i) Competitive advantage enables a business to compete successfully in its markets and against rivals. Ghanalux’s competitive strength comes from its ability to attract high-end customers from the USA and provide them with luxury tour experiences in Ghana. The quality of its tours and the unique skills of its founders contribute to its competitive advantage.

ii) A balanced scorecard focuses on setting business targets from multiple perspectives—financial, customer, internal, and innovation. Setting forward-looking performance targets in areas such as customer satisfaction and employee development could help Ghanalux achieve long-term financial success.

iii)

Customer Perspective:

• Key performance measures could include customer satisfaction ratings, the number of bookings, and the percentage of repeat sales.

Internal Perspective:

• Measures could include the number of sales agents, the distribution of brochures, and website traffic.

Innovation and Learning Perspective:

• Employee development measures could include training spending and employee turnover rates.

Financial Perspective:

• Financial performance measures should include sales revenue growth, profit growth, and targets for cost reduction.