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Future Market Perspective

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Introduction to Future Market Perspective

Travel and tourism sector plays an important role in the growth of the economy. Is is essential for the activities of the business in order to contribute high share in GDP and it also helps in the development of the nation. In this report, the selected service is holiday packages which is comprised the accommodation and transport which is sold together by a vendor which is known as tour operator. It also includes the services of airlines that is provided to the customers by the travel agents. The report also covers the future and culture of this product in near future. In order to evaluate the customers for this product and area for the expansion of the product in the country. Moreover, the growth of the brand at the starting time of the business. Thus, the new product has been launched in the market with the unique strategy. It also covers the different marketing strategies in order to attract large number of customer in context of new product. There are many sources used for the growth of the new product such as social media, different websites, promotional activities and other aspect by which the customers get attracted and so that it increases the customer base and hence the customers get attracted towards the product which is beneficial for the development of the product in the market.

History of Holiday Package

Holiday package is organised by the tour operators which was first arranged by Thomas Cook as they undertaken world wide tours as it accompanies two parties exploring Belgium, France and Germany. After some time they launched circular note of the travellers cheque and it becomes state-owned as a part of the British railways. They also launches the the trips and which includes flights also. They found new route in order to create awareness of tourism in the mind of people. They created 31 millions of passengers across the networks in 2005 from 2 million in 1995. Day by day there is increase in the value of the holiday packages as it also gives financial security to the customers. By 2012, they announces the increased profit and the resurgence of the holiday package after the change in its business strategy. Further, there is increase in the different kinds of facilities which are provided to the travellers which have been modified and as they manage the terms as per the requirement of the customers. Thus, the history of package holiday created a good mind set for the customers as they get attracted towards its help in order to introduce a new product or services in the market.

Development of holiday package in future

As a new product, holiday package which is to be establish in the market and with the help of various criteria as currently there is huge competition in the market so this idea should be innovative and unique aspects by which it will be reputable in the commercial entity.

There are some of the methods by which the new product will be established with proper development in the market which are described below:

  • In order to be a reputable in the commercial entity, there is proper research must be conducting as to potential marketing to the related areas of the travel and tourism. After conducting research the tour programmes is designed in order to identify the accommodation, transportation and other activities which are to be considered so that it helps in providing proper services to the customers.
  • There are some of the negotiations will be created with the different tourism vendors in order to obtain a better price and margin then working through the ravel agency directly. The tour operators also negotiate with the transport operators and banking and insurance companies in order to provide better services to the customers and which is beneficial for the new product to sustain in the market.
  • The proper pricing strategy will be applied as it is very complex decision such as intensity of the linkages and there are various problems included in the demand of tourism.
  • Marketing of the holiday package in order to engage large number of customers as it helps in the development of this product in future with the help of satisfying the needs and requirement of the customers which is beneficial for the new product. Thus, it helps in the growth and development of the new brand in the market.
  • With the help of brochures of holiday packages it helps in the development of the product and it helps in increasing the large number of customers as they prefer this type of services. It includes the details of destination, duration of tour, kinds of accommodation, details of special arrangements and optional or compulsory insurance cover and so that it gives proper aspect by which it can be easily helpful in the development of the product.
  • In order to develop the holiday package for the future, there is proper relation with the public as it helps in engaging more people for the purpose of the selling of product which is overall beneficial for the growth of new brand in the market with new customers. With the help of personal selling the management of the business get an opportunity to interact directly with the customers as it is very important aspect of development of the brand with new customers in the market.

