International Masters of Business Administration
Executive Summary
Established in England and Wales, Coastal Ventures Limited is a prosperous enterprise with a substantial net working capital of £68,124, positioning it for future growth. The company's opportunity to profit from the increasing demand for eco-friendly travel is presented by the suggested green holiday package. It is in perfect harmony with the latest ecological trends and centres on sustainable tourism. A stable financial situation can be inferred even in the absence of precise sales or net income information. The organization will be able to enhance operational efficiency if his turnover in 2022 is 68,124 pounds and there are zero average employees. Open communication and a thorough comprehension of the company's objectives, history, and founders are necessary for strategic planning, though. Making the product strategy clearer gives stakeholders more direction for both new and existing goods. With an emphasis on sustainability, Coastal Ventures aims to promote strategic expansion, operational effectiveness, and openness. In keeping with their ideals, Green Getaway's project plan has the ability to improve their market position. The main points of the recommendations include clearer product descriptions, more communication, and open financial information. Towards clear the path for strategic expansion and leadership in the sector, Coastal Ventures makes use of sustainability, operational effectiveness, and openness. The companyby responding to shifting customer tastes and positioning itself as a pioneer in green tourism, the firm is implementing planned green holiday programs. Coastal Ventures has a path to manage financial transparency, operational efficiency, and strategic communications to promote growth in the cutthroat and environmentally conscious vacation industry thanks to this thorough research.
Level 7 - Strategic Marketing & Entrepreneurial New Venture Foundation (20 Credits)
Table of Contents
- Introduction
- Background of chosen SME
- Critic al analysis of innovation, creativity and entrepreneurship and their application in Coastal
- Ventures
- Critical evaluation of the key tools and techniques available to the company
- Recommendation
- An integrated digital marketing strategy
- Summary of project management plans
- Conclusion
- Summary of recommendations
- References
- Appendices
The aim of this projectis to create a project plan, taking into accountthe future growth of a business to ensure its long-term success and prosperity whilst critically analysing the state of the current organisation.
Introduction
This report investigates the intricate relationships that exist between entrepreneurship, creativity, and innovation in a few chosen businesses. Examine these ideas' application in great detail and evaluate how it affects corporate dynamics and operations. The report also offers suggestions for best practices and examines the essential instruments and methods that businesses may employ to develop concepts into finished goods and services. Additionally covered in this article is how to create integrated digital marketing strategy using social media and digital technologies. This all-encompassing approach aims to build new businesses and improve the ones that already exist. It offers a project management plan that makes it simple to launch, alter, and assess digital marketing strategy. It also offers a methodical methodology to doing so. Strategic growth and laying the groundwork for long-term success and leadership in the sector are all advantages that Coastal Ventures may capitalize on by utilizing sustainability, boosting operational effectiveness, and encouraging openness. Coastal Ventures' pre-arranged eco-vacations exhibit a deliberate effort to adjust to evolving client expectations, in addition to solidifying the company's position as a pioneer in the ecotourism industry. This thorough research gives Coastal Ventures a road map for managing financial transparency, operational effectiveness, and strategic communications as their businesses expand in the cutthroat and ecologically aware tourist sector.
Background of chosen SME
Based in Wales and England, Coastal Ventures Limited is a flourishing firm that is renowned for being a pioneer in sustainable tourism. The company's financial records for the fiscal year that concluded on August 31, 2022, show that it is a for-profit enterprise, yet the available documents don't go into detail about its background, goals, or founders. As per Coastal Ventures, a business that specializes in environmentally conscious vacations, financially successful travel eventually correlates with eco-friendliness. The creation of the Green Getaway package demonstrates the company's inventiveness in catering to the increasing demand for environmentally conscious travel. With this cutting-edge package, visitors may enjoy unique access to sustainable travel, conservation activities, and lodging. Despite not disclosing annual sales of £68,124, the company's net working capital indicates its steady position. The company's performance and development potential are shown by the fact that it will have zero workers on average in 2022. Coastal Ventures has established itself as a frontrunner in the competitive realm of ecotourism and is well-positioned for sustained growth via the astute integration of eco-friendly operations with cutting-edge product lines.
