FigueroaMiguelW4MarketAnalysis

Market AnalysisMiguel FigueroaApril 22nd, 2020Columbia Southern UniversityIntroductionMarket analysis is very important if a business needs to succeed, (McKenna, McNabb, &Shorey, 2018). The company whose market analysis is being done is Travel Supreme which mainly deals with peoples vacations, accommodation bookings and other services people might need in a vacation. It also deals with events like wedding travels and engagement travels. This market analysis is supposed to show the target market of the company, the health of the industry and a swot analysis. Market segmentationThere are four main market segmentations for any kind of business and it is not any different for Travel supreme. For any organization, it is easier to know their market target once they do a market analysis while having these four in mind their market target becomes more defined. This is because segmentation rules out any person that is not considered as a potential customer leaving the company with a better defined market target.You can be surprised at how people in different cities have different preferences, interest and expectations and that’s why geographic segmentation is important. This means that you have to know what people in a certain city or location like, and prefer in terms of services and quality for you to be able to do appropriate advertising, (Ahani,et al., 2019). When it comes to psychographic segmentation we are basically talking about the intrinsic straits of the customers that you target. These can range from a person’s personality, their values, their lifestyle, life motivators and opinions. This kind of information is done by arranging focus groups or even interviews. Demographic segmentation is one of the important parts because it is all about variables like age, family size, income, level of education, occupation among others. These are very big determinants. Lastly we have behavioral segmentation which is more like psychographic segmentation apart from the fact that it is about a person’s attitude towards the company and how they would use it.For Travel Supreme, the market target are big cities and people will medium income. These four segments were helpful in narrowing that down because the geographic and demographic segment helped to identify that this kind of business was best for people in cities that have developed because they appreciate travel and learning and can also afford it. Also with the help psychographic and behavioral segmentation, big cities like New York have people whose lifestyle is all about travel and they appreciate it.Competitive and industry analysisThere are three main companies that are competition to Travel Supreme. They include Expedia group, booking holdings and business travel. Expedia group is well known for its tours and accommodation services. This company is a very famous company because it picks you up wherever you are and takes you wherever you are going. It also caters for all the travels and tours during the vacation. It also deals with the accommodation during the vacation. Booking holdings is all about all vacation booking including where the family should have their meals, where they will visit and their accommodation charges, (Coester, 2019). Business travel mainly deals with business vacations, hotel bookings business and everything people in a business vacation might need.The health of this industry is good currently and has continued to be better as time goes by. This is because more and more companies have been venturing in it a lot. When comparing it to how it was ten years ago we see that is has triple the number of the industries it had and half of those are the ones that in less than five years ago. This shows that this industry is very healthy and is continuing to grow. Most of the companies in this industries are doing quite well which is a show of the industry being healthy.When doing a marketing plan, it is important to consider competition so as to identify what you can do different, what other companies are doing that should not be done, what works and how you can do it better and what needs to be included, (Dolnicar,Grün, &Leisch, 2018). Knowing this gives you a competitive advantage over the other companies. The health of the industry gives you the probability of your company growing or failing. A shrinking industry is not the best industry to invest in and the vice versa is try. Knowing this helps you invest in the best industry.Swot analysisStrengths and weaknessesThe strengths of the company include having arrangements for not only family vacations but also for events like engagements and weddings. Also it is online and can deal with clients from all over. It is also reliable because of connections in different cities, (Gürel, & Tat, 2017). The weaknesses are that it is not well known because there are bigger companies. It also has limited personnel and resources which means that it cannot hold a lot of clients at a go.Threats and opportunitiesThe threats are that since this is a growing industry, competition is going to continue growing. Also, with the new technology, people will look for ways to book their own accommodations, reservations and even use google maps for tours. Opportunities are that the company can include other services in company, (Gürel, & Tat, 2017). The services are like selling products used in vacations and others different from vacation services as it continues growing.ConclusionPeople in different cities have different preferences, interest and expectations. For any organization, it is easier to know their market target once they do a market analysis while having the four segments in mind their market target becomes more defined.When doing a marketing plan, it is important to consider competition so as to identify what you can do different, what other companies are doing that should not be done, what works and how you can do it better and what needs to be included.ReferencesAhani, A., Nilashi, M., Ibrahim, O., Sanzogni, L., &Weaven, S. (2019). Market segmentation and travel choice prediction in Spa hotels through TripAdvisor’s online reviews. International Journal of Hospitality Management, 80, 52-77.Coester, C. (2019). Competitive analysis of k-server variants and metrical task systems (Doctoral dissertation, University of Oxford).Dolnicar, S., Grün, B., &Leisch, F. (2018). Market segmentation analysis. In Market Segmentation Analysis (pp. 11-22). Springer, Singapore.Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).McKenna, C., McNabb, R., &Shorey, J. (2018). Developments in labour market analysis (Vol. 11). Routledge.