CONTENTS Overview 2 Tourism Life Cycle Model 3 Consumer behavior of the Tourism Industry 3 Changing role of technology and the Changes in tourism niche marketing 4 Impact of changing market niche on Thomas Cook over the years 5 Market segmentation of Thomas Cook 6 Position of Thomas Cook in the global tourism/hospitality market 7 Favorability of Thomas Cook’s Market Position 8 Price strategy and Yield Management as Competitive Strategy 9 Networking relationships for Thomas Cook in relation to other Competitors 10 Proposed new techniques and innovations 10 Conclusion 11 THOMAS COOK Overview The tourism industry is one of the most financially profitable ventures as it generates ?…
Another important fact that can also guarantee or assure players in the industry of the tourism of accrued profitability is the ability to be dynamic and adjust one’s business towards the changing global economic climate (Engelmann, 1997). It has been noted that the global economic climate hardly experience a stable condition be it in terms of customer behavior, the flow of cash, competitive advantage, niche marketing, and the application of business models (Gosling, 1996). For players in the tourism industry therefore, the best way to benefit from the market is to ensure that they are able to adjust their strategies according to the dictates of the market. There have also been tourism strategists who have also made use of models that suggest that players can be innovative enough to determine marketing and business ideas that customers would appreciate and buy into. In such direction, the customer or market does not determine what the industry wants but the industry decides what the customer would want. In this report, Thomas Cook is used as a case study to understand how changes in tourism have impacted on the development of the business over the years and how the company can position its self to take advantage of available strategies to consolidate its position on the global tourism market. Tourism Life Cycle Model of Thomas Cook Group The tourism life cycle model identifies six (6) main stages with any tourism or hospitality outfit in terms of levels of growth. Generally, the model holds it that tourism resorts start from very low beginnings and progress steadily until they have attained stagnation (Cummings, 2010.). Of the six stages of phases are the exploration, involvement, development, consolidation, stagnation, and decline or rejuvenation stages (Jamieson, 2000). The exploration and involvement stages are generally pre-establishment stages where people identify their localities to determine the form of tourism or hospitality model that would work best for them. In the case of Thomas Cook, such a stage could be linked to when Mr. Thomas Cook first involved himself in an excursion in which he took 540 temperance campaigners to Loughborough from Leicester Campbell Street. This sparked his interest to start his own company. Commonly the development and consolidation stages are those stages when the established business begins to see significant growth and this is the stage that Thomas Cook could be said to be currently. Stagnation and decline stages are perhaps stages that Thomas Cook would want to avoid as it is commonly associated with reduced income and revenue (Evans, 2002). Consumer behavior of the Tourism Industry The tourism industry is one with a highly predictable, and yet unstable consumer behavior (UNEP, 2003). Understanding the consumer behavior of the industry is important in designing strategies that can meet consumers at the point of their needs. Commonly, the company targets specific market segments after carrying out market research so as to align the ...
Cite this document
(“Position of Thomas Cook in the global tourism/hospitality market Essay”, n.d.)
Retrieved from https://studentshare.net/tourism/14983-thomas-cook
(Position of Thomas Cook in the Global Tourism/Hospitality Market Essay)
“Position of Thomas Cook in the Global Tourism/Hospitality Market Essay”, n.d. https://studentshare.net/tourism/14983-thomas-cook.
The Victorian entrepreneur Thomas Cook is generally regarded as the founder of modern tourism. Consider the achievement of the company he founded and judge which of the contributions Cook made to modern tourism have had the most lasting effect on the industry.
The travel group is Thomas Cook and is one of the leading travel and tourism agencies in the world. In this project the organisation of Thomas Cook has been analysed taking into consideration the internal and the external environmental factors.
However, after some period, the empire came to a sudden and dramatic halt that has shocked many historians. Various educators and historians have come up with various reasons as to how the empire fell. As time passes by, various historians have had changing views as to why the empire fell.
You Are Required To Critically Evaluate the Strategies That Could Be Adopted By TWO Tourism, Leisure or Events Organisations in Attempting To Improve Service Quality. The tourism industry has developed in an enhanced manner due to increased demand in this sector worldwide.
According to the paper the rapid financial growth along with spontaneous development of the industry also tends to provide a strong support for the global countries in terms of addressing their financial issues and unemployment conditions. The continuous transformation as well as rapid pace of technological investments in the sector also empowers the global marketers to meet the desires and needs of the international clients.
This paper aims at discussion one of the major issues that has been faced by the travel and tourism industry, i.e. employee turnover. The company that has been chosen here for the study is Thomas Cook. The main
The paper discussed the current challenges being faced by tourism operators after the influx of contemporary tourists within the tourism industry. They are growing faster in numbers which is why they are often posing threats to the businesses of traditional tour operators, which had been the first to introduce the concept of mass tourism.
In this regard, certain strategies are recommended to the companies with the motive of improving their performances substantially. Moreover, these strategies will assist these two companies in improving their brand image as well as to develop their offered service
The company operates in four main divisions, the United Kingdom and Ireland, the continental Europe, Airlines and Northern Europe (Thomas Cook Group 2014). Over the recent years, the need for constant transformation