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Nadi tourism business development.pptx
- 1. CREATE A BUSINESS PLAN FOR A TOURISM BUSINESS IN NADI”- NADI TOURISM BUSINESS
- 2. Vision and mission The vision of the Nadi tourism business is mentioned as follows- “The tourism industry is a key driver of both innovative ideas and long-term economic progress.” The mission statement of this tourism business is stated below- “Develop one-of-a-kind tourist attractions that will turn Fiji's beautiful terrain, the skills of its people, and its thriving culture into chances to improve the country's overall economic infrastructure.”
- 3. Needs Statement • It is estimated that tourism accounts for around 34 percent of Fiji's GDP as well as 26.3 percent of the country's employed population (Puriri and McIntosh, 2019). • As a vital engine of economic activity, this percentage is greater than the median of 33 percent in certain other "Pacific island" nations. Therefore, focusing on the development of Nadi tourism business is important for Fiji’s future.
- 4. Goals and Objectives • Short-term goals • Completing the business development project within 1.5 years • Completing the project within 70 million dollars • Offering 8% economic growth of Fiji • Long-term goals • Increasing the visitor retention rate by 20% from both international and national level • Enhancing national GDP and offering other industries financial support • Being one of the top tourism business across Fiji and other south pacific ocean countries
- 5. Measurements of success There are several ways from which Nadi tourism business development members can the success rate in an effective and credible way, as the areas of measurements are mentioned as follows- Customer retention rate Return on investments Contribution to the national GDP growth Duration of consumer’s stay Customers’ feedback
- 6. Objectives To enhancing both social community and economic structure of Fiji To contributing to the growth of national GDP of Fiji To being at the top 3 tourism business company list across the south pacific ocean regions To attracting people from all over the globe in terms of offering the experience of Fiji’s cultural and environmental beauty
- 7. Products and services • All commodities and experiences that are supplied mainly to visitors in the place in which they are attending are considered tourism goods. • This includes things such as lodgings, restaurants, fishing expeditions, shooting excursions, northern lights tours, observation trips, galleries, cultural sites, as well as arts and crafts. shops, and even Indigenous cultural interactions. • “Rural tourism, gastronomy and wine tourism, mountain tourism, urban tourism", or different tourist attraction, and shopping tourism may all be regarded to be the primary offerings of the tourist industry in Nadi (Zhao et al. 2021).
- 8. Current challenges • Taxation, travel marketing, troubles with infrastructure, concerns about security, and restrictions around crossing borders are some of the major obstacles that face the tourist industry. • There are far too many tourist places that are not ready for their guests. On the contrary hand, among the difficulties that are being faced by the tourist and hospitality business is a lack of workers and people with the necessary abilities (Cunha et al. 2020).
- 9. Target Market • For Nadi tourism business, the main target audiences’ middle class, upper middle class and the high class people of the society will be considered. The people that contain a average income can also comes under the line of Nadi tourism businesses’ target audience (Sobaih et al. 2021).
- 10. SWOT Analysis Strengths Cultural heritage Local festivals Safe environment Accommodation facilities Diverse culture Travelling convenience Weaknesses Lower level of innovation Lower level of management skills Lower level of service quality Opportunities Huge range of alternative products Environmentally friendly destinations Economical services Online marketing Threats Pandemic situation of COVID-19 Huge level of competition Limited level of professional institutions Visa restriction Government rules and regulations
- 11. • For advertising and marketing for the Nadi tourism business, both offline and online business platforms will be utilized in terms of reaching out for more and more potential consumers. In an addition to this, social media platforms, e-mails, letters, press conferences, and leaflets will be spread among the customer base (Labanauskaitė et al. 2020). Marketing Plan and Strategy
- 12. Timeline Establish Development Development objectives 2 months Situational analysis 3 months Development strategies 4 months Implementation 5 months Evaluation and monitoring 4 months
- 13. Budget Summary Areas of investments Amount (in million) Human resource management 5 million Distributors, engineers, developers, transporters 20 million Overall operational areas 30 million Technological implementation 5 million Food and beverages 10 million Conferences, and events for advertising 5 million Overall cost of developing the tourism business in Nadi 75 million dollars
- 14. Funding Needs • As the overall budget of this project has estimated as the amount of 75 million dollars, therefore, getting helps from the administrative government, huge business sharks of Fiji, little help from the local community members and approaching international investors would be beneficial in terms of the development of Nadi tourism business.
- 15. Future Funded Plans and impact • P2P (peer-to-peer) lending and investment institutions are two of the most intriguing approaches. Such novel methods of funding provide Nadi's tourism industry an accessible and inexpensive opportunity to solicit funds from the general population. Capital may also be raised via a company's retained profits, loan capital, or equity financing. Through not paying out dividends but instead reinvesting revenues, corporations may avoid debt while giving shareholders a chance to benefit from rising profits (Aquino et al. 2018).
