Due by 11 pm tonight

Introduction

Travel Today, a well-known travel agency is the company that I choose. I enjoy traveling and I’ve dealt with traveling agencies on weekly basis for the past year. Unfortunately for past year, I haven’t had vacation with my family. Now, that the project is dying down, and the holidays, are approaching, it’s time to work with my travel agent to plan a vacation for Thanksgiving and Christmas. I love to travel, and I travel for work that has been my inspiration to choose the Travel Today.

Overview of the Company

Travel Today, a well-known travel agency that has been serving customers for 25 years, has experienced a slow-down of business over the last five years. They believe that the internet has enabled customers to plan and book their own vacations. Their business development department has begun researching possible alternative new product/service offerings with the idea of re-capturing some of their lost customers.

As stated, the internet has given people the opportunity to plan and customize their own vacation without having to leave the comfort of their home or speak to someone over the phone. Companies such as Travelocity, Expeida, and Hotwire have made it possible. These companies offer hotel rooms, airfare, rental cars and cruises, at the click of a button. Companies like the one’s I mentioned, are some of the reasons for business slow down over the past 5 years.

Market Research Strategies

Travel Today, plans to use strategies such as, using the internet, checking out rivals, and tapping into marketing partner expertise. Another key method of market research that would be beneficial is the market research process which includes: defining the problem and research objectives, develop the research plan, collect the information, analyze the information, present the findings, and conclude with making the decision (Kotler, p. 99).

Pest Analysis

Pest Analysis is the research of an organization to determine how the factors in the external environment affects the organization. When this is narrowed down, the company can then, make adjustment to avoid potential issues, adjust in the market, convert threat to opportunities, attain competitive advantage or survive and abide by the laws governing the industry (Amer, & Daim, 2010). The factors that make up the analysis are: political, economic, social and technological.

Political

There are 4 main effects of these political factors on business organizations. They are: Impact on economy, Changes in regulation, Political stability, and Mitigation of risk according to (Political Factors Affecting Business, 2016). All these effects can play a role for Travel Today, but changes in regulation would be one of the most important political changes would affect Travel Today.

Economic

This factor, businesses study the economic issues that may have an impact on their company. Factors would include: inflation, interest rates, economic growth, the unemployment rate and policies, and the business cycle followed in the country (Political Factors Affecting Business, 2016). All these factors could affect Travel Today, unemployment rate would affect the business the most.

Social

In the social factor, a business can evaluate the socio-economic environment of the market by the customer demographics, cultural limitations, lifestyle attitude, and education. With these factors, a business can understand how consumer needs are shaped and what brings them to the market for a purchase (Political Factors Affecting Business, 2016). With the social factor having many contributing factors, lifestyle attitude would play a role in Travel Today’s business.

Technological

Technology can usually have a positive or negative impression on a product or service. These factors include technological advancements, lifecycle of technologies, the role of the Internet, and the spending on technology research by the government (Political Factors Affecting Business, 2016). With technology constantly changing, staying on top of technology is a factor for Travel Today.

References Kotler, P. T. (n.d.). Marketing Management, 14th Edition. Political Factors Affecting Business. (2016, September 20). Retrieved from http://pestleanalysis.com: http://pestleanalysis.com/political-factors-affecting-business/ Amer, M., & Daim, T. U. (2010). Application of technology roadmaps for renewable energy sector. Technological Forecasting and Social Change,77(8), 1355-1370.