Learning outcome 1: Critically analyse the concepts of innovation, creativity and entrepreneurship in an organisational context.
Solution: Coastal Venture's suggested Green Getaway package and larger company setting give a special chance to assess Coastal Ventures Limited's inventiveness, inventiveness, and entrepreneurial spirit thoroughly.
Innovation & Creativity: By creating the Green Getaway package, which takes advantage of the rising demand for environmentally friendly travel, Coastal Ventures has shown that it is committed to innovation. With its emphasis on conservation, eco-friendly lodging, and personalized itineraries, the idea is unmatched in the sector. This invention satisfies the increasing demand from customers for morally and ecologically conscious travel experiences (Amaya Rivas et al., 2022). Apart from crafting this exclusive bundle, Coastal Ventures demonstrated ingenuity by skilfully incorporating ecological factors into an all-encompassing package.
Entrepreneurship: The company's foray into sustainable tourism through the identification and acquisition of niche markets in developing nations is an illustration of entrepreneurship (Szromek, 2021). The expanding market demand for eco-friendly travel led to the establishment of Coastal Ventures, a prominent supplier of eco-friendly holiday packages. The organization wants to satisfy consumer demand for outstanding and ethically responsible travel experiences. In order to guarantee the prosperity of this business endeavor, Coastal Ventures has proven to be flexible and astute in handling all the obstacles and un-predictabilitiesassociated with the sustainable tourism industry.
Financial position: Coastal Ventures' capacity to develop and maintain general stability is demonstrated by its £68,124 net working capital in its financial statements. The company's solid financial standing enables it to invest resources in creating and promoting its eco-friendly vacation packages. However, it is challenging to pinpoint the precise financial impact of a suggested innovation in the absence of trustworthy net income or sales information (Pu et al., 2021).
Organizational Background: While Coastal Ventures' fiscal health is emphasised in this report, precise information on the company's founders, background, and purposes is missing. It is vital to have a detailedhold of Coastal Ventures' philosophy and morals in order to assess how innovation fits into the corporation'scomplete goals.
Employee Engagement:The average employee enactment in 2022 is foreseen by this study, which also offers ideas for changes to company's structures and business models. The current situation of human resources advances questions about an organization's skill to innovate, (Amoako et al., 2021). This highlights the position of employee participation for the company's success and innovation. Thus, while assessing innovation, Coastal Ventures needs to take this into account.
Even though additional investigation is required to entirely understand the potentials of Coastal Ventures' Green Getaway package, it offers positive viewpoints on entrepreneurship and invention. This requires wisely analysing the organization's past processes and results in addition to giving close attention to the company's present financial situation and employee contribution. A deeper understanding of these issues would reveal the true opportunity of Coastal Ventures' promise towards creativity and innovation, eventually impacting the possibility of long-term achievement and industry control in the green tourism space. In addition to the early analysis, research on targeted consumers and the company market can offer insight into the feasibility and likely effects of the Green Getaway package.
The company can assess a company's present structure and how compatible it is to the project under concern is another feature of assessing operational feasibility. Additionally, looking into the permissible and regulatory landscape everywhere environmentally friendly travel safeguards that Coastal Ventures is well-positioned for victory. This exhaustive analysis will provide Coastal Ventures with essential information on its welfares, drawbacks, and future potentials in the developing green tourism industry. By guiding upcoming strategic decisions, this data eventually supports long-term accomplishment and leadership in the industry.
FAQ: Critically Analyzing Innovation, Creativity & Entrepreneurship in Organizations
- What's the difference between creativity and innovation?
- How does entrepreneurship fit in?
- How can organizations foster these concepts?
- What are some challenges to consider?
- What are the benefits of fostering these concepts?
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Learning outcome 2: Critically evaluate the tools and techniques for transforming an idea into a commercially marketable product or service.
