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Challenges that Steven B. Belkin faced and recommendations for their solution - Case Study Example

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Challenges that Steven B. Belkin faced and recommendations for their solution

This paper presents the situation analysis that examines the TTG Company and its environment. TTG was established as a private corporation that provided group travel designated groups of individuals at a low cost. The aim of formation of the group was to meet the increasing demand for low-cost travel groups in the U.S. The industry itself is not yet mature. It is ten years old and is still growing given that it has only ten competitors to TTG. The main customer base of TTG is prime groups that are known to be extremely responsive to group travel such as shrines, medical associations and teacher associations among many others. The main product provided by the firm are deluxe group tours. This analysis provides an examination of the internal and external environment of TTG Corporation. The internal environment is examined using strengths and weaknesses. TTG has the strength of low-cost services compared to its competitors. The company wishes to provide its deluxe group tours at low costs of $199 per person for a trip to the Caribbean or Europe. Moreover, the back to back business strategy aims at minimizing airfare because as the firm will be dropping one group for a holiday, it will be picking up another group that has completed its holiday in the same destination. In addition to the cost, the company has an excellent marketing strategy that if implemented, could lead to increased sales turnover for the firm. The firm intends to market its products and services throughout the U.S using agents and different kinds of broadcast media. TTG has several weaknesses that could undermine its excellence in the industry. To begin with, the firm is new in the industry since it is a new firm that is venturing into the industry. Consequently, the company has no experience of doing business and providing group tours. The inexperience of the firm could undermine its marketing efforts. Financial challenges are other issues that are affecting TTG. The company has inadequate capital to establish and run the firm. Steven and Alan faced difficulties of soliciting funds from investors and other financial companies that lend capital to firms since the company had no assets. TTG had the opportunity of venturing into the lucrative group travel industry. The industry is less developed therefore offering the company an opportunity to venture and grow with the industry. In addition to the opportunity in the industry, TTG has the opportunity of diversifying and venturing into other businesses in future. TTG faces the threat of high competition in the industry. Although the industry is still growing and has only 11 firms including TTG, it is characterized by free entry and exit and therefore, there could be new entrants venturing into the industry. This could trigger rivalry among competing firms. Unfavourable competition from dominant firms could affect the operations of TTG. 7Cs Methodology The 7Cs of consultancy is important to any organization including TTG that is operating in a new environment as described below. Client: customers are important people in an organization as they are the reason for the existence of an organization. ...Show more

Summary

This paper examines organizational challenges that Steven B. Belkin faced and recommendations for their solution. This paper has such sections: situation analysis; SWOT analysis; 7Cs methodology; action; impact and sustainable competitive advantage for TTG…
Author : yromaguera
Challenges that Steven B. Belkin faced and recommendations for their solution essay example
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