Site Loader
Rock Street, San Francisco

We conducted an on-line study to 30 people from different nationalities in order to estimate the foreign tourers involvement in a packaged cultural circuit with picture taking service, every bit good as to find the best market section which would avail the service, the monetary value which the clients are willing to pay and the most appropriate channel in making the identified market section. The inquiries asked in the study are listed in Exhibit 1.

Survey Penetrations

Significant Interest in the Tour Package

Out of the 29 respondents who have been to Manila or are sing to come to Manila, 11 respondents ( 38 % ) were willing to avail of the bundle. This shows that there is a niche market for this type of service.

Participants ‘ Demographics

The charts below show the demographic differences between those who were interested and those who were non:

Gender

Females are more likely to demo involvement in the bundle than a little proportion of males who would.

Age

Most of those who would be interested are in the 30 to 39 age scope. Those who were between ages 20-29 and above 50 were more likely to state no.

Annual Household Income

Those with one-year family income between $ 50,001- $ 100,000 were more likely to demo involvement for the bundle than those in the other income brackets. Interestingly, both those gaining below $ 20,000 and above $ 150,000 were more likely to be disinterested.

Occupation

Those employed are more likely to be interested than pupils and unemployed people.

Marital Status

Difference in the matrimonial position of a individual does non alter the likeliness that he/she will be interested to avail of the bundle.

Camera Profiles

Those who normally use SLRs to take images were less likely to be interested in the bundle than those who used their camera phones and point and shoot cameras.

Reasons for Taking Pictures

For those who were interested with the merchandise, the chief intent of taking exposure is for sharing with household and friends. On the other manus, for those who were disinterested, although sharing with household and friends is still the chief intent, taking images for certification and other intents is besides important.

Cultural Exploration

The manner civilization was geographic expedition is besides different between the two groups. For those who showed involvement ( and have been to Manila ) , most were accompanied by locals when they went about. For those who were disinterested ( and have been to Manila ) , bulk went around on their ain ( i.e. adventure-seeking ) .

Willingness to Pay

Out of the 11 respondents who were willing to avail of the tour bundle, bulk ( 55 % ) were merely willing to pay less than $ 100. But there is besides 45 % who were willing to pay more than $ 100 and up to $ 200 for the day-tour.

There are three options. First, the company can aim a little part of this market by either offering $ 100- $ 150 circuit bundles or $ 150- $ 200 bundles. A more attractive option is to capture 45 % of this market by offering both a regular and light version of the tour bundle. A 3rd option is to happen a manner to offer the full bundle at $ 100.

Tourists ‘ Frustrations

For those who wanted to avail of the service, the most of import challenge in taking one ‘s ain exposure is running out of battery. The following 1s would be losing person in the image, taking close-up exposures of oneself and the incommodiousness of transporting a camera about.

Frustrations

Points

The camera ran out of battery

27

Person would ever be losing in the exposure since he is taking the image

25

We take the exposures by change by reversaling the camera and stretching our custodies which ever end up with our large faces on the screen

25

The camera used was non able to capture the beauty of the scenery and the experience itself

25

It was incovenient transporting a camera around

23

The camera got wet or was broken

19

Cultural Trips Planning

Consistent with the survey done in HK ( Section 1.1.1 ) , the incidental cultural tourer merely makes up 28 % of the sample. Many plan cultural trips in front ( i.e. either insouciant or sightseeing cultural tourers ) . This means that promotional stuffs must be placed in the earlier portion of the consumer ‘s buying determination procedure ( e.g. during the information hunt ) . Trying to appeal to these tourers upon their reaching may non be the most efficient usage of selling financess since many have already arranged their path.

Beginnings of Travel Information

Apart from word of oral cavity, about 2 in every 3 cultural tourers go on-line to seek for believable travel information. With the engineering today, this means that marketing the circuit bundles can be done more expeditiously ( i.e. better aiming ) .

Channel of Payment

On-line payment is most preferable followed by payment at the hotel anteroom. Uniting this with penetrations drawn before, it seems that aside from be aftering in front, cultural tourers do both the information hunt and payment online.

Basic Elementss of a Cultural Tour

Harmonizing to the respondents, the most interesting facets of civilization that they would wish to research in Manila are the museums, old constructions and memorials.

