Task Description
Write an individually written report about your innovative start-up business in the Australian Tourism, Hospitality and Travel Industry.
Task Length:
Report should be 2,000 – 2,500 words
This task will require between 7 - 11 hours.
Task Requirements
The task has 3 stages:
1.Research and report on the sector of the Australian Tourism, Hospitality & Travel Industry that your start-up business will be competing in. (estimate 2 - 3 hours)
2.As a minimum, you should research and write about the key components of your start-up business: (estimate 3 - 5 hours)
·Define the business objectives and mission
·Conduct and report on the market analysis
·Determine the start-up costs and explain how will it be funded
·Identify and define the competitive advantage
·Explain the products and services portfolio
3.Write your report. (estimate 2 - 3 hours)
MGM3115 Assessment 3 OL S1 2020.docx Assessment 3 Innovative Start-up Business Report Impact Report Type:Outcomes assessed 1, 2, 3 & 4 Due Date:Week 6 (Due 24th May by 23:55 PM) Weight: 30% Length: Report should be 2,000 – 2,500 words Submission: Report - Turnitin Assignment description: Assessment 3 is an extension of the previous assessment 1 task. This task is a report on the innovative Start-up Business that was developed previously. Entrepreneurs have different personalities and fields of interest and these differences generally contribute to their success. When trying to figure out your own approach to the challenges of entrepreneurship, it is useful to learn from the experiences of others. Students would have researched and decided on an Innovative Start-up business in the Tourism, Hospitality and Travel Industry from the previous assessment 1. The innovative start-up business may have included, but is not limited, to finding a new market for an existing product; to an innovative process for an existing market or to setting your innovative product apart from the competition. For this assessment, the task is to write a report of your innovative start-up business that incorporates the key components of a business plan. Background: This will be a challenging assignment based on the student’s individual effort and the focus is on Small Medium Enterprises and Innovation Driven Enterprises for the Australian Tourism and Hospitality Industry. When considering the business idea, it’s important that you conduct a competitor analysis and other strategic management planning tools to identify what is the element of innovation and how will this give your business a competitive advantage. It’s important that you address the regulatory and legislative requirements that relates to the Tourism & Hospitality sector. Evolving consumer mindsets and behaviours, emerging technologies and platforms, and the relentless need to innovate and bypass competitors are among the biggest challenges and opportunities for travel and hospitality industry brands. For example, a recent study by Expedia Media Solutions found travellers are more concerned about their experiences than they are with getting the best deal early in the decision-making process. That puts the pressure on travel brands to truly think outside the box—across all stages of a traveller’s journey. There are many examples of start-up businesses in Australia in recent years. Approach and Requirement: Warning and advice: There are many sources of information available on the internet. You need to avoid plagiarising other people’s materials – do not exceed the cut-off limit of a 20% similar score. If you do not understand the requirements of the assessment task, please ask the lecturer for clarification. If you need help with paraphrasing, please seek help at student services. If you have issues with time management, the best approach is to have a note book and list down the due dates of all Assessment task and start working on the tasks from the first day be adding snippets of content into the outline of your report. What is Innovative Start-up Business Models? According to the definition by TechTarget, “Business model innovation is the development of new, unique concepts supporting an organization’s financial viability, including its mission, and the processes for bringing those concepts to fruition. The primary goal of business model innovation is to realize new revenue sources by improving product value and how products are delivered to customers”. Your report must have the standard report structure: cover page, table of contents, proper headings, conclusion and list of reference sources. Your start-up business can be in any of these four segments of the hospitality industry: food & beverages, Travel & tourism, lodging and recreation. The hospitality industry has transformed immensely in the past 5 years. The digital age has shortened the period of many businesses’ competitive advantage and disrupted many business life-cycles. Now, more than ever, the way companies operate and deliver services to its customers is influenced by the use of technology and the processes has to be transformed with more frequency. The fast advancement of technology in the digital age has played a big role in shrinking the global marketplace. The need for business model innovation is even more important for companies to stay competitive and foster growth in the highly competitive global marketplace. Some areas to consider: review the Business Canvas and consider some of these components, spending capacity of your target market, offering an exceptional customer experience, providing consistency and continuity of service levels, the influence of digital innovative technology. In addition, there are strategic planning tools such as: competitor analysis, SWOT, TOWS, Porter’s 5 Forces, etc which may be relevant for your business plan. What is the capital needed to start the business and how is it to be funded? As a minimum, your report should address the key components of your start-up business: · Define the business objectives and mission · Conduct and report on the market analysis · Determine the start-up costs and explain how it will be