Starting a Company
Travel Supreme Company (Scenario #1)
Travel Supreme Company is a travel organization that is meant in finding solutions to the need of those that are planning to travel to different parts of the world. These people also need organizations to help them in planning for their travel and other services that they may require. We have all traveled to someplace for vacations, and we all know that one has to either book for a hotel which at times is hectic. So the role of Travel Supreme Company is to make sure it provides the client with all those services according to the client’s needs. The travel service industry is made up of organizations whose primary goal is to market travel advantages by providing general and company clients with booking administrations and masterminding travel visits and equipment. Travel administrations are intrinsically linked to incorporating hotel and flight reservations and tickets while traveling, as well as arranging bundled tours and travel. Administrators in the motion administration sector are also willing to organize car rentals, set up motion security, and assist with money-related universal travel trades. This sector has a stable supplier base.
Market Research Strategies;Starting a Company
Travel Supreme Company has set up a team of experienced and qualified researchers that will be researching on behalf of the company to ensure that it gets the right market strategies to implement. This will make sure that the company is not faced with any challenges that most companies go through and results in most not attaining the set goals. The company has set some essential and robust market research strategies that include; carrying out online surveys on travel-related matters to see where there may be loopholes that the company should fill up and take advantage of it. There is also the use of observers that will be sent to different places and ensure that they gather as much information as possible related to travel. There is also defining of the reasonable hypothesis whereby, we will research customer profiles, the potential significant competitors, the size of the market and also how much people are willing to pay for the travel services that we will be providing (Gustafson 2012). This will be done through different interviews and surveys. Those are the main strategies that we have set, but there are still others that we have not outlined.
Macro Environment is factors that are not within the control of company or business management. These factors affect most companies always cause a lot of losses to them or even their productivity. These companies have to fit in this kind of environment to survive and be able to operate (Nacke 2015). Travel Supreme Company has already outlined some of these factors which may be political, economic, socio, and technological (PEST analysis). Starting a Company
Political aspects play an enormous role in deciding which components can affect the long-term productivity of Travel Supreme Company in a particular country or market. The company will utilize economic factors, for example, the development rate, expansion, and industry’s monetary pointers to stay solid monetarily (Zinkevičiūte 2008). Some of the social factors that are likely to experience include, the class structure and the power structure in the society which means the society may decide not to use the product so there should be a way to handle this. Technology disturbs various enterprises quickly, regardless of how you look at it. To represent this point, the transport sector is a good case. The company has changed rapidly over the last five years, not by any means providing the set-up players the chance to adapt to the modifications. Companies such as Uber and Lyft are currently controlling the travel industry. There is a need to make sure that the technology the company implements is going to be bigger and better than the other competitors.
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