Most Requested

Percentage

Museums

82 %

Old constructions ( e.g. , churches, houses, schools )

64 %

Memorials

55 %

Finishs ( e.g. , Chinatown, flea market )

27 %

Modern civilization ( e.g. , promenades )

18 %

Food

9 %

Historical Musca volitanss

9 %

Pack-a-photographer as an Ancillary Service

Ten in 11 who were willing to avail of the service bundle would besides see a separate pack-a-photographer service for non-cultural trips. One in 11 found that holding a lensman on his trip would be intrusive of his privateness. With respect to the monetary value, 9 in 10 are merely willing to pay a upper limit of $ 100 hourly rate.

Reasons Why Some Peoples Are Not Interested in the Service

It is besides of import to understand why people are non interested with the service. Possibly by turn toing these concerns, consumers who ab initio showed disinterest may go more interested and finally seek the merchandise.

The chief ground why people are non interested with the merchandise is that they like taking their images. A 2nd ground is that deficiency of willingness to pay a premium.

Chapter 4

SEGMENTATION, TARGETING AND Placement

Geographic Cleavage

The two wide groups include the foreign and domestic tourers. Based on Table 1 ( Part 1 Tourism Industry, Section 2.1.5 ) , in footings of existent figure and growing rate, foreign tourers contribute a bigger part of Metro Manila tourer reachings.

2010

Foreign

Domestic

Volume

1,480,871

815,604

Growth Rate

22.88 %

16.07 %

In 2012, the highest figure of tourers came from the undermentioned states:

Beginning: hypertext transfer protocol: //www.tourism.gov.ph/Pages/IndustryPerformance.aspx

Demographic Cleavage

The touristry statistics on the DOT web site is limited to wide cleavage of informations. Aside from the gender informations below, merely the mean age ( 37.66 old ages ) is given.

Sexual activity

%

Male

58.58 %

Female

39.82 %

Not Stated

1.60 %

( Information on matrimonial position and gender of the tourers are non available )

Targeting

The primary market is the international tourers and while the secondary market is the locals ( likely those with foreign invitees ) . There are several grounds for this. First, international tourers are more likely to avail of a cultural bundle than the locals. Second, on the norm, aliens spend more and remain longer in their finish than domestic tourers ( see Part 1 Tourism Industry, Section 2.1.4 ) . And in conclusion, one of the aims of the MRR is to increase the figure of foreign tourers and we believe that by spread outing the market offerings, we can assist in this respect. Locals are targeted as a secondary market on the premise that a figure may be interested with the bundle ( e.g. pre-nuptial and honeymoon exposures ) or they may avail of the bundle for their foreign visitants ( e.g. household invitees, conference visitants ) .

Based on the study, the demographic information of the mark market would be working females from 30-39 old ages of age and with one-year household income of $ 50,001- $ 100,000.

These are tourers who normally take exposures utilizing their camera phones and point and shoot camera. They enjoy sharing their exposures with household and friends. When taking their ain exposures, their chief defeat is running out of battery.

They consume civilization in a diverse manner- normally holding locals to tour them about, and sometimes researching on their ain or fall ining a circuit. These tourers plan their cultural trips in front ( i.e. insouciant or sightseeing cultural tourer vs. incidental cultural tourer ) . They look for travel information online and besides prefer paying online. For them, the 3 things that a cultural bundle must hold are museums, old constructions and memorials.

Positioning Statement

For immature female professionals on a trip to Manila, who enjoy sharing trip exposure with household and friends, we are the lone circuit operator that provides you a hassle-free convenient manner of taking the best exposure of your trip while you enjoy cultural rubber-necking because we are the lone premium photo-cultural tour authorization of Manila.

Chapter 5

THE BUSINESS MODEL CANVASS

Cardinal Spouses

Cardinal spouses include Google Ads, recognition card companies, local hotels and eating houses. Google ads will assist us expeditiously target hunt that have ‘cultural Tourss in Manila ‘ or ‘things to make in Manila ‘ as keywords. In add-on to the ads, we will besides guarantee that our web site would be one of the first hunt consequences for those keywords. Our other spouses, Paypal and recognition card companies, will function as our payment-processing spouses. Local hotels with travel desks will function as our booking spouses where our booklets can be displayed and engagements can besides be made. The chosen Filipino eating houses in the country will supply Filipino nutrient for our invitees and our staff at preferable rates.

