Tourism and Hospitality Management Economic Sector Seek

Question: Describe about the Tourism and Hospitality Management for Economic Sector Seek. Answer: Introduction The crisis in the economic sector seeks better innovative tourism products in Australia. When the question is about the future and wealth of the nation, it is important to keep the focus on several innovations, which will contribute to the economy of the country. According to Coghlan (2012), tourism sector is considered as economic powerhouse, which determines the potential growth in the economic value of the country. In the year of 2013-2014, almost 530,000 Australians were associated with the tourism sector. The benefits derived from such contribution may add up to 250 billion revenues in next 20 years. It is noted that the visitor economy and tourism sector have been contributing more than $11 billion to the states GDP. Therefore, the innovations in the Sydney Tourism sector will contribute effective revenue to the Australian Economic Structure. The study is associated with the innovative tourism product launch to develop the sustainable tourism In Australia. It is noted that in the field of energy efficiency, Australia has scored very poor. This mismanagement of the energy transport may affect the entire tourism development of the country. Hence, the study will be discussing the launch of the energy saving vehicles for the local people and the tourists who have been visiting Sydney, Australia. Focusing on the market gaps, the study will be discussing the efficiency of such innovative tourism products, which can determine the sustainable development of tourism sector in Australia. The identification of the suitability will be facilitating the effective tourism management in the nation, which has the direct impact on the nations economic structure. Depending on such criteria, the study will be analysed by applying theoretical concepts. Description of the Proposed Tourism Products Australian transportation system has not improved yet in the field of energy efficiency. As per the International Energy Efficiency Scorecard, Australian tourism sectors are falling behind. Therefore, in order to improvise the tourism facilities, the business plan requires launching the innovative technologies used in Sydney Trains for the international tourists. It is to be noted that the consumption of fuel requires higher amount of operating costs, tyres, and wages. The tourism sector has become much competitive across the world. Weidenfeld (2013) implied that tourism sector is one of the major contributors in a nations economy. Therefore, it is important to facilitate several improvisations in such fields to remain much competitive. This particular sector is associated with the competitive business environment due to which the minute changes and improvements in fuel efficiency. The changes and the improvements brought to the fuel costs can signify a high margin of profit and stre ngthen the competitive business position. It is important to note that many of the significant opportunities for the road transport can attract more tourists in the country or city. Moreover, the adoption of the better technologies and establishment of the driver efficiency will be helpful enough in availing more opportunities in the tourism sector. It is noted that the City Circle Tram facilities are already available in Melbourne to explore the special attractions of the city (Skynews.com.au, 2016). However, in Sydney, no such transport system is available for the tourists. Moreover, the energy scorecard is also very poor. The consumptions of the fuel are excessively creating pollution and it requires more investments. The launch of innovative equipments of Sydney Trains is the best solution to benefit the community and the tourists who have been visiting the city. This particular transport product is maintaining biodiversity, which is effective enough for saving energy and reducing the operational costs for the fuel consumptions. Conceptual Analysis of the Proposed Products and the fulfilment of Market Gaps It is important to mention that the rail transport is effective enough in saving the energy efficiency mode (Sydneytrains.info, 2016). The amount of gas emissions per passenger is much lesser than the car and other vehicles. The rising price of the fuel consumptions is creating the significant pressure on the transport sector. Unlike many other cities, Sydney is falling behind in the energy saving parameters. Reduce of the fuel is necessary for maintaining environmental welfare. Due to the climate change policies, the fuel costs automatically increases. Therefore, in order to minimise the greenhouse gas and fuel consumption rate, it is required to launch an effective transport system in Sydney. The Sydney Train is one of those most significant tourism products that are creating the impact on increasing the energy efficiency (Sydneytrains.info, 2016). It is noted that the external