ABSTRACT
This chapter examines the importance of prior planning when starting a food tourism operation. It explains the various components of business and marketing plans. The chapter examines the 4 Ps (product, price, place, and promotion) of marketing and the importance of considering the target market in decision-making. It also explores the advantages and disadvantages of the primary pricing strategies and the factors that influence consumer sensitivity to price changes. The chapter then uses the basic financial statements to estimate the potential financial feasibility of the food tourism product. The first step in developing a business or marketing plan is to formulate a central mission statement and articulate enterprise or destination goals and objectives. A mission statement is a short, concise statement describing the business's vision and values that broadly outlines the customers, products, and unique aspects of the enterprise or destination. The second step in business planning is to conduct a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis.
