Strategic Management and Strategic Planning for developing a new venture in Australia’s market.

This report aims to develop a strategic plan for the new business venture. The report motivated me to propose the business startup and should be new or specific operations. The analysis of the Environment, Strategic Management, Competitive Strategy, Entire Value Chain, and Internal Resources or Capabilities are the main contents covered in the assignment.

The main purpose of this assignment is to develop a proper strategic plan that helps to analyze the strategic change and manage the entire values through the cleared changes. In the development of advanced operations and managing the specific values, the current resources need to be examined. The report represents the business idea and the strategic planning of the hospitality business in terms of offering the most reliable and valuable practices.

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New Venture Idea:

Multiple businesses that are offered in Australia to meet the expectations of the customers and generate a higher level of satisfaction for the target audience. The Hospitality Business is offered to the market of Australia which is a major key business venture that grabs the attention of the customer, leading the entire strategic practices and examining the change. The business of hospitality is the broad category of fields within the key services industry that offers various types of services to customers.

Food and Beverage Lodging, Travel and Tourism, Particular Events and Accommodation are the main services offered by our new business venture capital in the market of Australia. The industry of hospitality is vast and can be easily broken down into various separate sectors. Although the industry is segmented there is a clear overlap need to improve the experiences of the customers. The industry of hospitality is a part of the travel industry that offers a variety of operations and broad categories.

Reader Roadmap:

The report will cover the internal and external environment of the business as the new venture develops. The hospitality business has a higher demand in the Australian market due to the requirements of a higher number of customers. The report represents the SWOT analysis, Blue Ocean Strategy, Competitive Strategy, Value Chain, and Internal Resources and Capabilities Analysis are defined for the development of success. The analysis of new venture ideas and the discussion of the integrated evidence through the implementation of valid models are represented in this report.

Literature Review:

The Hospitality business plays a vital role in boosting the economy of Australia and developing effective social fabrics. The country makes a significant and clear focus for the new venture development as encompassing the restaurants, managing the events, accommodations, and other types of services. Hospitality is one of the integral elements for Economic growth, development of strong employment, and managing the international reputation through the development of the best possible resources. First of all, the hospitality industry is a major driver of the Australian economy.

The development of advanced technology and changing the key preferences of consumers have developed innovative revenues for the innovation within the industry of hospitality.

For example, the integration of some digital tools like online booking systems and the development of contactless payments have become clear standards. There are 70% of Travelers consider sustainability at the time of selecting the clear opportunity for new ventures on green practices. In the Year 2023, Australia attracted more than 5 million visitors that came from the international markets contributing toward AUD 21 billion in the sales of the tourism industry.

The hospitality and accommodation sector faces Energy Costs at 70%, Taxation at 70%, Cost of Staff, at 65%, and Investment at 58% challenging situations for new venture developments. The industry supports 46,000 Businesses in Australia which is why for the hospitality business this country is very beneficial for reaching customers and raising sales.

The industry facing the issue of a Shortage of Chefs that impacts the economic changes in the country. The hospitality business’ adaptability as well as resilience make it an appealing sector for new business ventures.

With the incorporation of sustainable practices, raising the digital experiences, and catering the niche markets, the current industry’s operations need to be improved in the future. Furthermore, the hospitality sector directly contributes significantly to the local economies by supporting a wide range of related industries and managing entertainment or restaurant operations. New venture development in hospitality can tap into the robust markets and offer innovative services to evolve the consumer’s preferences.

New Venture Idea:

My new venture development in the market of Australia is the “Hospitality Business”. Multiple services offered by the hospitality business in the market to Australia help to develop clear strategies and examine the entire plans. My new business venture development offers the “Accommodations, Food and Beverage, Travel and Tourism, Event Planning, and Entertainment” services in the Australian Market to preference the needs of the customers and raise the economic growth of the country. The customers’ demands among the hospitality operations increase from time to time which leads the specific changes.

Discussion of Idea and Strategic Plan:

SWOT as External or Internal Business Environment Analysis:

The hospitality business has different strengths and weaknesses that affect its setter environment through gaining the opportunities and the threats in the future. The business has higher demand among the customers in the Australian market which is why the customers’ overall success and growth strategies will need to be improved regarding the instant actions and managing the cleared actions.