cost associated with the air and noise pollutions, infrastructures, accidents, and private vehicles is le ss in the rail transportations. Moreover, the urban rail transport system is quite feasible and safer than the other road transports. The launch of the Sydney Trains is quite effective for providing the community benefits. It is one of the most relaxing forms of transport system, which provides the comfortable travelling services around the city. The improvised version of the business, events, shopping distance, and other social activities can be facilitated with the help of such innovative transport system. In keeping focus on the market gaps, it is seen that the Sydney falls behind in case of the using energy saving vehicles (Theconversation.com, 2014). Therefore, it is important to launch a transport system, which consumes lesser fuel and maintains the biodiversity. In order to fulfil the gap, it is essential to recognise the responsibility towards the environment. Sydney Train is an effective innovation, which strives to improve the environmental performance by ensuring several aspects. For example, this particular innovative transport system helps in maintaining air quality, noise and vibration, biodiversity, and energy management. Another major and recognisable gap is the frequent climate change. In considering such challenges associated with the climate change purposes, Sydney Train contributes much efficiency by maintaining several key initiatives. The innovative equipment of this transport system is associated with the regenerative breaking capability (Mulley Ho, 2013). The tra ction motor is thus used as the generator for saving the electricity (Sciencedirect.com, 2016). The Federal Government organises the Energy Efficiency Opportunities programmes, which are identifying the underlying opportunities for greater energy saving efficiency. This transport is even using the innovative LED lights and photo-voltaic technology in some of the stations. Apart from such facilities, this vehicle is even considering the requirements of the greenhouse gas and energy saving purposes. The establishment of the ecologically sustainable development is the major focus of the planning and procurement process. It is noted that Earth Hour is a global climate change programme and this innovative transport system has been participating in such initiatives. The stations and the depots include the water tanks, which reserves water for the future water saving purposes. Linking with the Other Transportation Systems The current world has become much advanced and technically innovative. Therefore, it is necessary to maintain several innovative technologies to provide the better tourism experiences to the tourists. Focusing on such requirements, Sydney Train has been introducing several unique technologies, which are maintaining the environmental welfare (Greaves, Backman Ellison, 2014). These technologies are efficient enough in reserving the energy resources and providing the people a world class tourism experience. The innovative technologies used in Sydney Train is saving the energy and reducing the greenhouse gas emissions. On the contrary, it is noted that the transports in Sydney are consuming a huge amount of fuels, which eventually creates the air pollution. Moreover, the excessive consumption of fuels is ensuring a high amount of operational costs. Hence, it is necessary to determine several tourism products, which is not only maintaining the environmental welfare, rather contributing t o the economic parameter as well. The major focus is to establish the biodiversity and energy reservation. In order to attract more tourists, it is necessary to implement the innovative technologies that will provide the world class experiences. Sydney Train is thus using such innovative technologies to establish the competitive sustainable tourism management in this current world (Duval, 2013). Moreover, it has been noticed that Sydney lacks the proper transportation facilities that are saving the energy. In such regards, this innovative technologies used in Sydney Train is much helpful in protecting the environment by saving energies. The lesser consumption of the fuels will save the operational costs and ensure the fulfilment of the sustainable tourism development. The public transports in Sydney are considering the extensive network of the operating modes. These transports include ferries, buses, commuter rails, and light rails. Both the local people and visitors have been availing the opportunities of world class travel experiences. It is even noted that Sydney has the highest rate of the public transport for both the local people and the tourists. Hence, the expenditures in fuels are also higher. The launch of the innovative technological tools, LED lights for the stations, and photo vehicles are reducing the operational costs of the fuels and maintaining the biodiversity efficiency. In fact, launching such innovative tourism