Post on 04-Apr-2018
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BUSINESS IDEA AND MANAGEMENT PLAN
Business idea: Opening up a travel agency in LPU.
Group 2
1. Vittal Kumar 11110160
2. Sonia Chizoba Ohanu 111103143. Dixa Bhattarai 11115066
4. Christophe Nkunzimana 11110300
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Lovely Travels
Your first step to a memorable journey
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Executive Summary
The current business plan carries the businessidea of opening up a travel agency in LPU. The
said travel agency will be branded as Lovely
Travels with the tagline Your first step to amemorable journey. The travel agency will be
registered as a Limited Liability Partnership (LLP).
In this proposal, we have defined the vision and
mission statement and elaborated the idea of
business and its management plan.
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Objectives
to build a loyal customer base.
to provide customized packages.
to reach the breakeven point in the nextthree years.
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Vision
To be the most appreciated tourism and
travel services provider by 2020
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Mission
We are a customer oriented company,
customer satisfaction is our daily target,customer loyalty is our ever dream. We
are committed to be your comprehensive
travel planner and provide youmemorable travel experience
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Industrial Analysis
Bargaining power of buyers: The bargaining power of our
target market (LPU Students) is moderate because theyhave the option to go to other travel agencies outside LPU.
Bargaining power of suppliers: The power of suppliers islow since there is intense competition among suppliersoutside LPU .
Rivalry among existing players: Within LPU there is nocompetition since there is no existing travel agency but
we may face threats from retail shops who also cater tothe needs of the students using online method. However,outside LPU the competition is very high among theexisting players.
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Threats of new entrants: Within the lovely campus,
there are no well established travel agents that
consume most of our market shares however as atravel agent where we serve the budgeted
customers, it will be difficult to create a barriers to
entry.
Threats of Substitutes: Lovely travels has a
potential threats of substitutes because there are
many substitutes available in the local market. Mostof the travel packages are homogenous in nature.
The buyers propensity to substitute is also high as
we cater to the budget travelers.
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Our services will include:
Customized packagesVisa extension services
Selling Air and Train tickets
Bus/Car Rentals
Selling hotel rooms
Travel insuranceForeign Exchange(FOREX)
Provide several tourist information.
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STP Analysis
Segmentation: our products are designed to suitthe needs of the young students as well as thefaculty members of LPU and the local people
outside LPU.
Targeting: Our main target will be LPU students.
Positioning: Our products are designed to giveexceptional service at an exceptionally affordableprice.
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Unique Selling Points
Easy Access
Quick service
Needs and wants anticipation
Better and safe travel plans for our customers.
We provide best of services with young
committed professionals.
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What business returns are you expecting?
Goodwill (build a loyal customer base to
generate word-of-mouth recommendations).
Gradual increase in Annual turnover.
Capture large portion of market share.
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Legal and other approvals required.
Establish ties with Lovely Professional University and seek
approval through the vendors and contractors department.
Register under the Limited Liability Partnership Act 2008.
Approval from the local Municipal Corporation.
Approval from the State Tourism Development Commission.
Approval from the Ministry of Tourism, Government of India.
Approval from the Ministry of External Affairs (MOEA)
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Structure
Lovely Travel will be a LLP (limited liability
partnership) firm. It is a new corporate
structure that combines the flexibility of a
partnership and the advantages of limitedliability of a company at a low compliance
cost.
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Management capabilities
Educational Credentials:
MBA (Tourism and Hospitality)
Possess knowledge of:
-Overall business administration-Accounts
-General marketing as well as tourism marketing
-Human Resource Management
-Strategic Management-Travel Agency operations and management
-GDS/Galileo
-PMS/IDS, etc.
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SWOT Analysis
Strengths
We are placed in the central location near ourtarget customers.
Qualified professionals.
Weakness
Seasonal business.
Opportunity
Growing number of students in LPU.
Threat
Competition from other travel agency outside LPU.
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Thank You!!!
Any Questions ???