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Case Study:

Mrs. Crowley is the chief operating officer (COO) of a tourism resort in northern Queensland. A core component of her role as COO is to predict, plan for and implement necessary changes to the resorts core services. Guests staying at the resort primarily travel to the region to enjoy the surrounding environment, including natural attractions such as the Daintree rainforest, Great Barrier Reef and Wallaman Falls. Where possible, the resort likes to facilitate their guests travel to these natural attractions. However, over recent years their courtesy car and bus fleet has become increasingly run down. This has frustrated employees of the resort who enjoyed facilitating this service and overtime developed a level of expertise and experience in describing the importance of these natural sites. Adding to frustrations, the employees have had to watch other tourism services offering this exact service become more and more successful! Some good news is on the horizon however. The Queensland state government has decided to invest in sustainable tourism development and a considerable sum of money is available to those tourism operations who can demonstrate their ability to provide educational and sustainable tourism services to their clients. This initiative is considered critical as sustainable tourism is an increasingly popular form of tourism consumption. There are fears that if tourism in Queensland doesn't respond to this market trend it could be surpassed by other states or international destinations as the 'must visit' location for environmental attractions. Knowing this, Mrs. Crowley is very keen to secure access to some of the promised investment capital. However, she is aware that to receive any money from the state government she must demonstrate her resorts ability to innovate and provide a sustainable tourism service.

Assessment Details:

You need to finish a research report, investigating the feasibility of an innovation strategy for the example case presented above. As part of this feasibility report you will need to:

Identify and account for internal and external environmental factors facing the organisation.

Identify three (3) opportunities and associated strategies to innovate.

Critically evaluate one (1) of these opportunities and strategies and develop a plan for its implementation.

Develop a process to review and monitor the progress of this innovation strategy.

In completing the research report, you are required to do the following:

Explain the importance of environmental factors in shaping business innovations - specifically those which apply to the organisation described in the case study.

Assess and evaluate potential opportunities for business innovation the organisation in the case study can exploit.

Develop a plan and review system to implement and control the chosen business innovation strategies the case study organisation would like to employ.

Write a research report following the suggested structure/criteria provided below.

On completion, submit the assessment in a single Microsoft Word document via the Assessment 5 Upload link on the Canvas system.

Report Structure: It is suggested you use the following sections and headings to structure your research report

. Report preliminaries: Title ,executive summary, table of contents.

Introduction: Provide a brief description of the purpose and aim of the report. Outline the nature of the industry applicable to the case study organisation. Briefly identify the importance of understanding environmental factors and their role in shaping business innovation.

Body: Present theoretical/conceptual research justifying the need for organisations to consider their external environment. Present findings of research into factors affecting the organisation described within the case study. Discuss implications of these findings to present three (3) opportunities to innovate (using theoretical/conceptual evidence to support opinion). Choose the most favourable innovation option and describe in detail (including a plan for its implementation and means by which to monitor and control once implemented).

Conclusion: Link the arguments presented in the body to form sound and logical conclusions.

Recommendations: In line with conclusions, offer specific recommendations designed to aid in achievement of the selected innovation initiative.

(e) Suppose there is an upcoming dection between Candidate A and Candidate B: (i) Candidate A says: "I will end the war, and I will eliminate the tax ..." So, if Candidate A is elected, the war will end and 7 will fall to 0, such that g = b. (ii) Candidate B says: "I will also and the war, but I will spend the tax revenues to improve education, etc." So, if Candidate B is elected, the war will end, 7 will remain unchanged, but the growth rate of technology will increase, such that 9 = B (1 -7) /" where B > b. What will be the new steady state growth rate of consumption under each candidate's plan? Under what condition will it be optimal for citizens to vote for Candidate B under the assumption that individuals only care about overall consumption growth? Explain in 1 or 2 sentences. (e) Revolution comes, and all taxes and subsidies are abolished. Even better, the consumer finds a new shop that offers bulk discounts. In this shop, footballs cost $4 each if you buy 3 or less. However, the cost of any additional football after 3 is $2. What does the budget set look like now? (b) Suppose that the government gives William 100 free coupons as food stamps (assuming that William can get free unit of food for each coupon) and strictly enforce a rule which prohibits William from selling his food stamps to someone. Draw the new budget set. 8. Suppose that a consumer consumes only food (f) and entertainment (e) where py = $5, p. = $10 and m = $600. Suppose that the consumer has to have a minimum of 50 units of f, and a maximum of 20 units of e. (b) Now suppose that the consumer receives a coupon of $20 which can be spent only in good 2. Draw the new budget constraint and find the new optimal consumption bundle.Firm 2 Firm 1 High Medium Low High 3. 1 4. 2 2. 0 Medium 2. 3 5 3.4 Low 5.4 5 5.23. An economics department at a large state university keeps track of its majors' starting salaries. Does taking econometrics affect starting salary? Let SAL = salary in dollars, GPA = grade point average on a 4.0 scale, METRICS = 1 if student took econometrics, and METRICS = 0 otherwise. Using the data file metrics.dat, which contains information on 50 recent graduates, we obtain the estimated regression SAL = 24200 + 1643GPA + 5033METRICS R- = 0.74 (se ) (1078) (352) (456) (a) Interpret the estimated equation. (b) How would you modify the equation to see whether women had lower starting salaries than men? (Hint: Define an indicator variable FEMALE = 1, if female: zero otherwise.) (c) How would you modify the equation to see if the value of econometrics was the same for men and women?QUESTION 4 An econometrics department at a local university keeps track of its major's starting salaries. Does taking econometrics affect starting salary? Let SAL = salary in RM, GPA = grade point average on a 4.0 scale, METRICS = 1 if student took econometrics, and METRICS = 0 otherwise. Using the data of 50 recent graduates. the estimated regression is obtained: SAL = 24200 + 1643GPA + 5033METRICS (std. error) (1078) (352) (456) R? = 0.74 (a) Interpret the estimated equation. (8 marks) (b) How would you modify the equation to see if women had lower starting salaries than men? {Hint: Define a dummy variable FEMALE = 1, if female; 0 otherwise.} (6 marks) (c) How would you modify the equation to see if the value of econometrics was the same for men and women? (6 marks) (Total: 20 marks)Q5. 20% An Economics department at a large university keeps track of its majors' starting salaries. Let SAL = salary in dollars, GPA = grade point average on a 4.0 scale, COURSE = 1 if student took econometrics, and 0 otherwise. The model is estimated using information on randomly sampled 50 graduates (standard errors in parentheses): SAL =24200 + 1643 GPA +5033 COURSE, R' = 0.74. (1078) (352) (456) 2 The errors are assumed to be normally distributed and homoskedastic. (a) What is the economic interpretation of the two slope coefficients? Are they statistically significant at the 5% level? (b) Test the model for the overall goodness of fit. Why is it not sufficient in this case to test each coefficient separately for significance? (c) How would you test a hypothesis that the intercept and the effect of taking a class in econometrics are the same for men and women? Assume that the effect of GPA is the same for both groups. Carefully specify the regression (regressions) that you will estimate to answer this question. Explain how you will use the estimates to test this hypothesis: provide the formula for the test statistic, explain what distribution is used for critical values, specify the critical value(s), and describe the decision rule