products are contributing to the overall economy of the nation. Sydney Train is one of the most convenient transportations for the passengers. Previously, this mean of transport was associated with a complex system of integrated rail system. However, the improvisation and launch of the new technologies has simplified th e transports system and tourism experiences. Target Market for the Proposed Product and Service `Sydney Train is one of the most convenient transport systems for the people in Sydney. The launch of the innovative technologies like LED lights, Photo vehicles, and energy savings has been simplifying the transport complexities and reducing the emissions of fuels. Sydney Tram is therefore targeting both the local people and visitors for experiencing the word class travel. It is seen that the Sydney is mainly oriented with business areas, entertainment places, restaurants, Opera House, and many other places. Therefore, the local people and the visitors can travel through such vehicles. The innovative technologies introduced for the better tourism management is also attracting the travellers in Sydney. Due to the climate, ambience, tourists spots, and convenient locations many people visit this city. In such times, the services of Sydney Train are remarkable. Moreover, the launch of the innovative technologies is even ensuring the reduction of the fuel operational costs. It is necess ary to keep the focus on such investment parameters. Depending on the requirements, the budget estimation and implementation plan will be evaluated further. Financial Estimation Statement of Cost and Price for the first financial year Particulars Cost per unit $ Units/ labour hours Total cost $ Direct Materials: LED Lights 100 112,000 11,200,000.00 Voltaic Technology software 150 100,000 15,000,000.00 Direct wages: Skilled drivers 120 4,500 hours 540,000.00 Drivers under training 95 4,500 hours 427,500.00 Other direct expenditures 225 112,000 25,200,000.00 Prime cost 690 52,367,500.00 Add: Works overhead costs 200 112,000 22,400,000.00 Gross/ factory overhead 890 74,767,500.00 Add: Cost of administration 175 112,000 19,600,000.00 Cost of production 1065 94,367,500.00 Add: Selling and distribution overheads 150 112,000 16,800,000.00 Cost of Sales 1215 111,167,500.00 Less: Expected Sales 1750 112,000 196,000,000.00 Expected Profit/ (loss) 535 112,000 59,920,000.00 Statement of Cost and Price for the second financial year Particulars Cost per unit $ Units/ labor hours Total cost $ Direct Materials: LED Lights 120 112,000 13,440,000.00 Voltaic Technology software 150 100,000 15,000,000.00 Direct wages: Skilled drivers 130 4,500 hours 540,000.00 Drivers under training 100 4,500 hours 450,000.00 Other direct expenditures 215 112,000 24,080,000.00 Prime cost 715 53,510,000.00 Add: Works overhead costs 190 112,000 21,280,000.00 Gross/ factory overhead 905 74,790,000.00 Add: Cost of administration 170 112,000 19,040,000.00 Cost of production 1075 93,830,000.00 Add: Selling and distribution overheads 155 112,000 17,360,000.00 Cost of Sales 1230 111,190,000.00 Less: Expected Sales 1850 112,000 207,200,000.00 Expected Profit/ (loss) 620 112,000 69,440,000.00 Statement of Cost and Price for the third financial year 2018 Particulars Cost per unit $ Units/ labour hours Total cost $ Direct Materials: LED Lights 125 112,000 14,000,000.00 Voltaic Technology software 155 100,000 15,500,000.00 Direct wages: Skilled drivers 135 4,500 hours 540,000.00 Drivers under training 105 4,500 hours 472,500.00 Other direct expenditures 210 112,000 23,520,000.00 Prime cost 730 54,032,500.00 Add: Works overhead costs 180 112,000 20,160,000.00 Gross/ factory overhead 910 74,192,500.00 Add: Cost of administration 160 112,000 17,920,000.00 Cost of production 1070 92,112,500.00 Add: Selling and distribution overheads 155 112,000 17,360,000.00 Cost of Sales 1225 109,472,500.00 Less: Expected Sales 1900 112,000 212,800,000.00 Expected Profit/ (loss) 675 112,000 75,600,000.00 Note: It may be noted that during the first financial year the expected profit from the project is $59,920,000 with a percentage to cost is 53% approximately. In the second year, it is expected that the profit will increase by 8% as well as by 7% in the third year. The projected cost statement has been prepared by introducing the materials of LED lights and relevant software for the voltaic technology to implement the operation of lights in the transportation system. Further, labour cost has been allocated by involving the skilled drivers and semi- skilled drivers to operate the train vehicle. Proposed implementation Plan The investment for the proposed project is equal to the amount of total cost during the first year i.e. $111.20 million. It has been proposed that the 35% of the investment will be borrowed from the banks and financial institution at an interest rate of 7.05% while 30% of the amount will be invested from own sources of fund and the balance amount will be raised from the