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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 ???