Tourism in New South Wales Essay Example for Free

Tourism in New southbound Wales EssayIntroduction This report card seeks to answer regressn questions in similarity to touristry and live patience at New South Wales including evaluation the effectiveness of measures taken, resistence of approach for Asian countries affected by crisis, knowing how to incorporate crisis prudence in an organizations business strategic plans and how to reduce impairment from unseen contingencies. Questions and Answers2.1. Do you speculate the measures taken by Tourism New South Wales were effective in helping the buy the farm and tourism application? The measures taken by the Tourism New South Wales (TNSW) were effective in helping the travel and tourism industry in the sense that the outcome was a minimized reduction inflow of sum total visitors to the state by dint of mensural focussing of the crisis. It was further mentioned that TNSW succeeded in defusing the industry hysteria and ensured that the industry was adequately inf ormed, which gave the industry directions how to conduct its short and medium-term strategy in response to the crisis. As a result, the industry, did not abandon the persona in question entirely, which could have led to a very damaging impairment of face and presence in many of the markets (Gray and Fletcher, n.d.). An analysis of the measures taken revealed concern rather than alarmed in terms of initial response taken by TNSW to address the crisis. TNSW identified the crisis at the earliest epoch come-at-able by tapping industry contacts and commentary by its regional officers in the affected areas. It helped to see the cessation of the problem when authorities statistics on inbound tourism became available for decision fashioning. Since by that time, several media sources had been photograph a bleak picture of the entire Asian-based tourism industry, which thereby created hysteria within the travel and tourism industry as a whole, TNSW has opposeed responsively according ly. TNSW conducted its own analysis on the nature and point of the crisis, and how it affected the travel and tourism industry on a country-by-country basis. By monitored the news reports for accuracy and senior levels, TNSW disseminated information through the press to paint a much comprehensive picture of what was actually happening as carriage of damage control to what the press has earlier reported. TNSW revived confidence and calmed down the hysteria generated through nigh speculative biased reports (Gray and Fletcher, n.d.). Instead of being alarmed TNSW was able to provide leading on how the industry should respond and to provide forecasts which it used to project the nature and extent of the recovery in all markets. establish on forecasts made, it was able to see where it could take advantage opportunities and minimize the effect of industry threats (Kotler,1994 Kotter and Schlesinger,1991 Porter, 1980). As role of its many tactical decisions, case facts mentioned the parceling of a larger portion of its budget to Asian region being diverted to other key growth markets much(prenominal) as the USA and Europe. TNSW applied careful merchandise investment decisions in Asia on the basis of analysis of which markets would recover first. It was able to observe which of the markets showed secernate of rebound while ensuring that it would not lose presence and awareness in those markets. How will the approach differ for the Asian countries affected by the crisis? The approach will differ for Asian countries affected by the crisis in terms of giving priority where risks caused by the Asian crisis should be brought at the minimum by allocating more than budgets for Asian countries than the rest that could produce more revenues or less amount of loss. To implement this kind of strategy, those countries which could give earlier recovery in terms of more revenues or less amount of loss should be viewed in the proper values of currencies of each of the cou ntries. To illustrate, some of the Asian countries have smaller devaluation of their currencies than others in relation to the US dollar or those which has shown smaller decline in total of visitors are less affected. side facts say that the impacts of the crisis from Korea and Hong Kong were alarmingly low at the end to 1997, falling by about 90% from the introductory year. Between the two Hong Kong has shown faster recovery. Japan in comparison showed smaller decline in number of visitors by about 6% in 1997, 19% in 1998 and 8% in 1999. Thus it was more proper to invest more in Japan that with Korea and Hong Kong. Countries such as Korea, Indonesia, Malaysia and Thailand appeared to have held up good in 1999 after their being badly affected during the crisis, thus these countries could receive higher budget allocation in 1999 and afterwards. TNSW could not just abandon Asian markets because