Future of the holiday package

As the trend of travel and tourism is increasing in young generation people and it also establishes a good perspective in the mind of people. With the help of holiday packages and with the usage of internet the people directly book flights and hotels in future and get details. By creating the websites of the holiday packages as it includes all the details regarding the travel agency which helps in transport and accommodation for the customers. With the help of internet it forces the industry to be creative and demonstrate in providing better facilities. The packages will be effective as it gives proper range of cost to be relevant to the customers and enhance the growth and development of the product in the market. The interest of travelling is also increasing that is the reason behind the creation of holiday packages as it helps in making more customers for the purpose of enhancing the different terms for the customers. In future, there is increase in the level of interest in the customers so that they identify the value of various customers so that it helps in the growth of the business. Holiday packages provide accommodation and transport service and other facilities that are related to the tour package and manage in the conditions of the new product in the market. It also creates a different image in the minds of the customers which is valuable for the aspect to grow the product in the market and which is beneficial for the conditions of the new market and manage the situations of the business.

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In addition to this, the holiday package provides the opportunity for the people to engage in the new activities as it creates a different perspective for the development of the product in the near future. This helps in growing the product as well as development of the product and hence it creates a more preferable aspect in the mind of the customers. Further, the customers are also prefer the things which provide them proper benefit and profit which is to be manage by the management of the new business. It has also main benefit which provide the different perspective for the people who take travelling as entertainment and hence it provide better opportunity for the people in order to growth of the business.

Expansion of holiday packages

There are chances in order to expand the product in the market as there are some of the strategies to expand the holiday packages in the market which are described below:

Penetrate new domestic market

In order to expand the market of new product or service which is holiday package as they advertise their product with the help of hoardings, websites by creating own web page so that the customers aware about the new product which is to be launched in the market.

Market development strategy

This strategy has been developed when the existing product but the market is new and so that in such conditions the product must be very attractive with the innovative ideas as there is lot of competition already exists.

Export the product

The new product in the market as there must be proper identification of the product and expand it to the other areas which is beneficial for the business.

Expand the demographic

This is another strategy in order to expand the business as it helps in increasing the sales and the holiday package which increase the awareness of brand in the market so that the expansion of the product is possible as it help is a proper strategy.

Strategy of diversification

The demand of the product is different from the already existing products as there are some of the complications arises which are have to be reduced in order to expand the business with the new customers and the existing product in the market. To develop the existing product to the new customers for the expansion of the business.

Product development strategy

In this strategy, the people who start the business will introduce the product with the different features as it is helpful in attracting more customers and they also develop the product with the quality services as it creates a different image in the mind of customers. The business also improve with the help of various usage of technology and they can manage their customers which are creating their market opportunity for the development of the business.

Consumers of holiday packages

The target market of this product are the people of the UK and those other customers who are interested in travelling as they have opportunity to manage the proper aspect of the customers. There are various sources through which the product can make their customers in a proper target market which is beneficial for the organisation. Travellers are the customers for the holiday packages as they are the people who receives good customer service and speaking to them in a respectful level that is significant in order to develop the product in the market.

There are internal customers who are the member of the staff within the business and the outside suppliers are those who contribute to the business which helps to manage the outside customers of the business. Further, the customers are created through the different sources such as social media and other promotional strategies.

Grow the new product in the market

In order to develop a product and make customers as there are many challenges faced by the company and there are different perspective for the growth of the product which involves that create the awareness of the product to the customers through different marketing strategies such as social media, inbound marketing and outbound marketing. Social media marketing is a opportunity in order to reach the new customers. There are some of the examples of social media marketing such as posting photos related to the product on different websites. Inbound marketing helps in attracting the customers to the brand after putting content in front of them as it is relevant and it is cost effective as it is easily fits in the small business. Further, outbound marketing requires a team in order to pursue the customers who might be interested in the different offers as it includes the email marketing and direct mail campaigns. With the help of visual content as it is proper way to reach the customers. For example creating the infographics about the product and to develop the powerful graphics in order to engage the large number of customers so that it helps in growing the brand.

