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Question: Explain Populations Increasingly Becoming Wealthier? Answer: Introducation A marketing plan is such an essential component of our business. This is because it is the aspect that articulates all our marketing strategies and tools both within the short term and within the long term. Despite the increased competition within the tours and activities industry, there is no need to dump cash into wasteful advertising and marketing efforts (Sarah, 2015). Based on the above argument, our marketing tools and strategies will constitute those that are diligently and calculatedly thought of. This includes their manner of design and implementation. The secret lies in creativity in employing diverse platforms in engaging your audience and creating increased bookings every season (Sarah, 2015). Our marketing tools include creating a Facebook page, establishing our customized and interactive website, posting short videos on our Instagram page, Facebook page and on the website, employing an online booking software system and creating our YouTube channel. The short videos will last approximately 20 seconds. They will feature attractive and captive adventure sceneries, tour activities, camping, our prices and offers and even pictures of alluring adventure destinations and activities. The items to feature in the above marketing platforms will be carefully engineered and selected. The adventure photos, sceneries, and videos we post will be of high quality, beautiful and in 3D. Moreover, the videos and photos will bear their respective descriptions. This will enable our potential customers to sample what interests them with more ease. This will consequently better the chances of the clients booking with our company. Our key focus will be on the social media platforms. Most importantly, our company will encourage positive ratings and reviews on the social media platforms. Our company will also have video embedded emails. Such emails will keep our clients interactive and engaged with us and our adventure services and packages. By this, we will be able to assess our clients` feedback and preferences hence we will be prudent and decisive when improving our services. This is because nowadays people are increasingly hooked on the social media. As such, this provides a suitable tool for us to maximally utilize in promoting and marketing our business. Additionally, travelers both local and international are looking for more personalized kind of services. The above marketing avenues will provide them with such kind of services and consequent satisfaction. By use of these platforms, we will be capitalizing on the increasing use of the internet by an immense number of people globally. This means that they can always visit our various social media platforms and have a look at our services. Organizational Plan The organizational plan of our business will compose of functional departments, organizational structure, our business location and human resource management. The company head offices will be located at Victoria Rd, Gladesville-Sydney in Australia. Seven departments of a travel agency include administrative, commercial, control, financial, management, product and sales departments (Guilherme Alexandre, 2016). However, based on the above statement, our business will just constitute four departments namely administrative, financial, management and sales departments. The administrative department will be responsible for mobilizing, allocating and management of the company`s resources and overseeing the overall activities of the company. The management department which will be in charge of making decisions and the daily operations of the entity will be headed by co-founders of the company. That is me as the managing director and my co-founder as the assistant managing director. The financial department will be handling the company`s finances, charging customers and making payments to suppliers among others. Our sales department will be dealing with providing customers with booking documents, creating reservations, keeping track of our sales data, marketing and promoting our brand. Recruitment and selection of individuals to fill new positions is a vital component of human resource activity within all hospitality and tourism entities regardless of the structure, size or activity (Dennis, 2013). As such, our company will instill prudent measures in the hiring of our employees to ensure fruitful appointments. This should be done within an economical framework. A job description document is important since it outlines the job purposes, the involved tasks, the duties and responsibilities, objectives performance and the reporting of relationships, highlights terms and conditions inclusive of remuneration package and work hours (Dennis, 2013). Based on this, our company will provide the document to our employees. The monthly salary package for top management and junior staff will range from $800 to $300. The sum number of employees will be 60. Financial Plan Elements of the financial plan include underlying assumptions, sensitivity evaluation, sources of funds, the profit and loss statements, sales, operating costs and profit forecast, break-even analysis and business ratios (BizPlanDB, 2014). Based on the above, our company will prepare some of the elements accordingly. Underlying assumptions The entity has founded its financial statements on; M Adventures projects an annual revenue development rate of 14% We, the co-founders of the company will access a $150,000 bank loan, which will be repaid in 12 years at an interest rate of 10% annually. Source of Financing Financing Equity contributions Owners investments $4,000.00 Total Equity Financing $4,000.00 Banks Financial Institutions Banks Financial Institutions $150,000.00 Sum Debt Financing $150,000.00 Total Financing $154,000.00 Profit and Loss Account Statements Proforma Profit and Loss (Annually) Year 1 2 3 Sales $300,000 $310,000 $323,000 Cost of Goods Sold $32,000 $35,000 $40,000 Gross Margin 89.33% 88.71% 87.62% Operating Income $268,000 $275,000 $283,000 Expenses Marketing expenses $1,500 $1,600 $1,800 Payroll expenses $135,000 $136,000 $136,800 General and Administrative costs $10,000 $10,500 $10,700 Loan Interest expense $15,000 $15,800 $16,000 Depreciation expense $45,000 $45,700 $45,900 Legal Fees $1,600 $1,900 $2,000 Travel costs $4,500 $5,100 $5,300 Vehicle maintance $5,000 $5,400 $5,600 Rent and Utilities $12,000 $12,500 $12,900 Total Operating Costs $229,600 $234,500 $237,000 Net Profit $38,400 $40,500 $46,000 Profit Margin 12.8% 13.06% 14.24% Sales, Operating Cost and Profit Forecast (in US Dollars) Break Even Analysis Monthly Break Even Analysis Year 1 2 3 Monthly Revenue $21,500 $22,700 $23,900 Annual Revenue $258,000 $272,400 $286,800 In US Dollars Strategy and Skimming Strategy formulation implemented before launching a new product is considered most sensitive (Robert, 2002). As such, when the company is designing its travel adventure services it will follow a carefully formulated strategy that will be customer oriented. Skimming strategies normally comprise of the deliberate setting of a beginner price that is high about expected long-term price rates towards which the price is progressively reduced based on demand and competitive changes (Robert, 2002). Based on this, the company will set beginner ticket prices at $70 for an adult, $35 for children and $300 for groups of over five people per day. Conclusion By implementing this plan, M Adventures will ultimately attain its financial objectives. The initial capital required is $154,000. The profit projections annually in three consecutive years are 12.8%, 13.06%, and 14.24% respectively. Based on those projections, M Adventures is set to grow 40.10% over the initial three years. Our target customers are chiefly local and international tourists of 8 years old and above. This is an exciting opportunity for the company to claim a top spot within the industry. References Ashish, M., Chris, R. (2015). Business Models and People Management in the Indian IT Industry. Routledge. BizPlanDB. (2014). Blacksmith Business Plan. BizPlanDB. Dennis, N. (2013). `Human Resource Management for Hospitality, Tourism, and Events`. Routledge. Guilherme, L., Alexandre, P. (2016). Tourism Theory: Concepts, Models, and Systems. CABI. Janet, E., Les, L. (2010). Slow Travel and Tourism. Earthsea. Prof.Clement, A. (. (2013). Handbook of Tourism Economics. World Scientific. Robert, P. (. (2002). Handbook of Financial Planning and Control. Gower Publishing. Sarah, K. (2015). 9 Effective Marketing Strategies for Tour and Activity Operators-Zozi. Retrieved from https://www.zozi.com/.../9-effective -marketing-strategies-for-tour-and-activity-operators