Our cardinal providers include the lensmans, circuit ushers, and digital and coffee book publishing spouses. The circuit ushers will be accredited and multi-lingual ( i.e. tour ushers assigned depends on the nationality of the invitees, we aim to hold at least an English and Korean speech production contact ) . The digital and coffee book publishing spouses will supply fast and dependable service at preferable rates.

Key Activities

The cardinal activity is to happen spouses and providers who will present the highest quality service in the most efficient manner. In instance these can non be found, the concern will assist its spouses and providers run into its lower limit demands ( e.g. through preparation, etc. ) .

Key Resources

Since the concern is in the touristry service industry, cardinal resources include human resources which include the company forces.

Value Proposition

We deliver a alone premium service that combines an enlightening cultural circuit of Manila with high quality picture taking service at the convenience of the clients. This solves the issues of booking for a criterion accredited tour but more significantly, that of taking the best images to portion household and friends. Our service warrants that your cultural circuit is hassle free and memorable.

Customer Relationships

Our clients merely expect the best. They expect dedicated squad from the concern who will co-create a cultural experience for them.

Channelss

Customers will be chiefly reached online through the company web site and strategic arrangements of web links on travel related sites and content. This is in relation to the consequences of the study that showed that information hunt and payment for cultural circuits are largely done online.

Another channel that will be utilized is the hotel anteroom ‘s travel desk. Post purchase client support ( e.g. ailments and feedbacks ) will be coursed on our web site.

Customer Sections

See Targeting subdivision

Cost Structure

The concern is cost driven. In order of value, the biggest variable costs include the lensman ‘s committees, transit costs, admittance fees and repasts. Other variable costs include lensmans ‘ and tour ushers ‘ wages, parking fees, assorted points and cost of operations ( i.e. selling disbursals, SG & A ; A and revenue enhancements ) .

Gross Streams

This would come from engagements for circuit bundles, accessory services ( e.g. pack-a-photographer merely or cultural show with dinner buffet add-on ) and printed exposures and java books.

Payments would merely be accepted online.

PICTURE PERFECT TRAVEL AND TOURS: BUSINESS MODEL CANVASS

Cardinal Spouses

Photographers

Tour ushers

Digital and java book printing companies

Google ads

Paypal and recognition card companies

Local hotels and eating houses

Key Activities

Guided circuit with picture taking services

Delivery of processed exposures

Value Propositions

Enlightening cultural circuit with picture taking service

Addressing client job of taking exposures they can portion with household and friends while take parting in a cultural circuit

Customer Relationships

Our clients merely expect the best. They expect a dedicated squad of lensmans and tour ushers who will co-create and capture their cultural experience in exposure

Customer Sections

Primary: Young working females from 30-39 with one-year household income of $ 50,000- $ 100,000

Secondary: Locals for prenup and honeymoon image intents and for those who have foreign visitants

Key Resources

Human-Photographers, tour ushers

Channelss

Awareness: Promote online through strategic arrangement of ads in Google hunt consequences every bit good as publicities in spouse hotels.

Evaluation and After Gross saless: Online Feedback system

Purchase: Advance engagement and reserve

Delivery: Servicess include pick-up from and slump from invitees ‘ hotels

Cost Structure

Important Costss:

Committees

Transportation system costs

Admission fees

Meals

Gross Streams

Engagements from circuit bundles and accessory services

Other gross: Printed exposures and java books

Chapter 6

Selling

Business Name: Picture Perfect Travel & A ; Tours

Merchandise

The theoretical account we have is similar to the PhotoTrek Tourss of New York that provides its clients a circuit of the metropolis with a local usher and a holiday lensman. However, alternatively of the short 2 to 3 hours tour they have, the bundle that will ab initio be offered is a day-package due to the distance of one cultural topographic point from another and the expected traffic in Manila.

The basic bundle is a 6-hour cultural circuit of Manila inclusive of round-trip hotel transportations with pick-up at 9 ante meridiem, accredited native English speech production circuit usher, senior lensman, admittance fees, limitless bottled H2O and a counter tiffin. It will be offered mundane of the hebdomad for a lower limit of 2 engagements and each circuit will hold a upper limit of 5 people. In conformity to the must-see topographic points indicated on the study, the undermentioned sites are included in the bundle:

aˆ? Fort Santiago

aˆ? World Heritage Site of San Agustin Church

aˆ? National Museum of the Philippines

aˆ? Rizal Park

Payments will be done through recognition cards and refunds and rescheduling of the Tourss are allowed capable to surcharges. At the terminal of each circuit, the group will be asked how they would wish to have their exposures. Based on the study, in add-on to softcopy, most would besides desire either hardcopies or a java book. These will be provided at an excess charge and with a waiting period ( i.e. longer for the java book format ) . Note that there will be minimum redacting done on the exposure.

