Analysis of Consumer Behavior for Indian Visitors intending to Travel to the Great Barrier Reef
Analysis of Consumer Behavior for South Indian Visitors Intending to Travel to the Great Barrier Reef
- What is the purpose of conducting a market analysis and what factors might be investigated as part of a market analysis?
The purpose of conducting a market analysis is to collect important information related to potential customers; to prepare a business which plans to enter another market; to introduce or launch a new product or service; or to initiate a new business venture.
The factors which might be investigated as part of a market analysis include: marketing environment, profiles of the potential markets, assessment of the potential priority markets, and the possible strategies to be used to obtain and keep customers.
- List four ways of segmenting consumer markets.
The four ways in which consumer markets can be segmented in the following groups: female professionals (25-34 age group); male professionals (24-35 age group); 21-24 year old age group; and homemakers or mothers (35-44 age group).
- List four information sources that can be used to identify the size of a market.
The four information sources which can be used to determine the size of a market include the following: demographic and general statistics related to economy; market surveys which can be used to illustrate an analysis of specific markets together with pertinent statistics; primary research material including one-on-one interviews with leading experts in a particular industry; data can also be gathered from the private sector through trade associations, local chamber of commerce and world trade centers; and lastly, important information can be collected at the government level, such as at departments related to tourism, agriculture, and commerce.
- Discuss four key influences on consumer behavior.
- What is Hofstede’s cultural dimensions theory and how it can be applied to marketing to consumers in different countries? The cultural dimensions theory, which was developed by Geerte Hofstede, focuses on the following dimensions: power distance (PDI), individualism versus collectivism (IDV), masculinity versus femininity (MAS), uncertainty avoidance (UAI). The fifth dimension was added by Michael Harris Bond in 1991, which is Long-Term Orientation (LTO) (“National cultural dimensions”, n.d., para. 6). In addition, in 2010 Michael Minkov added another dimension called indulgence versus restraint (IND) (“National cultural dimensions”, n.d., para. 7).
This theory can be applied to marketing to consumers in different markets by assisting a marketing strategist in breaking down the various components of a country’s culture and assessing the possible impact that a particular brand, service, or product will have in a particular country. For instance, a company which provides a luxury service will be able to analyze the impact that its brand will have in a market which has a greater measure of indulgence in comparison to restraint or vice versa.
- Discuss the importance of creating marketing strategies based on an analysis of consumer behavior.
According to J. Paul Peter and Jerry C. Olson (2010, p. 12), marketing strategies are designed particularly to reflect the “favorable thoughts and feelings” about specific services, products, and brands. In addition, an analysis of consumer behavior will help marketing professionals in analyzing why consumers try their services and purchase certain products (Peter & Olson, 2010).
- List three external information sources (they can be Australian and/or international) that would be helpful in investigating international markets. Include the website reference and a brief description of the information available. At least one should be relevant to tourism.
- http://www.jtbonline.org/tourism_jamaica/Major%20Tourism%20Laws/Tourism%20Master%20Plan%20Full.pdf
The above source explains the complete Jamaican Tourism marketing plan, and aims to include sustainable, eco-friendly tourism packages as part of the country’s offerings, and to re-focus its attention on continental Europe, specifically Germany, France, and Italy.
- http://www.visitbritain.org/Images/France%20market%20strategy%20FINAL%2029.04.2013_tcm29-37338.pdf
The above source details how the British Tourism Ministry will improve its marketing strategy for the French market. In addition, this marketing plan assesses the French perception towards British culture and accommodation and the need to re-brand the image of the country so as to make it more attractive to French visitors.
- http://www.tourismireland.com/CMSPages/GetFile.aspx?guid=0a1d234f-0ff8-4358-bc1c-277ec42d2723
The above source describes marketing strategies that the Irish Tourist Board plans to use to get visitors for the North American market as well as the German and French markets.
References
Perreau, F. (n.d.). The Consumer Factor: Consumer Insights, Market Research, Consumer Behavior & Neuromarketing. The Consumer Factor. Retrieved September 8, 2014, from http://theconsumerfactor.com/en/4-factors-influencing-consumer-behavior/
Peter, J. P., & Olson, J. C. (2010). Consumer behavior & marketing strategy (9th ed.). Boston: McGraw-Hill.
The Hofstede Centre. (n.d.). National Culture. Retrieved September 7, 2014, from http://geert-hofstede.com/national-culture.html
The Hofstede Centre. (n.d.). Dimensions. Retrieved September 7, 2014, from http://geert-hofstede.com/dimensions.html
