3130 : Project Management

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3130 : Project Management

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3130 : Project Management

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Course Code: 3130
University: Centennial College

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Country: Canada


The objective of this individual assessment submission is to learn how to develop a business idea, complemented by brainstorming and leveraging the insights and skillsets of others. Assessment comprises two parts: Please submit a 5-page briefing paper of your business idea, its essential business model components, and aspects that will influence its success. A business model canvass can be included as an appendix. 

Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required. 
Persuasive argument of the benefits to be generated by the idea 
Discussion of the proposed business model 
Critical success factors to be managed during execution of the idea
Evaluation of the feasibility of the idea 


The report focusses on a business idea developed to satisfy a gap in the market. The idea refers to a website that deals with wine tourism, which has become popular over the years. Most people have a complicated taste for wine and have the urge to travel to various parts of the world to explore the wines. Therefore, the wine lovers face trouble finding the best destinations easily, which calls for a website that accommodates all the wine destinations (Arend, 2013, p. 392).
 Additionally, the report explores the benefits arising from the use of the website both financial and non-financial. The report also identifies the model of operations and the value proposition of the business. Furthermore, the report talks about the feasibility of the idea and the factors that make the idea favourable to explore. Finally, the report explains the critical success factors for the business to achieve the objectives (Abdelkafi, 2012, p. 300). The first screen has more information about the business idea, which includes the generation and determination of the strength of the ideas. Furthermore, the business canvas in the appendix explains more about a business model.
Identification of the problem
The wine industry has experienced an increase in customers from all over the world. Therefore, a market gap made of consumers needing to get more information about the wine destination has developed. The customers require to understand more about the unique wine brands and the regions that provide the best wines in the world. Therefore, the website avails information about the destinations and the prices of the wines. Furthermore, the customers face challenges when travelling to the wine destinations due to the need to book hotels and aeroplanes. The booking causes trouble due to lack of adequate information about the best hotels and flight companies to use. On the other hand, the world has very many wine destinations, which poses the challenge of coming up with the choice of the best destination to visit. The website could help in solving the confusion and relieving the travel stress (Baden-Fuller, 2013, p. 419).
Therefore, the website has videos and images of the best tourist destinations, which the customers watch and make decisions on the best places to visit. Additionally, the website has tour packages, which customers pay and experience fully paid trips to the best wine destinations in the world. The packages pay for such as accommodation and aeroplane tickets on behalf of the customers. The website looks for the best hotels for the customers to ensure total satisfaction. Moreover, the website has networked with wine companies that offer exclusive wine tasting events. Therefore, the customers have a quick access to the exclusive wine tasting events in the world (Arend, 2013, p. 402). The first screen explains more on customer satisfaction and identification of business gaps.
Benefits generated by the idea
The wine tasting website results in many benefits to both the customers and the entrepreneurs. The benefits to the entrepreneurs include revenue earned from the commissions paid by customers who pay for the travel packages (Christoph Zott, 2011, p. 1027). The website charges a small fee to the customers, which forms part of the income earned by the business. Additionally, the wine destinations also pay a fee to do marketing on the website, which adds to the income made. The website also allows Google ads, which also increase the revenues earned. However, the website only allows a limited amount of advertisements to avoid causing a nuisance to the customers.
On the other hand, the website also benefits the customers by providing an easy method of identifying the wine destinations and booking both travel tickets and accommodations (Cohen, 2014, p. 295). Therefore, the customers do not feel stressed during the period of travel and stay in the wine destinations. Furthermore, the customers benefit by increasing knowledge about the wine destinations from the many videos, pictures and facts posted on the website.
Moreover, the wine destinations also benefit from having a website that captures many customers at once (Eckhardt, 2013, p. 416). The site allows the wine destinations to have the advertisements at a central point, which proves cheap compared to the use of varied methods of advertisement. The wine destinations also have the ability to interact with the customers through the question and answer platforms availed by the website. The second screen explains more about the potential of ideas generated by enterpreneurs.
Proposed business model
The website will utilise various sources of funds to start operations. The sources of finance include personal savings and loans from banks and investors (Fuller, 2010, p. 96). The various sources will provide funds to pay for the experts who develop the website and travel fees for the business visits to the wine destinations. The business visits give the website operators a chance to convince the owners of wine destinations to market through the site.
The operations of the website involve the customers visiting the website to check out the best tourist destinations. The customers include wine enthusiasts and wine producers who require to identify different tastes.  The website allows the customers to view pictures, videos and read descriptions about the wines destinations. The customers also interact with the support teams for the various wine destinations, which gives a better understanding. The customers use the information to make decisions about the best destinations from the information given on the website (Hubert Gatignon, 2017, p. 86). Therefore, the customers go ahead to select the affordable packages to visit the tour destinations. After the customers confirm the payments, the website staff contacts the customers to arrange on the picking point on the day of travel.
