Investment Opportunities in Adventure Tourism in Australia

Question: Discuss about theInvestment Opportunities in Adventure Tourism in Australia. Answer: Introduction: Adventure tourism is one of the fastest growing sector in Australia. In all the stages of economic development, the adventure tourism has been the priority of Australia for the growth of the market and this is because they are able to recognize the cultural, ecological and economic value. Adventure tourism is international as well as domestic. Australia is regarded as one of the top destinations for adventure travel according to the World Youth Student and Educational Travel Confederation (Randle and Hoye 2016). Several Australians states actively courts backpackers and have created Backpackers action plan. In the state of Victoria, the action plan comes with statement that the backpackers are less vulnerable to the fluctuating economic conditions and in the wake of global financial crisis, it would be the resilient travelers (Abascal et al. 2016). The research proposal is intended to highlight the long term competitiveness in the adventure tourism. It would also take into consideration the importance of collaboration of private and public sector within the adventure tourism. In the later part, hypothesis is developed about the scope of investment in this sector. Hypothesis developed would predict Research questions will be framed on the basis of impact of adventure tourism on the economy, community development and considering the macro economic factors as well (Mason 2015). Role of tourism sector in Australia is to enhance the international and domestic leisure tourism and international business events. Over the past years, adventure tourism in Australia has grown exponentially and tourist are visiting the destination that is previously not discovered (Rice 2014). Problem Statement: Few studies have analyzed the relationship between investment opportunities in adventure tourism in Australia. Economy is greatly impacted by investment made in tourism sector and thereby provides the platform of economic development. Therefore, present study analyses the available investment opportunities and how far the investment level in adventure tourism contributes to economic and community development. Literature Review: Current Scenario of Tourism in Australia: Since last decade, Australian northern territory has record of facilitating the substantial projects. The land development corporation of Australia plays a crucial role in the development and growth of the territory by delivering the investment opportunities in a commercially manner (Morgan 2016). Destinations and business which is involved in tourism considers several factors while successfully creating the demand for their offerings. Tourism sector in Australia is known for its ability to create many opportunities that enhance the performance of the economy. Adventure Tourism in Australia: Adventure tourism is growing subset of the Tourism market which seeks programs and activities having the perception of uncertain outcome. Adventure tourism in defined as the activities that are commercially operated and this involves combination of excitement and adventure that is pursed in outdoor environment (Skift.com 2017). Adventure tourism incorporates the broad range of activities that include low risk adventure activities such as tamping to high risk adventure activities such as white water rafting. There are White Water River rafting in New South Wales and Sydney (Buckley et al. 2014). Supply chain of the adventure tourism in Australia is complex and does not follow the traditional pattern. Adventure tour operators plays a key role in contributing to the sustainable vision of the sectors by promoting the activities and choosing the facilities (Dredge et al. 2014). Adventure tourism in Australia is attracting the attention for its emphasis on culture of the company. Australia offers prepackaged adventure tourism market often including the adventure neophytes. Research Questions and Hypothesis: Research Questions: Is the collaboration of public and private sector has any impact on the development of adventure tourism in Australia. Does adventure tourism provides the business opportunities in Australia? Do adventure tourism contributes effectively in the economy and community development and attract high value customers? Hypothesis: Following hypothesis are set in order to make recommendation for the investment opportunities of adventure tourism in Australia: Null hypothesis (H0): Australia does not have any investment opportunities in the adventure tourism. Alternative hypothesis (H1): Adventure tourism does not provide any investment opportunities in Australia. Operational Definitions and Measurement: Data for conducting the research are collected by limiting the number of respondents to seventy. This is done so that any kind of complication are avoided with the techniques of research. For the measurement of the different type of respondents from the participants, Likert scale has been used. Likert scale is used for scaling the responses obtained from the respondents. This represents the attitude of the participants in the research toward the particular topic. Researcher needs to set various parameters for executing the Likert Scale. For the purpose of quantitative analysis of the primary information or data collected form the respondents, it will be suitable to convert the responses percentage terms. From the above analysis, it is shown that the respondents Research Methodologies: Research Design Under the present study, descriptive research design is considered in which the researcher