Table 1 SWOT Analysis

Internal Analysis
Strengths	Weaknesses
Strong Market Demands: Australia is a popular destination for tourists and in the year 2023, the country welcomed more than 7 million tourists from international countries. So, the hospitality business offered the higher success and meeting the strong demands from the customers. Economic Contribution: The Hospitality Business is a major contrition toward Australia’s economy as a new venture development. It is analyzed that Australia’s 4% of the Gross Domestic Product generates 150 billion revenues in AUD.	High Competition: The new venture capital of the hospitality business faces higher competition with the numerous key players and new entrants for the market share led to the wars of price. Seasonal Variability: The hospitality business has a seasonal demand because the seasonal fluctuations affect the rates of occupancy and sales in the regions that are dependent on tourism.
External Analysis
Opportunities	Threats
Technology Integration: Due to the growing demands of consumers for sustainable practices, the business presents various opportunities for adapting green initiatives. Experience-Based: The hospitality business offers an experienced-based offering with the raising of interest of customers in unique and immersive travel operations. So, the niche market can also be targeted that comes to visit the various historical places.	Economic Fluctuations: The hospitality business faces economic downturns, inflation, and exchange rates that impact the spending rates of consumers. Regulatory Changes: The changes in the rules and regulations of the government like strict hygiene standards and restrictions on ideas can affect access to the market as well as the overall operational planning or costs.

Blue Ocean Strategy:

The blue ocean strategy of the hospitality industry involves the creation of unique experiences for the customers that help to raise the strategic values and boost the entire commitment with the referring changes. The development of Immersive Cultural Experiences, Development of Hospitality Services, and Providing Immersive Experiences are important to the development of exclusive tours will be valuable. It helps to create differentiated values, build cultural festivals, and offer dining experiences.

The Blue Ocean Strategy of the hospitality industry is the introduction of themed hotels in Australia that canter the niche market and specialized experiences. The company’s personalized AI services, implementation of advanced interactions, and use of the AI Profiles help to meet the strategic changes. The company’s green certification and the eco-conscious packages are the key practices that help to improve the experiences and the expectations of the customers.

Strategic Management:

Vision:

“To become one of the best and leading eco-friendly exists within the luxury hospitality market.”

Mission:

“To provide customized and expectational guest services with the development of innovative and sustainable practices.”

To establish the achievement and the clear goals with the enhancement of the satisfaction of guests by 30% within a specific year and achieving the 20% Market Share in the specific niche market are defined for the formulation of the business concerns.

The company anticipated a lot of resources in effective manners, building the operational plans, and managing the entire performance through the occupancy and tactics rates. The new business development of the hospitality sector adapts to the new customer trends and the proceeding of economic shifts regarding the identification of the potential risks and managing the unforeseen challenges.

Competitive Strategy:

The new venture capital of the hospitality industry offers tailored services and clear packaging for each segment. The company Creates High-End Travel and Develops Friendly Practices for sustainable-focused guests. The business offers distinctive plans and experience which sets the business planning apart from the competitors.

The hospitality business positions the brand based on Unique Selling Points and generates exceptional techniques. The business offers affordable and higher quality services to the customers even the niche market will also be targeted which helps to gain a strong competitive advantage within the overall hospitality business.

The business Offers Unique Services Tailored to the niche and builds wellness programs for the customers. The company implements the Latest Technologies to raise the experiences of customers like features of smart rooms and mobile check-ins.

Value Chain Analysis:

Primary Activities:

Inbound Logistics:

The new venture development of the hospitality business builds a strong supplier relationship with the local suppliers of food and beverages in the Australian market. The suppliers ensure higher quality products and support the local economies by executing the investor management system to optimize the stock levels and mitigate wastage.

Operations:

The hospitality business offers better service delivery and a streamlined check-in/Check-out through maintaining higher cleanliness standouts, improving facility management, and developing state-of-the-art technological activities.

Outbound Logistics:

The company uses an advanced booking system for managing the availability or optimizing the rates of occupancy, the brand ensures seamless communication with the guest related to the booking of confirmation and raises the overall experiences of guests.

Marketing and Sales:

The hospitality business as a new venture development has a strong brand positioning, promotes advanced loyalty programs, and gives the reward to encourage repeat business with the enhancement of the loyalty of the customers within the market of Australia.