funded · Identify and define the competitive advantage · Explain the products and services portfolio Criteria used to grade the report: 1. Introduction: Your research and reporting of successful innovative start-up businesses was excellent. You identified what were the key success factors? Who were the target market? What sector of the T&H Industry does it operate in? What was the competitive advantage and why? Why do you think your start-up business idea will succeed in Australia? (5 marks) 2. Development: The objectives and mission of your Start-up business in Australia is excellent and it demonstrates that you know exactly what it is that you want to do with the business. Your market analysis is excellent and you clearly understand the needs of your customers and the reasons why they will support your business. (6 marks) 3. Organization: You have excellently determined the start-up costs and explained how it’s to be funded. You have strategically described the products and services portfolio and how it will be promoted to your target market. The competitive advantage has been analysed and defined in an excellent manner. The structure of paragraphs and readability of transitions is excellent and it enhances easy comprehension. (6 marks) 4. Evidence of Appropriate Research: Outside sources are incorporated logically, insightfully, and elegantly. APA referencing used throughout is consistent and accurate and demonstrated ability to reference a range of both primary and secondary sources both in-text and using a reference list. (3 marks) Submission You must submit the report via Turnitin by Week 6 (Due 24th May Sunday by 23:55 PM). Feedback and marks will be provided via LMS within two weeks of the due date. Estimated Student Workload: 8-12 hours MGM3115 Ass3 Marking Guide OL S1 2020.xlsx Marking Guide Marking Guide For Assessment 2 Individual Report, Semester 1 2020 STUDENT NAMES:STUDENT NUMBERS: CriteriaHigh DistinctionDistinctionCreditPassFailScoreWeight (80% - 100%)(70% - 79%)(60% - 69%)(50% - 59%)(0% - 49%)(Marks) IntroductionYour research and reporting of successful innovative start-up businesses was excellent. You clearly identified what were the key success factors? Who was the target market? What sector of the T&H Industry does it operate in? What was the competitive advantage and why? Why do you think your start-up business idea will succeed in Australia? Your research and reporting of successful innovative start-up businesses was good. You identified what were the key success factors? Who was the target market? What sector of the T&H Industry does it operate in? What was the competitive advantage and why? Why do you think your start-up business idea will succeed in Australia? Your research and reporting of successful innovative start-up businesses was satisfactory. You identified some of the key success factors? Who was the target market? What sector of the T&H Industry does it operate in? What was the competitive advantage and why? Why do you think your start-up business idea will succeed in Australia? Your research and reporting of successful innovative start-up businesses was weak. You barely identified what were some of the key success factors? The target market was not clearly defined? What sector of the T&H Industry does it operate in? What was the competitive advantage and why? Why do you think your start-up business idea will succeed in Australia? The introductory paragraph completely misses the topic or did not submit the report.5 DevelopmentThe objectives and mission of your Start-up business in Australia is excellent and it demonstrates that you know exactly what it is that you want to do with the business. Your market analysis is excellent and you clearly understand the needs of your customers and the reasons why they will support your business. The objectives and mission of your Start-up business in Australia is good and it demonstrates that you know what it is that you want to do with the business. Your market analysis is good and you do understand the needs of your customers and the reasons why they will support your business. The objectives and mission of your Start-up business in Australia is satisfactory and it demonstrates that you have a fair idea of what it is that you want to do with the business. Your market analysis is satisfactory and you have a fair understanding of the needs of your customers and the reasons why they will support your business. The objectives and mission of your Start-up business in Australia is weak and it demonstrates that you do not have an idea of what it is that you want to do with the business. Your market analysis is weak and you have a not much understanding of the needs of your customers and the reasons why they will support your business. There is no evidence that you put much thought into writing the report or did not submit the report.6 OrganizationYour determination of the start-up costs and explanation of how it’s to be funded was excellent. Your description of the products and services portfolio and how it will be promoted to your target market was excellent. The competitive advantage has been analysed and defined in an excellent manner. The structure of paragraphs and readability of transitions is excellent and it enhances easy comprehension. Your determination of the start-up costs and explanation of how it’s to be funded was good. Your description of the products and services portfolio and how it will be promoted to your target market was good. The competitive advantage has been analysed and defined in a good manner. The structure of paragraphs and readability of transitions is good and it enhances easy comprehension. Your determination of the start-up costs and explanation of how it’s to be funded wassatisfactory. Your description of the products and services portfolio and how it will be promoted to your target market was satisfactory. The competitive advantage has been analysed and defined in a satisfactory manner. The structure of paragraphs and readability of transitions is satisfactory and it is fairly easy to comprehend.