Solution:
Critical evaluation of the key tools and techniques available to the company
Coastal Ventures has a chance to become a leader in ecological travel with the Green Getaway package. To make this idea a commercially viable key, careful planning and implementation of crucial strategic tools and events are required.
Analysing the market: In order for Coastal Ventures to actually understand the difficulty of sustainable travel, a countless deal of market research needs to be done. Crucial within into the customer preferences the current market trends and potential environments can be achieved by conducting surveys focus groups and competitive studies and analysis(Hinkes and Christoph-Schulz, 2020). Further this data driven approach will ensure that coastal ventures businesses is sustainable and will also attract its target market who preferred ecofriendly and sustainable travel.
Evaluation of Feasibility and Practicality: Sophisticated approaches are crucial to be implemented by the coastal ventures for the success of its green get away package. It includes the evaluation of feasibility to access the procedural difficulties the technological needs and differential challenges. Bhai valuating all these parameters with the broad and ellipse the company can move towards assessing and overcoming the risk resulting in the successful launch of green getaway.
SWOT Analysis: Leveraging Strengths and Mitigating Threats:A SWOT analysis is one of the business management frameworks which is implemented by the business in order to analyse its internal strengths, weaknesses, opportunities and threats(Dong et al., 2022). This methodical framework will help the coastal venture in analysing and maximizing its strength evaluating its challenges getting aware about various opportunities in the market and forecast as well as mitigate the potential threats. Coastal venture can successfully manage the complication of implementing degree get away package by this framework. Short and analysis will make a standard for coastal ventures towards sustainable awareness travel experience and will also provide the opportunity to the company within the sustainable tourism sector.
Testing and Prototyping: The company will have to invest in testing and prototyping in order to get a real green getaway package. Further conducting and collecting the feedback from potential customer is crucial for the company to get success. For this objective prototyping and testing approaches allow the company to enhance the business procedures by conforming that the final outcome not only get success but also gain the customers trust, (Demšar et al., 2022).
Stakeholder Engagement: In order to get success for green get away package it is crucial for coastal ventures to sustain a positive relationship with these stakeholders' customer and other groups. Implementing the stakeholder engagement approaches and communication techniques are helpful for the company in order to realise the value get funds as well as the effective feedback from the customers, resulting into the cooperative approaches and increase acceptance rate for a successful and widespread performance in the market. (Ferreira et al., 2020).
Regulatory Compliance: Due to its compliance with pursuing technology and effective suggestions on sustainable approaches green gateway packaging others with the industry rules and standard that are legal as well as sustainable. Moreover, the company also promises to have a proactive approach while adjusting complaints and working or carrying the business procedures with sustainable exports. This complicated process guarantees that green gateway packing others with all the rules and regulations established by the tourism industry representing the solid foundation of the business in terms of legal as well as sustainable parameters. The company coastal Ventures by its resource of this particular project cultivate the assurance of stakeholders and put itself as a supporter of ecofriendly travel and tourism approaches.
Recommendation
The recommendation which the company may consider thoroughly is the market research and analysis. With this particular approach the company can collect and research the accurate data in order to maintain sustainable travelling using a variety of methods such as surveys focus groups and competitive enquiries for its green getaway packages. While surveys provide directly measurable information on consumer preferences, focus groups offer qualitative evidence that aids in understanding the inspirations and preferences of the target viewers. By highlighting competitors and opportunities, competitive investigation will also help the business recollect its strategic market spot. In addition to spotting and satisfying customer needs, Coastal Ventures is able to guess emerging trends and possible rivals by employing this widespread research process. As a result, the business is able to project unique, modified green holiday packages that exceed our customers' prospects and provide a more ecologically accountable vacation. By adopting a targeted plan, Coastal Ventures establishes itself as a innovator in the sustainable tourism sector and lays the basis for an effective market-driven product growth plan.
FAQ: Tools and Techniques for Taking Ideas to Market
- What are the key steps involved?
- What tools can help with idea validation?
- What about product/service development?
- What are some considerations for business planning?
- Are there any limitations to these tools?
