ambassadors, promotions, case studies etc. Further understanding can be achieved by looking into comments, tweets, and updates, keywords, SEO and tags in the competitor’s page. Information can be collected from social websites. Content strategy of competitors: Frequency and efficacy of content assets of competitors provide useful insights that could hone our business. Analyse the accuracy, relevance, grammatical errors, indepthness, and format of their content. Picture smart pages tend to attract more consumers. Technology stack used by competitors: Customers of the modern era are sceptical, intelligent and have a set of expectations from our products and services. For better growth, the business requires exemplary consumer experience. Looking into the job listings of competitors helps us to identify their focus fields in the near future. 6.3 REGIONAL ENVIRONMENTAL SCANNING The tourist’s safety and enjoyment remain the key focus and priority in the tourism businesses. Environmental scanning entails the collection of information relating to the various forces within the marketing environment. This involves the observation and examination of primary and secondary sources of information, including online content from business, trade, media and the government, among others. Hough and White (2004) states environmental scanning as a process of identifying, collecting, processing and translating information about external influences into useful plans and decisions. According to Sharma (2002), environmental scanning is required in the tourism industry due to the greater complexity arising from its external environment. 6.3.1 Importance of Environmental Scanning The purpose of environmental scanning is to identify and track present and potential trends in the business opportunities. It also addresses the challenges that lies in the successful operations of the organization. The process of scanning is the primary medium by which tour managers get information or data about external environment and events that may have an impact on the organization. Environmental scanning is also seen as a mode for improving the ability of an organization to focus with the changing business environment. It is considered as the first step to link the business strategy and environment. It is also a source of input in the strategic planning process. 101 CU IDOL SELF LEARNING MATERIAL (SLM)
Environmental scanning is not considered to be an easy process as it involves different perceptions and interpretations. It is considered as a perceived environment, and not the objective or physical environment. The environmental forces interpretations by managers and executives influence the strategic actions. The environmental interpretations also help managers to determines the company management. Environmental scanning along with information acquisition and interpretation plays an important role in organizational effectiveness. Environmental scanning is a domain for top-level managers who spend their time and effort to monitor business environment irrespective of its formal or informal factors. Few managers use environmental scanning to identify and evaluate trends within the environment. 6.3.2 Regional Environmental Scanning Process In order for the organization to be successful, it is important that it scans its environment regularly to assess its developments and understand factors that can contribute to its success. Environmental scanning is a process used by organizations to monitor their external and internal environments. For environmental scanning to contribute to the strategic planning process, decision makers must have access to information resources and the ability to explore available information. Figure 6.1 Regional Environmental Scanning Processes 102 CU IDOL SELF LEARNING MATERIAL (SLM)
6.3.3 PESTEL Framework PESTEL framework is observed as a bird’s eye view of the business conduct since it is the most used detailed analysis of the environment. PESTEL analysis consists of various factors that affect the business environment. These factors can affect every industry directly or indirectly. PEST is also an environmental analysis. It is a shorter version of PESTEL analysis. STEP, STEEP, STEEPLE, STEEPLED, STEPJE and LEPEST, all of these are acronyms for the same set of factors. P is for “POLITICAL”. E is for “ECONOMIC”. S is for “SOCIAL”. T is for “TECHNOLOGY”. E is for “ENVIRONMENT”. L is for “LEGAL”. Political Factor: The political factors affect the country’s current political situation. It also reads the global political condition’s effect on the country and business. Some of the factors considered for analysis are: Government policies. Taxes, laws and tariffs. Stability of government. Entry mode regulations. Economic Factor: Economic factors involve all the determinants of the economy and its state. These are factors that can conclude the direction in which the economy might move. So, businesses analyse this factor based on the environment. It helps to set up strategies in line with changes. Some of the determinants considered for analysis are: The inflation rates. The interest rate. Disposable income of buyers. Credit accessibility. 103 CU IDOL SELF LEARNING MATERIAL (SLM)
Unemployment rates. The monetary or fiscal policies. The foreign exchange rates. Social Factors: The social factors might ultimately affect the sales of products and services. Every country has a distinctive social factor. These attitudes have an impact on the businesses. Some of the social factors analysed: The cultural implications. The gender and connected demographics. The social lifestyles. The domestic structures. Educational levels. Distribution of Wealth. Technological Factors: Technology is advancing continuously. The advancement is greatly influencing businesses. Performing environmental analysis on these factors will help you stay up to date with the changes. Technological factors will help you know how the consumers react to various trends. Social media has become a vital part of any business now-a-days. Companies will have to perform this analysis for their benefit. It helps them: New discoveries. Rate of technological obsolescence. Rate of technological advances. Innovative technological platforms. Environment Factors: The location influences business trades. Climatic changes can affect the trade of businesses. The consumer reactions to particular offerings can also be an issue. This most often affects agri-businesses. Some environmental factors to be noticed are: Geographical location. The climate and weather. Waste disposal laws. Energy consumption regulation. People’s attitude towards the environment. 104 CU IDOL SELF LEARNING MATERIAL (SLM)
Legal Factors: Legislative changes take place from time to time. Many of these changes affect the business environment. So, businesses should also analyse the legal developments in respective environments. Some of the legal factors to be aware of: Product regulations. Employment regulations. Competitive regulations. Patent infringements. Health and safety regulations. 6.3.4 SWOT Analysis In order to analyse and understand the external and internal business environments, organizations turn to SWOT analysis – an abbreviation for strengths, weaknesses, opportunities, and threats. The strengths and weaknesses of an organization are matched with the threats and opportunities of the environment to devise an effective strategy. Strengths – These aspects of an organization that make it better than its competitors. A thorough analysis can help the company use it to improve its business. Weaknesses - areas where the organization needs to improve to remain competitive in the industry. Some examples of weaknesses are high debts, lack of capital, inadequate supply chain, etc. Opportunities - are external factors that can help an organization in gaining competitive advantage. Threats - are factors which have the potential to cause harm to an organization. A SWOT Analysis helps an organization identify its core strengths and weaknesses as well as opportunities and threats and create a strategy to achieve success. It can be used for specific divisions like production, sales and marketing a destination. Example: Imagine tourists prefer to visit India to experience nature-based tourism. For this scenario, a sample SWOT analysis is given below. Strengths Weaknesses Quality services Scenic beauty In need of more investments which all the stakeholders may not be able to afford. 105 CU IDOL SELF LEARNING MATERIAL (SLM)
Infrastructure Threats Well-trained professionals Natural calamities Yoga and Ayurveda facilities Opportunities Versatile landscape Alternative types of tourism like Eco tourism, wellness tourism can be promoted. 6.3.5Porter’s Five Forces Model Originally developed by Harvard Business School's Michael E. Porter in 1979, the five forces model looks at five specific factors that help determine whether a business can be profitable based on other businesses in the industry. Porter’s five forces model is an analysis tool that uses five forces to determine the profitability of an industry and shape a firm’s competitive strategy. It is a framework that classifies and analyses the most important forces affecting the intensity of competition in an industry and its profitability level. The “Five Forces Framework” is an established tool for analysing competition. The management theorist, Michael E. Porter, shows which factors are important for the analysis of both the market and the competition: 1. Bargaining power of customers: How do customers react to price increases or decreases? How important is the product or service for the target group? 2. Bargaining power of suppliers: Suppliers have a particularly high bargaining power if the number of suppliers is limited. How can the analyst react to price increases if necessary? 3. Threat of substitute products and markets: Are there alternatives to the product or service available in the market? 106 CU IDOL SELF LEARNING MATERIAL (SLM)
Could emerging innovation jeopardize the distribution of the product or service? 4. Threads in market entry barriers: If a market is particularly attractive, it is sure to attract new competitors. How high are the market entry barriers for potential competition? 5. Competitors in the market: How high is the competition? Who dominates the market? Which competitors are ahead and why? Figure 6.2 Porter’s Five Forces Model Example: In tourism destination, the threats for the new entrants are to choose the appropriate target market and to reach the customers. Many offbeat destinations gain more attention among tourists and hence it can act as substitutes for prominent destination. In the other hand, it can also lead to product diversification and supports. Carrying capacity. 107 CU IDOL SELF LEARNING MATERIAL (SLM)
In tourist destinations, the bargaining power of suppliers and customers signifies the brand value of a destination. For instance, the price for the most preferred destinations as its own benchmark. In a tourist destination, competitive rivalry usually occurs among tourism stakeholders to attract target customers and to increase their company’s brand image in the tourism market. The competition has to be ethical in nature. 6.3.6 Porter’s Generic Strategy Framework Michael Porter has suggested three general types of positioning strategies to achieve competitive advantage. These three generic strategies are defined along two dimensions: strategic scope and strategic strength. Strategic scope looks at the size and composition of the market the marketers intend to target. Strategic strength is a supply-side dimension and looks at the strength or core competency of the firm 6.4 SUMMARY SWOT Analysis is a widely used framework to summarize a business’ situation or current position. The PESTEL framework analyses various factors that affect the business environment. Political factor, economic factor, social factor, technology factor, environment factor, and legal factor is an acronym of PESTEL. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment. Traditional environmental scanning places many firms at risk of dangerous competitive blind spots due to a lack of robust competitor analysis. It is important to conduct the competitor analysis at various business stages to provide the best possible product or service for customers. Strategic marketers take micro and macro environments into consideration as it plays a dominant role in a firm’s marketing strategies, campaigns and branding. 108 CU IDOL SELF LEARNING MATERIAL (SLM)
