The Situation

Arturo Juarez has years of experience in the travel industry as a manager at a high$-$end hotel as well as sales director at a large travel agency. He is ready to start his own business, Dream Vacations, offering travel$-$planning services for individuals and families. His company will research destinations, hotels, and activities and help its customers make travel memories by providing top$-$notch service and creative solutions. To achieve this goal, Arturo is working to develop contracts with resorts in the Caribbean, South America, and the Mediterianean to get better pricing for his customers. He hopes that his business will grow at least $10$ percent per year over the first five years through advertising and referrals. Initially, Arturo plans to operate out of office space in Atlanta, but his goal is to have offices in South Carolina, Alabama, and Tennessee within two years.

Team Activity

Arturo has asked for a team of students to provide him with assistance getting his company going. Form a group of three to five students to provide guidance to Arturo.

Action Steps

$5-17.$ Working with your group, develop a mission statement for Dream Vacations. Why is developing a mission statement important?

$5-18.$ Considering Dream Vacations's mission statement and the information provided in the case, what are the company's long$-$term goals? How should Arturo measure these goals?

$5-19..$ What intermediate goals will help Dream Vacations meet its long$-$term goals and realize its mission? What types of corrective action should Arturo take if the company fails to meet these goals?

$5-20.$ Identify Dream Vacations's short$-$term goals. Are short$-$term goals more or less important than long$-$term goals?