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Learning outcome 3: Critically analyse, evaluate, and practically apply a range of digital technologies, social media technologies and tools, in the creation and execution of an integrated digital marketing strategy to launch a new venture.
Solution:
An integrated digital marketing strategy
Website Optimization: Putting more importance on Green Getaway packages to recover the website's optimisation. Making user-friendly and mobile-friendly involvements with eco-friendly design basics to support your eco-friendly aim.
Social Media Engagement: Having a conversation about eco-friendly break locations on popular stages such as Facebook, Instagram, and Twitter (Kilipiri et al., 2023). The company may offer striking material like behind-the-scenes videos, eco-friendly travel guidance, and backings. Using hash tags designed precisely to make user-generated content more noticeable.
Content Marketing: Creating stimulating material that lures attention to how ecologically friendly the company's wrapping is. Using articles, blog columns, and info graphics to motivate and advise readers on accountable travel. Work collectively with bloggers and influencers who care about the environment to spread to more people. (Sawaftah et al., 2021).
Search engine optimization (SEO): Website content optimisation can recover search engine ranks (Drivas et al., 2020). Engage with local SEO plans to incorporate keywords related to eco-friendly travel and housing to reach for potential clienteles in certain areas.
Innovative technology: Make use of state-of-the-art skills such as augmented reality (AR) and virtual reality (VR) to advance understanding of environmentally liable travel recommendations. By using this creative tactic, Coastal Ventures is able to entice a wider clientele and create a strong name in the sector.
Customer Relationship Management (CRM): Use customer relationship management (CRM) systems to observe consumer interactions and regulate marketing tactics based on spectators preferences (Gil-Gomez et al., 2020). The company always gathers input to recover our eco-friendly holiday packages. It also cooperates with environmental companies, conservation organisations, and influencers that share like values.
Collaboration and Partnerships: Form a enterprise to work together to organize promotional efforts aimed at endorsing green travel. Using analytics tools to observe the success of the digital marketing strategy. Examining adaptation rates, social media communication, and website traffic. Using client input to adjust your business's approach and improve the general clientele experience.
Analytics & Metrics: The Green Getaway combined digital marketing movement by Coastal Ventures employs a unified method across many digital stations. The company's stress on content boost, social media optimization, justifiable design, and cutting-edge knowledge is in line with our commitment to satisfying the rising essential for eco-friendly travel and accountable tourism.
The Green Getaway combined digital marketing operation by Coastal Ventures services a regular strategy across numerous digital channels. Coastal Ventures' prominence on social media and content optimization, environmentally friendly project, and including state-of-the-art technology is in line with our task to satisfy the rising necessity for eco-friendly travel experiences and answerable tourism.
FAQ: Digital Marketing for Launching a New Venture
- Why is digital marketing crucial for launching a new venture?
- What digital technologies should be considered?
- How do social media technologies fit in?
- What tools can help execute this strategy?
- How do I integrate these elements?
- Are there any limitations to consider?
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Learning outcome 4: Apply project management principles to project initiation, planning, co-ordinationand evaluation.
Solution: Summary of project management plans
Initiation Phase: During the initial phase, which is categorised by vital action, the project's objectives, participants, and parameters are dogged. Extensive market investigation has been conducted to control the demand for ecological travel practices, (Gómez-Barrón et al., 2016). The team works with main sectionscountingpromotion and finance to comprehend the feasible environment, fiscal condition, and presentstate of Coastal Ventures. Doing a SWOT analysis is the initial stage in determining opportunities, threats, and internal and external strengths and weaknesses. By the information supplied, the project crew will collaborate with Coastal Ventures to grow a digital marketing strategy that enhances and effectively speaks about the challenges.
