Welcome to Market Research Guide
Tourism Industry Market Research Survey Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Competitor Analysis
from: Deb St. George - MarketingSalesCopy.comThe assessment of the weaknesses and strengths of potential and current competitors done by companies to gain a strategic insight into the mind of competitor is termed as Competitor analysis in the language of marketing. This analysis is used to identify threats and opportunities by in depth understanding of key competencies, strengths, weaknesses and unique selling proposition of the rivals in the business. Such analysis begins with competitor profiling that serves to coalesce all relevant sources of analyzing your competitor into a framework for effective and efficient strategy formulation, implementing strategies, monitoring the progress and making adjustments as needed. Competitor analysis is a strategic element and essential component of a corporate strategy.
The methodology involves many steps, which are presented as follows:
Competitor Matrix
This is the first and the most important step. If done carefully the Competitor Matrix step alone can accelerate your processes in a big way. The matrix consists of following elements:
Definition of your industry which involves the nature and scope of the industry
Determination of other players or competitors in the area
Determination of your prospective customers are and their expectations
Determination of the factors of success in the industry
Approximate rating of the key success factors of all competitors
Competitor profiling
The competitor profiling is the second step and its strategic rationale cannot be ignored as superior knowledge of rivals is a legitimate source of competitive advantage. Profiling provides an objective analysis of a competitor’s projection in the market and separates strong rivals from weak ones. It is generally observed that those firms that practice systematic and advanced competitor profiling have a significant advantage and because of its success comprehensive profiling capability is rapidly becoming a core competence required for successful competition.
Media scanning
A study of competitor's ads can reveal much more about competitors believe about marketing and his target market than any conventional quantitative or qualitative research tool. Any key change in rival’s advertisement or advertising budget should be carefully noticed as these changes very precisely reflect a change in rival’s strategy. So a tactical study of advertising strategy of rival should be done to extract as much information to gain a business advantage.
New competitors
New competitors enter into the market whenever there is unmet demand or high profits in the existing market. These new competitors should be carefully watched and monitors as they can pose a significant threat to your market segment. The product should always be kept in lines with the existing market demands and customer loyalty should be built so that customers are not weaned away from the company on arrival of new provider.
Tourism Industry Market Research Survey News
Global Hotel Industry Outlook Survey 2012-2013: Industry Dynamics, Market ... - Sacramento Bee
Global Hotel Industry Outlook Survey 2012-2013: Industry Dynamics, Market ... Sacramento Bee The opinions and forward looking statements of 162 industry executives have been captured in our in-depth survey, of which 48% represent Director and C-level respondents. • The geographical scope of the research is global - drawing on the activity and ... |
New Industry Study Calls for a Fundamental Rethink of the Airport Ecosystem - MarketWatch (press release)
New Industry Study Calls for a Fundamental Rethink of the Airport Ecosystem MarketWatch (press release) Amadeus, a leading travel technology partner and transaction processor for the global travel and tourism industry, today unveiled a major new study, 'Reinventing the Airport Ecosystem', identifying consumer frustrations with today's airport experience ... Faceless but connected: Welcome to Airport 2025 |
Caravan & Camping Sites in the UK Industry Market Research Report now updated ... - San Francisco Chronicle (press release)
Caravan & Camping Sites in the UK Industry Market Research Report now updated ... San Francisco Chronicle (press release) This has been a consequence of lower tariffs and tourists trading down in accommodation due to lower travel budgets. The industry has also benefited from the ongoing provision of higher quality on-site accommodation and facilities by operators. |
A Yes vote would help the sun shine on tourism sector - Irish Independent
A Yes vote would help the sun shine on tourism sector Irish Independent In the past, tourism has demonstrated its ability to quickly produce increased earnings, jobs and other economic benefits. The €5bn-plus annual tourism industry has the potential to grow, based on robust market research. The multibillions invested by ... |
Future looks good for tourism in the long run - eTurboNews
 eTurboNews | Future looks good for tourism in the long run eTurboNews The travel and tourism industry's longer-term prospects are good, delegates were told last week at the World Travel Market (WTM )Vision Conference-Florence. Despite the global financial problems, which continue to impact the industry, ... |
State's heritage tourism worth $196 million a year, study says - Lincoln Journal Star
State's heritage tourism worth $196 million a year, study says Lincoln Journal Star (Courtesy photo: Nebraska State Historical Society/Tom Downey) "Heritage tourism," primarily visitors coming from out of state, is worth $196 million to the state's economy, according to a new report prepared by the Bureau of Business Research at the ... |
Tourism campaign: Turning fun in PH into hard cash - Inquirer.net
Tourism campaign: Turning fun in PH into hard cash Inquirer.net The industry's economic “ripple effects” directly provide employment to close to seven million tourism workers, almost a fifth of the workforce. And working for tourist dollars is actually a lot of fun. “It's more fun in the Philippines,” declared ... |