The marketing plan of an organization considers the 7Ps of marketing before formulating its strategy. 6.5 KEYWORDS CRM – Customer Relationship Management Environmental Scanning –Gathering of information from an organizations internal and external environments Porter’s Model – It is a measure for analysing competition of a business. Freelancers – a self-employed and hired to work for different companies on particular assignments. 6.6 LEARNING ACTIVITIES 1. Imagine you have designed a virtual tour package for an amusement park. Scan the environment to market your package. ___________________________________________________________________________ ___________________________________________________________________________ 2. Use PESTEL analysis and analyse the possibilities of marketing Goa as a wedding tourism destination. ___________________________________________________________________________ ___________________________________________________________________________ 6.7 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. Define Strategic Strength. 2. Give the meaning of environmental scanning. 3. Write the meaning of strategic scope. 4. Expand CRM and SWOT. 5. Describe competitor analysis. Long Questions 109 CU IDOL SELF LEARNING MATERIAL (SLM)
1. Elaborate on Porter’s Five Forces Model. 2. Select any one man-made attraction in India. Apply SWOT and list the results. 3. Imagine you are going to promote Chennai as a medical tourism destination. Apply PESTEL and list the results. 4. Analyse the regional environmental scanning process to plan and promote a destination. 5. Explain the effective ways of competitor analysis. B. Multiple Choice Questions 1. ___________________ is not a social factor a. Lifestyle b. Employment regulation c. Gender d. Culture 2. CRM stands for ____________ a. Client Report Maintenance b. Customer Report Maintenance c. Customer Report Management d. Customer Relationship Management 3. ___________ is the supply-side dimension and looks at the core competency of a firm. a. Strategic Strength b. Strategic Technique c. Strategic Scope d. Strategic Technology 4. _______________________ looks at the size and composition of the market the marketers intend to target. a. Strategic Strength b. Strategic Technique c. Strategic Scope 110 CU IDOL SELF LEARNING MATERIAL (SLM)
d. Strategic Technology 5. _______________ in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors a. Carrying analysis b. Capability analysis c. Competitor analysis d. Competitor approval Answers 1-b, 2-d, 3-a,4-c,5-c 6.8 REFERENCES Reference book Porter's Five Forces: Stay Ahead of the Competition. (2015). Belgium: 50Minutes.com. Textbook reference Winston, W., Dunn, J. P., Stevens, R. E., Sherwood, P. K. (2013). Market Analysis: Assessing Your Business Opportunities. United Kingdom: Taylor & Francis. Websites (PDF) Environmental Scanning Practices of Travel Agent Companies in Singapore (researchgate.net) 111 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT - 7:REGIONAL GOAL FORMULATION – I STRUCTURE 7.0 Learning Objectives 7.1 Introduction 7.2 Goal Formulation 7.3 Importance of Goal Formulation and Strategy 7.4 Approaches to Goal Formulation 7.5 Factors Affecting Tourism Plan Formulation and Implementation 7.6 Strategy Formulation 7.6.1 Modes of Strategy Formulation 7.7 Steps in Strategy Formulation Process 7.8 Developing an Effective Tourism Strategy 7.9 Summary 7.10 Keywords 7.11 Learning Activity 7.12 Unit End Questions 7.13 References 7.0LEARNING OBJECTIVES After completing this unit, you will be able to Describe goal formulation and its importance Describe goal formulation strategies and approaches Outline factors affecting tourism plan formulation and implementation List the process of strategy formulation
7.1 INTRODUCTION This unit will focus on goal formulations with emphasis to the tourism industry. You will know the importance and the different way’s goal formulations can be done. Later we will look at some factors which will have an effect on goal formulation in the tourism industry. After goal formulation, strategy formulation will be studied. The process of strategy formulation will also, and its significance will also be discussed in this unit. 7.2 GOAL FORMULATION Goals are formed through doing SWOT analysis. Goals do not mean wishes. Goals state the aims which are particular to a time and size. A goal is practical, could be measured, and has a deadline for achievements in the future. Formulating goals transforms the tourism project’s mission, vision, objectives into particular performance targets, through which the tourism development planning could be analysed. Every goal should be mentioned in calculable and measurable form and must have a time limit to achieve them. In tourism strategic planning, goal formulation is a significant element. Tourism strategic planning is the procedure which ascertains the future of tourism developmental project. Goal formulation ascertains the resource allotment required. Having a procedure which is proven for planning strategies and formulations of goals ensures that the labour is not wasted. Tourism regional goal formulation can be described as setting aims and objectives for a tourism region which includes the resources required, time limit for the set goal, and what exactly needs to be done to develop the region. Goals play an important role in a destination plan as it acts as a vision agenda, which has to be accomplished. A goal is a definite target, an end result or somewhat to be most wanted. It is a foremost footstep in realizing the visualization of the organisation. Why are goals important? Goals lay down track, provide purpose and accountability and delineate roadmap / destination. They provide direction and spotlight for the individuals in addition to the team and make the destination plan more efficient and more effective Who are benefitted? The whole population as a group gets ownership and not a single individual. The tourism plan requires inputs from all stakeholders and affects everyone. What is a goal? A goal is a target, which should delineate the role of your governing body. Goals ought to respond the inquiry of who we are and what we wish for to accomplish. They are a written, appropriate, realistic, visible, extensive proclamation of a desired end. And echo the task of the group and give universal focus to group's efforts. Local people and government as well as outer investors develop a agreement on the type of region they seek out in the future. Based on the matters and apprehensions, goals are recognized. These goals are long array and, for tourism, would engage equilibrium bordered by development and resource 113 CU IDOL SELF LEARNING MATERIAL (SLM)
protection. The goals are comparable for regions and pertain to destination planning improved visitor satisfaction, secluded natural and cultural resources, enhanced economy, and amalgamation into the life and economy of the total destination area. You can achieve additional and go beyond if you bestow yourself to the goals printed in black and white. Goal setting commences subsequent to the strategic planning is absolute and arranges in a line with the organization’s mission and vision statements. Keep your goals on your individual and trade radar screens at all periods and go after all the way through on the steps mandatory to make them happen. Before you can set in motion goal setting, it’s crucial to craft a blueprint for how the procedure will unfurl. Hence, it is very important to concentrate on the following aspects: 1. Mission statement 2. Vision statement 3. Fiscal year priorities 4. Strategies 5. Monthly monitoring and managing meetings The Goals are streamlined only when the mission and vision proclamations are over and done with. But it’s important to continue the progression uncomplicated and pleasant, and position “SMART” goals – simple, measurable, achievable, results oriented, time sensitive. Most prominently, nevertheless, do not lay down goals that are “too easy” or do not enhance performance. The goals can be categorized into following types: 1. Financial 2. Customer service 3. Employee-based 4. Internal business process 5. Image 6. Reputation 7. Community relations and philanthropy 8. Sales and marketing all the categories of goals above are not reflected at a time rather, they are reflected only if they are required and help in attaining the purpose and roadmap you choose for developing the tourism destination. There is no goal setting methodology or strategy; rather, they only help in setting targets which can be achieved by adopting a path and utilizing the resources in an efficient and effective way. But, here the role of stakeholder’s is important as more are the goals of the stakeholders universal, more they get involved and more closer we get to our goals. 7.3 IMPORTANCE OF GOAL FORMULATION AND STRATEGY Because of always rising competition and changes in tourism industry, good planning and fixing some viable strategic goals have become a significant element in every aspect, as they are the major deciding factor of the productivity level of tourism development projects. Along with it, these elements are also significant at the time of setting the tourism development project’s aims and direction in order to make sure that the planensures improvement in its gains and develops its market share. Even though, in some situations, due to the constantly changing conditions of the economy, it might be difficult to foresee the changes which have the chances to happen in the near future, so it is vital for the administrators to be prepared anytime to question the status quo and install required systems to ensure deliver of the needed results. 114 CU IDOL SELF LEARNING MATERIAL (SLM)
On the other hand, it is important to develop tourism plans and set goals which could be executed, and also be practical as this is one of the best methods to make sure that the project’s operations are interlinked and positioned. In the absence of goals, it is difficult for the tourism administrators to develop the rest of the plans or to look for any financial support as this will look like the tourism project doesn’t have a direction. Developing goals could also be an inspiration element for accomplishing the desired outcome, every team will have their own targets to achieve and therefore in order to avoid being overcome by the rest of the groups, they will be inspired to accomplish the goals. Moreover, goals offer the groups something to expect, because goals are the objective that need to be accomplished, no matter what the current market condition and what challenges is are awaiting. Many of the groups with fixed goals have the inclination to utilize their efforts in a productive manner; because failing to achieve the goals would mean failure of the tourism project. Along with setting goals which are executable, strategic tourism planning is also a significant strategy for improving the rate and quality of the job outcomes. With the rise in resource scarcity, and increasing competition in the tourism industry, it is vital for the tourism project to develop suitable strategic plans, because they form the initial step in setting goals that are focused on improving productivity. No matter what the current situation of the economy is, the degree of productivity in any industry would mainly be decided by two major elements of the tourism planning, which are setting proper goals and making proper strategic plans. Setting destination goals provides your destination with a well-thought-out framework. It is a proficiency that lends a hand to the destination planners and developers to comprehend whether the destination would help to realize the dreams of the tourism stakeholders. A tourism destination will not be able to achieve the success not including clearly constructed destination goals. Well-defined tourism destination planning goals endow with a in depth parameters to everyone involved or present in the ourist destination. Hence, the goals should be realistic, practical and help in achieving business in the following manner: 1. Motivate the stakeholders of the tourist destination. 2. Be Attractive in attracting the tourists/ visitors / travellers. 3. Help the different Stakeholders to understand the goals which improves their decision-making process. 4. Aids in Performance Evaluation. 5. Convene Financial Targets or gains projected for the tourist destination. Goal setting involves five pre-requisites that determine their effectiveness: Specific - Goals should be specific and not use vague terms. They should be clearly understood and interpreted. The mode of action that needs to be approached should be evident from the goals. Measurable - Goals should always be measurable. You should be able to track and measure the performance in achieving these goals. Attainable - The goals should be within the reach of your company and should be achievable. They should also be realistic. It makes sense to start off with smaller targets and 115 CU IDOL SELF LEARNING MATERIAL (SLM)