For the more price-sensitive sections of the market, a ‘lite ‘ version of the bundle will be offered. The chief difference is that alternatively of a senior lensman, a junior lensman will be assigned. This is in expectancy to rivals supplying similar bundles.

In amount, the distinguishing point of our merchandise versus current industry participants is the value-addition of the holiday lensman. The trade name would besides be positioned as a high quality offering and this will be apparent on every factor in the bundle including the transit, circuit usher, lensman, and repasts.

Ancillary services, such as a pack-a-photographer service merely charged on a per hr footing

( i.e. ideal for pre-nuptial picture taking and honeymoon-ers ) and an add-on to the twenty-four hours bundle of a cultural show at CCP with counter dinner, will be provided.

Monetary value

Based on the study consequence on the respondents ‘ willingness to pay, the basic bundle would be priced between the scopes of $ 100- $ 150. This is above current cultural Tourss priced at around $ 60 because of the value-added pack-a-photographer service, which if charged on an hourly footing would be someplace about $ 100. Twenty-seven per centum of the respondents were willing to pay this monetary value.

For the monetary value sensitive section, we besides intend to establish a ‘lite ‘ version priced between market rate of $ 60 and $ 100, the upper limit they are willing to pay.

Topographic point

The company web site will function as the concern ‘s chief distribution channel. Another channel that will be utilized are travel desks at local spouse hotels. The study conducted is the footing for taking these 2.

Promotion

Since the study revealed that most travellers plan their cultural trips in front and make their information hunt and payments online, most of the merchandise ‘s advertizements and publicities will besides be placed online.

Ads will be placed in Manila tour-related web content such as in virtualtourist.com, tripadvisor.com and travel.yahoo.com and other travel web logs that characteristic Manila or the Philippines.

Current Google hunt consequences of Manila circuit show pages of links to web sites of assorted circuit operators so we will pay Google to put the company ‘s website nexus on the first few web search consequences pages. The company believes that set downing on the first few pages of Google gives a higher opportunity of acquiring leads that can finally be converted to engagements. Some of the keywords we intend to utilize are Manila circuit, things to make in Manila. With respects to publicities, for the first few months, we will give away free cultural show with dinner counter or a magazine transcript of the exposure. This publicity will be cheaper than if we give off coffee book. They can upgrade the magazine transcripts to other format and pay the monetary value difference in instance they want a java book alternatively.

In add-on, we plan to hold our booklets distributed at guest suites of spouse hotels. In concurrence with the online publicities, we will besides give away non-price freebees as good. Guests who book their Tourss at the hotel anteroom can acquire a free cultural show with counter or a magazine transcript of their exposures.

There are several grounds why we are giving off freebees alternatively of monetary value offers. First, we believe that the primary market is non monetary value sensitive and our bundles offer a better value than current participants. Besides, for those who are monetary value sensitive, we have a ‘lite ‘ bundle that they can avail. Finally, invitees who enjoy our freebees will more likely portion their experience ( either that of the cultural show or demo their magazine transcripts ) to more friends.

Future advertisement channels that will be considered include travel books and magazines every bit good as touristry carnivals in our major markets. ( e.g. Korea World Travel Fair in Seoul ) .

A PR run is besides being considered. We plan to give away free bundles to choose local bloggers to acquire free promotion from their web of friends and fans. As mentioned earlier, the secondary market for our merchandise include locals ( for ain usage or to give off to their foreign invitees ) and we believe that running this run is the most efficient manner to make our market.

Chapter 7

Operations

Recruitment

Tour ushers will be recruited from universities in Manila that are offering HRM classs. Basic demands for the place include English conversation and narrative stating accomplishments every bit good as an outgoing personality and good character. No anterior experience is required. They will be compensated with base wage and tips from the clients.

