Assignment Sample on HTM719 Business Sustainability and Innovation
Introduction
- Business innovation is the key to success
- It helps in implementing new business values
- The current study will suggest a business innovation for the hospitality sector
- The proposed opportunity will be justified
- Aspects related to the Business Model Canvas (BMC) will also be discussed
The current study helps in analysing the business innovation within an organisation. It will be highlighting different aspects related to the new business proposal made in the sections below. In addition to this, all the aspects related to BCM such as key partners, activity, value proposition and others will also be highlighted.
Proposed business opportunity
- Innovation within a business tends to attract more customers
- Different kinds of relaxation and fun activities can be effective within the hospitality industry
- Building an amusement park cum water park can be a successful business innovation
- This will provide entertainment both for children and adults
- It can also lead to high productivity
Based on the above points it can be stated that building an amusement park cum Water Park within the hospitality sector can be effective and a new business approach leading to innovative values. As per García-Muiña et al. (2020 p.23), building the stated approach can be effective in increasing profitability within the domain. It will also help in attracting customers and create a proper brand image.
Business Model Canvas
- BMC includes several approaches related to business
- It helps in analysing a business idea from a different perspective
- It also highlights different requirements of the current business
- The value proposition of the current business will be highlighted through BMC
- Additionally, cost and revenue streams are also highlighted through this model
Based on the above discussion it can be reflected that analysing the current business idea of building an amusement park cum Water Park in the hospitality sector through BMC will provide ideas regarding various requirements (Sparviero, 2019 p.244). It will also highlight the value proposition of the currently proposed idea.
Continuation: Key partners
- Major hotel chains
- Technology partners
- Construction industry
- Meta-search engines
- Travel agents
- Landowners
- Water suppliers
- Proper network
The above stakeholders reflect the key partners of the hospitality industry in terms of building a new amusement park cum water part within the domain. The mentioned stakeholder will be effective in providing a proper idea of building the amusement cum water park. It will include major hotel chains so that awareness regarding the planned construction can be created while taking necessary inputs that will foster the construction process (Ojasalo and Ojasalo, 2018 p.66).
Continuation: Key activities
- Develop a proper amusement park with a water riding facility
- Develop fun activities for the children and adults
- Facilitate customer experience
- Enhance the technological involvement for enhancing customer experience
Based on the above points it can be illustrated that the key activities that will be related to this business proposal include the development of an amusement cum Water Park within the domain of the hospitality sector. In addition to this, as per Keane et al. (2018 p.66), customer experience is one of the main considerations of any business. In this result, the planned proposal will also enhance the customer experience and develop technologies so that it can attract more customers.
Key resources
- An iconic and photogenic landmark
- Raw materials for construction such as sand, cement, bricks and others
- Blueprint of the park to be developed
- Technological instances of communication and construction
- Mapping instruments
- Human resources such as labour, project manager, site manager, technological expert and others
In order to build a proper amusement park or water park, it is required to have proper resources (Daou et al. 2020 p.12). An iconic and photogenic landmark tends to develop the desired tropical flavour within the amusement or water park.
Continuation: Value proposition
For travellers or customers
- Wide variety of choice
- Scope of having proper relaxation and fun
- Cheap price
- Indoor water park with royal value
- Cultural design and tropical theme
- Outdoor pool with different rides
- A slowly flowing river that connects to the indoor water rides
Based on the stated instances it can be depicted that the current innovation business idea is considered to be creating high values for all the customers. It is providing the value of relaxation with proper aspects. It is also providing the customers with the value of enjoying indoor alongside outdoor water rides for the customers of all ages starting from children to old adults. It is also providing the values with a cheap range so that all types of customers can enjoy the value provided by the current planned innovative business idea (Giourka et al. 2019 p.47).
Continuation: For hotels
- It will help in incremental revenue
- It will also help in the global reach of the hospitality industry
- It will provide the value of market intelligence within the domain
- It will create a value of high customer base
Based on the stated points it can be reflected that current business innovation is likely to be delivering high value to the hotel sectors. It is likely to be increasing the customer base further providing high value in terms of customer engagement. Henceforth, the planned value of innovative business ideas is likely to be delivering high values to the hotel sector.
Continuation: Customer relationship
Hotels
- Ease in the methods of joining
- The facility of no payment in terms of no booking
- Commissions
Travellers
- Services of the customers
- Accuracy
The above aspects reflect that the current business innovation plan will be maintaining a proper relationship with the travellers or the customers and the sectors of hotels. As per the illustration of Sort and Nielsen (2018 p.70), a proper relationship with the customers tends to depict the proper functioning of the proposed business plan. Hence, the depicted aspects are likely to provide proper bonding with the customers.