then work on improving them Relevant - The objectives and goals should be relevant to the functioning and nature of work carried out by the planners and subsequently the developers. You cannot have goals that do not complement the nature of your business. Timely - Goals should have a fixed timeframe for your goals. This prevents any sort of lethargy and provides an internal deadline to the entire organization. Time bound goals will also keep you motivated 7.4 APPROACHES TO GOAL FORMULATION The major functions of goals are to offer a standard against which the achievements are measured; and to give a course of direction to the organization which assists the administrator to develop good plans. All the measures taken within the business are goal oriented. For accomplishing the particular goals, administrators have the tendency to select various approaches to set the goals for their business. There are 3 major approaches to formulate goals. They are: Top-down approach: Top-down approach is a commanding method of goal formulation. In this approach, the higher-level administrators formulate the goals of the project and communicate them to lower administration for execution. Top administrators utilize their proficiency and expertise to set the goals Bottom-Up approach: Bottom-up approach is a proactive way to formulate goals. In this approach, the people who execute the plans are part of the goal formulation for their work and then they communicate it to the top administrators for approval. The top administrators approve of the goals based on the project’s vision and mission and then communicate it to the lower administration. Management by Objectives (MBO): MBO was first proposed in 1960 by Peter Druker. It is a procedure where both top and lower administrations together set the goals of the business. They ascertain every person’s main responsibility in terms of goals which offer the staff member a feeling of ownership and hence inspires them more. The combined decision of both top and bottom administrators in formulation of goals in the benefit of MBO. 7.5 FACTORS AFFECTING TOURISM PLAN FORMULATION AND IMPLEMENTATION So many tourism plans have been developed for the tourism destinations around the world in the last few years. But the majority of those tourism development plans have not been executed successfully. The process of execution of the plans might be impacted by the presence or absence of certain elements in the formulation or execution stages. 116 CU IDOL SELF LEARNING MATERIAL (SLM)
These include: Absence of motivation to work together and the presence of obstruction to combined effort Absence of clarity in the formulated goals Absence of vital data regarding goals, methods and resources The incorporate of a certain participant that might disappoint the involvement of important participants Lack of responsibility from some participants Execution of plan may experience wrong usage of resources, absence of responsibility, lack of clarity in decision making, numerous regulations, principles which do not coincide with the development plans, too much political influence, and unworthy management. For instance, coinciding responsibility, red-tapism and divide in the departments and other decision makers have been seen to be the main defect which beats the execution of plans Top-Down Management: There are so many situations where tourism plans prepared by the top management and executed by the lower-level people haven’t been successful. One of the reasons for this outcome is that the plans prepared, and administration of government policies are not concerned about the requirements of the local community and are not on the basis of intrinsic knowledge of the locality. Tourism plans prepared by the top most level of management, usually miss on the information, expertise and aims of the local bodies of tourism, in the private as well as public sectors, while formulating plans. And hence the executive local bodies will show opposition. Unclear Organizational Order: The tourism strategies development happens in an organizational surroundings and tourism plans have very less opportunity to succeed, except if this surrounding is contemplated and organized properly. The order in the organization might sometimes make it easy to implement the plan while sometimes hindering it. Tourism plans consist of communications between various firms and governments’ organizations and data, objectives and resources are discussed in these communications. Institutional process develops because of constantly happening communications with the agencies and as a result of the development and setting of communication regulations. A good knowledge about the communication process and modifying it if necessary is important for the procedure. Improper Allocation of Responsibility and Power: The level at which the dissemination of power i.e., is it given in one person’s hand or is it distributed equally plays the dominant role in the decision-making process and can be significant in the success or failure of the plan. In this context, the accreditations of the lower-level administration to work for local tourism development problems have taken a major effect. The reason for this is that the success of the 117 CU IDOL SELF LEARNING MATERIAL (SLM)
formulating work and gaining profits in the tourism industry is highly dependent on the effectiveness of the planning and cooperation of the local bodies. The lack of this significant body in the formulation of plans or the absence of dedication from this body during the executive phase is the reason the tourist strategies fail. Patterns of Relation and the Nature of Tourism Industry: Execution of plans consists of the combined works of numerous organizations at various levels. The success of execution is hence related to whether these bodies communicate and correlate the different activities efficiently so that every decision, policy and activity are compatible with each other. Moreover, the political environment of the destination, its prevailing economic situations, and other government regulations might ascertain the results of the plan execution success. 7.6 STRATEGY FORMULATION Formulating a strategy is a systematic procedure of selecting the most compatible course of action to fulfil the aims and mission of the business. It is a stage in the process of strategic management. The strategic plan permits the business to analyse its assets, offers a financial proposal and launches the best plan of action to increase their profits. The procedure is utilized for allocating the resources, sorting, aligning and approving of the goals of the organization. A prosperous strategy could permit the business to have a single vision, identify unfairness through analysing the rationality behind the goals, and keep tabs on performance with calculable key performance indicators (KPI). There is a purposeful and calculated effort to concentrate on those where the business can improve to beat the competition. To accomplish this, a business looks for its strengths by doing SWOT analysis. After learning its strengths & opportunities it can exploit; a strategy is formulated to focus its resources and attempts in that direction. As strategies take time, effort and assets, they should be planned cautiously. Strategies, after being planned, should make sure that they align with the goals, assets and attempts of the people. The final aim of all the strategies must be to provide the best value services to their consumers. 7.6.1 Modes of Strategy Formulation Entrepreneurial Mode: In this mode strategies are prepared by a single influential person. The concentration will be on the opportunities instead of on the issues. Strategies are led by the individual’s own ideas and visions. Adaptive Mode: In this mode the strategy formulation is formed as a result of finding solutions to the current issues instead of active search for opportunity 118 CU IDOL SELF LEARNING MATERIAL (SLM)
Planning Mode: Analysts take up the job of formulating strategies. Strategic planning consists of both actively searching for opportunities and also finding solutions to current issues. 7.7 STEPS IN STRATEGY FORMULATION PROCESS IN TOURISM Strategy formulation is the procedure of selecting the best direction for accomplishing the goals and objectives of a tourism development project and hence accomplishing the vision of the tourism project. The procedure of strategy formulation generally consists of 6 major steps. Although these steps do not need to be followed in any particular order, they are very logical and so could be easily followed. Formulating the Goals of Tourism Development Planning – the main element of a strategy is to formulate long haul goals of the tourism project. It is understood that strategy is usually a channel to accomplish these goals of the tourism project. Goals give significance to the state of accomplishing but a strategy focuses on the journey to accomplish the goals. Strategy consists of both setting of goals and also channels through which to achieve the goals. Therefore, strategy is the bigger concept, which works on the way the resources will be used to accomplish the goals. When setting the goals of the tourism development project, it is necessary that the elements which impact the choice of goals should be examined before selecting the goals. After the goals are set and the elements that impact the decision have been ascertained, it is simpler to make strategic decisions. Analysing the Environment of the Tourism Project – In this step, analysis is done on the economic and industrial situation in which the tourism project is running. This consists of an evaluation of the project’s position in the market. It is vital to do an evaluation of the product portfolio as well. The reason for such evaluations is to ensure that the elements significant to achieve success in the industry could be identified and then the project can recognize their own as well as the competitor’s strengths and weaknesses. After recognizing the strengths and weaknesses, the tourism project should also follow on the attempts and actions of the competitor in order to identify opportunities and threats in the industry. Setting Quantitative Targets - In this step, the tourism planning development team should logically set the quantitative targets to achieve the project goals. The motive behind this is to do comparison with loyal customers, so as to analyse the contribution given by the different products and departments. Directing in Context with the Departmental Plans - In this step, the revenue earned by every single division and product in the portfolio of the tourism project is recognized and correspondingly planning of strategies are conducted for every unit. This needs a cautious examination of economic trends. 119 CU IDOL SELF LEARNING MATERIAL (SLM)