Photographers will besides be recruited from universities in Manila through the arrangement offices and picture taking nines. Basic demands include picture taking and English conversation accomplishments and good character. Note that lensmans will utilize their ain SLR cameras to take images. We believe this is non a large restraint on engaging since having an SLR is pretty common and more low-cost these yearss. Aside from basic wage, lensmans will have a larger portion of their compensation through committees. In add-on, they will besides be given annually camera allowances to guarantee that quality of the exposure they take is maintained.

Job gaps will besides be posted on the web site.

Procurement

For the transit, two determinations sing the type of auto and whether to buy or lease were made. For the type of auto, the picks were to utilize an air-conditioned Filipino landrover or a new wave. The ground for eventually make up one’s minding on the regular new wave is that we value comfort of the rider over manner. We besides felt that siting an air-conditioned landrover is non portion of the reliable jeepney experience the tourer may be looking for. If requested and clip permitting, the circuit usher can attach to the clients for a short ‘real ‘ jeepney drive at one of the cultural Michigans.

With respects to purchasing or leasing a new wave, the factors considered are the acquisition cost ( versus rental cost ) , drivers ‘ wages and care disbursals. Predominating fees are at P3,000 for 10 hours of van rental service with an experient driver. Since the cost construction is cost-driven, we plan to do the operations every bit thin as possible. The company will choose to merely lease the transit equipment in order to salvage on wages, employee benefits and fixs and care.

For our printing spouses, we will reconnoiter a company that can supply a dependable and high quality service in a cost efficient manner. We believe that Photobook Philippines can supply us the java book at a cost of less than P899. The monetary value for clients would be our cost for the java book plus bringing charges.

Internal Operationss

Annual accreditation will be done online after procuring necessary paperss for circuit operators and paying the accreditation fee of P1,400.

Trainings will be done internally by supplying tour ushers extended information about the cultural musca volitanss every bit good as aid in fixing the books.

Most of the direction processes including corporate planning, strategic direction, HR, selling and procurance will be handled by the proprietor with the aid of the disposal helper and client dealingss officer.

Design and care of the web site will be outsourced.

Delivery

Tour clients will be picked up from their hotels and brought to the different cultural musca volitanss. They will hold both candid and formal images taken at the best topographic point in each cultural halt while the circuit ushers give a background of the visited site. At midday, they will hold their tiffin at spouse eating houses. Softcopies ( CD format ) of the exposures will be provided at the terminal of the circuit.

Hardcopies petitions ( different formats ) will be processed through our printing spouses and delivered to the invitees utilizing a third-party logistics company.

Organizational Structure

Chapter 8

SOCIO-ECONOMIC Impact

The concern aims to advance Manila ‘s civilization and touristry through its enlightening Tourss and the beautiful exposure taken. Grosss from the concern will besides lend to the state ‘s GDP and gross. In add-on, the admittance fees paid in the visited musca volitanss will assist in saving and care of these sites for the benefit of future coevalss. Other benefits include employment of staff and spillover of benefits to our industry spouses ( e.g. publishing companies ) .

Chapter 9

FINANCIAL Plan

Premises

Service Revenue

This history pertains to the hard currency grosss generated from the cultural circuit services. This is a map of the forecasted figure of foreign clients multiplied by the service rate. The figure of clients was computed based on the DOT ‘s estimations of foreign visitants arrival on old ages 2011-2015 multiplied by the per centum of visitants willing to avail the Manila cultural circuit bundle, per centum of immature professionals, per centum of female foreign visitants and forecasted market portion. The service rate, on the other manus, based on the study consequence ranges from $ 100- $ 150.

Forecasted market portion is determined to be 5 % as the best estimation, 3 % as pessimistic and 8 % as optimistic. Service rate used through all scenarios is $ 100, converted utilizing a Peso-Dollar exchange rate of 42.

Cost of Servicess

The Cost of Services history is comprised all costs that are straight related to the rendition of services such as wage of six lensmans and six circuit ushers, transit lease, fuel, repasts, parking fees, admittance fees and supplies.

Salary ( Photographers and Tour Guides )

The lensmans ‘ wage is comprised of a basic wage and committee. The basic wage is P456, based on the minimal pay set by the Department of Labor for those working in Metro Manila. The lensmans will besides have a committee equal to 10 % of gross revenues.

For the circuit ushers, salary rate is based on the minimal pay in Metro Manila.

Transportation Rental

Van lease, which already includes an experient driver, is P3,000 for 10 hours. It is assumed that three new waves will be rented per twenty-four hours.