The website generates money through commissions paid by the customers for the services offered. Additionally, the website also charges the wine destination owners a marketing fee for posting advertisements on the website (Huelsbeck, 2011, p. 1634). Furthermore, the site charges membership fees to customers who get exclusive privileges such as getting tickets to the most exclusive wine tasting events. The website has two types of membership for the customers and the wine destination owners. Therefore, the website earns revenue from the membership fees paid annually or monthly depending on the agreement.
Critical success factors
The business requires the securing of adequate finances from the investors to avail the starting capital (Hummel, 2010, p. 53). The finances will assist the business to pay the high costs of developing the website and marketing to the customers. The expenses include the payment of software and hardware engineers, recruitment of employees and web hosting fees. Without the funds, the business cannot start due to the inability to develop the website.
On the other hand, the business should retain and constantly attract new customers to gain a market share in the tourism industry. The website requires to create awareness among the customers to have a high usage rate and generate revenue. Additionally, the business should sustain relationships with the customers to achieve high satisfaction rates (Zott, 2013, p. 405).
Evaluation of feasibility
The business experiences various feasibility models such as the financial feasibility (Eckhardt, 2013, p. 413). The business financial feasibility indicates that the business will face success by providing returns on capital invested. The tourism website requires huge amounts of start-up capital that the investors will raise in addition to the personal savings. On the other hand, the income generated from the operations will pay the investors within a short time. The business will generate income from the commissions paid by the customers who book the tourist services. The business projects that many customers will use the services, which gives the promise of generating adequate funds to pay the loans and pay dividends to the investors.
Moreover, the technical feasibility indicates the success of the business since the entrepreneurs have the knowledge of developing the system (Christoph Zott, 2011, p. 1030). Additionally, the required experts have expressed the intention to develop the system from the start to the end. The business will also acquire the best employees to run the operations. Therefore, the website will not experience problems during startup arising from the development of an inefficient system. Moreover, the business will have experts to deal with the technical hitches that occur during the operations of the system. Therefore, the wine tourism website will have the best chance of survival in the market and fully satisfy the customer demands.
The operational feasibility indicates that the business will face success by solving the problems in the market and exploiting opportunities (Hubert Gatignon, 2017, p. 88). The website will successfully solve the problems in the market by having many tourist destinations on the website. Additionally, the website will assist the customers to pay for travel tickets and accommodation in the wine destination. The website will also allow the customers to interact with the wine destinations and have a better understanding of the services offered. Therefore, the website will meet the set objectives through the operations, which will result in customer satisfaction (Shi, 2009, p. 49 ). The second screen explains further about identifying the feasibility of an idea to ensure success.
The tourism website has the best opportunity to survive in the market due to the increase in wine tourists over the years. The customers include the wealthy people who have a great taste for wine. Therefore, the website will collect high revenues since the customers have the ability to pay. However, the business should undertake marketing activities to increase the awareness and beat competition in the market. Furthermore, the business should acquire the starting capital to pay for the activities such as developing the website, employing tourism experts and acquiring the operating license.
Abdelkafi, N. (2012). Open Business Models for the Greater Good – A Case Study from the Higher Education Context. Die Unternehmung, 66(3), 299-317. Retrieved from https://www.jstor.org/stable/24187854
Arend, R. (2013). The Business Model: Present and Future—Beyond a Skeumorph. Strategic Organization, 11(4), 390-402. Retrieved from https://www.jstor.org/stable/43581983
Baden-Fuller, C., & Mangematin, V. (2013). Business Models: A Challenging Agenda. Strategic Organization, 11(4), 418-427. Retrieved from https://www.jstor.org/stable/43581986
Christoph Zott, R. A. (2011). The Business Model: Recent Developments and Future Research. Sage Journals, 1019-1042. doi:https://doi.org/10.1177/0149206311406265
Cohen, B., & Kietzmann, J. (2014). Ride On! Mobility Business Models for the Sharing Economy. Organization & Environment, 27(3), 279-296. Retrieved from https://www.jstor.org/stable/26164716
Eckhardt, J. (2013). Opportunities in Business Model Research. Strategic Organization, 11(4), 412-417. Retrieved from https://www.jstor.org/stable/43581985
Fuller, T., Warren, L., Thelwall, S., Alamdar, F., & Rae, D. (2010). Rethinking Business Models as Value Creating Systems. Leonardo, 43(1), 96-97. Retrieved from https://www.jstor.org/stable/40540116
Hubert Gatignon, X. L. (2017). A Marketing Perspective on Business Models. Springer, 7(4), 85-89. Retrieved from https://www.link.springer.com/article/
Huelsbeck, D., Merchant, K., & Sandino, T. (2011). On Testing Business Models. The Accounting Review, 86(5), 1631-1654. Retrieved from https://www.jstor.org/stable/23045582
Hummel, E., Slowinski, G., Mathews, S., & Gilmont, E. (2010). Business Models for Collaborative Research. Research Technology Management, 53(6), 51-54. Retrieved from https://www.jstor.org/stable/43240579
Shi, Y., & Manning, T. (2009). Understanding Business Models and Business Model Risks. The Journal of Private Equity, 12(2), 49-59. Retrieved from https://www.jstor.org/stable/43503589
Zott, C., & Amit, R. (2013). The Business Model: A Theoretically Anchored Robust Construct for Strategic Analysis. Strategic Organization, 11(4), 403-411. Retrieved from https://www.jstor.org/stable/43581984

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