Performance Analysis - Analysis of performance consists of identifying and examining the interval between the outcomes which were planned. A serious analysis of the tourism project’s performance, current condition and the required situation in the future should also be decided by the project administrators. This serious analysis recognizes the level of gap which is present between the current state and the future expectations of the tourism project. An effort is made by the tourism development planning to evaluate its possible situation in future if the present environment remains the same. Selection of Strategy - This is the final step in formulation of strategy. The best way to act is selected after taking into account the goals, strengths, weaknesses and opportunities of the tourism project development. 7.8 DEVELOPING AN EFFECTIVE TOURISM STRATEGY All tourism destinations require a tourism strategy which unifies the industry and the government to have a common vision for development and management of tourism in a sustainable manner. On the basis of tourism planning and execution in so many destinations around the world, it could be said that the strategies for tourism are not always successful, but seldom the reason is bad ideas. Some specialists understand that the procedure is equally significant as the final outcome of the strategy. Therefore, the key to a triumphant tourism planning strategy includes: Stakeholder’s harmony – Harmony among the huge number of stakeholders for the project will be required for implementing the tourism strategy successfully. Tourism strategy planning should utilize a number of mechanisms and successful perspectives to accomplish this harmony. Detailed Plans of Action – Action plan should properly mention the time limit, allocation of financial and human resources and responsibilities for execution of the plan. A good tourism planner should execute the majority of the tourism development plans they formulate. The experience they receive will offer them the required outlook in formulating the plans of action which are bound by time, logical and viable. Focusing on Demand Driven Solution – Although policy structure, development of infrastructure and training are significant elements of a thorough tourism plan, improvement in the demand situation is the first and finally the only sustainable way to ensure that the product portfolio is widened, and better delivery of services. Tourism’s strategy planner’s procedure is generally focused on assisting the tourism stakeholder and identify solutions to four main questions: 120 CU IDOL SELF LEARNING MATERIAL (SLM)
Figure 7.1 Effective questions for Tourism’s strategy planners 1. Where are we now? – This is to know the present condition of the tourism industry and how it is performing. It compares the business to the competition and identifies the tourism resources available. It also answers the questions of the number of services available for tourists, who is in charge of formulating tourism policy, marketing, management etc., and the issues that the industry is facing which is blocking the success of the industry. Tourism planners study the old records, analyse the statistics, conduct researches online and talk directly to the tourism stakeholders in order to prepare an analysis of the tourism industry or the analysis of the current situation in the market which become the base for developing tourism strategy. 2. Where do we want to go? – The statement of vision is one of the highly significant elements of a tourism strategy. The goal of the vision procedure is to develop harmony around a common vision for the future of the tourism industry and the destination. Tourism strategy planners utilizes a number of various approaches to form a common vision but this is majorly accomplished via a voluntary seminar of all the stakeholders and brainstorm about their vision of the future tourism industry and the destination they are working on. They would know how much tourism has changed, its improvements, and know what is still present. Let the stakeholder voice the idea for the future of the tourism destination and display that although the stakeholders will have varied outlooks on the requirements and important improvement required, they usually have a general vision for how they wish the tourism destination to be like in the future. 3. How do we get there? – After a common vision is perceived, the next important thing is the way to accomplish the vision and set up action plans to execute. Although each tourism destination is distinguishable and they have their own significance and issues, the majority of the tourism strategies tend to focus on five or six points of the strategy known as the goals of the strategy. The goals have the tendency to be concentrating on improving collaboration of policies, development of destination, marketing, human resource allocation, sustainability and others which comes from the planning process. After identifying the goals, strategies for achieving the goals are selected. Specific strategies are the major elements of the plan and what offers the pathway for tourism to achieve its 121 CU IDOL SELF LEARNING MATERIAL (SLM)
vision. Via the interactions with the stakeholders and the results from the seminars for tourism planning these strategies are recognized and provide for each goal. Each strategy needs to be mentioned in detail for every stakeholder to understand what is being done and why. The most significant step in the formulation of comprehensive action plans. These action plans are formulated through people in both private and public sectors, community, conservations and other stakeholders. It should align with the government’s annual budgeting. 4. How do we know we’ve arrived? – Indicators are a significant appliance in the strategy planning to identify appraisable targets which could be utilized to calculate the outcomes of the strategy execution procedure. Indicators must consist of not just economic performance, but should also consist of sustainable development policies which shows the advancement towards achievement of the vision. 7.9 SUMMARY Every goal should be set in a calculable and measurable form, and must have a time limit to achieve them. In the absence of goals, it is difficult for the administrators to develop the rest of the plans or to look for any financial support as this will look like the project doesn’t have a direction. Productivity of a business is determined by the goals formulated and the degree of achievement of goals. There are three major approaches to goal formulation. They are top-down, bottom-up and management by objective approach. Tourism plans prepared without giving consideration to the local bodies are most likely to fail at implementation Improper allocation of responsibilities, lack of proper order in the organizational level, and nature of the tourism industry also results in failure of development plans Formulating a strategy is a systematic procedure of selecting the most compatible course of action to fulfil the aims and mission of the business. The strategic plan permits the business to analyse its assets, offers a financial proposal and launches the best plan of action to increase their profits Strategies, after being planned, should make sure that they align with the goals, assets and attempts of the people. The final aim of all the strategies must be to provide the best value services to their consumers. 122 CU IDOL SELF LEARNING MATERIAL (SLM)
Action plans are formulated through people in both private and public sectors, community, conservations and other stakeholders. It should align with the government’s annual budgeting. There are 3 modes for strategy formulation: entrepreneurial, adaptive and planning The procedure of strategy formulation generally consists of major steps: formulating business goals, analysing business environment, setting quantitative targets, directing in context with departmental plans, performance analysis and strategy selection. Key to a successful tourism planning strategy consists of: stakeholder’s harmony, detailed plans of action and focusing on demand driven solutions. Tourism strategy planners look for answers to four main questions: Where are we now? Where do we want to go? How do we get there? How do we know we have achieved? 7.10 KEYWORDS MBO: Management by Objectives KPI: Key Performance Indicators Goal: Aims to accomplish which the organization is working towards. Strategy: An action plan which decide the journey through which the set goals are achieved Stakeholder: Individual, organization or a group who is impacted by the tourism development plan 7.11 LEARNING ACTIVITIES 1. Research on various destination development strategy formulation and implementation plans and write an essay on possible reasons for their success or failure. ___________________________________________________________________________ ___________________________________________________________________________ 2. UNWTO has released an agenda called Tourism in the 2030 Agenda. Study the contents of this agenda and write a detailed report on it. ___________________________________________________________________________ ___________________________________________________________________________ 123 CU IDOL SELF LEARNING MATERIAL (SLM)
7.12 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. Define Goal formulation. 2. Explain importance of goal formulation. 3. List the approaches to goal formulation. 4. Mention the steps in strategy formulation. 5. Expand MBO and KPI. Long Questions 1. Why does tourism development plan implementation fail? 2. Give a detailed explanation using various examples from the industry. 3. Explain in detail the strategy formulation and implementation process in the tourism industry. 4. Elaborate on approaches to goal formulation. 5. Discuss the necessity of effective tourism strategy. B. Multiple Choice Questions 1. Goals have _________ a. Time limit b. Performance targets c. Both Time limit and Performance targets d. Either Time limit or Performance targets 2. Goals are important ______________ a. To provide direction only b. To develop other plans only c. To obtain financial support only d. To provide direction, plans and financial support 3. Management by Objective is where goals are formulated by _______ 124 CU IDOL SELF LEARNING MATERIAL (SLM)
a. Top management b. Lower management c. Both top and lower management d. Either top or lower management 4. Strategy implementation fail because of _________ a. Local community involvement b. Scarcity of resources c. Previously tested successful plans d. Bottom-Up Management 5. Acronym for KPI is ____________ a. Key Product Index b. Key Performance Index c. Key Product Indicator d. Key Performance Indicator 6. Strategy formulation is for _____________ a. Setting goals b. Ways to accomplish goals c. Accomplish goals d. Utilizing more time 7. Reason for not implementing so many tourisms strategy planning is ____________ a. Lack of Cooperation between stakeholders b. Bad ideas c. Incomplete plans d. Quality theme 8. __________ is the best approach for tourism goal formulation 125 CU IDOL SELF LEARNING MATERIAL (SLM)
