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Posted: February 13th, 2024

HOST 2053: Tourism Management Capstone

HOST 2053: Tourism Management Capstone
Group Contract & Business Plan Concept Assignment

Business Plan PART A

DUE: Week 6 (20%)

*Your business idea needs approval before you start working on Part A
Submit your idea by week 3 in D2L Brightspace (in the assignments section)

Once you created your online account with Futurpreneurs Canada, you are ready to use the Business Plan Writer! Work on your Business Plan using the interactive platform. Make sure you save your work and download the Word document to your computer to format or add any additional information required.
For Part A, use Modules 2,3 and 4 and the guiding questions in the Business Plan Writer to help you complete the following sections:
A. Company Profile (9%)
*All the information needs to be realistic and focused on what you will do!
a. Business Overview (2%)
• Business description (location, type of business, etc), compelling value, product/service description, customer description, and any other important information to summarize your business
b. Management (1%)
• Who are the owners of the business and their qualifications?
c. Location (1%)
• What location will you run your business from? Why does this make sense?
*An actual location for lease is needed with address and cost/month info
d. Legal Structure (1%)
• What is your company structure? Why did you select this structure?
e. Vision and Mission (2%)
• Vision: what is your grand purpose? (How will you add to the community/world? Where do you see yourself in the future?)
• Mission: What is your daily purpose? (How will you achieve your vision?)
f. Goals and Objectives (2%)
• What are the business milestones that you want to set in order to meet your Mission and Vision? (remember objectives meet Goals and they all have to be SMART)

B. Market Research (11%)
a. Industry Profile & Outlook (3%)
• In this section you’ll discuss how your industry works, the market size, and industry outlook.
*Use the IBIS Reports for your industry/sector in Canada for this section!

b. Local Market (2%)
• How many businesses offer the same product/service in your local market?
• What is the profile of the population in your local market?
c. Key Competitors – SWOT (4%)
• You’re likely not alone in the marketplace, therefore it’s important to acknowledge who your business is competing against.
• Identify 3 competitors and complete a SWOT for each (use references to support the information you provide: ex – business website, TripAdvisor, etc)
• Complete your own business SWOT – describe what your strengths and opportunities, threats and weaknesses are in light of what you learned about your competitors
d. Target Market (2%)
• In this section you’ll pinpoint who your key customers are. You’ll establish a customer profile and a target geographic area for launch.
• Describe your Market Segment. What are the shared characteristics of your target market? (Needs, wants, demographics, lifestyles, personalities, aspirations, psychographics, etc.)
• You may use the PRIZM categorization by Claritas to categorize and identify your target market.

*Make sure to always save your online work in the Business Plan Writer
**Download your work as word document from the Business Plan Writer
SUBMIT:
An MS Word Document that includes all details needed for this part of the business plan.
Don’t forget to include APA in-text referencing/citations and update the reference list!

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