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Oppurtunity analysis report - Essay Example

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The paper presents a plan about scope and feasibility of a potential business opportunity, which has been created in tourism and hospitality industry of USA. It should be pointed out that USA was adversely impacted from the global economic turmoil, credit crunch situation and…
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Oppurtunity analysis report
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Oppurtunity analysis report

For instance, domestic customers also tightened their belt in 2008 – 2009 amid unemployment, inflation and low real incomes, thereby reducing the money spent on luxury and budget trips for relaxation, honeymoon, sightseeing, entertainment, adventure and casual visits to attractive places across the world. In other words, the demand for air travel followed by demand of foreign and domestic trips reduced significantly in last 2 years that resulted in either complete or partial closures of many travel agencies in USA.
However, the US economy is now observing growth and coming out of recession; hence new business and investment opportunities have been created in tourism and hospitality industry. The demand of budget and luxury foreign and domestic leisure trips has increased after sharp decline in preceding years because of improvement in employment prospects and purchasing power. The author, being a business executive, has planned to enter aforementioned industry by establishing his own Travel Agency named “The Trips Organizers” in New York and Washington Cities. The company will target middle-middle, upper - middle and elite social classes and offer its premium quality products such as budget and luxury tours to potential US travelers and tourists who wish to enjoy numerous exquisite places, resorts, beaches and wonders outside USA. In addition, the company will also market its products to non-US travelers who wish to visit USA for tourism and who are fascinated with its natural beauty, resorts, backpackers, beaches etc. This opportunity could prove to be highly lucrative because the world is coming out of recession and the demand for foreign and domestic leisure trips is expected to increase at a rate of 5% in upcoming years worldwide. Hence, there is greater probability that our business would remain successful if we offer outstanding, well-differentiated and distinctive services at ... Read More
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