In addition to this, to increase the growth and development of the product promotion of the product will help in establishing large number of customers and it enhance the market for the new brand to a greater extent. With the help of e-books as it is a medium to offer a number of benefits and discount on the particular product through which the customers are attracted and hence it will increase the number of customers. Moreover, to meet new people as it helps in increase the sales and growth of the product will be occurred as it is helpful for the development of the new product. With the help of create a contest on blogs by offering a chance to win one of the services of the product, this also helps in attracting a large number of customers so that they contribute their major part in order to grow the brand in the existing market of holiday packages. It also includes the position of the customers as it is depend upon the nature of the business and create social media pages including own or similar businesses(Kilian and Murphy, 2014). The website for the travellers required to effective in terms of content and functionality so that it could be attractive to the customers and with the help of interacting to the different people it creates a good image in the mind of people and it will ultimately helps in increasing the growth of the product which is beneficial for the new brand in the market.

In order to grow the business, social media provide a proper platform as it creates a community of the people and gives photos as a promotional activities and on that only the people give their feedback that is profitable for the new brand. Discount and promotions are also helpful in the managing the circumstances of the aspect of the business. The holiday package is must provided to the audience as they are interested as per their experience. As to grow in the market, the customers must be aware about all the policies of the product as it creates trust for them and so that they buy the product in future. To make the proper customers as it gives them opportunity for the development of the product and the company also provided special offers to manage their customers in a proper manner. With the help of creativity in the new product as it will attract more customers in context of travel and tourism which gives benefits to the people as they prefer travelling as a natural activities of the life. The people who enjoy travelling for on;y those people it is created and so that it makes benefits for the new product. The owners of new product create better awareness in the mind of the people and they have to consider the requirement and needs of them in order to manage the perspective of the business. In order to grow the brand in the market the organisation have to fulfil the needs in order to satisfy the customers which provides the aspect as the only aim of the business is to fulfil the goals and objectives of the business. Moreover, for the development of he business the owners must create proper awareness of the holiday packages which benefits the customers so that they have to apply different theories which fulfil the needs of the customers and the management of the business helps in engaging a large base of customers in order to manage the aspect of the business.

To make the product unique as it attract the customers and fulfil the requirement of them as per their convenience which is based on the quality and assurance of the product and that should be proper and it relates to the culture of the product. The new product has to be very attractive and which creates awareness of travelling in the mind of customers. The holiday package also provided in terms of all the customers which provide benefits to the company and travellers also so that they spend more on the tourism sector which is beneficial for the growth and development of the new brand as it gives idea to the people as they have to prefer this product in context of managing the terms and condition of the business.

CONCLUSION

From the above study it is concluded that the travel and tourism sector is growing and it is necessary to manage the areas of interest for the future market perspective. In this report, the product has been chosen that is holiday packages which is already target the customers I the market and now the new strategies will help in increasing the number of customers. Further, in this report it is explained the how to develop a product as a start of it and manage the activities of different market perspective. The future of the product which as the use of holiday packages is increasing day by day in the young generation of customers. There are various strategies applied for the expansion of the new product which will be effective in order to growth of the product which will overall help to increase the level of productivity of this industry. Moreover, the growth of the product as to grasp new customer for the brand which is helpful in increasing the customer base. Thus, it can be said that holiday package will grow its product by engaging large number of customers so that it helps in growing the business to a great extent. There are also various aspect which are sued by the business as it provide opportunity for the customers in order to benefit them with the various types of holiday packages in the market.

REFERENCES

  • Bauder, H., 2015. The international mobility of academics: a labour market perspective. International Migration.
  • Chapra, M.U., 2016. The future of economics: An Islamic perspective. Kube Publishing Ltd.
  • Edenhofer, O. ed., 2014. Mitigation of climate change. Cambridge University Press.
  • Epstein, M.S., Ehrenpreis, E.D. and Kulkarni, P.M., 2014. Biosimilars: the need, the challenge, the future: the FDA perspective. The American journal of gastroenterology.
  • Fossland, T., 2013. Negotiating future careers: A relational perspective on skilled migrants' labour market participation. Journal of Management Development.
  • Jeannerat, H., 2013. Staging experience, valuing authenticity: Towards a market perspective on territorial development. European urban and regional studies.
  • Kilian, L. and Murphy, D.P., 2014. The role of inventories and speculative trading in the global market for crude oil. Journal of Applied Econometrics.
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