Modern leisure travelers are confronted with a large number of important decisions in the process of developing their vacations. While some people use search engines to facilitate their decision-making, others increasingly rely on professional travel consultants. Travel Supreme is a travel planning company the mission of which is to benefit its customers by providing them with information resources necessary for both short getaways and long-term trips.
The company’s travel services experts are proficient in planning journeys and saving money. Travel Supreme’s website has a destination-flexible search option, which allows its users to find the cheapest fare if they are not sure about a particular location.
The organization helps its customers to create complex itineraries, coordinate travel plans, reserve hotels, book tickets, and tours, arrange rental vehicles, buy travel insurance, protect their rights, and arrange customized events among others (Archer & Syratt, 2012). The company’s business model is a mix of affiliate and direct sales models. Travel Supreme sells its traveling expertise through a global network of experts who are focused on innovative trends and capable of transforming extensive research into deluxe advice for its customers.
This paper aims to outline the first part of a marketing plan for the company. It will present the research strategies that will be used by Travel Supreme to better understand all aspects of commercial travel planning.
Research Strategies
To better understand the start-up costs, the landscape of the industry, competition, and other elements of the marketplace in which the organization will operate, it is necessary to apply logical and analytical methods to discover new knowledge. Taking into consideration the fact that the use of focus groups is not a particularly effective way of establishing what potential customers think, it is necessary to utilize a more innovative approach to marketing research (Rundle-Thiele et al., 2013).
Big Data can be effectively used to gain invaluable insights into customers’ behavior, needs, and preferences, market segmentation, and other essential elements of marketing research (Erevelles, Fukawa, & Swayne, 2015). By using services of companies such as Digitalmr LTD, Cooltool Inc., and Moody’s Analytics Knowledge, Travel Supreme will be able to measure the earnings potential of the industry (Esomar, n.d.). Moreover, Big Data analytics will provide the organization with a better view of its potential customers and types of services that are in demand.
Marketing research requires a high level of specificity; therefore, it is necessary to conduct exploratory studies. The analysis of external sources such as periodicals, books, and reports issued by trade associations will help to develop a comprehensive marketing plan (Sreejesh, Mohapatra, & Anusree, 2014).
Another important source of secondary data for the research is the industry-specific directories, which are invaluable for assessing the latest market strategies of key players in travel planning. Stock exchange directories can be used to assess financial accounts of Travel Supreme’s competitors without much difficulty. Furthermore, by contacting industry experts and analyzing social media, the company will be able to gather actionable information (Aral, Dellarocas, & Godes, 2013; Fotis, Buhalis, & Rossides, 2012).
PEST Analysis
The following analysis will help to better understand a confluence of political, economic, social, and technological (PEST) factors that shape an environment in which the company will operate.
Political Factors
Travel Supreme will function in the environment which is characterized by political stability. However, the travel industry is associated with numerous destinations some of which might be exposed to negative elements such as warfare and violence that disrupt the comfort and safety of travelers. Therefore, the company’s strong management team will make sure that their customers are traveling to destinations that are free from turmoil.
Economic Factors
The global tourism market share and consumer spending continue to grow, which means that the industry will flourish in the following years (Chevalier, 2012). Also, major airline carriers reported strong earnings in 2016, thus showing that the industry is recovering from the economic slowdown of the previous years (Pratap, 2017).
Social Factors
The rise of social media continues to shape the tourism industry, which means that the company has to rely on the analysis of platforms such as Twitter, Facebook, and YouTube to better understand consumer sentiment. Also, the company should explore senior and medical tourism as a means for attracting more customers (Chevalier, 2012). Health consciousness and emphasis on safety are important factors that have to be taken into account when assessing potential markets.
Technological Factors
The emergence of virtual tour operators and booking services has made both individual and group travel more comfortable. The technology has helped to bridge an information gap, thereby becoming a facilitator of tourism. The company should make use of modern mobile solutions for the traveling industry and launch a custom application.
Conclusion
The paper has presented the first part of the marketing plan for Travel Supreme. It has outlined the organization’s business model, described its key services, and articulated main research strategies that will be used by the start-up to gain an invaluable insight into all aspects of commercial travel planning. It has been argued that the company can explore mobile technology and social media for fueling its popularity and serving its consumers better.
References
Aral, S., Dellarocas, C., & Godes, D. (2013). Social media and business transformation: A framework for research. Information Systems Research, 24(1), 3-13. Web.
Archer, J., & Syratt, G. (2012). Manual of travel agency practice. London, England: Routledge. Web.
Chevalier, D. (2012). Marketing travel services to senior consumers. Journal of Consumer Marketing, 29(4), 262-270. Web.
Erevelles, S., Fukawa, N., & Swayne, L. (2015). Big Data consumer analytics and the transformation of marketing. Journal of Business Research, 12(1), 74-96. Web.
Esomar. (n.d.). Research companies specialized in Big Data. Web.
Fotis, J., Buhalis, D., & Rossides, N. (2012). Social media use and impact during the holiday travel planning process. In M. Fuchs (Ed.), Information and Communication Technologies in Tourism (pp. 13-24). Helsingborg, Sweden: Springer. Web.
Pratap, A. (2017). Hospitality industry PESTEL analysis. Web.
Rundle-Thiele, S., Kubacki, K., Leo, C., Caims, J., Dietrich, T., Palmer, J., & Szablewska, N. (2013). Social marketing: Current issues and future challenges. In K. Kubacki & S. R. Rundle-Thiele (Eds.), Contemporary issues in Social Marketing (pp. 216– 237). Newcastle, England: Cambridge Scholars Publishing. Web.
Sreejesh, S., Mohapatra, S., & Anusree, M. (2014). Business research methods: An applied orientation. New York, NY: Springer. Web.