Question

Pitch: The pitch was prepared by doing an online research browsing through various international travel sites, the search was predominantly related to kind of services offered by airlines, hotels and travel agents to support the international travelers which include both business and leisure travelers. The negative is that the industry is changing constantly so we had to update our pitch at regular intervals. There are many new facilities for the international traveler and value-added services added every day. To keep updating the details was a challenge. I have learned that the business especially the travel industry is extremely dynamic; they have to be on their toes all the time to meet the customer’s expectations. Secondly, I have learned that the business scenario is changing constantly and the business is facing the need to change continuously because of many new innovations and high level of communication. The customers are also expecting a lot from the service providers. So companies must innovative and match the customers’ expectations and to gain a competitive advantage.

Assumption Testing: We tested the assumptions by cross verifying them on different websites and different related business. The business model was changed to changing business needs and the real-time changes in the industry. The change was needed as the travel industry is dynamic and adapts quickly to the consumer requirements.

Comment on your Action Learning Set: I received a lot of advice from the group which was as follows: o    To keep updating the project details o    To conduct online research to watch many new travel-related informative videos o    To browse through travel websites and also explore the airlines, hotel sites to get an additional idea into the services they offer to match customers’ needs. I advised the group from my own experience on conducting the research. I advised them to study their relevant field in dept and explore many travel sites and blogs to get more detailed information. The entire communication and research have gone well. Our knowledge base increased and we understood that the business world is dynamic and ever-changing. In the future, we need to divide the activities in advance and have more group discussions to correlate our searches. Secondly, I think we still need to work with set objectives and goals to complete our research on time. The information is too much and we need to be focused to arrive at the exact details in the short while.

Key Partners Our key partners are online travel partners like Makemy Trip and goIbibo, Trivago who provide travel and hotel services to customers. Key suppliers are OYO Rooms, Air Bnb providing hotel rooms. Accommodation, city tours and food should be provided.	Key Activities Company would provide the services like accommodation, food and city tour in a suitable transportation. They need to update the website , market the services and maintain relationship with the customers. Long term relationship needs to be maintained with the customers through loyalty programs.	Value Propositions Booking the hotels at a reasonable price, Providing multiple services under one roof.		Marketing & Sales Communication Online channel like Facebook, Instagram, Twitter and LinkedIn	Customer Segments High end premium segment customers.
	Key Resources Internal employees who maintain good relationship with the customers and provide best services			Product & Service Delivery Channels Everything would be automated. Operations team send the detailed itinerary, Automated system sends the reminders and Customer Relationship team maintains good relationship with the customers.
Cost Structure Services are more value driven. Customer looks for Value for Money. By doing mass booking of hotels and city tours, economies of scale can be achieved.			Revenue Related Payment should be Subscription based, where the customers would take the subscription and visit the various places all over the world. Accommodation, food and travel would be taken care by the company.

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Iterative Journey: How has your idea changed since the last version of your Business Model canvas? How have your assumptions changed? What evidence have you gathered during the last few weeks to support your initial assumptions about your business idea or to challenge those assumptions? What do you know about your target customers now that you didn’t know at the start of the module? Type here:

Competitor Insight: What is the difference between a ‘direct’ and ‘indirect’ competitor? Who are your businesses main direct competitors? Who are the main indirect competitors, and why? Which other business are ‘analogues’ e.g. offering service in a similar way but to different customers, or trying to reach the same target customers with a different product or service. What have you learned from a competitor(s) or analogue (s) that has informed your business idea? How is your product or service different or better than your competitors, how will it stand out from the crowd?

Cost & Risks: What are the biggest risks or obstacles in delivering your project and how might you reduce or overcome them? What type of funding might you need for your venture and where might you source this? Type here:

please fill in the last table from the give info on table 1 and 2(400 words needed please!)?

Answer 1

Iterative Journey: How has your idea changed since the last version of your Business Model canvas? How have your assumptions changed? What evidence have you gathered during the last few weeks to support your initial assumptions about your business idea or to challenge those assumptions? What do you know about your target customers now that you didn’t know at the start of the module?

Type here:

Business Model Canvas for StartupsBefore you go out and create your business, you need to have a clear course of action. While writing a business plan will help you get investors, an adaptable business model will help guide you toward startup success.

The Business Model Canvas, is a strategic management and entrepreneurial tool. It allows you to describe, design, challenge, invent, and pivot your business model.

The nine startup building blocks addressed in a business model:

• Value proposition – the products and services that create value for your customers
• Customer segments – who will be using and/or paying for your product or service

• Customer segments – who will be using and/or paying for your product or service

• Distribution channels – how you will reach customers and offer them your value proposition

• Customer relationships – the type of relationship you plan to establish with your customers

• Revenue streams – what people will pay for your product and how they will pay for it (transaction fee, subscription, etc.)

• Resources – what you need in order to deliver on your business proposition

• Activities – what you need to do to implement your business model

• Partners – who will participate in the business and why

• Cost structure – the costs involved in delivering on your business model

Maybe you think you don't need a step by step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan. With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.

The following is a comprehensive guide to creating a great business plan. We'll start with an overview of key concepts. Then we'll look at each section of a typical business plan:

• Executive Summary
• Overview and Objectives
• Products and Services
• Market Opportunities
• Sales and Marketing
• Competitive Analysis
• Operations
• Management Team
• Financial Analysis

The better you understand your customer, the faster your business will grow. But new ventures often struggle to define their target market and set their sights too broadly.

