Advanced Marketing

hence crucial because they will help in gathering all the desired data concerning the market (Creswell, 2017). Different research methods will be used because of the diverse nature of clients and competition in the industry. This is important because using one research method might limit the company to one aspect of the market and target specific clients. Using different research strategies will help in granting research subjects the chance to select the method of sharing information that is convenient for them. The research strategies to be used are the correlational/descriptive research strategies. These are strategies like the use of case studies, surveys, and naturalistic observation.

Using correlational/descriptive strategy, the company shall be able to have the opportunity to naturally observe the market and understand how the market operates without any form of interference. This is an effective method because it is easy to gather accurate information (Lyon, Mšllering, & Saunders, 2015). The strategies would also grant the company the chance engage chosen and randomly collected research subjects and engaged them in interviews and answering of questionnaires. Additionally, the methods will allow the company to establish survey groups and discussion forums that will help in sharing and recording all information about the market and the target group.

PEST Analysis

Just like any other business, the Supreme Travel Company despite being a startup being is surrounded by a macro environment made up of political economic, social, and technological factors. The political component of the macro-environment is comprised of the government and political activities that would have a direct impact on the business (Chang, & Katrichis, 2016). For instance, the laws passed by the government that must be complied with by all businesses in

the tour and travel industry. Also, political temperature is also another aspect of this component because political temperatures determine how effective and at peace businesses will operate. Political factors shall affect the decisions that the business will make. The reason is that the decisions must be aligned with different federal and state laws that have been established for the business to be allowed to start and get operational. For example, the decision must make decisions like hiring employees as per the law to avoid being charged in court.

The economic factors include aspects like inflation, interest rate, taxes, level of employment, and exchange rate. The economic component has a direct impact on the business because when they are favorable, the business will be able to thrive in the industry. However, the decisions that the company will make shall be impacted by this component because going against it would lead the business into incurring losses (Chang, & Katrichis, 2016). The social element on its part is comprised of the clients and their beliefs, traditions, lifestyles, and levels of education. This is a relatively critical component because understanding it is one way that the business will understand the target market. Hence, the component will affect the decisions being made by the business because it is this component that dictates clients' needs, tastes and preferences (Robinson, Fallon, Cameron, & Crotts, 2016). Hence, aligning decisions with this component will help the business to make positive decisions and provide the market with needs that match client's needs and preferences.

The technological component entails the company embracing the latest and modest way of doing things and offering services. Failing to embrace technology would expose the company to stiff competition because technology helps in promoting effectiveness and efficiency (Law, Leung, & Fong, 2015). Hence, the company must make decisions in consideration technological

component to remain and appear modest and to offer quality services to the clients that are satisfactory.

References

Chang, W. J., & Katrichis, J. M. (2016). A literature review of tourism management (1990–2013): a content analysis perspective. Current Issues in Tourism, 19(8), 791-823.

Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approach. Sage publications.

Law, R., Leung, R., Lo, A., Leung, D., & Fong, L. H. N. (2015). Distribution channel in hospitality and tourism: Revisiting disintermediation from the perspectives of hotels and travel agencies. International Journal of Contemporary Hospitality Management, 27(3), 431-452.

Lyon, F., Mšllering, G., & Saunders, M. N. (Eds.). (2015). Handbook of research methods on trust. Edward Elgar Publishing.

Robinson, P., Fallon, P., Cameron, H., & Crotts, J. C. (Eds.). (2016). Operations management in the travel industry. CABI.