A group of University students are considering opening a new business in the Tourism sector. The product or service is a novel idea in the Tourism Sector. Notably, the tourism sector is known to be competitive. As a result, it is important for organizations to be aware of their a lternative organizational strategies. It is also important that they understand how to develop a sustainable competitive advantage. The group is also considering utilizing the strategy formulation framework to aid in developing the company and its novel products. The group is aware that there are certain habits that strategic leaders must encompass but are not sure what they are. The team is aware that they would face potential issues within strategic implementation and would like to understand how this can be remedied. The group is interested in the development of a Project Implementation Plan and have sort your expertise to develop one for the product or service in the tourism sector. N.B. An implementation plan is a management tool that facilitates the execution of a strategic plan for a company or a project by breaking down the implementation process into smaller steps while defining the timeline, the teams and the resources that will be needed. In this case, an implementation plan is a document that outlines the steps your team (your assigned group for this course) should take to accomplish a shared goal or initiative. The Plan helps you get insight into the steps and actions that are necessary to make a change or an innovation in your company. Clearly indicate and describe with full details the product or service the group intends to offer in the Tourism sector. Provide clear descriptions. Pictorial representation can be included where required of the product/service. The name of the company must be stated. Brief background on the company should also be included. 2. Develop a strategic vision and mission for the business. 3. Based on each category of alternative organizational Strategies as discussed in the course, select one (1) strategy from each of the categories which the group can pursue towards success. Explain clearly how the product/ service being offered would be actioned through each category. 4. As discussed in the course, suggest four (4) ways the group can attain a sustainable competitive advantage. 5. Assess the three (3) stages of the strategy-formulation framework as discussed in the course this must be linked to the product/ service the group intends to offer. In each stage you are required to include one (1) tool in your assessment. NB. You are not to include the SWOT here as this is needed in the project implementation plan below. Choose any other tool when addressing that stage. 6. Discuss three (3) habits strategic leaders must encompass with relevant links to the business venture and the success of the product/ service. Discuss the four (4) potential issues within strategic implementation which the group may face. Discuss a remedy for each issue discussed. The Steps for your Project Implementation Plan are as follows: • You will be creating a Project Implementation Plan for the new product/ service to be offered by your team/group • Step 1 - Introduction/Outline the benefits of having an implementation plan for your company along with the product/service to be offered. • Step 2 - Outline the Company’s Objectives - You will outline the objectives of the company and product/service in the implementation process. Clearly identify the objectives, you and your team can measure progress and performance as you move forward. You must include financial and strategic objectives. • Step 3 - Scope Statement- Your project scope statement should outline the boundaries you have set for your company and broadly define what goals and project outcomes you will be working towards as it relates to the product/service. • Step 4 - Outline of Deliverables - Deliverables are the tangibles of your company. Outlining the deliverables you hope to create can serve as a resource. This will include time frames/ due dates for ensuring the product/ service is brought to the market. For example - you can use the GANTT CHART for this part (GANTT chart helps teams to plan work around deadlines and properly allocate resources). You are also required to assign tasks for team members for which they would be accountable, and allocate resources for each input required. • Step 5 - Risk Assessment - A risk assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs. You must include a SWOT analysis for the company (SWOT - strengths, opportunities, weaknesses, threats).
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
A group of University students are considering opening a new business in the Tourism sector. The
product or service is a novel idea in the Tourism Sector. Notably, the tourism sector is known to
be competitive. As a result, it is important for organizations to be aware of their a lternative
organizational strategies. It is also important that they understand how to develop a sustainable
competitive advantage. The group is also considering utilizing the strategy formulation framework
to aid in developing the company and its novel products. The group is aware that there are certain
habits that strategic leaders must encompass but are not sure what they are. The team is aware that
they would face potential issues within strategic implementation and would like to understand how
this can be remedied.
The group is interested in the development of a Project Implementation Plan and have sort your
expertise to develop one for the product or service in the tourism sector. N.B. An implementation
plan is a management tool that facilitates the execution of a strategic plan for a company or a
project by breaking down the implementation process into smaller steps while defining the
timeline, the teams and the resources that will be needed. In this case, an implementation plan is
a document that outlines the steps your team (your assigned group for this course) should take to
accomplish a shared goal or initiative. The Plan helps you get insight into the steps and actions
that are necessary to make a change or an innovation in your company.
Clearly indicate and describe with full details the product or service the group intends to offer
in the Tourism sector. Provide clear descriptions. Pictorial representation can be included
where required of the product/service. The name of the company must be stated. Brief
background on the company should also be included.
2. Develop a strategic vision and mission for the business.
3. Based on each category of alternative organizational Strategies as discussed in the course,
select one (1) strategy from each of the categories which the group can pursue towards
success. Explain clearly how the product/ service being offered would be actioned through
each category.
4. As discussed in the course, suggest four (4) ways the group can attain a sustainable
competitive advantage.
5. Assess the three (3) stages of the strategy-formulation framework as discussed in the course
this must be linked to the product/ service the group intends to offer. In each stage you are
required to include one (1) tool in your assessment. NB. You are not to include the SWOT
here as this is needed in the project implementation plan below. Choose any other tool when
addressing that stage.
6. Discuss three (3) habits strategic leaders must encompass with relevant links to the business
venture and the success of the product/ service.
Discuss the four (4) potential issues within strategic implementation which the group may
face. Discuss a remedy for each issue discussed.
The Steps for your Project Implementation Plan are as follows:
• You will be creating a Project Implementation Plan for the new product/ service to be
offered by your team/group
• Step 1 - Introduction/Outline the benefits of having an implementation plan for your
company along with the product/service to be offered.
• Step 2 - Outline the Company’s Objectives - You will outline the objectives of the
company and product/service in the implementation process. Clearly identify the
objectives, you and your team can measure progress and performance as you move
forward. You must include financial and strategic objectives.
• Step 3 - Scope Statement- Your project scope statement should outline the boundaries
you have set for your company and broadly define what goals and project outcomes
you will be working towards as it relates to the product/service.
• Step 4 - Outline of Deliverables - Deliverables are the tangibles of your company.
Outlining the deliverables you hope to create can serve as a resource. This will include
time frames/ due dates for ensuring the product/ service is brought to the market. For
example - you can use the GANTT CHART for this part (GANTT chart helps teams to
plan work around deadlines and properly allocate resources). You are also required to
assign tasks for team members for which they would be accountable, and allocate
resources for each input required.
• Step 5 - Risk Assessment - A risk assessment is a process to identify potential hazards
and analyze what could happen if a hazard occurs. You must include a SWOT analysis
for the company (SWOT - strengths, opportunities, weaknesses, threats).
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