The business idea that I develop is a travel agency. The tourism industry is undergoing a lot of growth for the past few years. During festive seasons like in the month of December, many towns such as New York, Florida, Colorado and Las Vegas receive tourists. As a result of this, the travel agency business has become very lucrative because of the opportunity exist for growth in the industry. The name of the travel agency business is the Classic Travel Agency. An opportunity for the success of the Classic Travel Agency (CTA) exists because of the national tour, and travel industry has been growing at a rate more than 7% and the adventure travel at a rate of 10% every year ( Aragon-Correa, Martin-Tapia & Torre-Ruiz, 2015 ). The CTA is poised to take advantage of this growth and lack of stiff competition compared to other industries to bring in newly qualified staff, take advantage of excellent location and do effective marketing to attract more customers. The Classic Travel Agency aims at providing the travel and adventure packages to the tourists from all the regions of the country by arranging for their travel, making all the arrangements for their hotel bookings and meals and to ensure that they get the best experience out of the services provided.
At the start, the major services that will be provided include pre-arrangement tours, travel consultation, custom packages based on the specifications of the customers and arrangement for accommodation. To position itself as unique from the competitors, CTA aims at differentiating its products and services and focus on quality and giving customers the best experience. The services will be of high quality, informative and comfortable and will be tailored towards meeting the needs of the customers. The marketing strategy will be mainly focused on a given market niche. The intention will be to make the right information reach the right target market so that they are aware of the uniqueness and quality of the services provided.
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Reaching a wide range of customers will require the use of a market penetration strategy that will ensure that the firm is known all over by the travelers seeking to adventure over the holiday. Due to the presence of competition, the firm will ensure that it offers the best price according to the budget of the customers. To effectively market the business and reach a large number of customers, the business will utilize online marketing strategy where all the target customers will be reached through online means. All the activities of the business will be conducted online using the business website. The designing of the website is made in such a way that it makes it easy for the customers to view all the list of services provided by the business and make a choice of the service they want. The designing of the website will provide the best experience and a pleasant appealing so that they can complete their transactions and make payments with a lot of conveniences. The website will also show the pricing of the services.
The business falls under the tourism and travel industry. The major competitors of the business will be Trek America, Trafalgar tours, Bindlestiff tours, G Tours and Intrepid Travel. These are the major firms that have been in existence for the past many years and will provide stiff competition to the business. The analysis of strengths and weaknesses is focused on G Adventures. One of the strengths of G Adventures is that it has a wider coverage with its presence being in over 20 nations including America and Asia ( Xiang, Magnini & Fesenmaier, 2015 ). This gives it a competitive advantage over the rivals because it already has wider market coverage. Another strength of the firm is its good location which makes it accessible to a wide range of customers. Also, the firms have been in operation for several years and enjoy an adequate financial resource which makes it capable of expanding to many regions. However, G Adventures also have certain weaknesses such as lack of proper marketing strategy especially targeting the niche market. This makes it vulnerable to competitors that could use proper marketing strategy that can reach a certain market niche. Also, the firm has been witnessing a slow growth rate or the past years due to rising competition from other firms in the industry thus threatening its future potential.
The mission statement of the business will state that “we are a professional travel agency that emphasizes at creating good experience, fun, relaxing and enjoyable experience for our clients and to offer the best services that they deserve.” The business aims at providing services that exceed the expectations of the customers and make them have the best experience than what is offered by the competitors. The business strategy is to revolve around the need to offer quality service to the target customers in a way that meets their needs. The objective is to offer enjoyable services continuously and to offer a supporting growth and development in the overall tourism industry as well as to the economy of the United States.
The form of business ownership is a partnership. Because it requires quite a large sum of money to start, partners coming together to put their funds and start this business can be more effective than being a sole proprietorship. Also, it requires elaborate management that needs two or more managers to work together to ensure that the success of the business and partnership can still offer this.
References
Aragon-Correa, J. A., Martin-Tapia, I., & de la Torre-Ruiz, J. (2015). Sustainability issues and hospitality and tourism firms’ strategies: Analytical review and future directions. International Journal of Contemporary Hospitality Management , 27 (3), 498-522.
Xiang, Z., Magnini, V. P., & Fesenmaier, D. R. (2015). Information technology and consumer behavior in travel and tourism: Insights from travel planning using the internet. Journal of Retailing and Consumer Services , 22 , 244-249.
