Travel and tourism play a prominent role in the growth of the country. Most of the people visit different countries to view their culture and famous sites. It is one of the effective platforms of income for the country (Mowforth and Munt, 2015). It has grown at a further level that is one of the unexpected. In the recent scenario, the companies of travel and tourism have planning to introduce space tourism in their country. It is one of the best sources for the income (Damjanov and Crouch, 2018). The space tourism involves traveling in the space by the individuals for adventure, leisure, or investment by the established business of space tourism. It is one of the expensive tours, which will be launched in the near future (Chang, 2015). The population has a curiosity regarding how space looks like. The people have started their booking for such traveling due to their curiosity. The companies of space tourism invested a huge amount in such plan, which is one of the risky tasks for the company (Page and Hall, 2014). It may be a vocabulary to the majority of people alive today. In the developing countries, it turns out as the next must die for the holiday experience for world billionaires. It is one of the expensive, exciting, stunning, adventurous, as well as un-exploitable. In the past decades, the individual billionaires such as Paul Allen of Microsoft as well as Sir Richard Branson of Virgin Atlantic have seen their fortunes in which they privately proposal them to the moon (Wouters, De Man and Hansen, 2017). However, the space tourism greatly affected the internal as well as the external environment at the global level (Williams and Lew, 2014).
In the following part, there will be a detailed discussion on the level of impact of space tourism on the external environment as well as on the strategies of the company.
Technological Factors
Space Tourism as the name suggests traveling to space. Observing and seeing the earth from its outer shell. It is all about Luxury or business purpose. Space Tourism is one of the innovative idea or approach anyone has thought of. Initially, people have never thought of doing anything. However, as the time’s changes and technological advancement is there, the dream of many individuals can be true now and they can actually travel to space (Sigala, 2017). The cost of traveling to space would be on the higher side on initial days due to the limitations, risk, and technological advancement. Few organizations are working together in making this concept a reality as human are evolving new methods and technology is being prepared or created to cater to the needs of the current situation or the future. Companies are testing their equipment and tools regularly and making them, more advanced so that humans can utilize the technology in a better manner. Traveling to space is never going to be an easy task; a lot of tests are required to pass before traveling to space in addition to it the cost of traveling is not cheap (Gretzel et. al., 2015).
Initially, when this concept was introduced, people were reluctant that this is not possible and people did not show much interest and enthusiasm but as people were able to know that technology has been developed. It can cater the needs people are opting and reserving their seats so that they can do space travel even if the cost is too high. The concept started in the year 2001 when one of the rich individuals went into International space station, understood the entire concept and program, he stayed for eight days and approximately his expenses were near to $20 million for a single trip (Crouch, 2016).
Space X is one of the companies who does supply international space station; they are planning to develop Big Falcon Rocket (BFR). This is the rocket, which is bigger in size and will be able to take more guests into space as compared to the models, which they have, introduced earlier Falcon 9 and Dragon capsule (Goehlich, 2014).
Virgin Galactic’s was one of the prime companies, which was excited about space travel. They had initiated the program and his owner promised that clients would have incredible views and experience weightlessness. Couple of celebrities Bhave also opted and reserved their seats to travel into space. Virgin Galactic’s has spacecraft’s, which is different from other companies. Most of the companies use a traditional rocket. To have the best experience several tests have been conducted which involves cost and results of the test are not coming at the level, which was anticipated. Hence, date to travel is being delayed on a regular basis that is not a good sign for clients. In 2014, the company had a major setback in which out of two pilots one died and one was injured very servilely (Chang and Chern, 2016)
With the increase in a number of billionaires and millionaires in the world, there has come a distinction of human based on class or cast. The life of the individuals differs in the recent scenario, in a comparison to any other period in history. The high-class people do not want to be in the same grounds with the low or middle-level people as well as the low-class people do not have what it takes to play i9n the similar league with high-class people (Abaydeldinov and Kala, 2016). When it comes about the fun, entertainment as well as leisure, the high class people will definitely take extraordinary measures to do what they enjoy doing in seclusion while at the same time, making not only news but also history. The space tourism provides an opportunity for the high-class people to visit space and make them extraordinary, as well as the low-class as well as middle-class people, get an opportunity to earn income from such tourism (Cohen-Hattab, Gelbman and Shoval, 2018). As when the company concentrates on promoting space tourism, they require a huge amount of staff that create an opportunity of employment for low as well as middle-class people. The high-class gentry also gets an opportunity to visit such a unique place, which made them more prestigious among the individuals. At the same time, space tourism also could have major consequence for the climate of Earth. It has been analyzed that emission by the rockets could raise the temperature at the poles, which significantly reduce the seasonal ice cover (Baerenholdt, Haldrup and Urry, 2017).
