Ans1. Business problems refer to the challenges that may be long term or short term to be faced by the organization. These problems at times lead to divergence in the strategies that are supposed to be executed by the company. These problems also threaten the survival of the firm.
For Thrill seekers in their strategic one day plan of Kayaking and Triking tours proposal, the main problem is of competition. In the market various companies are already offering the same package. The competitor's company is running this business for a longer duration of time. They have an existing customer base. Also, the popularity of their packages will be higher. Thrill-seekers are at the infant stage. They have to create a market base for themselves. Since, other companies are running this business for long, it will be a tough task to enter and capture the market.
Key opportunities that Thrill seekers have:
Thus, Thrill seekers might face tough competition as various companies already are running this package. But the key opportunity Thrill seekers have is that, they already provide packages that are for a longer duration. They can cross-sell the package to the already existing customers and the people who will be saying in their hostel.
Ans 2. Various types of data are available and there is data that is to be obtained for understanding the gaps and analyze it accordingly. The following data sources can be used by the company:
The problem with this respect to structured data is that, most of the data will be of the people who have already visited, which will not be of any use. Hostel might have impromptu bookings, this will reduce the amount of data for the company.
The problem with this data set is that, there will be no guarantee and no specified number or person to get in touch with. People might randomly choose to check the package, even when they are not traveling. Thus, this data will not bring any concrete results, till the person liking or asking about the package turns into a real customer.
Semi-structured data: Semi-structured data refers to a model that does not have a fixed model but still possesses some properties of organization (Tsirogiannis et. al, 2017). It is an easier data set to analyze. The company can collect this data and understand through the reports of competitors firm about the customer base and the package that is being sold at the highest. Also, the company can collect data through customer requirement form on its web page. This will help them understand the kind of package customers are looking for.
The main problem concerning this type of data is that interpretation of data becomes hard as well as storing this type of data has a higher cost than others.
Ans 3. The "P" Step of the IMPACT model states that the data should be articulated in a manner that can be interpreted concerning the question of the business about rolling out the strategic plan of Triking and Kayaking and the competition it may face in the market (Appelbaum, 2017). The questions lie whether the proposal will bring in profit or it will fail in the market.
The data analytics techniques that can be used are as follows:
Appelbaum, D., Kogan, A., Vasarhelyi, M., & Yan, Z. (2017). Impact of business analytics and enterprise systems on managerial accounting. International Journal of Accounting Information Systems, 25, 29-44.
Balducci, B., & Marinova, D. (2018). Unstructured data in marketing. Journal of the Academy of Marketing Science, 46(4), 557-590.
Dai, H., Dai, B., & Song, L. (2016, June). Discriminative embeddings of latent variable models for structured data. In International conference on machine learning (pp. 2702-2711).
Saura, J. R., Herráez, B. R., & Reyes-Menendez, A. (2019). Comparing a traditional approach for financial Brand Communication Analysis with a Big Data Analytics technique. IEEE Access, 7, 37100-37108.
Tsirogiannis, D., Binkert, N. A., Harizopoulos, S., Shah, M. A., Sowell, B. A., Kaplan, B. D., & Meyer, K. R. (2017). U.S. Patent Application No. 15/478,177
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