As an entrepreneur you plan to develop an innovative service-type product or experience to be utilised by visitors of a destinationin Australia or another country, which you believe fulfils a gap in the market. The product or experience may be ‘new’ or adapted from another destination but you will have to justify why it is suitable for your chosen destination. It should facilitate more convenient, comfortable and interesting trips and experiences for tourists. You are in the fortunate position of having investors who may be willing to finance the operation, but first of all you must convince them that your proposed product is a worthwhile concept and one that will benefit the tourism industry. Your proposed product/experience and destinationmustbe discussed and agreed upon with your subject coordinator/lecturerby week 7 at the latest.
Your proposal should include the following elements:
a)Justification of the idea/concept based on existing products and services, an identified market gap, the appeal of the new/innovative product and its potential market demand;
b)A detailed examination of the nature of the concept and its potential application(s);
c)An evaluation of existing links with other modes/types of transport and with other parts of the tourism industry at the destination and how the proposal will strengthen these links;
d)Target markets for your proposed product/service (e.g. leisure, VFR, business, locals), and how it will meet their needs, and how it will be marketed to them;
e)An outline of financial estimates for the cost of developing the product/service; and
f)A proposed implementation plan.