Therefore, it is one of the fact, space tourism greatly affect the factor of technological and social at a huge level. The space tourism has positive as well as negative aspects, which need to be served in an effective manner.
Impact of Space Tourism on Operational decision making of companies
The introduction of space tourism in the market results as raising the requirement of strategic management which is caused by numerous ongoing processes. The rise in the latest technology as well as communication has given rise to much world-wide business. The development of space, cultural renewal and exploration is the prospect of space tourism through which the space agencies can have sufficient justification to contribute in the development of space tourism at greater level by encouraging the commercial use of the space. The excitement among the consumers showcases that most of the companies willing to enter in such industry over the next five year. They will adopt different marketing strategies to attract the consumers at greater level. They will promote the space tourism by contributing in appropriate research, education, development of technology and legal activities. According to the news, most of the consumers already booked their property in Mars and Moon as well as most of the consumers visited Mars Moon that attract maximum companies to enter in such sector (The New York Times, 2008). In the recent some of the companies invested huge amount in research and development to find out the way to decrease the cost to the company in space tourism, through which the companies will able to deliver their services at minimum price over next five years to compete in the market. The companies will adopt various strategies in their workplace to attract maximum consumers such as they will develop the managerial strategy in order to achieve short term and long term goals. Therefore, the companies will develop various types of tools and strategies in this sector to compete in the market in effective manner (Wooten and Tang, 2017).
Space tourism will greatly affect the objective of the organization. The companies such as Space X, Virgin Galactic, and blue origin get an opportunity in the market to launch such device, which would attract maximum consumers (Briassoulis, 2015). The space tourism is one of the effective channels that would help the company to achieve their targeted goal in the limited period. The space tourism will be new in the market, therefore; it will have a great advantage to the companies in form of newsworthiness. The companies will gain a great deal of public attention with every major step forward it takes. It will help the companies to sustain themselves in the competitive market until actual tours will be delivered (Mazur et. al., 2016). The promising industry also benefits from the pioneering technology essential for its operations, which allow it to be a frontrunner in innovation as well as research. It will increase the commercial activities of the companies. The space tourism will become a new area of commercial endeavor, which helps the companies to enjoy their competitive advantage at the global level (Edgell Sr, 2016). The operational activities of the companies will also greatly affecting space tourism. The companies need to invest a huge amount in technology as well as in research and development of the space jet. It will also increase the risk to the company; as if the space jet will fail to respond then the companies have a possibility to face a huge loss that may also cause closer of the companies. The price for the technology will remain astronomically high, which will greatly affect the companies at a greater level.
The space tourism will give the opportunity of employment to thousands of people. The manufacturing of new as well as better spacecraft will give employment to many skilled people. Many multiple companies are already competing for space tourism business. The demand for pilots, programmer as well manufacturer will get an increase in the recent future with the development of space tourism. Through space tourism, the financial backing will follow as well as they will support further innovation in the industry and space exploration in general. In contrast, the companies of space tourism have not been around long enough to have their safe protocols dialed in. it will affect society at a greater level, the life of the people will be a danger because of such companies (Peeters, 2018). It entails huge risk to the life of the people who are going in spacecraft. Apart from the accidents or any such uncertainties, which may lead to the loss of life, the population of the earth will also face harsh conditions as well will face unfriendly environment due to the pollution of the spacecraft. Spacecraft emit elements of carbon, which will pollute the air of earth. Some human race will have a possibility to land into the trouble if lethal to life on Earth during some exploration will be a catch. Space tourism may also cause some harmful microorganism from space into the atmosphere of Earth in the near future (Page and Hall, 2014).
The increase in the opportunity of employment due to space tourism also will have a great impact on the growth of the economy. The economic growth depends on the consumption level of the people. The increase in opportunity will lead to an increase in salaries that enhance the purchasing power of the individuals. It may lead to an increase in the growth of the economy at a greater level (Sharpley, 2014).
The consumers of space tourism will be rich people due to the price of the tickets. The normal people will not able to afford such prices. Therefore, the rich people will have great opportunity to visit another place in the space. They can able to visit Mars and moon by spending a huge amount. It will be count as an attractive place for the consumers to visit. On the contrast, the life of the consumers also will be in danger. Any carelessness of the company may lead to death for the consumers. Therefore, space tourism will greatly affect the demand of consumers (Dubey, 2016).