a. Bottom-Up Approach only b. Top-Down Approach only c. Management by Objectives only d. Bottom-Up Approach, Top-Down Approach and Management by Objectives Answers 1-c, 2-d, 3-c,4-b,5-b, 6-b,7-a, 8-c 7.13 REFERENCES Reference book Heath, E., Wall, G. (1992). Marketing Tourism Destinations: A Strategic Planning Approach. United Kingdom: Wiley. Textbook reference Tourism in Destination Communities. (2003). United Kingdom: CABI. Websites Yuksel, Fisun & Yuksel, Atila. (2000). TOURISM PLAN FORMULATION AND IMPLEMENTATION: THE ROLE OF INTER-ORGANISATIONAL RELATIONS. IvyPanda – Business Strategic Management Paper – Web Management Study Guide –Formulation for Strategy 126 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT - 8:REGIONAL GOAL FORMULATION - II STRUCTURE 8.0 Learning Objectives 8.1 Introduction 8.2 Product Portfolio 8.3 Goals and Objective of Product Portfolio 8.4 Importance of Product Portfolio 8.5 Strategies and Steps in Product Portfolio Management 8.5.1 Analysis of Portfolio 8.5.2 BCG 8.5.3 General Electric/ McKinsey Matrix 8.6 Product Life Cycle Stage Analysis 8.7 Resource Allotment 8.8 Creating the Product Portfolio Blueprint 8.9 New Product Development or Acquisitions 8.10 Summary 8.11 Keywords 8.12 Learning Activity 8.13 Unit End Questions 8.14 References 8.0 LEARNING OBJECTIVES After completing this unit, you will be able to: Describe product portfolio, goals and objectives of product portfolio Understand the importance of product portfolio Describe the strategies and steps in product portfolio management in tourism
8.1 INTRODUCTION This unit will focus on the entire subject of the product portfolio with special reference to the tourism industry. We will learn the meaning, goals & objectives and importance of a product portfolio to any business or a project. Later we will also do a detailed study on the strategies and approaches which are used in product portfolio management with emphasis on the tourism industry. 8.2 PRODUCT PORTFOLIO Product Portfolio could be defined as the collection of services and products provided by a project or organization to their intended market. It consists of every one of the services from the beginning of the project launch to the ones which are being provided currently and also those will be provided in the future. A product portfolio consists of everything of the products and services a project has to offer. A product portfolio may consist of a variety of sections of products, various lines of products, and eventually, the individual product as well. The decision of the administration regarding the products and its strategy for the product portfolio to be offered are one of the highly significant factors which will impact the project’s future. A project will have to have a good product portfolio management system, mainly if it has a large variety of products/ services to offer. A set of projects can also be called a portfolio, just like a set of paintings or a funding compile to be a portfolio. 8.3 GOALS AND OBJECTIVES OF PRODUCT PORTFOLIO Not all the services provided by any project will be able to succeed in the market or that it matches with strategies of the project. Therefore, it is essential to actively identify those services and take the correct course of action of maybe developing them or removing them from the product portfolio completely. Or else, the resources assigned to these flopped services would result in waste of time, labor and skill. The first objective of a product portfolio management is to reduce the funding in underperforming services and strengthen the development of those services which could give success. This perspective not just affects the higher administrations, but also ensures that the assets are allotted to merit worthy projects. Below are a set of purposes and objectives for having a standardized product portfolio management: Position the services/products available at present and those planned for future with the mission and vision of the project. 128 CU IDOL SELF LEARNING MATERIAL (SLM)
Evaluate and examine the position of the products in the marketplace and their effect. Remove the less performing services and all those which are not creating any value for the project. Allocate and arrange resources for value creating and new, creative services to help them prepare for better performance. Analyze and concentrate on enhancing the service’s performance to help them meet the market demands effectively. Generate an unambiguous environment and ensure all the stakeholders are involved and informed. 8.4 IMPORTANCE OF PRODUCT PORTFOLIO Product/Service Innovation: It is significant to set a product portfolio strategy and examine them regularly for planning and getting up novel and unique ideas for a set of products or services to be provided in the market. It assists in defining the varieties and classifications of the services which are in demand and are favoured by the clients and with these expertise and understanding, offer a new line of services which are not just unique but also new in terms of idea and at the same time complements the needs of the market. Tax Benefits: Administering and examining the product portfolio regularly assists to plan the investments and every one of the financial components of the project, thus, benefitting immensely in terms of taxes. Aligns the Products/Service with the Project Strategy: It is highly significant that the services provided and their income generations aligns with the overall mission and vision of the project and the strategy of business. Only then the project could possibly achieve their goals and objectives of increased sales, better profits, competitive edge, and higher share in the market. With a good Product Portfolio management assists the administration to alight the current and future products with the project’s vision and strategy. Picturing the Complete Line of Products: Analysing and understanding the operating, revenue generating, and other aspects of all the services provided by the project on an individual level could be extremely inconvenient and would not be possible to do comparison efficiently. With a product portfolio however, all the stakeholders will be able to picture the complete portfolio of every product/service from old & current to prospective products. Efficient Allotment of Available Resources: With a product portfolio, it is simpler to allot the numerous resources of the project like the human resource, financial 129 CU IDOL SELF LEARNING MATERIAL (SLM)
resources and fixed assets like buildings, machineries etc. in an efficient way. It assists in finding out those services which give out the highest incomes for the project, those services which have ability to grab better market share but needs support, and also those services which are declining and are soon to be redundant and hence need to be removed from the market. Information for the Administration of Project: It assists in offering vital and significant information to the important people in the project’s administration which gives them insight about the performance of the products and services, income generated by every product, share in market, demand for the product and need for any modifications in the products/services which would help in the planning and implementation of future plans of the project. Cash flow: Any project requires a steady inflow of money to do their everyday business operations like paying out salary to the employees, rent, and many more along with the cast needed for the funding in the current and prospective product lines. And with a good design and management of the product portfolio, the financial problems of the projects are solved as it assists in identifying the services which bring in the largest income and those which bring the least income. Cooperation within the Internal Department: Every product and service provided by a project and the operations for them are not done by a single individual, they are in fact administered by different teams allocated by the administration of the project. This is highly suitable for a huge project with numerous products and services offered in the market. Because of a well-managed product portfolio, the different teams conduct meetings and reflect upon the outcomes and hence ensure that every individual is aware of the complete business operations and strategies, i.e., having cooperation to accomplish the project’s vision and objectives. Correct Identification of the Target Market: Product portfolio assists the administration to identify the reason behind the successful performance of some products and the dreadful performance of other products and services and not aligning with the objectives and strategies. And this assists the administration to fix the problem and promote the products and services to those target markets which would be able to bring success to the products and services. A Sample of Tourism Product Portfolio Cultural Natural Event based Manmade Sports Other Tourism Tourism Tourism Tourism Tourism special Product Product Product Product Product interest Tourism 130 CU IDOL SELF LEARNING MATERIAL (SLM)
Pilgrimage National Parks Local festivals Malls Skiing Product Museums Hill Stations like Holi, F1 Races Heritage Centres Beaches Diwali etc. Water Parks Cycling Paragliding Food Caves Etc. Etc. Etc. Olympic games Amusement White Parks Water Shopping Rafting Festivals Zoos Botanical Horse Etc. Gardens Riding Etc. Street Foods Etc. 8.5 STRATEGIES AND STEPS IN PRODUCT PORTFOLIO MANAGEMENT There are various strategies and steps in Product Portfolio Management as follows: 8.5.1 Analysis of Portfolio The initial step in any strategy formulation in a project is to analyse whether the project being planned is matching with the long term and short-term objectives. This is because the project would be putting the finances, human resources, skills and proficiencies in an under- successful business without any returns. A portfolio planning approach consists of examining a project’s complete set of products and services connected to each other. Two of the highly utilized portfolios planning approaches consist of the Boston Consulting Group (BCG) matrix and the General Electric or McKinsey Matrix. 8.5.2 BCG The Boston Consulting Group (BCG) matrix assists projects examine every one of its strategic products and services on the basis of two elements: The product’s market development rate and product’s market share. a. The product’s market development rate i.e., the rate at which the product is growing in comparison to the competition in the industry. b. The product’s market shares i.e., the product’s share in the market in comparison to the products of the competitors. Since the BCG matrix presumes that profits and share in the market are interconnected, it is a helpful attitude for taking decisions related to business and investments. Therefore, the BCG 131 CU IDOL SELF LEARNING MATERIAL (SLM)
matrix is prejudiced, and the administrators must also utilize their logic and other methods prior to taking decisions. Utilizing the BCG matrix, administrators must classify their product lines into one of 4 segments as displayed in the figure below: Figure 8.1 BCG matrix Stars: Everybody desires to be a star. A star is that service/product which has higher level of growth and better share in the market. To keep up the growth of a project’s star products, the project might have to put in more cash to develop them and the way they are dispersed and marketed. Example: when super speed trains were introduced, it was a star product in the railway sector. Cash Cows: A cash cow is the product with the lesser growth and better market share. Cash cows must have a huge share of a depreciating market. Even though they bring out a lot of income, they will not have a good future. For example, group tours were a cash cow in the tourism industry when they were initially invested. However, with modernization, customized tours and travels took over the group tours. Organizations in cash cows must administer them so that they will continue to bring up income to invest in their star products. Question Marks / Problem Child: When a product or service has a smaller share in the highly growing market. Administrators categorize these products as question marks or problem children. They should decide if they need to put money in them and wait for them to become a star product or slowly remove from their portfolio. For example, when the price of petrol increased, cycling tours were introduced. 132 CU IDOL SELF LEARNING MATERIAL (SLM)