Here are 10 questions that can help you determine whether you have a target market and what it is:

1. Who would pay for my product or service?
2. Who has already bought from me?
3. Am I overestimating my reach?
4. What does my network think?
5. Am I making assumptions based on my personal knowledge and experience?
6. What's my revenue model?
7. How will I sell my product or service?
8. How did my competitors get started?
9. How will I find my customers?
10. Is there room to expand my target market?

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Competitor Insight: What is the difference between a ‘direct’ and ‘indirect’ competitor? Who are your businesses main direct competitors? Who are the main indirect competitors, and why? Which other business are ‘analogues’ e.g. offering service in a similar way but to different customers, or trying to reach the same target customers with a different product or service. What have you learned from a competitor(s) or analogue (s) that has informed your business idea? How is your product or service different or better than your competitors, how will it stand out from the crowd?

Indirect competition is the conflict between vendors whose products or services are not the same but that could satisfy the same consumer need. The term contrasts with direct competition, in which businesses are selling products or services that are essentially the same. Cloud storage providers are direct competitors, for example, as are manufacturers of notebook computers.

Direct competitors sell the same product or service as my business, to the same target market, competing for the same consumer spend. In my case, these direct competitors were the other travel agencies within 3-5 miles of our store.

Indirect competitors sell a different product or service than me, to the same target market, and again competing for the same dollar as I am competing for. In my case, Bob had multiple options for spending the five thousand dollars.

This painful revelation caused me to make a dramatic change in our marketing strategies going forward. Rather than focusing on how to out-compete the other travel agencies on price, convenience, and experience, I now had to sell the benefits of travel. “Wouldn’t you rather travel?”

My experience is that most small businesses know who their direct competitors are, and they are relatively successful differentiating themselves from these like-minded companies. Many of these same small businesses are not nearly as familiar with their indirect competitors and are losing those battles every day as a result. Many times unknowingly.

I invite you to begin recognizing both groups of competitors and align the appropriate marketing strategies with each one. May you enjoy “smooth sailing”.

When working with firms on brand development, Keller first looks at a business idea from four perspectives: company, customer, competitor and collaborator. This approach allows Keller to scrutinize a business idea before even approaching the topic of brand development. Here's what he looks at for each of the four issues:

1. Company. Think of your idea in terms of its product/service features, the benefits to customers, the personality of your company, what key messages you'll be relaying and the core promises you'll be making to customers.

2. Customer. There are three different customers you'll need to think about in relation to your idea: purchasers (those who make the decision or write the check), influencers (the individual, organization or group of people who influence the purchasing decision), and the end users (the person or group of people who will directly interact with your product or service).

3. Competitor. Again, there are three different groups you'll need to keep in mind: primary, secondary and tertiary. Their placement within each level is based on how often your business would compete with them and how you would tailor your messages when competing with each of these group

4. Collaborators. Think of organizations and people who may have an interest in your success but aren't directly paid or rewarded for any success your business might realize, such as associations, the media and other organizations that sell to your customers.

Provide Legendary Customer Service. Treat your customers like royalty, even if you are not in the service industry. The belief that customer service only matters in the service industry is a myth. All customers have an expectation of great service and will not put up with waiting in long lines or receiving poor responses from representatives. Around 75% of customers state that they consider customer service a true test of a company’s competence. Well-known companies with great customer service include Amazon and Hyundai. But even small companies seem to be doing much better in this area, as they have discovered the loyalty-generating power of remarkable customer support.

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Cost & Risks: What are the biggest risks or obstacles in delivering your project and how might you reduce or overcome them? What type of funding might you need for your venture and where might you source this?

Type here:

Even the most carefully planned project can run into trouble. No matter how well you plan, your project can always encounter unexpected problems. Team members get sick or quit, resources that you were depending on turn out to be unavailable, even the weather can throw you for a loop (e.g., a snowstorm). So does that mean that you’re helpless against unknown problems? No! You can use risk planning to identify potential problems that could cause trouble for your project, analyze how likely they are to occur, take action to prevent the risks you can avoid, and minimize the ones that you can’t.

A risk is any uncertain event or condition that might affect your project. Not all risks are negative. Some events (like finding an easier way to do an activity) or conditions (like lower prices for certain materials) can help your project. When this happens, we call it an opportunity; but it’s still handled just like a risk.

There are no guarantees on any project. Even the simplest activity can turn into unexpected problems. Anything that might occur to change the outcome of a project activity, we call that a risk. A risk can be an event (like a snowstorm) or it can be a condition (like an important part being unavailable). Either way, it’s something that may or may not happen …but if it does, then it will force you to change the way you and your team work on the project.

Self-funding, also known as bootstrapping, is an effective way of startup financing, specially when you are just starting your business. First-time entrepreneurs often have trouble getting funding without first showing some traction and a plan for potential success. You can invest from your own savings or can get your family and friends to contribute. This will be easy to raise due to less formalities/compliances, plus less costs of raising. In most situations, family and friends are flexible with the interest rate.

Self-funding or bootstrapping should be considered as a first funding option because of its advantages. When you have your own money, you are tied to business. On a later stage, investors consider this as a good point. But this is suitable only if the initial requirement is small. Some businesses need money right from the day-1 and for such businesses, bootstrapping may not be a good option