The revenue of tax will also generate through space tourism for the government. It may lead to overall improvement in the economy of the country. The government will able to spend more on their activities due to the huge amount of revenue. The government also increase their strictness on space tourism companies by introducing and implementing various kinds of laws to control their activities (Wouters, De Man and Hansen, 2017).
Due to the huge amount of investment in space tourism, most of the companies feel resist to enter in such a market. Therefore, companies involved in space tourism will enjoy such an advantage, as they will be free from the tension of the new entry of firm in the market of such tourism. There will be limited entry in such field (Veretekhina et. al., 2017).
To manage things effectively companies must ensure that research and development work is done in detail and a good level as on the basis of research and development only all the work would be based on and results would be derived from that. Proper and precise planning is required to execute things in a better manner. The team or the individuals who are working should be experienced and able to take the risk should try new approaches and methods in achieving the targets. The planning should be done and executed in phases so that accountability and responsibility can be fixed.
All the details should be precise and taken care of accordingly. All the training and support should be completely provided and proper assessment should be taken care off before passing to the next level as the huge cost is involved and huge risk is also there. All the test run of the spacecraft should be done in a better manner all the education and knowledge should be provided to the pilots and the clients which would be visiting space.
In every business strategy plays a vital role in determining its success and growth within the sector and able to have a competitive advantage over others. To plan a good strategy the company has to do the research and development as precise as possible so that whatever the requirements are there for the future can cater easily. Top management does set Goals, objectives mission and vision for the organization but it is the responsibility of each individual and every level to works towards and is able to achieve.
Every business planning should be done under phase or in parts so that a big task has been segregated to small chunks, it can be monitored easily, and if rectification is required, we can do it immediately.
In this segment, the top management lays down the overall plan; it is purely based on how much top management has experience. All the aspect related to revenue, capital and cost are related to it. Budget allocation is also there, how much will they be spending in a year. For example, a company has to develop new Big Falcon Rocket (BFR) proper planning is required how much will it cost, what will be the timeline in which it would be developed, how much capital needs to be invested in the research and development.
This segment speaks of the plans which were in the broader picture in Phase 1 would be explained or charted down in details so that the plans can be implemented or work upon. In this phase, accountability and responsibility are defined to each department so that each task gets completed within a timeframe which has been laid down by the management. For example, Budgets, which has been allocated to each department, would be utilized accordingly.
As business works in a dynamic environment and things do changes rapidly so business needs to be aware of the changes, which are happening around them and be prepared to absorb the change. The plans, which have been set by management, is being tested under certain environmental conditions and if changes or alterations are required in planning, business has to act quickly so that cost or resources are not wasted and utilized effectively. For example, when the concept started it was different which is being run currently as various technological, political, and environmental challenges are there while businesses do their work.
Apart from this plan, the companies should also concentrate on their activities and should also focus on the safety of the consumer to protect their life. The companies of space tourism should take certain steps to protect the environment from pollution. It may lead the company to run for a longer period by protecting the environment as well as the people of the earth.
Conclusion
From the above, it can be concluded that space tourism plays a vital role in the industry at a global level. Most of the companies are engaged in space tourism such as Space X, Virgin Galactic, and blue origin. These companies have invested a huge amount in such invention, some of the companies have started ride of space, which was successfully done. Some of the people visit mars with the help such companies. The space tourism developed the excitement among the consumers, which lead to increase in demand for space tourism. The cost of the ride is very expensive that limit the segment of the consumers. Only rich people can afford such rides due to the reason for the expensive price of the tickets. Space tourism mainly depends on technology. The advancement in technology creates a chance for the consumers to visit space such as Mars, Moon and so on. Therefore, technology is the key factor of such success path of space tourism. However, at the same time, the lack of knowledge of technology has led to a great negative impact on the consumers. In the past, the spacecraft was crashed in which pilots died. Such carelessness would affect the company as well as whole society at a greater level. The companies need to take full precaution to save the lives of the people. The space tourism increases the employment opportunity in the market that will also lead to an increase in the economy of the country. The revenue for the companies as well as government will also increase due to the space tourism. The companies would able to earn the maximum amount due to low competitions in the market. However, the spacecraft cause air pollution in the environment, which will affect the health of the society. The companies should take certain steps to protect the environment from such pollution that will lead to a healthy lifestyle with innovation in the market.
References
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