Assignment Using Data to Build Business Practice
The purpose of this report is to present an analysis of the latest dataset from the TravelPac from the third quarter of 2017 in the role of employment in the department of marketing of a travel agents firm in Britain.
The data is analyzed to be used to develop a business practices in the area of marketing. The data is analyzed with the objective of gaining insight on the travel pattern of the residents in the United Kingdom and to make adequate recommendations for an identified potential target segment to sell overseas holiday.
In this section, the dataset is analyzed for the TravelPac Q3 (July to September) in 2017. It is analyzed form the data that it is highlighted towards the travel pattern of both UK residents and overseas residents.
The data have been analyzed by the use of Ms Excel and the use of different functions and formulas. The dataset was sorted to arrange data in ascending form and filtered to hide records to display data that is required for an easy understanding of the travel trend of the UK residents.
It was found that travelers has made use of all mode of travel was through air, sea and tunnel. It can be analyzed from the data that the purpose of travel of UK residents was majorly for holiday by 2191 residents, 1365 was VFR, 486 residents was purpose was business, 216 residents was miscellaneous and only 13 residents was study.
This highlight that the trend of travel by UK residents is towards holiday, thus, this trend presents an opportunity for the travel agents to sell their overseas holiday package. For the UK residents who travel for the holiday purpose, it was identified that 1451 residents travelled independently and only 740 residents travelled as a part of a comprehensive tour package.
It can be analyzed from this data that the trend of independent travel is in high dominance over travelers that prefer an inclusive travel package for the purpose of holiday.
The majority of the non-independent travelers belong to the age group of 55- 64 years (121 numbers) this is followed by 45 – 54 years (117 numbers), 35 – 44 years (113 numbers), and 65 and over (113 numbers) and 25- 34 years (112 numbers) and only few non-independent residents belong to 16 – 24 years (98 numbers) and 0-15 years (65 numbers).
It is found that there a wide age group form 25 years to 65 years and above who as UK resident travelers that have preference for travel package.
For independent travelers, it can be analyzed from the data that majority belong to the 35 – 44 years (262 numbers), 45 – 54 years (247 numbers) and 25- 34 years (244 numbers). This is followed by 55- 64 years (219 numbers), 16 – 24 years (193 numbers), 65 and over (155 numbers) and 0-15 years (125 numbers).
Figure 1: Independent travelers’ number and their age group
It can be analyzed from this, a high number of UK residents of that belong to the age from 25 to 54 years have a high preference as an independent traveler. It is further analyzed from the data that the independent traveler group involved high number of male travelers which account for 784 and only 660 female independent travelers.
Thus, it can be said that the different in male and female as independent traveler is less thus, it is important to focus on both the gender. From this, an interesting finding can be highlighted that the trend of female traveler also is an indicative of the improving purchasing power of female travelers.
Thus, it is important for this travel agents firm to develop marketing plan considering the demographic and behavioral characteristics of this independent traveler group that also focus on the female traveler to market their overseas holiday package.
Analyzing the length of stay of the visit (duration) available for UK residents’ arrivals, it can be found that the travelers have high preferences for 4 – 13 nights which accounted for 540 travelers and 14 – 27 nights which was duration of 412 UK residents and this followed by 1- 3 nights (245 in numbers). It can be interpreted that this travel agent firm needs to focus providing travel packages for that covers from 1 to 27 nights in their overseas holiday package.
From these data findings, it can be highlighted that these insights are useful for the marketing department in the creation of product (overseas holiday package) and to identify their potential target segment that can be most profitable for their business.
The analysis of data gives insights on the travel trend of UK residents towards their travel mode, preference of travel package, length of stay, spends, male and female travelers which can be used by the marketing department to improve the efficiency of the business and development of package that leads to an efficient customer service to achieve customer satisfaction.
It is recommended to identify and select a potential target market to sell that overseas holiday product to a group of target market segment that are willing and likely to purchase it and also have capability to purchase it.
Thus, the marketing efforts of the firm can be focused on developing its appeal for the target market to persuade them as the potential target market develop need as well as desire for overseas holiday package.
It is recommended to target the market based on their demographic factors such as age and income. Thus, recommendation to marketing department is made towards the UK residents belonging to age group 25 to 54 which include both male and female travelers that belong to medium to high income groups.
This age group high in number of travelers who are not currently making use of any package for their holiday thus, this is a potential group where company can focus their marketing efforts to attract them by offering unique overseas holiday package.
Also, it is recommended for the potential target market based on age the firm needs to develop and specific offerings for length of stay or duration so that they appeal to both 25’s year group as well as 50’s year age group.
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