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Online Travel Industry - Essay Example
Today the Online Travel Industry is on the verge of becoming one of the most powerful and dynamic parts of the booming global economy. Rapid growth, technological advancement and increasing affluence are changing the way people buy travel and opening up a dynamic marketplace to the rest of the world…
In the US and Europe, the leading online travel intermediaries have taken market share from their offline counterparts. At the same time, an increase in direct sales through travel supplier's own websites has also affected the traditional agency business.
The need to balance direct and indirect channels, demand for lower cost distribution and the growth in popularity of comparison shopping are all factors driving the business model for travel specific search engines globally.
It is interesting to note that the online travel market is divided into two segments: leisure/unmanaged business travel and managed business travel (also known as corporate travel). The online booking behavior of unmanaged business travelers is indistinguishable from leisure travelers. Employees of the millions of small- and medium-sized corporations use the same websites as leisure travelers to book their business travel. Thus these two groups of buyers are treated as one customer segment.
Study Method: It is a quantitative research based on online consumer surveys, executive surveys and market forecast models to provide essential analysis of consumer trends and marketing best practices, including customer segmentation and cross-selling strategies.
Study Findings: The needs of travelers vary widely from one generation segment to another although many tra ...