they constitute about 40% of all NSWs visitors (Gray and Fletcher, n.d.).2.3. The trave l and tourism industry is often exposed to uncertainty, risk and disaster. How important is to incorporate crises management in an organizations strategic business plans. It is important to incorporate crises management in an organizations strategic business plans because failure to do would leave the country or nation unprepared to such eventuality and it is such a big risk to face in terms of loss revenues. In the case of New South Wales, the tourism industry income represents about 10% of the state economy and the government is also depending from the same industry to employ thousands of its people, thus the decision of TNSW is critical and very important to making its strategic plans. Incorporating and so crises management to an organizations strategic plans is the same as preparing for contingencies in the major(ip) part of the economic plans for New South Wales. For a nation to lose big amount of revenues amounting to billions of US dollars and thousands of employment opportu nities is also courting other problems for its people politically, socially and even psychologically. To incorporate crises management therefrom in an organizations strategic plans amounts being complete and realistic in preparing strategic plans (Churchill, jr. and Peter, 1995 Cooper, L. 2000). Strategic plans are meant to attain objectives which include the characteristics of being specific, measurable, attainable, realistic and time-bound. To prepare for any eventuality including possible crises is just being realistic with possible events in the future and therefore including crises management in strategic business plans of an organization is deemed part of well prepared strategic plan.2.3. The unexpected can happen to an oversea market or group of markets. What should international strategic marketing plans incorporate to reduce damage from unseen contingencies? To reduce damage from unseen contingencies, the following should be incorporated in the international strategic ma rketing plans (1) A eventuality plan that could address all possible scenarios (2) The contingency plan should allow management a sober analysis and interpretation of anecdotal and statistical information for decision making (3) The contingency plan should allow dissemination of information to industry players to allow responsible decisions (Gray and Fletcher, n.d.) (4) The plan should provide leadership in terms of how to respond properly with the contingency and (5) The plan should have forecasts (Brigham and Houston, 2002 Weston and Brigham,1993 Helfert, 1994) that could project the nature and extent of the recovery in all markets should the contingency happen (Gray and Fletcher (n.d.). Conclusion and Recommendation This paper has shown how an organization responded to unseen crises that it may not have prognosticaten as per case facts. A calculated response was however famed in addressing the Asian financial crisis effects on tourism and travel industry to NSW by TNSWs employi ng the elements of analysis and interpretation of anecdotal and statistical information, dissemination of information to industry, providing leadership in terms of how to respond to the crisis and providing forecasts which projected the nature and extent of the recovery in all markets. The crisis was essentially external to TNSW but association appears to have been prepared despite any indication in the case fact that it did not foresee the same. The response therefore is an indication of preparedness that must formally form part of organizations strategic plans. In additional international strategic marketing plans should incorporate contingency plans to reduce damage from unseen contingencies and that such contingency plans must be workable under different conditions. Organizations are therefore recommended to always be prepared and the best kind of preparation is integration of contingency plans on their strategic business plans.References Brigham and Houston (2002) Fundamentals of Financial Management, Thomson South-Western, London, UKChurchill, Jr. and Peter (1995) marketing, Creating Value for Customers, IRWIN, Sydney, AustraliaCooper, L. (2000) Strategic marketing planning for radically new products, Journal of Marketing, Vol. 64 Issue 1, pp.1-15.Gray and Fletcher (n.d.) Tourism New South Wales Experience in marketing tourism during the aftermath of the Asian financial crisisHelfert, Erich (1994), Techniques for Financial Analysis, IRWIN, Sydney, AustraliaKotler, P (1994) Marketing Management, Analysis Planning, Implementation and Control, London, UKKotter, J. and Schlesinger, L. (1991) Choosing strategies for change, Harvard Business Review, pp.24-29.Porter (1980) Competitive Strategy, Free Press, London, UKWeston and Brigham (1993) Essential of Managerial Finance, Dryden Publishers London, UK