Fuel

The sum of disbursal for fuel is determined by multiplying the mean monetary value of a gallon of Diesel with the expected fuel use for the trip. The historical mean monetary value of Diesel is P126 per gallon. Expected fuel use for each trip is two gallons per new wave.

Meals

Meals include payment for counters, mineral H2O, and bites during the trip. This is estimated to be P250 per visitant.

Others

Parking fee is assumed to be P200 per twenty-four hours while admittance fee is assumed to be P250 per visitant. Assorted disbursals include Cadmiums and supplies which is estimated to be P10,000 per twelvemonth.

Selling and Administrative Expenses

Rent disbursal

This pertains to the rent paid for the corporate office which is assumed to be P20,000 per month.

Wages and rewards

This pertains to the wage of the general director, the administrative helper and the client dealingss staff. Besides included in this history is the employer ‘s portion for SSS, Philhealth, HDMF and EC. The basic wage of the three corporate forces is based on the minimal pay in Metro Manila. Employer ‘s portion for the employee benefits is determined based on the part tabular array provided by SSS, Philhealth and HDMF.

Credit card price reduction

This history pertains to the 3 % merchandiser price reduction charged by recognition card companies in relation to the sum of hard currency grosss.

Selling disbursals

Marketing disbursal is estimated to be P100,000.

Taxs and licences

This is comprised of BIR enrollment fee, community revenue enhancement and concern revenue enhancements. BIR enrollment fee and basic community are both P500. Additional community revenue enhancement is P2 for every P5,000 gross grosss. Other concern revenue enhancements is estimated to be P80,000.

Organization cost

Organization cost is comprised of disbursals incurred for integrating the concern such as SEC fees ( article fees and legal research fees ) , documental cast revenue enhancements and other enrollment fees. Entire organisation cost is P41,860.

Outside services

This pertains to scrutinize fees and legal fees which amount to P250,000 and P150,000, severally.

Utilities

Electricity and telephone measures are estimated to be P5,000 per month.

Assorted

Expenses such as representation disbursals, supplies, and other administrative disbursals are lumped together in this history. Entire assorted disbursals is estimated to be P100,000.

Finance Income

Interest income is computed as 1.62 % of the beginning hard currency balance for the twelvemonth.

Trade receivables

Average aggregation period is 5 yearss for the recognition card receivables.

Refundable Deposit

Refundable sedimentation pertains to three months security sedimentation on the corporate office.

Property and Equipment

The belongings and equipment history is comprised of leasehold betterments, equipment, and furniture and fixtures. The cost of leasehold betterments is estimated to be P45,000. Laptops, pressman, scanner and photocopier are estimated to amount to P100,000. Last, outgos for furniture and fixtures are estimated to be P20,000. All belongings and equipment are expected to last for five old ages without salvage value. Depreciation disbursal is computed on a straight-line footing.

Trade and other payables

Average payment period is 30 yearss for all hard currency disbursals.

Sensitivity Analysis

Net nowadays value, internal rate of return, modified internal rate of return, payback period and discounted payback period are analyzed based on a cost of capital runing from 10 % to 20 % . We assumed that the concern will be financed by 100 % equity. In add-on, projected hard currency flows were made for five old ages. For conservativism intents, we no longer considered the terminal value in calculating for NPV, IRR, MIRR and payback period.

Gross and net income are besides analyzed based on scenarios originating from different market incursion rates of 3 % , 5 % and 10 % .

Projections for Time periods 2 to 5 are based on the undermentioned ratio:

Cost of service: 47 % of Service gross

Gross net income: 53 % of Service gross

Selling and administrative disbursals: 12 % of Service gross

Tax disbursal: 30 % of Net income before revenue enhancement.

Decision

The consequence of the fiscal projections based on best estimation, optimistic and pessimistic premises showed that the net present value is positive. As such, this concern is deemed to be profitable and will give value to investors. In add-on, investors can already retrieve their investings in less than one twelvemonth.

Retained net incomes in surplus of the paid-up capital can either be distributed to investors or be used for the enlargement of the concern. On this premiss, investors can already obtain a maximal dividend pay-out ratio of 63 % in twelvemonth 1.

We therefore conclude that the Cultural Tour with Pack-a-Photographer bundle is feasible concern.

Post Author: admin

Leave a Reply

Your email address will not be published. Required fields are marked *