The Emerald handbook of entrepreneurship in tourism, travel and hospitality : skills for successful ventures / edited by Marios Sotiriadis.

Format:

Book

Contributor:

Sotiriadis, Marios, editor.

Series:

Emerald handbooks in business and management

Language:

English

Subjects (All):

Tourism--Handbooks, manuals, etc.

Tourism.

Entrepreneurship--Handbooks, manuals, etc.

Entrepreneurship.

Physical Description:

1 online resource (470 pages).

Edition:

First edition.

Place of Publication:

Bingley : Emerald Publishing, 2018.

Summary:

This book is a practical handbook for entrepreneurship in tourism related industries. The book will provide students and prospective entrepreneurs with the knowledge, know-how and best practices in order to assist them in planning, implementing and managing business ventures in the field of tourism.It constitutes a valuable contribution to developing the necessary knowledge, competencies and skills of entrepreneurial decision-making and ventures. It would serve as a guide for those studying entrepreneurship and preparing for entrepreneurial careers as well as a reference for the practical use of entrepreneurs at the planning, implementation, operation and evaluation stages of building a tourism business. Examples from the industry/business world are provided to illustrate real-life practice and give readers a better understanding of entrepreneurship in tourism.

Contents:

Front Cover

The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality

Contents

List of Contributors

About the Editor

Preface

The Book's Aim

The Book's Audience

Our Approach to the Subject and the Book's Structure

Features

Acknowledgements

Part I. Tourism: A Consumer-driven Business Field

Chapter 1 Entrepreneurship and Entrepreneurs in Tourism

1.1. Introduction

1.2. The Importance of Tourism and ITS Related Industries

1.3. Entrepreneurship

1.4. Entrepreneurs

1.5. Entrepreneurship in Tourism

1.6. The Book's Aim, Objectives and Approach

1.7. Summary

Notes

References and Further Reading

Chapter 2 Framework for Tourism Industries: Tourism System and Tourism Value Chain

2.1. Introduction

2.2. The Tourism System

2.2.1. Leiper's Tourism System

2.2.2. Hall's Tourism System

2.3. Tourism Experience

2.4. Value Chain

2.4.1. Value Chain at Business Level

2.4.1.1. Primary Activities of the Value Chain

2.4.1.2. Support Activities

2.4.1.3. Value System

2.4.2. Value Chain at Industry/Destination Level

2.4.3. The Global Value Chain in Tourism

2.5. Summary

Part II. Tourism Business Environment

Chapter 3 Features of Tourism-Related Businesses and Trends in Tourism and Travel Markets

3.1. Introduction

3.2. Features of Tourism-Related Businesses

3.2.1. General Conditions of Business Environment

3.2.2. Features of Tourism Services and Markets

3.2.2.1. Main General Characteristics of Services and Tourism Services

3.2.2.2. Particular Characteristics of Tourism Services

3.2.3. Special Features of Tourism Businesses

3.3. Trends in the Tourism and Travel Markets

3.3.1. General Situation

3.3.2. Emerging Trends in Tourism Consumer Behaviour.

3.3.3. Technological Developments: Information and Communication Technologies

3.4. Challenges for Tourism Businesses and Destinations

3.4.1. Current Performance and Long-term Outlook

3.5. Summary

Chapter 4 Strategic Analysis and Competition Analysis

4.1. Introduction: Meaning and Process of Strategic Planning and Management

4.2. Strategic Planning

4.2.1. What Is Strategic Planning?

4.2.2. Strategic Planning: Some Practical Tips

4.3. Strategic Analysis

4.3.1. Definition and Considerations for Application

4.3.2. Tools of Strategic Analysis

4.3.2.1. SWOT Analysis

4.3.2.2. PEST Analysis

4.3.2.3. Five Forces Model

4.4. Competition (or Competitor) Analysis

4.4.1. Definition and Purpose

4.4.2. The Process: How to Conduct a Competition Analysis

4.4.2.1. Step 1: Identify Current and Future Competitors in the Market

4.4.2.2. Step 2: Finding Market Share

4.4.2.3. Step 3: Performing SWOT

4.4.2.4. Step 4: Build Competition Portfolio

4.4.2.5. Step 5: Plan Strategies

4.4.2.6. Step 6: Execute Strategies

4.4.2.7. Step 7: Monitor and Follow-up

4.4.3. Tools for Analysing Competitors

4.4.3.1. Four Corners Analysis

4.4.3.2. Competitor Array

4.5. Summary

Chapter 5 Innovation, Creativity and Tourism

5.1. Introduction

5.2. The Imperative for Creativity and Innovation in Tourism

5.3. Definitions, Forms and Types

5.3.1. Definitions

5.3.2. Creativity and Innovation in the Context of Knowledge Management

5.3.3. Forms and Types of Innovation

5.3.4. Technological Innovations

5.4. Determining Factors

5.5. Interrelations with Entrepreneurship

5.6. Innovation and Creativity in Tourism: Some Success Cases/Best Practices

5.7. Summary

References and Further Reading.

