Marketing Strategies

REPORT DESCRIPTION AND PROPOSED STRUCTURE (DUE 1.12.2020) For your individual report, you are required to write a 2,000-word report on one source of innovative opportunity for a tourism or hospitality business. Your report should clearly identify the source of your innovative idea, a detailed overview of your product or service, the potential market and competition, marketing strategies and your plans for future growth, development and gaining competitive advantage in the marketplace. Introduction (300-500 words) ·         Demonstrate awareness of the broader context (what are the trends in t&h market) ·         Source of innovative idea (existing product/service that you want to innovate) ·         Innovation theory and context ·         Schumpeter’s framework Main body (1000-1400 words) ·         Describe the product/service you are innovating ·         Define your market segment (who they are, what are their characteristics, how their needs will be met) ·         Competition ·         Marketing strategies (how will you promote your product/service) Conclusion (300-500 words) ·         Anticipate the conditions in the market in the future ·         Discuss plans for future growth of your product or service (expanding to other markets, establishing collaboration with new stakeholders) ·         How will you maintain competitive advantage in the market place References (don’t count towards the overall word count) ·         Harvard referencing style ·         Both academic and non-academic sources

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