Dogs: A dog is that product which has less level of growth as well as less share in the market. Dogs do not generate any income and also don't have a good future. Organizations usually try to sell off dogs. But some organizations are unwilling to categorize any of their services as dogs. Therefore, they keep investing in those services even when they must not do so with the expectation that they might be successful. The BCG matrix assists the administrators to make decisions about allotment of resources after the products are categorized. On the basis of the products, an organization may decide on the strategies for them. One of the strategies is to develop the share in the market for the product, mainly that product which has the potential to become a star. Most of the organizations put their money in question mark products as it has the market share available. 8.5.3 General Electric/ McKinsey Matrix The GE approach studies a product’s strengths and appeals to the industry in which they are competing. Strengths of a product are those elements which are internal and within the organization, including a good team of human resource with expert skills, good technical support team and a good market share in the industry. The appeal of the industry could consist of elements like if it will have a high level of growth or not and if the difficulty in entering the market. For instance, during an economic shutdown, the travel companies mostly went bankrupt as there was less to no tourism in any country. Now when the economy is opening, the tourism companies are thinking twice before investing in them as they fear for its development in the next few years. Airlines and also the hospitality industry have faced similar issues. The General Electric approach could be understood by looking at the traffic lights. For instance, if an organization calculates that its product doesn’t have the necessary strengths to compete in the industry which is no more appealing as well, it will have lower rating and thus is the red light. In such situations, the organizations must gradually decrease their investment, or sell off their product. The yellow light is considered to be the caution light. Organizations with ratings in the middle in terms of appeal in the industry and strengths of the product must be careful in further investments and should try to maintain their share in the market. If a product has a rating with good strength and very good appeal in the industry, then this product is the green light. In such cases, the organization must put their money in this product and try to develop their share in the market. 8.6 PRODUCT LIFE CYCLE STAGE ANALYSIS The next step after the classification of the products is to identify the place each product has in the product life cycle. 133 CU IDOL SELF LEARNING MATERIAL (SLM)
Exploration Stage In the tourism product life cycle, this is the first stage. In this stage tourism products are identified and launched in the market. Very few tourists visit the attraction at this stage. Mostly, the tourists who visit these new destinations are people who like to explore new places and are adventurous. In the BCG matrix, these destinations can be classified as question marks. The products have to be studied further. Involvement Stage This is the second stage in the tourism product life cycle. More tourists start visiting the destination and the local community will start becoming aware of the increasing tourist level in their place. And hence they start getting involved in the tourism activities like accommodation, restaurants, tour guides, taxis etc. This is also a question mark stage in the BCG matrix as there is still no certainty that this destination will become a star destination. Development Stage This is the third stage of a tourism product lifestyle. In this stage, the destination becomes well defined and bigger investments start pouring in as the number of tourists visiting the destination also increases rapidly. International food chains, hotels and entertainment companies also invest in this destination. Consolidation Stage This is the fourth stage of a tourism product life cycle. In this stage, the destination’s local community will be completely involved in the tourism activities and they will be earning higher incomes. Even marketing is higher in this stage so that more and more tourists are attracted to the destination. This is the star product in the BCG Matrix. Stagnation Stage This is the fifth stage of the tourism product life cycle. In this stage, the destination’s carrying capacity has reached its limit. And hence other issues start arising as the economy will go down and therefore intensity of tourist inflows will reduce gradually. In the BCG Matrix, this is the Cash Cow product. Some action needs to be taken if the destination needs to be protected. Decline/ Rejuvenation Stage This is the final stage of the tourism product life cycle. Tourists visiting the destination declines dramatically mainly due to pollution, high prices, crime rates, crowd etc. and the economy will also start falling. This is the decline stage. In the BCG Matrix the dog product. 134 CU IDOL SELF LEARNING MATERIAL (SLM)
However, with some policy changes, the destination can be rejuvenated and be marketed as a new product, bringing the product back to question marks. 8.7 RESOURCE ALLOTMENT On the basis of the product, its work and the lifecycle stages, the administrators will be able to recognize and plan required resources while keeping in mind other resource qualities. A significant point here is that the star product might require more specific resources which can be enhanced and developed to make it a cash cow product. At the same time, the vital resources allotted to the product in the declining stage will need to be shifted to question marks, cash cows or stars. Administrators will have the freedom to process out the resources on the basis of their necessities such as roles, cost, profile, location etc. 8.8 CREATING THE PRODUCT PORTFOLIO BLUEPRINT A product portfolio is developed to be strengthened only with the actions of the stakeholder’s involvement including customers, administrators, and resources. It is hence essential to build up the group and make sure that all are in line with the strategy. A product portfolio blueprint is one of those documents which records each particular about the product and its classification to the range and resource goal. The blueprint stimulates group cooperation, permits to resolve the compound issues in an alliance, conducts investment resolutions as a group, and fulfils the product’s multipurpose requirements in the business. 8.9 NEW PRODUCT DEVELOPMENT OR ACQUISITIONS All organizations focus to increase and be unique in the always competitive tourism industry. Reducing the business to the current portfolio of products might limit the industry from taking advantage of the developing market. New Product Development when it becomes a segment of product portfolio strategy, it is the one which fixes everything. It offers great chances of development and permits the business to expand. Alongside new product development, researching for a possible acquisition that could induce value and improve the market share is vital. The acquisition is a long procedure which consists of looking for the correct chance, participating and cooperating with possible business, doing a detailed background check on the background, and at last, after cooperating, compiling the product into the portfolio. 135 CU IDOL SELF LEARNING MATERIAL (SLM)
8.10 SUMMARY Product Portfolio could be defined as the collection of services and products provided by a project or organization to their intended market. Product portfolio consists of every one of the services from the beginning of the project launch to the ones which are being provided currently and also those will be provided in the future. A set of projects can also be called a portfolio, just like a set of paintings or a funding compile to be a portfolio. The first objective of a product portfolio management is to reduce the funding in underperforming services and strengthen the development of those services which could give success. Administering the product portfolio regularly assists to plan the investments, benefitting immensely in terms of taxes. Steps in product portfolio management includes: analysis of product portfolio, product life cycle stage analysis, resource allotment, creating a product portfolio blueprint, new product development or acquisitions There are two ways to analyse product portfolio: BCG Matrix and McKinsey’s Matrix In BCG Matrix, products are classified between 4 categories: Stars, Cash Cows, Question Marks and Dogs The BCG matrix assists the administrators to do decisions about allotment of resources after the products are categorized Most of the organizations put their money in question mark products as it has the market share available. The GE approach studies a product’s strengths and appeals to the industry in which they are competing. The General Electric approach could be understood by looking at the traffic lights. If a product has a rating with good strength and very good appeal in the industry, then this product is the green light. Product life cycle in tourism consists of 6 stages: Exploration, Involvement, Development, Growth, Stagnation, Decline/ Rejuvenation A successful portfolio management should lead to new product development or product acquisition. 136 CU IDOL SELF LEARNING MATERIAL (SLM)
8.11 KEYWORDS Product Portfolio: Includes all the products that a business offers BCG: Boston Consulting Group GE: General Electric New Product Development: Developing new products to launch in market Acquisition: Taking control or buying another already functioning business 8.12 LEARNING ACTIVITIES 1. Study a new product development or acquisition story of a tourism company and write an essay on the motives, process and the consequences of the initiative. ___________________________________________________________________________ ___________________________________________________________________________ 2. Choose any one cuisine related tourism product in West Bengal. Analyse the importance of maintaining a product portfolio. ___________________________________________________________________________ ___________________________________________________________________________ 8.13 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. Define product portfolio. 2. Explain goals of product portfolio. 3. Describe the importance of product portfolio. 4. What do you mean by new product development? 5. Give the meaning of acquisition. Long Questions 1. Elaborate Product Portfolio Blueprint. 2. Describe resource allotment. 3. Discuss the steps in Product Portfolio Management. 137 CU IDOL SELF LEARNING MATERIAL (SLM)
4. Describe about the McKinsey Matrix. 138 5. Explain product life cycle analysis with BCG matrix. B. Multiple Choice Questions 1. Product portfolio consists of____________ a. Products only b. Services only c. Both products and services d. Neither products nor services 2. PLC stands for _______ a. Product Life Cycle b. Product Longevity Cycle c. Production Life Cycle d. Production Longevity Cycle 3. _______of the following is a stage in tourism product life cycle a. Rejuvenation Stage only b. Consolidation Stage only c. Both Rejuvenation and Consolidation d. Neither Rejuvenation nor Consolidation 4. __________ of the following is a classification in BCG Matrix a. Problem Child b. Green Light c. Cats d. Stagnation 5. ___________ is the full form of BCG a. Brussels Counselling Group b. Boston Counselling Group CU IDOL SELF LEARNING MATERIAL (SLM)