- 16. Reference list • Aquino, R.S., Lück, M. and Schänzel, H.A., 2018. A conceptual framework of tourism social entrepreneurship for sustainable community development. Journal of Hospitality and Tourism Management, 37, pp.23-32. https://openrepository.aut.ac.nz/bitstream/handle/10292/11860/AquinoRS%20L%C3%BCckM%20Sch%C3 %A4nzelHA%20(2018)%20A%20conceptual%20framework%20of%20TSE%20for%20SCD_JHTM.pdf?s equence=2 • Cunha, C., Kastenholz, E. and Carneiro, M.J., 2020. Entrepreneurs in rural tourism: Do lifestyle motivations contribute to management practices that enhance sustainable entrepreneurial ecosystems?. Journal of hospitality and tourism management, 44, pp.215-226. https://www.sciencedirect.com/science/article/pii/S1447677020301601. • Labanauskaitė, D., Fiore, M. and Stašys, R., 2020. Use of E-marketing tools as communication management in the tourism industry. Tourism Management Perspectives, 34, p.100652. https://www.sciencedirect.com/science/article/pii/S2211973620300192. • Nguyen, V.K., Pyke, J., Gamage, A., De Lacy, T. and Lindsay-Smith, G., 2022. Factors influencing business recovery from compound disasters: Evidence from Australian micro and small tourism businesses. Journal of Hospitality and Tourism Management, 53, pp.1-9. https://www.sciencedirect.com/science/article/pii/S1447677022001504 • Puriri, A. and McIntosh, A., 2019. A cultural framework for Māori tourism: values and processes of a Whānau tourism business development. Journal of the Royal Society of New Zealand, 49(sup1), pp.89-103. https://www.tandfonline.com/doi/pdf/10.1080/03036758.2019.1656260. • Sobaih, A.E.E., Elshaer, I., Hasanein, A.M. and Abdelaziz, A.S., 2021. Responses to COVID-19: The role of performance in the relationship between small hospitality enterprises’ resilience and sustainable tourism development. International Journal of Hospitality Management, 94, p.102824. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8586795/. • Zhao, J., Xue, F., Khan, S. and Khatib, S.F., 2021. Consumer behaviour analysis for business development. Aggression and Violent Behavior, p.101591. https://www.sciencedirect.com/science/article/pii/S1359178921000458.
Editor's Notes
- Since considering how to evaluate the requirements for the expansion of the tourist industry in Nadi, it is important to keep in mind that tourism is the primary source of income for Fiji, accounting for around 38 percent of the country's gross domestic product. Over 118,000 employment are supported by the industry, and their expenditure helps local distribution networks in a variety of sectors, spanning agribusiness, engineering and construction, entertainment industry, and much more.
- On this note, tourist goods, which can be thought of as a bundle of programs, services, and advantages that make up the whole of the tourism experience, greater quality of services provided to visitors, and inexpensive price lists are all things that can be regarded in this sector. This package includes a variety of items, such as destination landmarks, destination accommodations, conveyance, food and drinks, guesthouses and restaurants, high-tech devices, a variety of accessibility options, pictures, and a price tag.
- This has been primarily made more difficult by the appearance of brand-new technology and trends, both of which need to be pleased and catered to. In addition to this, important problems that may be faced by the designers of the Nadi tourist industry include internationalization, taxes, government regulations and laws, ensuring the protection and safety of visitors, as well as travel.
- The Nadi tourism businesses may interact with various types of audiences at different points in the trip planning process thanks to efficient in terms of targeted advertising, such as frequent fliers, families, groups of friends, especially international jetsetters.
- However, TV channels, newspapers will also be conducted in terms of spreading proper information and knowledge about the Nadi tourism to the customers across the globe. Apart from branding a critical marketing analysis will also be performed in terms of getting a critical overview about the market trends, demands, and consumer preferences as well.
- For the overall development of the Nadi tourism business, the approximately budget can be estimated as 70 million dollars as this amount can be increased or decreased according to the need and preferences. Though, for additional expenses such as implementing major technologies or conducting smart gadgets at the tourism destinations, additional 5 million dollars need to be allocated at the stating point which can be measured as 75 million dollars for this project (Nguyen et al. 2022).
- The Nadi tourist company also has to obtain financial financing via bond offerings and bank loans. In addition, the TFCI offers funding for any kind of improvement, addition, or renewal of the tourist industry's infrastructure, amenities, and services. Bank loans, Small Business Administration loan repayments, commercial real-estate and the lines of credit, technology loans, bridge loans, and fractional reserve loans may all be used to fund a hotel. Both conventional banks and non-bank financial institutions provide these sorts of loans.