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Marketing Plan for Travel Today Agency
Market segmentation
The market segmentation that Travel Today will adopt is geared towards enabling the agency define its target customers and minimize on time and cost by capitalizing on the defined target market. The company will, in this respect, target the holiday goers especially during the summer holidays when the South American coasts and Brazil are famous destinations. The agency will hence negotiate for group discounts in order to create a bigger customer base among the holiday goers whom would consider it worthy cutting any costs for more money to spend at the holiday destination. Psychographic segmentation will also apply in this aspect as the agency will be covering the Cuban route bearing the recent political developments and the ultimate lifting of embargoes and sanctions to the country. The psychographic factors take into account the social class, personality and lifestyle of the intended target clients (Businesswise Ltd., 2010). This means that dignitaries and high ranking officials of organization will be traveling to Cuba regularly to establish ties, both business and political otherwise known as diplomatic ties with this nation. Travel Today will hence introduce the plane with the business class section where the fares will be a bit higher to compensate for the comfort that will be offered in this section. This ability to identify a given segment of the travelers and providing what they need will boost the customer base of Travel Today as it travels to and from the Cuban region. These two will form the bulk of the market segments that Travel Today will be actively pursuing.
The main reasons behind settling for the two market segments based...
The Cuban and surrounding regions is also a viable market region since few airlines offer the business class for the VIPs hence once the customers destined for this region identify Travel Today as their airline of choice, it will be easy to have repeat clients using the services of the airline and even introducing other customers of their category. These two market segments will give the agency grounds to capture clients from all ranges of ages and sufficiently provide for people of diverse lifestyles headed to diverse destinations.
Competitive analysis
Carrying out a comprehensive competitor analysis is fundamental to understanding the market within which Today Travel operates in. It helps the organization to come up with strategy on how to enter a given market or to change the approach, it is also significant to this agency as it plans its diversification to the Cuban region. Competitor analysis will also enable us to have ability to predict the upcoming threats as well as opportunities hence prepare in advance for them (Management Study Guide, 2013).
The first competitor that will inevitably pose a threat to the agency is the Jet Blue Company. This competitor threat from this organization comes in the form of diversified routes with rock bottom prices. This will inevitably squeeze the profit margins for younger organizations like Travel Today since Jet Blue will be riding on their massive number of airplanes.
The second…
References
Businesswise Ltd., (2010). Psychographic Segmentation in Practice. Retrieved June 2, 2015 from http://www.markmedia.org.uk/psychographic_segmentation.htm
Management Study Guide, (2013). Competitor Analysis - Meaning, Objectives and Significance. Retrieved June 2, 2015 from http://www.managementstudyguide.com/competitor-analysis.htm
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