c. Boston Consulting Group d. Brussels Consulting Group 6. Product portfolio blueprint consists of____________ a. Resource goals b. List of products c. Both Resource goals and List of products d. Neither Resource goals nor List of products Answers 1-c, 2-a, 3-c, 4-a, 5-c, 6-c 8.14 REFERENCES Reference book Ziakas, V., Getz, D., Antchak, V. (2019). Event Portfolio Management: Theory and Methods for Event Management and Tourism. United Kingdom: Goodfellow Publishers Limited. Textbook reference Taylor, P. D. (1993). New Challenges in Recreation and Tourism Planning. Netherlands: Elsevier. Águas, Paulo & Costa, Jorge & Rita, Paulo. (2000). A tourist market portfolio for Portugal. International Journal of Contemporary Hospitality Management. 12. 394-401. 10.1108/09596110010347220. Websites https://www.tourismbeast.com/tourism-product-life- cycle/#:~:text=The%20concept%20%E2%80%9CTourism%20Product%20life,means %20knowing%20this%20whole%20procedure.Riverlogic – Product Portfolio Strategy https://www.nrs.fs.fed.us/pubs/gtr/gtr_nrs-p-14/12-daniel-p-14.pdf 139 CU IDOL SELF LEARNING MATERIAL (SLM)
https://umaine.edu/business/ https://equella.lincoln.ac.nz/prod/file/110992b7-d759-49eb-a158- d39434c423e8/1/Lecture%2026%20Course%20Review%20%26%20Exam%20Prepa ration.pdf https://www.saviom.com/blog/product-portfolio-management-ppm/ 140 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT - 9: MARKET SEGMENTATION STRUCTURE 9.0 Learning Objectives 9.1 Introduction 9.2 Definition of Market Segmentation 9.2.1 Market Segment 9.3 Criteria of Market Segmentation 9.4 MultipleSegmentsinTravelandTourism 9.5 Categories of Market Segmentation 9.6 Stages for Effective Tourism Market Segmentation 9.7 Importance of Market Segmentation 9.8 Strategies for Market Segmentation 9.9 Summary 9.10Keywords 9.11Learning Activity 9.12Unit End Questions 9.13 References 9.0LEARNING OBJECTIVES After studying this unit, you will be able to State about the basic definition and concepts of market segmentation Explain the bases, steps and categories of market segmentation in tourism Describe the importance of market segmentation Outline the various criteria for segmentation the tourism markets
9.1 INTRODUCTION This unit will help you understand the basic definition of market segmentation and gives a competitive edge to the firms in the present-day business environment. The types and process of segmentation can assist you understand the practical reasons for the application of market segmentation. Tourism industry has always been a competitive industry and segmentation gives an organisation an edge over its competitors because the process helps reach the target customers. This unit can explore the importance of market segmentation for the Tourism Industry. In tourism, market segmentation is very important. The strategy of market segmentation in tourism is to divide the present and the potential market on the basis of some characteristics and then concentrate marketing efforts like pricing, supply and promotion efforts to the target markets. Segmentation can be defined as the process of dividing an entire market, including all people, or a sector of a market, such as holidays, tours, or into subgroups or segments for direct marketing purposes. Its goal is to promote more cost-effective product marketing, through education, promotion, and delivery of products specifically designed to meet the needs of the target audience. 9.2 DEFINITION OF MARKET SEGMENTATION The tourism sector is one of the world’s most rapidly growing industries. In recent years people travel for many reasons like education, religion, general business travel, cultural tourism, medical tourism, adventure tourism and so on. The preferences of the tourist’s industry as consisting of various services relating to transportation, accommodation, food, beverage, and entertainment also differ. It is terribly crucial for any tourism stakeholders to know the wants of the traveller and thus customize the services consequently. Therefore, market segmentation becomes a significant feature of business strategy and marketing tools for any tourism company. Smith (1956) introduced the concept of market segmentation, strategy. He states that \"market segmentation\" describes a heterogeneous market (characterized by divergent demand), like many smaller homogeneous markets. In the market segment that the group of people belongs to, these have been developed, which are similar in a number of personal qualities. Specific features for which the contract was marked in the segmentation criteria of the segmentation database. Segmentation criteria and databases can include socio-demographic data (for example, old vs. young, tourists), behavioural variables (for skiers vs. tourists, or psychographic variables, tourists are motivated by the world, and attitudes toward those who are motivated to act and communicate). Market segmentation can be applied to any division of the tourism industry: hotels, travel agencies, tourist attractions, restaurants, and local charities. A capability to divide tourism markets into distinct groups of travellers, or prospective travellers, who respond otherwise to 142 CU IDOL SELF LEARNING MATERIAL (SLM)
changes in promoting combined variables, is probably going to prove significantly helpful to those trying to influence shopper demand for a selected destination or bundle of product and services offered at intervals at a destination. Allow us to see this with the assistance of two models. In the event that Maharashtra the tourism development corporation (MTDC) needs to do advertise division for legacy the travel industry and needs to target German tourists, initially they need to isolate the potential German sightseers having homogenous necessities to visit the legacy locales to learn history, engineering and craftsmanship and how they react to the Product, Pricings, limited time techniques like web-based showcasing and so on. What can also be refined from the above definitions is that segmentation is a cycle of partitioning one population into smaller modest sub-populaces (i.e., groups or segments), which are described by various requirements, characteristics or behaviours, including their response to the way they are approached and affected. Market segmentation is the process of identifying groups of customers in a market that have diverse needs. Market segmentation has several obvious advantages, such as: Better placed to spot and compare marketing opportunities Cater to the specific needs of the buyers Develop marketing campaigns for specific market segments 9.2.1 Market Segment A market segment is a group of individuals that share one or more common characteristics and are used for direct marketing purposes. Each market segment is very unique and marketers can use a number of criteria to create a target market for your product or service. For marketing professionals who are suitable for each segment otherwise, after fully understanding your needs, lifestyle, demographics, and personality of the target consumer. It is very important to understand your market segments and valuations. The market segment, of course, should be able to provide you with the opportunity to get a satisfactory rate of return on your invested efforts. Other features of the market segment are: Measurable Accessible Substantial Defensible Durable Competitive 143 CU IDOL SELF LEARNING MATERIAL (SLM)
9.3 CRITERIA OF MARKET SEGMENTATION Therefore, the goal of a real risk group of tourists is that the management values it. For a segment to be useful from a management point of view, a number of requirements must be met. 1. The segment to be declared, to the extent that the members of the segment must be as similar as possible to each other and differ from representatives of other segments. 2. The segment must match the strengths of tourists. 3. The segment must be identified. Because a female traveller can be recognized very easily, and user identification, which is motivated by a sense of calm and relaxation, may not be all that simple. 4. The segment has been reached, so adaptive in order to communicate effectively. For example, will it be difficult for surfers to read surfing magazines that can be used for promotion? 5. The segment must be appropriately sized. This doesn't mean that a higher class is better. As a tourist destination, you can choose a small niche segment that has a large enough market for its end-use and has the added advantage of having a completely different set of requirements. Based on the criteria listed above, it is for the benefit of segments to consider when one or more segments can be selected as an active and direct approach. 9.4 MULTIPLESEGMENTSINTRAVELANDTOURISM Before using the methods that will be used for market segmentation, we present below some tips for a number of subgroups that represent businesses in various sectors of the travel and tourism industry. As can be seen from the table, there are generally excellent consumer segments, one for each of the main sectors of the economy. Hotels / Lodges and Dharmshalas Corporate/business clients Visitors on group package tours Independent vacationers Travel Planners and Organizers Young people, singles and couples 144 CU IDOL SELF LEARNING MATERIAL (SLM)
Families with children Working / non-Working Women Retired /senior citizens Transport Service Providers First-class passengers Club-class passengers Economy / Standard-class passengers Tourist Places / Destination Marketers Local residents in the area Day visitors from outside local area Domestic touristsand Foreign tourists 9.5 CATEGORIES OF MARKET SEGMENTATION There are four main categories of market segmentation models that should form the focus of any marketing plan. Geographic segmentation Demographic segmentation Psychographic segmentation Behavioural segmentation Each market segment has its own needs and expectations. No single organization can meet the needs of all businesses. Each organization has to make a decision about the particular segment or segments of its business interest. The segment identified as such is called the target segment. After analysing the market and all the actions that you should plan accordingly up to this stage, it depends on whether the goal will be in the back of your mind. Geographic segmentation: Geographic segmentation refers to grouping consumers based on their location, and is a basic but highly useful segmentation strategy. The customer's location can help you better understand their needs and allow you to send ads targeted to a specific location. The cause for the importance of travel industry advertisers considering geographic segmentation is that limited time media is generally attached to a specific geographic region or market. The 145 CU IDOL SELF LEARNING MATERIAL (SLM)
bigger the geographic section picked, the more media inclusion that will be required and the more costly the advancement will be. Therefore, it's a good idea to determine early in the segmentation process the geographic limits of promotional efforts. Most international companies prefer Geographical segmentation. The South-western States in the U.S. represent geographic market segmentation variable Defining market segments according to geographical boundaries is using a geographic variable. Geographical segmentation of the market is based on factors such as the place of origin of tourists. This factor is important, as it is precisely the tourists who are part of different places associated with different cultures and show different traits of behaviour and this is the most common type of segmentation. A marketing strategy is divided according to geographical areas such as economy, food habits, clothing, customs, language, traditions, customs, and many other features. Demographic segmentation: Demographic segmentation groups customers and potential customers together by focusing on certain traits like age, gender, family size, family life cycle, religion, income, occupation and nationality. For example, if Yemen should be divided and for tourism development in India, marketing India tourism to take into account the above listed characteristics, segment product development. Age: The preferences of tourists can certainly be calculated based on their age. A little youngster of 10 might want to venture out to the Disney world while a man of 25 years old, would go on the adventure of the Tour de France. In addition, the Business Centre will be prioritized by a 45-year-old person, while during a pilgrimage or visit to a cultural heritage site a 58-year-old is chosen. Therefore, it is very important to consider age as a criterion for market segmentation. Gender: Between the products that men and women need, differences arise with the choice of what to demand them. Products can also be designed accordingly if safety is important for a woman when she is traveling in the air, or in hotels, or on a visit to a cultural heritage site. The product tour can also be upgraded for women to travel as well, giving them more time to shop, etc. Based on this choice, gender aspects are based as a criterion for market segmentation. Life stage segmentation: Each segment can be developed based on its lifecycle. For example, prospective wedded couples are segmented into products such as wedding, tourism, and technical students while practicing in their final year of study, the segments can be used for the industrial tours. Religion: People have to travel for religious purposes, such as traveling to temples and places of worship, Muslims have their own centres of worship, such as Sikh to the Gurudwara, Buddhist to the spots related with life of ruler Buddha, etc. 146 CU IDOL SELF LEARNING MATERIAL (SLM)
