Developing a Strategic Plan for Junior Traveling Company

Objective

The strategic plan is designed to improve Junior Traveler’s operational efficiency and market durability and ensure that the company has a considerable increase in its market shares within one year.  The strategic plan will consist of long-term goals accomplished by setting short-term goals that are easily achievable. The plan’s effectiveness will be measured by key indicators, including customer satisfaction, quarterly company benefits, and employee satisfaction.

Background Information

Rui founded junior Traveler on May 21, 2021. It is located in Xi’an, Shaanxi Province, China. Rui was inspired to start the business after several visits to the United States as a tourist. Although the company was founded to provide maximum tourist experience, most tourists acknowledged that the bundle packages restricted them from exploring various places. As a result, he identified a gap in the tour industry after interacting with tourists from Asian Region, specifically those from China.

Due to increasing competition in the tours and travel industry, most companies reinvent themselves to continue being relevant in the market. According to Pinto, customizing travel plans is the most effective approach to maximize visitors’ experience. Junior travel will need to optimize its management operational efficiency with a focus on driving its tourism efforts along America’s West Coast. As a relatively new company, the company needs to have a strategic plan to meet its business objectives. The strategic plan will also enable the company to properly study the market trends and identify a suitable market segment to concentrate its efforts. A decision-making framework will also be important in enabling the company to address client concerns by enhancing their tourism experiences beyond the city. Hence, Junior Traveler requires a strategic plan to thrive in a competitive market.

The strategic plan will have short, mid, and long-term goals that will provide a sense of direction, enabling the company to withstand any future changes in the primary market (Bryson et al., 2018). Since it will cover the operational expenses and projected revenue, the strategic plan will enable the management to explore mechanisms to maximize profit, meet client needs, and reduce unnecessary cost overheads. Additionally, the strategic plan will enable the company’s decision-makers to remain proactive through scenario planning and risk avoidance simulations. Overall, the strategic plan will be important in evaluating the company’s progress.

Methodology

A research methodology is vital in showing the direction and the conceivable results of the research. The research will use qualitative and quantitative research design to gain more insights into the research (Brannen, 2017). The study will incorporate primary and secondary sources of data. Quantitative primary data collection sources will include telephone interviews and surveys. Telephone interviews will involve tourists who once traveled with Rui. Qualitative primary data collection primary method will include textual analysis of Wechat conversations. Since WeChat is the most used social media platform in China, it will be used to send surveys and interview users who follow the company’s accounts. Qualitative secondary data collection sources will include the internet, where information on other travel companies’ operational status will be retrieved from online newspapers and interviews. Qualitative data will be retrieved from the companies past financial statements and statistics. The data gained from the interviews and textual conversations will provide sufficient data for the research.

After data collection, a researcher needs to conduct data analysis to interpret and present the data as useful information. The qualitative data will be analyzed using the qualitative content analysis method (Morgan, 2017). The quantitative data will be analyzed using the cross-tabulation method, which will aid in exploring the relationship across multiple variables (Momeni et al., 2018). The author will also incorporate knowledge gained, and techniques learned in TM-620 to make the strategic plan complete and accurate. The use of this methodology will ensure that the project is original work resulting from my investigation and analysis.

Relevance

The project will utilize insights from the TM-620 course on technology planning that elucidates steps needed in developing a strategic plan. The project will also require a TM-612 course on Economic and Financial Analysis for Technology Management since the company needs finances to meet its operational needs. The company will also require an analysis of expenses that affect business efficiency. TM-612 has learning tools and techniques associated with financial accounting, cost estimation, budgeting, and control of a technical project, all of which are applicable in the strategic plan for Junior Traveler. The strategic plan will include proforma financial statements, economic analysis, business cycle analysis, report generation, and cost calculations, notwithstanding control principles. Junior Traveler will use each of these tools to investigate its operational approach’s unique advantages and disadvantages in meeting its target market’s needs.

Deliverables

Every project is conducted with the aim of achieving specific objectives. This project will develop a comprehensive strategic plan for Junior Traveler. The completed strategic plan will form part of the school deliverable, while a copy will be sent to the company’s founder Mr.Fan by email. Therefore, having the strategic plan will show that the project was successful.

Justification

As a relatively new company, Junior Traveler needs a unique plan when venturing into the highly competitive tours and travel market. The proposed strategic plan will offer the company a tactical edge over established tour and travel services providers in the U.S. market. Most importantly, the strategic plan will anchor Junior Traveler by identifying a market niche and the exceptional needs these clients have when visiting the United States as tourists. Identifying the client base, their needs, and the gaps in the services offered by other market players will be fundamental in allowing Junior Travelers to explore these needs and profit from the entire process. The strategic plan will also provide the company with direction for future plans, increase its market visibility and expand its business operations beyond the primary west coast of the United States. In addition, the strategic plan will make the establishment more sustainable because each of the steps taken along the way will help Junior Traveler remain innovative.

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