Coordination Phase: During this phase, a all-inclusive market analysis is accepted out and essential material on the need for sustainable travel practises is acquired. The goals include classifying your target market, measuring market trends, and understanding the plans used by your entrants in the ecotourism sector. Close teamwork between the marketing and finance teams is compulsory to strike a balance between market information and Coastal Ventures' financial performance. The data driven approaches collection and evaluation on the preferences of customers the opportunities in the new businesses and latent challenges. The ground work for constructing an ecofriendly travel packaging that performs well and is made up to the specific needs and demands of the customer within the market research. This kind of methodical approaches or not only helpful in getting the best of the influence of coastal ventures ecofriendly facilities but it also prepare a road map for an efficient digital marketing battle that entice to the potential target audience.
Implementation Phase: The stage of implementation covers the digital marketing plan that has to be put in action in order to advertised the companies environmentally friendly travel and tourism packages on its attractive website. This helps in starting a focused campaigns of social media marketing.In addition to that the implementation phase also inculcate the important task such as collaborating with the partners and coming up with a attractive and refined web content. For the more ecofriendly travel and tourism provider with a good and efficient project management plan helps in seamless integration and a study client satisfaction. Alloting the finances concentrating on the expenses and analysing the phase of implementation are all important factor that are considered and performed by the financial team. (Fedchenko et al., 2022).
Evaluation Phase: The overall performance of the coastal ventures is evaluated within the evaluation phase along with the effectiveness of its digital marketing strategies. Moreover, the KPIs are also included in order to have a detailed observation of customer contentment service gaining customer base and sustainable travel correspondences (Del Vecchio et al., 2018). The timely modifications and adjustment are guaranteed by conducting a constant feedback session in real time performance and analysis of data. Furthermore, the policies related to digital marketing are also thoroughly measured for the effectiveness of using data analysis instruments.Finance teams play a vital role in assuring orientation with financial goals and calculating the return on investment (ROI) of digital marketing movements.
Conclusion Phase: To recap, the project management strategy for Coastal Ventures' digital marketing strategy services a methodical tactic that includes stages for jump, alignment, and assessment. The company's commitment to sustainable tourism is understood in the emphasis on data-driven presentation evaluation, transparent statement, and cooperation between important divisions. By using this strategy, Green Getaway packages are definite to satisfy client demands and sustenance the long-term development and success of Coastal Ventures Limited.
Conclusion
Possibility of growth and constant success Coastal Ventures Limited, a rising business in the UK, is anticipated to sustain consistent profitability in 2022 with year-end net occupied capital of £68,124 positive. There is a lot of possible for expansion based on this unchanging financial position. Coastal Ventures is loyal to providing eco-friendly travel capabilities that are in line with present trends. The launch of the Green Getaway package is a thoughtful attempt to capitalise on this rising demand. Even in the lack of unmistakable net income information, net working capital proposes a secure financial position and makes the foundation for future achievement. Human resource trends may designate that hiring more people or rationalization existing personnel is necessary. The company's values align with the project plan that Green Getaway has offered and have the ability to enhance its market position. For Coastal Ventures, the secret to future growth and sustained profitability in a cutthroat and sustainable destination is reducing the product strategy required to enhance employee dynamics and drive financials. It is essential to laying a solid foundation.
Summary of recommendations
With a good net working capital of £68,124, Coastal Ventures Limited is expanding quickly. The company's emphasis on sustainable tourism aligns with the introduction of its 'Green Getaway' package, which offers a chance to capitalize on the expanding demand for eco-friendly vacation experiences. Companies must give stakeholders a complete financial picture by giving accurate information on sales and net income in order to promote financial transparency. With an average of zero workers and a turnover of £68,124 in 2022, there is potential for cost and operational efficiency improvements. This require a more thorough business history that covers the past, founders, and objectives of Coastal Ventures since open communication is so crucial. Giving stakeholders a detailed explanation of your organization's progress through product releases and new product introductions also helps them comprehend your product strategy To sum up, Coastal Ventures is well-positioned for strategic development, future success, and market leadership by emphasizing sustainability, optimizing operational efficiency, and promoting transparency.
FAQ: Applying Project Management Principles Across Project Phases
- What are the key project management principles?
- How do these principles apply to project initiation?
- What about project planning?
- How does project coordination ensure success?
- How do we evaluate project success?
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