slide nr. 1 destination management lecture 5 university of applied sciences stralsund leisure and...
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Slide Nr. 1
Destination Management
Lecture 5
University of Applied Sciences Stralsund
Leisure and Tourism Management
WS 2009/2010
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Slide Nr. 2
Part Two
Explores the issues involved in the developmentof new attractions, including feasibility studies, financing,
business planning and project management.
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Slide Nr. 3
Summary of the last two lectures
• Development of visitor attractions
• Feasibility study objectives(main ~ and additional ~)
• Feasibility study contents(market analysis, site selection and funding)
• Sourcing information(quantitative & qualitative research; primary & secondary data)
• Factors influencing success of visitor attractions(organization and its resources, product, market and management)
• Funding/financing visitor attraction projects(direct & indirect funding from private, public and voluntary sector)
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Slide Nr. 4
Business Planning
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Business Planning Introduction
• The Business Plan is usually a follow-on from a Feasibility Analysis;
• It incorporates information compiled for the feasibility analysis;
• Establishes a clear guideline for future development of the business;
• Must be seen as a working document that is used to regularly measure performance;
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Slide Nr. 6
Business Planning Introduction
• The Business Plan must be reviewed and updated as the operation grows and the business environment changes;
• Is essential when financing is required,forms the core information for loan funding applications.
• Often called “Action Plan” although this is just a part of the business plan
A business failing to plan, is a business planning to fail.
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Slide Nr. 7
BusinessPlan
Implem
entatio
n
???
Business Planning Introduction
Idea
Feasibility
Study
Market Study
Site Selection
Financial Viability
STOP
STOP
viable?
interesting?
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Slide Nr. 8
Why Plan?
• Identify what business you are in;
• To determine where you are now;
• Determine where you want to be in the future- 12 months / 3 years / 5 years(clear, measurable objectives);
• Identify how to get there- how do you achieve those objectives?(action plan);
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Slide Nr. 9
Why Plan? cont.
• Adapt the business to changes in the market;
• Gives every person in the organisation an understanding of the common objectives and identifies what the benefits are of achieving those objectives;
• Gives the financiers confidence in what you are doing;
• Allows a structured approach and not ‘hit or miss’.
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Slide Nr. 10
Case Study „Business Plan Outline“
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Slide Nr. 11
case study „Business Plan Outline“
• Provides an overview of the main headingsof a business plan
• The Business
• The Market
• The Marketing Plan- Business Objectives- Market Research- Marketing Objectives- Marketing Strategy
• Operations
• Financial information
• Monitoring
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case study „Business Plan Outline“
• No commonly agreed structure
• Represents the main headings by concentrating on the core activities of every business enterprise
• Additional headings are possible- depend on the business you are involved in and the purpose of the business plan (internal, external purposes or a mixture of …)
• The scope of the business plan and the extend of every single part of the plan varies strongly
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Slide Nr. 13
What does planning encompass?
• Business is primarily about one thing only, determining what it is the consumer wantsand providing it at a profit.
• Strategic positioning;
• Market research;
• Marketing strategy;
• Financials;
• Human resource management;
• Operational planning.
!
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Slide Nr. 14
Strategic Positioning
• Analysis of business environment:
• What is the pattern of growth in your sector?
• Which elements of the industry are doing well?
• Is the industry easily affected by change?
• Who are your competitors?
• How are they doing?
• Who will be your competitors tomorrow?
• Are there viable substitutes for your product?
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Slide Nr. 15
Market Research
• Recognise that the market is not stagnantand that things change;
• How can we provide a product if we do not understand what the markets wants?
• Recognise that all tourism ventures are effectedby a range of issues including:
• economic conditions, trends, level of domestic and international tourism, seasonality, appeal of the area, other facilities and infrastructure, resident population, local economy, attitude to tourism.
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Slide Nr. 16
Marketing Strategy
• Customer questions to consider:
• Who they are?
• Where do they come from?
• What they buy?
• Why they buy?
• Where they buy from?
• What is the best combination of product features?
• Distribution channels;
• Strategic relationships;
• Marketing Plan, actions and strategy.
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Slide Nr. 17
Financials
• Critical part of Business Plan;
• Should cover following:
• Cash flow,
• Projected revenue;
• Pricing structure and costs,
• Profit & loss projections,
• Long-term capital requirements.
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Slide Nr. 18
Human Resource Management
• Recruitment policy:
• Job inquiries, resume handling, etc.;
• Job descriptions: skill requirements, task outlines, performance criteria, regular review procedures;
• Training and skill development:in-house, on-the-job, external;
• Salary and pay management, taxation, workcover, etc.
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Slide Nr. 19
Operational Planning
• Is a critical part of the successful day-to-day operation of a tourism business;
• Allows staff (and management):clear understanding of the tasks that need to be conducted to run the business efficiently;
• Allows management:the ability to plan, document, review and update operational issues;
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Slide Nr. 20
Operational Planning cont.
• Includes:
• Operational standards & procedures;
• Human resource task management;
• Resource and equipment management;
• Risk and emergency management;
• Environmental, or sustainable tourism management.
• Documented procedures do not have to be overly detailed or complex, they can be simple and still be effective.
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Slide Nr. 21
Resource & Equipment Management
• Instructions for equipment use: - setup, normal usage, cleaning, troubleshooting;
• Resource management:daily maintenance, cleaning schedules – room service, restaurant setup, grounds, water, heating etc.
• Suppliers and transport requirements.
• (Operational requirements:staff numbers, skill requirements;)
• Periodic maintenance schedules, safety checks, repairs;
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Slide Nr. 22
case studies:
Market analysis and visitor forecasting
as the most critical factors for reliable and
successful feasibility studies and business plans
“Crystal ball gazing”
“Gerbeau wants to buy the Dome“
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Slide Nr. 23
Homework “VisitScotland Business Plan”
• Why do strategic positioning and marketing strategy play a major role in this business planwhile financials, human resource management and operational planning are less important?
• What addressees are conceivable?
• What product can be identified?
• How is the market segmented?