investors at an interest rate of 8.00%. Recommendations The entire study has been focusing on the launch of the innovative technologies in Sydney Train. This specific transportation system is much convenient place for the travellers. If focused with more details, it can be seen that Sydney is a place, which includes many of the special attractions. Hence, the transport services are needed to be more convenient, simple, and appreciable. In previous times, it is noted that the rail transport services were much complex. Therefore, it is necessary to simplify the system and introduce the innovative technologies for remaining competitive. In order to achieve such purposes, the business plan has been focusing on launching the new and innovative technologies for this train. The launch of LED Lights, Photo Vehicles, and energy saving technologies is maintaining the biodiversity and enhancing the transport efficiency. Sydney has scored poor in the energy saving efficiency and the launch of such new technologies will diminish such allegations forev er. Depending on such requirements, few of the recommendations are needed to be followed. Efficient Drivers The new technologies are saving the maximum amount of energy, which eventually reducing the operational costs for fuels. However, it is essential to use such vehicles in a significant way. The drivers are needed to be trained for using such innovative technologies. Some of the tourists have been exploring the special attractions through the railway. In such cases, if the drivers would be efficient enough to use such technologies, the fuel consumptions will be reduced. The operational costs will also be reduced and it will be benefiting the investment costs for the estimated budget. Therefore, it can be inferred that the driver efficiency is necessary for implementing such technologies. Fixing the Budget It is noted that the using energy saving technologies is reducing the fuel consumptions. Hence, the operational costs associated with such fuel consumptions will be reduced altogether. In such cases, it is necessary to plan the budget in a structured way. The operational team for such tourism products need to allocate the resource by reviewing the efficient budget planning. The monitoring of such planning system is thus essential for resource allocations. The capital investment will ensure the cost of the materials that is required for implementing such technologies. Hence, the budget planning and fixing the budget are also considered as most preferable recommendations for this business plan. Demonstration of the Innovative Technologies In order to launch the innovative technologies, the most important aspect is to make people aware of such innovations. If the target market will be provided a clear demonstration of the benefits that are derived from such vehicles, it will promote the brand identity more significantly. Therefore, it is necessary to adopt the proper event and demonstration process which can attract more travellers to receive a world class travel experiences. Both the local residents and the tourists will be attracted towards using such technologies. Participating in the biodiversity programmes The uses of the energy saving technologies are reducing the fuel consumptions. Therefore, it is pollution free and serves as the environmental welfare tourism products. It is important to participate in the biodiversity programme to determine the initiatives of energy efficiency. Moreover, Sydney scored very less in determining such energy efficiency process. Hence, participating in such programme would be fruitful enough to determine the role of the energy saving technologies that are used in the vehicles. Accordingly, it will attract more people from different countries as well. Conclusion The study has been following the launch of the innovative technologies in Sydney Train, which is one of the most convenient transport systems in Sydney. Both the local people and the tourists can avail the opportunity to receive a world class experience of travelling across the city. It is needed to be stated that the focus on the environmental welfare is essential to strengthen the competitive position of the transport tourism. The launch of the transport technologies would be effective enough in reducing the fuel consumptions and operational costs. Focusing on such aspects, the budget will be structured accordingly. Moreover, the driver efficiency is highly recommended. The implementation of the biodiversity programme will be encouraging the travellers to understand the requirements of the energy efficiency. With the help of such energy saving technologies, the fuel costs will be reduced. Accordingly, it will contribute to the overall economic structure of the nation. References Coghlan, A. (2012). Facilitating reef tourism management through an innovative importance-performance analysis method.Tourism Management,33(4), 767-775. 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