Service:

The company develops the proper customer support services and builds the entire personalization. The firm provides better exceptional customer services in the way of guests and training the staff. The company uses the guest data to personalize the services, tailor the settings of the room, and build customized recommendations that raise loyalty programs.

Support Activities:

Firm’s Infrastructure:

The new business development of the hospitality business in the Australian market develops a robust management system to support the operations and the building of efficiency practices. The strong management system and the compliances help to meet the specific interactions of the business terms.

Human Resource Management:

Hospitality business has the proper training programs for the staff that focus on the skills of customer service. The business venture development implements the effective strategies of hiring and selecting skilled employees with the superior operational success of guest experiences.

Technology Development:

The new business development invests in advanced technological solutions for reservations and utilizing data analytics to raise decision-making. The company explores the technologies and builds streamlined terms for AI-driven customer service tools.

Procurement:

The new business venture development as a hospitality business builds strategic sourcing to acquire higher quality goods and manage the services at competitive prices. The business establishes long-term relationships with valuable suppliers and then negotiates terms toward favorable practices.

Internal Resources and Capabilities Analysis:

Table 2: Resources and Capabilities

Research and Development CapabilitiesAdopting the Industrial Trends Process of Continuous Trends and its Improvements	Implementing to Business.
Human Resources	Trained and Skilled StaffExperienced Management TeamCustomer Service ExpertiseSpecialized Roles
Physical Resources	Facilities of Well-Maintained PropertyFurnishing of High-QualityRecreational Faculties On-Site
Technological Resources	Online Booking and Reservation.
	Software of CRM-Customer Relationship ManagementMobile Apps for Guest Services
Financial Resources	Revenue StreamsBudgeting SystemCapital for Investment
Intellectual Property	Brand ReputationUnique Value Proposition.
Supplier Relationships	Developed connections with local and international with local vendors.
Marketing and Sales Capabilities	Strong online presence through website and social mediaSales and Distribution Channels
Innovation and Development	Research and Development CapabilitiesAdopting the Industrial TrendsThe Process of Continuous Trends and its Improvements

The new business venture development is the “Hospitality Business” which helps to meet the changes and address the cleared connections. The company adopts flexibility and valuable trends for gaining feedback integrations. The new business provides the proper guest profile and clear preferences with the review management system through an understanding of market trends and the behaviors of the guests. The company’s research and development.

Leading the flexibility for the operational concerns, and managing the integration of the feedback are the reliable values that help to understand the nature of the business. Our hospitality business suffers the food and beverage, entertainment services, accommodation, and other operations to meet the expectations of the customers within the market of Australia. The industry adapts the flexible operations, meeting the needs of the customers, and evaluating the clear trends toward managing the business capital investments.

Conclusion:

The report represents the overall strategic plan of the new venture development within the market of Australia. The selected business is about the hospitality sector that offers accommodations, food and beverage, entertainment, tourism, and other key services regarding the expectations and preferences of the customers.

The strategic plans consist of the resources and capabilities, development of internal and external analysis through the SWOT model, evaluation of the value chain analysis, and defining the competitive advantage through the determination of the business activities.

The assignment evaluates the capabilities of the new services and the features that allow the continuous improvement process for the hospitality business. Hospitality business’s opportunities and threats depend on the strategic plans, dealing the operational excellence, and managing the entire practice with clear and sustainable resources. The business explores new technologies for enhancing the guest experience and evaluates the smart-room features with detailed activities.

Recommendations:

• The hospitality business should enhance the overall experiences of the guests by investing a lot of amounts in the training of staff, building personalized services, and utilizing advanced technological capabilities. The business should offer customized room services, room settings, and personalized gatherings to raise the experiences and the expectations of the customers.
• The company should upgrade the IT system by executing the advanced property and management system with the development of strong customer relationships. The business should adopt mobile solutions by introducing the options of digital room keys and in-room tablets, and mitigating the waiting times. The company should streamline its operations to increase interactions with the guests.
• The hospitality new venture capital should raise the presence of online sales, build targeted advertising, and develop loyalty programs for creating repeat guests. The company should offer exclusive benefits, manage personalized offers, and evaluate the clear discounts in the strategic positions.

Hospitality businesses should offer unique experiences, market the local tours, and develop exclusive events that help to invest in Research and Development. The companies should maintain competitive differentiation and lead service innovation through integrative positions, as is valid for the cleared roles.