1. After consultation with your colleagues, analyse current market trends, needs and product and service gaps.
2. Identify a gap in the market which could be an opportunity for something new.
3. Examine the distribution methods in the travel and tourism industry and see which would be the best way for you to distribute your product.
4. Identify and analyse the products preferred by customers in the market including people with special needs.
5. Identify any external factors which could make an impact on the establishment of the product.
6. Assess the destination you have chosen and it’s suitability and accessibility and whether or not it can offer the services necessary for the product to be a success.
7. Do you believe your company can provide the product and if necessary, access additional resources.
8. How long do you think you would have in order to market and successfully sell your product? Give reasons why.
9. Determine the costs of production, the levels of mark up and or service fees in order to make the product viable.
10. Identify which organisations/distribution specialists you would like to use in the sales and marketing of the product.
11. Prepare a matrix with all your costs, as also the mark up you expect to make for the product. Estimate the expected income and assess profitability and also the yield.
12. Create a second matrix with possible variations in the selling price in order to ensure that we are competitive.
13. Clearly document pricing structures.
14. Describe what consumer protection is.
15. What is meant by environmental protection?