Income: Income will affect the cost of buying a tour. Products can be designed based on income level, for example, affluent tourists prefer to go for a leisure tour with the costly services right side of airlines, accommodation, entertainment and shopping, while for low-budget tourists prefer to get the services they are cheap. Occupation: As a professional entrepreneur and farmer, consists of the same income group and has different preferences, so it is important to split into groups and engage in product development. Nationality: People from different countries tend to perceive behaviour, as well as their environment. For example, domestic tourism is affected by religious tourism in India. Psychographic Segmentation: Psychographic segmentation in tourism marketing research can be an important tool in explaining the reasons why tourists choose destinations and what their expectations and perceptions are in terms of travel experiences. These are attributes, social class, lifestyle, values, and personality. However, for some products, these internal attributes have a stronger impact on determining customer preferences. There are external and demographic data available. As a tourism destination, it is a product, a decision about which is based on the psychographic characteristics of potential tourists in relation to their population. Social class: As a rule, the economic wellbeing of individuals basically chooses the products they use and their preferences (in general). Social class is her choice of clothing, shoes, food, cars, electronics, etc. For example, the elite of the elite, and in general (solitaire, luxury cars, houses, etc.). It's a luxury car brand based on the elite of elites, not middle-class people. This type of segmentation can be very useful for companies that have a niche product or service that is useful for all classes. Life style: Different people have different lifestyles, depending on their source of income, social groups, and so on. So that most people buy products that fit their lifestyle. For example, this segment, they would prefer to go to a shopping festival in Dubai or a carnival festival in Brazil. Value: The values can be divided according to how much consumers spend on their products. Previous purchase data, such as the number of purchases they make and how often they shop, and the cost of the items they buy, will be available, you will help companies increase the development price of the product and, as a result, this segment of the industry. Personality: Personality traits such as aggressiveness, masculinity, interpretation, etc. affect the buyer's behaviour towards the individual. Each segment can be understood by the categorization of Plog (1974). He ordered tourists dependent on their 147 CU IDOL SELF LEARNING MATERIAL (SLM)
personality types to be specific Allocentric, Near Allocentric, Mid-Centric, close to Psychocentric and Psychocentric. Behavioural Segmentation: Behavioural segmentation refers to a process in marketing that divides customers into segments based on their behaviour in interacting with a particular activity or website. Identify tourism markets based on events and activities that will be implemented during the tourism experience Travel occasion Destination coverage: It may be one destination/many destinations; length of stay Activities: It includes Type of accommodation, Transport and Active/passive activities Repeat patronage/loyalty: It is the knowledge of the past, as well as the frequency of trips and activities 9.6 STAGES FOR EFFECTIVE TOURISM MARKET SEGMENTATION Due to vast competition the organisations must strategize effective ways for developing stages for market segmentation. UNWTO has identified market segmentation as a process involving six basic stages. The six stages for effective market segmentation are mentioned below: Stage 1. Analysis: investigating potential market segments Collection of accurate and authentic information about the various potential market segments and their subsequent analysis is the first stage in the market segmentation process. Common factors in statistical collection include: Activities undertaken (skiing, diving, hiking, golf, etc.), Booking mechanism (Internet, travel agent etc), Travelling partner, Demographic data (age, occupation, income, education, family etc), Group/party size, Length of stay, Media habits (communication channels – TV, radio, newspapers, etc), Motivations (recreation, culture, adventure, sun-seeking etc), Origin country/ place of residence, Other countries/destinations considered for a visit (i.e. information about competition), Purpose of visit (business, VFR, leisure, education, special events etc), Regions/areas visited, Repeat or first time visitor, Sources of information while planning to visit a destination, Spending (by category e.g. retail, accommodation, travel etc), Mode of transport while coming to/ during the stay in the country, Travel dates (by month to assess seasonal variations), Trip type (independent or package) and Type of accommodation used. Stage 2. Diagnosis: identifying, quantifying and profiling segments 148 CU IDOL SELF LEARNING MATERIAL (SLM)
The 2nd stage involves identifying and profiling those groups of customers within a market that share a range of common characteristics, which the organisation feels is apt enough to endorse their product on offer. Narrowing down onto the ‘best prospect’ segments is the next step. This is a challenging task and is usually done by comparing certain identified segments. Some of the factors most commonly used as a basis for comparing segments are Access to the product (physical and booking), Accommodation capacity, Awareness and image of the destination, Carrier capacity (accessibility), Income and education level, Market share, Media usage and availability of promotional opportunities, Product fit, regional spread, Seasonal spread, Size of segment and growth trends, Value/spend (current and forecast) and Visits (current and forecast). Stage 3. Selection: choosing and prioritising segments This stage covers the organization that wishes to target A few common methods usually followed by organizations while making final selections of target market segments are listed below. This is not an inclusive list and an organization usually uses a combination of these methods before making the final decision. Advice: from experts in the tourism trade and other sources with first-hand experience in the market, Backing winners: selecting target segments, based on current performances, Commonality: choosing target segments that behave in a similar way across markets or have similar consumption patterns, Default: select the segment that the organization should be able to afford, Delphic: the pros and cons of the intended segments are already considered by management, and the development stage: Segments are grouped into categories of developed, developing, hatching or primary, secondary and tertiary segments. Segments or resources are often targeted at those that are most developed, Market value and SWOT Analysis. Stage 4. Implementation Developing and undertaking marketing activities aimed at reaching target segments. The marketing activities include promotion through advertisements both online and offline mode. The marketing in implementation stage gives an idea to the target segment about destination. Stage 5. Evaluation Evaluating the outcome of these activities. In this stage, all the pros and cons of the outcomes are evaluated. It is useful to come with best ideas and choose potential segments. Stage 6. Review Reviewing segments profiles and priorities in light of outcomes. The above stages analysis diagnosis, selection, implementation, evaluation and review will be helpful for the organisations for effectively segmenting the markets 149 CU IDOL SELF LEARNING MATERIAL (SLM)
9.7IMPORTANCE OF MARKET SEGMENTATION Market segmentation will help you to rough ideas and perceive your target audiences and ideal customers. If you’re a marketer, this allows you to spot the correct marketplace for your merchandise so target your promoting a lot of effectively. Similarly, publishers will use market segmentation to supply a lot of exactly targeted advertising choices and to customize their content for various audience teams. Market segmentation permits you to focus on your content to the proper folks within the right manner, rather than targeting your entire audience with a generic message. This helps you increase the possibilities of individuals partaking along with your ad or content, leading to well-organized campaigns and improved return on investment (ROI). Market segmentation is a strategy in any business, in the tourism industry, that can help them strengthen their competitive position by selecting the most appropriate subgroup of tourists to specialize in, and match the goal. There are many different alternative methods that can be used to determine whether a construct is memory-aware. Approaches can range from the usual common-sense segmentation, where tourists have been divided based on predetermined personal qualities), to a multidimensional, data - driven approach, where tourism aggregation is used as the basis for research. Once the tourists have been grouped together, using the correct and most appropriate analytical methods, and the resulting segmentation solutions should be evaluated by users of travel managers, who are not only in the assessment of the segmentation solution as such, but also in accordance with the potential of the market segments with the strengths of the tourist destination. Tourism managers are not able to take advantage of the segmentation of the market, through which the structure of the market is also included in the price. In this way, they can gain valuable knowledge about the market and individual parts of the market and identify the most trending strategies to achieve a competitive advantage. As a rule, such a strategy is used not only in market segmentation, but also in creating characters, for example. Both approaches must be evaluated in the light of choice, competition, segmentation, and positioning to be effective. Segmentation solutions should be computed regularly to ensure that current market structure is captured. 9.8 STRATEGIES FOR MARKET SEGMENTATION It incorporates assessing market segments and deciding on target market segments. When evaluating different market segments, companies should evaluate the segment in the market (e.g., number of consumers), economic growth (e.g., sales volume and expected rate of return), and structural attractiveness (e.g., competitors, suppliers, product substitutes, and purchasing power) of each market segment, which, given their resources and strategic goals. 150 CU IDOL SELF LEARNING MATERIAL (SLM)
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