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growth tourism industry
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Marketing Plan
Current Market Situation
An opportunity for Western Slopes's success exists because the national tourism and travel industry is growing 4% and adventure travel 10% annually. According to the Department of Commerce, the US travel and tourism industry is the nation's third largest retail industry and will be number one by the year 2000. Revenues from travel have increased approximately 100% in the last decade with US travel agencies producing over $100 billion in revenues each year. The travel and tourism market is separated into two main categories, business and leisure travel. Each contribute about 45% to total revenues. Adventure travel falls primarily under the leisure travel category. Revenues from leisure travel earned by US travel agencies were almost $50 billion annually.
Reasons for this growth include a healthy domestic economy and devaluation of currency in other regions which has made travel less expensive for US residents. Leisure travel increased by 3.2% in 1997 and 2.0% in 1998. The healthy economy has increased business which in turn boosted domestic business travel 4.8% in 1997 and 3.6% in 1998. Adventure travel, a segment of the travel and tourism industry, growing 10% annually, it is one of the fastest growing segments of the travel industry. More than 50% of the US adult traveling population, or 147 million people, have taken an adventure trip in their lifetime, 98 million in the past five years. Skiing is one of the activities...
... look out for high profile contacts and good image building activities especially due to the on going outsourcing concern. As community theatre boards include executive level staff these consulting companies could get high visibility and a sophisticated image by pairing up with something as ?cultured? as theatre. These companies can be requested by the boards of community theaters to sponsor the building and maintenance of the theatre websites in exchange for good PR and contacts.
The tourist industry has changed by a large amount, over the past few years due to the change in peoples’ life style and the change in the economy. Now that people earn much more money than in the past people can afford to spend more money on leisure. People now have the benefits of a paid holiday which leads to a lot of tourism as the individual gets his/her holiday money from their work place.
Unique Travel Experience - There is an increasing demand for a unique travel experience. Travelers are no longer settling for the beach, buffet and bottled entertainment served up by travel packages of yore. According to a new survey released by the Adventure Travel Trade Association (ATTA): mountains, caves and oceans are where it 's at for both boomers and millennials in a sector that has been growing at a clip of 65%
The hospitality industry in the United States is large, complex and intensely competitive. Within this industry is a segment comprised of hotels and motels, which will be the relevant sector for this marketing plan. To note, the hotel and motel industry in the United States had an estimated value of $137.5 billion as of the end of 2012 (MarketLine, 2012). The industry is forecasted to experience a compound annual growth rate (CAGR) of 5.5% from 2011 to 2016, to attain a value of $179.5 billion (MarketLine, 2012). In this industry, the most lucrative segment is leisure which has a market share of 71.1% (MarketLine, 2012). Sunshine Inn (fictional) is a small independent hotel that operates within the leisure segment of the hotel and motel industry in the United States. It is an adventure-themed hotel situated along the California-Nevada border in order to capture the tourist market for Lake Tahoe. Sunshine Inn has 30 bedrooms and 15 suites and offers specialty home-cooked type meals to guests for breakfast, lunch and dinner. It must be emphasized that the hotel and motel industry is one of the most fiercely competitive in the United States, and in fact, in the world (Johanson & Cho, 2009; Kosarkoska, 2010). Therefore, in order to compete with large hotel chains with five-star hotel rankings, Sunshine Inn will have to depend on strategic approaches, such as effectively targeting and positioning itself in the appropriate market, as well as developing a marketing plan that will promote the unique value propositions that only small, personalized hotels can provide: excellent customer service, customized adventure packages as well as a total customer experience that revolves around enjoyment, fun and discovery. As this marketing plan wi...
Gates, Bill. 1996. Business @ the Speed of Thought. Using a Digital Nervous System PENGUIN Books.
Others have defined marketing strategy as having the important components: define the target or the market, and statement of the product aimed at the chosen target (Smith, 2003).
The potential customers for this product can be from various areas: publishing, software (ISV), manufacturing, pharmacology, financial services, marketing and advertising, government, education, nonprofit and others. These customers look for end to end software development services which includes strategic technology consulting and development all the way through to launch, production support and marketing. In other words, the approach required for a customer software development company catering to these customers should be:
According to the official statistics, “The U.S. travel and tourism industry generated over $1.5 trillion in economic output in 2016, supporting 7.6 million U.S. jobs. Travel and tourism exports accounted for 11 percent of all U.S. exports and a third (33 percent) of all U.S. services exports, positioning travel and tourism as the nation's largest services export. One out of every 18 Americans is employed, either directly or indirectly, in a travel or tourism-related industry. In 2016, U.S. travel and tourism output represented 2.7 percent of the gross domestic product.” ("Travel, Tourism & Hospitality Industry Spotlight | SelectUSA.gov," 2017). However, compared to the countries that are developing at an extremely fast pace, the U.S. travel industry is likely to leave the first positions but stay on the top list. China is the primary candidate for surpassing the U.S. giving the birth rate and the economic growth of the Eastern country ("Global Business Travel Spend Topped Record-Breaking $1.2 Trillion USD in 2015, Will Reach $1.6 Trillion by 2020",
When I hear people talking about the travel industry, dollar signs miraculously appear in my eyes: the amount of money that can be made in this niche is ridiculously high. I mean, just think about it for a second… Nowadays, the majority of the people will travel to a holiday destination at least one time a year. With the price of plane tickets being at an all-time low, a lot more people can get access to this form of (easy) transportation every single day. And here is how you should capitalize on this:
Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. The Marketing strategy consist 4Ps that is place, product, price, and promotion. This 4Ps is used to market the product to the people and to make the product being famous in the country or international. The size of market segment for this product include geograpic, demographic, behavioural, and psychorgrapic.
In today's very competitive marketplace a strategy that insures a consistent approach to offering a product or service in a way that will outsell the competition is critical. However, in concert with defining the marketing strategy it must also has a well defined methodology for the day to day process of implementing it. It is of little value to have a strategy if you lack either the resources or the expertise to implement it.
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
The senior management needs to involve all level of staff in decision-making processes. Importantly, they should be informed and assured of the strategies that the management is going to introduce and initiate on behalf of the organization. The equal opportunity of involvement and participation certainly develops the feeling of ownership. Armstrong (2006) points out that an ethical approach is based on high- commitment and high-involvement policies. As a result, the staffs suppose the effective implementation of the strategies framed out with their suggestions and consents as their responsibility and accountability, which in turn help the management concretize its targets.
One perspective of the traveler comes from survey results published by the National Business Traveler Association in late 1997, which represents corporate travel managers and travel service providers. The survey results indicate that record airfare increases have significantly impacted corporate travel programs. The increased airfare resulted in a significant reduction in corporate travel as well as an increase in advanced bookings for business travel, which both must equate to a monetary loss for the airlines. The survey results also mention that the higher airfares will prompt corporations to take drastic countermeasures, such as reducing the amount of corporate travel by up to 50% and redirecting business to low fare carriers. This clearly indicates the dissatisfaction with airfare increases.
After studying the cosmetic market we can identify a series of needs in this market: