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Question: pitch the pitch was prepared by doing an online research...

Question details

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?

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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?

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?

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

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