Part III. Planning the Tourism Business Venture

Chapter 6 The Entrepreneurial Process and Legal Issues

6.1. Introduction

6.2. The Entrepreneurial Process

6.2.1. Ideas and Opportunities

6.2.2. Opportunity Recognition

6.2.3. Opportunity Evaluation

6.2.4. Opportunity Exploitation

6.2.5. Entrepreneurial Intent

6.3. Influencing Factors and Dynamics

6.3.1. Personal Attributes

6.3.2. Environmental and Sociological Factors

6.3.3. Understanding the Dynamics of Entrepreneurial Process

6.4. Legal Issues and Aspects of Entrepreneurship

6.4.1. Choice of the Appropriate Business Entity/Structure

6.4.2. Protection of Intellectual Property Rights

6.4.3. Liability Issues and Insurance

6.4.4. Contracts

6.5. Summary

Chapter 7 Feasibility Analysis and Study

7.1. Introduction

7.2. Feasibility Study: Overview and components

7.3. Template of Feasibility Study

7.3.1. Executive Summary and Introduction

7.3.2. Description of the Business

7.3.3. Market Feasibility: Market Analysis and Assessment

7.3.4. Description of Products or Services

7.3.5. Management Team and Staff Members

7.3.6. Technical Specification

7.3.7. Examination of Critical Risks and Problems

7.3.8. Marketing Plans

7.3.9. Financial Feasibility: Projections and Plan

7.3.10. Results, Evaluation, Conclusion/Recommendations and Decision

7.4. Report on Business Feasibility Study: Example of Boutique Hotel

7.4.1. Executive Summary

7.4.2. The Company

7.4.3. Service/Product Description

7.4.4. Market Analysis and Assessment

7.4.4.1. Market Assessment

7.4.4.2. Market Analysis

7.4.5. Marketing Strategy

7.4.6. Management Capability

7.4.7. Financial Feasibility: Financial Analysis and Projections

7.4.7.1. Financial Projections

7.4.7.2. Break-even Analysis.

7.4.7.3. Financial Performance - Statements

7.4.8. Findings, Conclusions and Recommendations

7.5. Summary

Chapter 8 Collaborative Forms and Strategies for Business Venturing in Tourism Industries

8.1. Introduction

8.2. Business Context and Drivers for Collaboration

8.2.1. Characteristics of Business Environment and Tourism Industries

8.2.2. Tourism Offering and Experiences

8.2.3. Potential Benefits of Collaboration

8.3. Forms of Collaboration at Destination Level

8.3.1. Partnerships

8.3.2. Clusters and Clustering

8.3.3. Product Clubs

8.4. Collaborative Strategies for Business Venturing

8.4.1. Business Alliances

8.4.2. Business Network/Networking

8.4.3. Management Contracts

8.4.4. Franchising

8.4.5. Consortium

8.5. Summary

Part IV. Managing the Tourism Business

Chapter 9 Management and Business Plan

9.1. Introduction

9.2. Management Decision-Making

9.2.1. Managing Strategic, Tactical and Operational Decision-making

9.2.2. Identifying Decision-making Bias

9.2.3. Sources of Information Supporting Management Decision-making

9.3. Management Planning: Business Plan Design

9.3.1. The Venture Component

9.3.2. The Finance Component

9.3.3. The Market Component

9.4. Micro Case Study: Managing a Tourism-Related Start-Up Business

9.4.1. Making Decisions Based on Suitable Sources of Information

9.4.2. Using the Business Plan to Help Entrepreneurs to Make Better Decisions

9.5. Summary

Chapter 10 Managing Financial Matters

10.1. Introduction: Meaning, Objectives and Functions of Financial Management

10.2. Financial Statements/Reports

10.2.1. Profit and Loss Statement

10.2.2. Balance Sheets

10.2.3. Cash Flow Statement

10.3. Planning and Budgeting.

10.3.1. Planning

10.3.2. Budgeting

10.3.3. The Uses of Budgets

10.4. Monitoring Business Performance and Improvement

10.4.1. Benchmarking/Comparison

10.4.2. Monitoring Improvement

10.4.3. Some Useful Ratios for Financial Performance

10.4.3.1. Profitability Ratios

Nett profit ratio

Profit before fixed charges ratio

Nett return on total assets ratio

Return on owners' equity ratio

10.4.3.2. Operational Ratios

Revenue per available room (RevPAR)

Yield percentage

10.5. Operational Decisions: Pricing Methods and Analytical Techniques

10.5.1. Pricing Methods

10.5.1.1. Stages in Setting Prices

10.5.1.2. Factors Influencing Pricing Decisions

10.5.1.3. Pricing Methods

Cost-plus pricing

Contribution margin pricing

Going rate pricing

Rate of return pricing (ROR)

10.5.1.4. Price Promotions

10.5.2. Analytical Techniques

10.5.2.1. Break-even Analysis

10.5.2.2. Profit Sensitivity Analysis

10.5.3. A Revenue Management Technique: Yield Management

10.6. Investment Decisions: Capital Expenditure

10.6.1. Investment Decisions

10.6.2. Investment Evaluation Methods

10.6.2.1. Discounted Cash Flow

10.6.2.2. DCF: Net Present Value Method

10.6.2.3. DCF: Internal Rate of Return Method

Comparison of two methods: NPV versus IRR

10.7. Summary

Chapter 11 Providing Service Quality and Customer Care in Tourism Businesses

11.1. Introduction

11.2. Characteristics of Service Products

11.3. The Importance of Service Quality in Tourism

11.4. Service Quality Variables in Tourism

11.5. Service Excellence: Practical Guidelines for a Micro Tourism Business

11.5.1. Before Guests Visit the Accommodation Establishment

11.5.2. During the Stay at the Accommodation Establishment.

11.5.3. After Guests Having an Experience at the Establishment.

Notes:

Includes index.

Includes bibliographical references and index.

Print version record

ISBN:

9781787439573

1787439577

9781787435292

1787435296

OCLC:

1043643259