospitality Business .............. 147 b. Principles of Sustainable Tourism and Hospitality Business ....... 147 c. People, Planet, and Profit .......................................................... 148 d. Role of Tourism and Hospitality Enterprises on the Sustainability Agenda ..................................................... 151 e. Green Ideas for Tourism and Hospitality Sector......................... 151 CHAPTER 13 Business Sustainability ....................................................................... 155 a. Economics, Social, Environmental, and Legal Issues .................. 156 b. Current Trends in Sustainable Tourism and Hospitality Business ................................................................... 156 c. Risk Identification and Management in Tourism and Hospitality Enterprises ............................................................... 157 CHAPTER 14 Sustainable Tourism Business Stories and Cases ................................ 161 References ................................................................................................... 165 Index ................................................................................................... 168
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