AN ENTERPRISE PROJECT REPORT EXAMINING THE FEASIBILITY AND BUSINESS VIABILITY OF DEVELOPING AND ESTABLISHING A STUDENT TOUR COMPANY, PROVIDING STUDENTS WITH SPECIALISED ACTIVITY AND PARTY-THEMED TOURS TO DESTINATIONS ACROSS EUROPE.
Scriven Baker, Oliver
Cardiff Metropolitan University
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This Enterprise Project report comprises of detailed business feasibility analysis to examine the business and commercial viability of a proposed new tour operator business which aims to fulfil the travel and vacation desires, preferences and currently un-met needs of UK students who wish to participate in bespoke, student-focused, party/adventure-themed holidays. The proposed “student tour” package value proposition not only includes the provision of pre-booked, low cost, accommodation and airport transfers but also offers, on an optional basis, a broad choice of customised holiday and social activities, that can be tailored to the specific preferences of individual customers. Each participant will also benefit from close access to friendly, customer-focused tour representatives, each of who will have an in-depth knowledge of each destination market and whose primary objective is to deliver a superior holiday experience and generate lasting holiday memories. This report describes the key elements of this business feasibility study which comprised of 4 main objectives: i) To conduct detailed research and analysis of the proposed market sector, key competitors, target market definition and behavioural patterns, needs and holiday preferences using a mix of secondary and primary market research; ii) Defining and testing of a proposed business concept and customer value proposition, through qualitative research interviews and a live “proof of concept” market trial in Portugal; iii) Construction of a comprehensive business plan to analyse all required elements of this proposed new business, including medium term business objectives, business set up and resourcing requirements, marketing challenges and initial funding needs; iv) To undertake a detailed financial appraisal of anticipated business performance, based upon a range of revenue and cost assumptions and sensitivity scenarios. Based upon the outcome of this detailed business feasibility study, the project concludes that both the proposed business concept and customer value proposition are sound and positively address currently unmet target customer needs and preferences. This conclusion was also endorsed by the successful “proof of concept” market trial which was conducted during the summer 2017. Analysis of competitor market positioning and business activities suggests that no major market segment player currently offers similar value propositions so there appears to be a niche player opportunity in the market for this seemingly unique business concept. Furthermore, the business case also appears to be viable and the associated business objectives appear to be realistic and achievable. The financial appraisal model was constructed purposely using very conservative sales volume and revenue assumptions and with a very tight rein on operational costs and funding during the initial period of business operations. Even so, the financial appraisal indicates that this could be profitable new business opportunity in the medium term and the business model itself appears to be both flexible and scalable.
BA Enterprise Project
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