The Emerald Handbook of Entrepreneurship in Tourism, Travel and Hospitality : Skills for Successful Ventures.

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 -- References and Further Reading -- 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 -- References and Further Reading -- 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 -- References and Further Reading -- 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 -- Notes -- 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 -- References and Further Reading -- 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 -- References and Further Reading -- 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 -- References and Further Reading -- 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 -- References and Further Reading -- 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 -- References and Further Reading -- 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.

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.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.