describes a particular situation. This is based on collection, presentation and designing of collected data. Sampling Techniques Analysis of the primary data and secondary data will form the basis of the sampling techniques used. It has been observed that the total number of respondents for conducting the research is seventy. Respondents would comprise of information collected from the hotels and tourism spots in Australia. It would also includes the higher authority and senior level managers who are seeking to expand the business via the adventure tourism in Australia. Secondary data would comprise of the reports of the several investments made in the Tourism sector. Analysis would be done on the basis of the quantitative data collected from the field of enquiry and from the various secondary sources. Method of Analysis: Primary collection data is done by using the survey method. In addition to this, analysis of the quantitative data collected from the respondents is further done by evaluating the data based on the central tendency analysis. Analysis of collected data is better understood by using some of the statistical tool such as standard deviation, mean, skewness, kurtosis and performing several tests. For the analysis of the secondary data collected, it is suitable to consider theoretical bases that has been used for the purpose for literature review. Research Process Research process will be initiated by identifying the types of investments made in the adventure tourism in Australia. Process of collecting the data will be started by carrying out the survey. Questionnaires framed would be distributed to the respondents. Which are seventy in number. Such questions would be asked to the senior managers of the tourism sector and the hotels and several respondents from the tourist spot. Descriptive statistical value of the data would be found out by carrying out the analysis using the approach of central tendency. Investigation of investment opportunities in the adventure tourism is done by evaluating collected data. Expected Outcome It has been studies by different authors that several places in Australia such as Victoria, New South Wales and Sydney serve as the ideal destinations for adventure tourism. It has been found that adventure tourism supports local economies and encourages sustainable practices in Australia. Outcome of the research would depict the positivity contributed to the economy, business and community due to investment made in the adventure tourism sector in Australia. Adventure tourism may require less capital investment for infrastructure. In order for the adventure tourism to flourish, it is necessary that investment is made in the elements complimenting the natural, adventurous and cultural assets. Research is depicting the need for collaboration of the public and private sector for creating fertile ground for adventure tourism. While the government can work to ensure that the practices, policies and attitudes are in place and private sectors can contribute to the development of adventure tourism sector. This can be done by creating compelling and innovative products. Conclusion, Interpretation and Recommendation: Findings from research have been analyzed in detail by considering the bases of theory, reviewing the relevant literature, literature background. It also includes hypothesis that is selected for analysis of data and techniques of interpretation have been applied to relevant questions. The interpretation of collaboration of the public and private sector on influencing the investment opportunities on adventure tourism sector has been seen with the partial response by the respondents. This is in light of the reluctance of the private sector to focus their efforts in promoting investment in adventure tourism because of long term challenges of maintaining business. Respondents partially agreed with the availability of scope of business and investment opportunities for the adventure tourism. This secondary interpretation shows respondents tendency towards partial awareness. Moreover, the respondents have shown agreement of adventure tourism on the community development and attracts the customers of high value. Therefore, continued growth of these sector would have a positive impact on the destination economies, people and environment. On the basis of interpretation of last research question presented, it has been found that several adventure companies in Australia are increasingly opening up new destinations, developing new products and taking initiatives in attracting new clients by enhancing their commitment to sustainability. From above discussion and interpretation, null hypothesis associated with availability of investment opportunities in Australia can be rejected. Hence, alternative hypothesis would be accepted. Reference: Abascal, T.E., Fluker, M. and Jiang, M., 2016. Domestic demand for Indigenous tourism in Australia: understanding intention to participate.Journal of Sustainable Tourism,24(8-9), pp.1350-1368. Buckley, R., 2014. Adventure tourism as a research tool in non-tourism disciplines.Tourism Recreation Research,39(1), pp.39-49. Buckley, R., Shakeela, A. and Guitart, D., 2014. Adventure tourism and local livelihoods.Annals of Tourism Research,48, pp.269-272. Dredge, D., Airey, D. and Gross, M.J., 2014.The routledge handbook of tourism and hospitality education. Routledge. Horner, S. and Swarbrooke, J., 2016.Consumer behaviour in tourism. Routledge. Mason, P., 2015.Tourism impacts, planning and management. Routledge. Morgan, D., 2016. Adventure tourism.Encyclopedia of Tourism, pp.10-11. 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