Continuation: Channels
- Official websites of the sector
- Social media channels such as Facebook, Instagram, and others
- Emails
- Partner channels
From the started points, it can be illustrated that the current business plan will be mainly focused on the online channel for promoting the business idea. As per Hamwi et al. (2021 p.23), online channels are effective in attracting a large customer base within a short time. Hence, proper channel selection is effective in meeting the targeted goals.
Continuation: Customer segments
- Different types of hotels
- Travellers
- Local customers of all ages starting from children to older adults
- Local schools
- Business organisations
The current business plan is likely to target all sorts of groups within a domain. It will be targeted at the hotel chains that will be providing different customers. Other than that, the plan will also target the group of travellers, business organisations and schools that can come to take a trip within the park. In addition to this, local customers of all age range will also be targeted by the proposed business plan.
Continuation: Cost structure
| Operational cost | |
| Performance advertising | $3.5b |
| Cost of revenue | $1.6b |
| Technological instances and content | $1.25b |
| Capitalised cost | 1.6b |
| Human resources | $1.1b |
| Balance sheet | |
| Property and equipment | $1.4b |
| Intangible cost | $2.4b |
| Goodwill | $7.9b |
Based on the above reflection it can be stated that there are several expenditures of the current project. The operational cost of the current project includes technological instances alongside content, capitalised expenditure, cost of human resources and performance advertising. As a result of this, the current project will require $9.05b operational costs. On the other hand, the balance sheet includes property and equipment, intangible cost and goodwill. This will include the total cost of $11.7b. Hence, it can be stated that the current project requires a high amount of cost.
Continuation: Revenue streams
| Merchant model of business | 55% |
| Agency model of business | 27% |
| Advertising and other revenues | 9% |
| Subscription | 8% |
Based on the above table it can be stated that there are certain revenue streams of the current business plan. It includes the merchant model and agency model of business, advertising and another stream of revenues and subscription.
Justification of the chosen business proposal
- It is justified as it is capable of attracting a large customer base
- The busy schedule of the customer’s high demands for fun elements
- It can be a proper place for vacation
- It can also make a proper destination for one day trip
The current idea of the business is highly justifiable as it consists of a unique idea that possesses the capability of attracting a large customer base. In addition to this, children as well as older adults like amusement cum water parks. This can be an excellent destination for a day out (Wit and Pylak, 2020 p.15).
Conclusion
- The business idea of building an amusement cum water park is highly recommended in the current study
- It will provide the value of proper services and high engagement to the customers
- It will also provide the value of increasing revenue for the hotels
- The current business idea will be attracting customers as it is unique and provides a fun element.
From the above study, it can be concluded that implementing an amusement park with a water ride facility is likely to be attracting more customers and improving the value proposition of the hotel sector.
Reference list
Daou A., Mallat C., Chammas G., Cerantola N., Kayed S. and Saliba N.A. (2020) The Ecocanvas as a business model canvas for a circular economy. Journal of Cleaner Production, 258, p.120938.
García-Muiña F.E., Medina-Salgado M.S., Ferrari A.M. and Cucchi M. (2020) Sustainability transition in industry 4.0 and smart manufacturing with the triple-layered business model canvas. Sustainability, 12(6), p.2364.
Giourka P., Sanders M.W., Angelakoglou K., Pramangioulis D., Nikolopoulos N., Rakopoulos D., Tryferidis A. and Tzovaras D. (2019) The smart city business model canvas—A smart city business modelling framework and practical tool. Energies, 12(24), p.4798.
Hamwi M., Lizarralde I. and Legardeur J. (2021) Demand response business model canvas: A tool for flexibility creation in the electricity markets. Journal of Cleaner Production, 282, p.124539.
Keane S.F., Cormican K.T. and Sheahan J.N. (2018) Comparing how entrepreneurs and managers represent the elements of the business model canvas. Journal of Business Venturing Insights, 9, pp.65-74.
Ojasalo J. and Ojasalo K. (2018) Service logic business model canvas. Journal of research in marketing and entrepreneurship. pp.65-74.
Sort J.C. and Nielsen C. (2018) Using the business model canvas to improve investment processes. Journal of Research in Marketing and Entrepreneurship. pp.65-74
Sparviero S. (2019) The case for a socially oriented business model canvas: The social enterprise model canvas. Journal of Social Entrepreneurship, 10(2), pp.232-251.
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