Travel-agency.market Study q3p27
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CHAPTER 2 MARKETING STUDY
I. Introduction The market study is the lifeblood of virtually every project feasibility study. While profitability is generally the focal point of the project study, the question of demand is the most basic issue. Obviously, there can be no discussion of profitability or the other aspect of the feasibility study if there is no demand. It is imperative, therefore, that the market study be given the first consideration. The travel agency business is possible because of certain recruitment agencies, thus the study at hand does not need to be much worried about the market because there is a regular or assured numbers of clients.
II. General Objective In order to achieve a certain goal, the objective must be ascertained. The general objective of this study is to determine the marketability of the service. This includes the demand and supply situations, pricing strategies and marketing programs, and the survey results.
III. Specific Objectives Also, this study seeks to determine the following specific objectives: a. The appropriate marketing program for the services offered by the travel agency; b. The size, nature, and growth of total demand for the services of a travel agency; c. The appropriate supply situation and the nature of competition. d. The target market of the project; e. The size, nature, and growth of total demand for the services of a travel agency; f. The appropriate pricing strategies; g. An analysis of the result of the survey.
IV. Service Description
Name of the Service The service is classified as a travel agency business. The name of the company is Safe and Sound Travel Agency. The proponents came up with this name so that the clients would feel secured and the company would be perceived as trustworthy and reliable.
Service Features The travel agency offers a quality service to customers who are in need of assistance regarding their travels. The customers will be entertained by a hospitable reservation officer in the receiving area concerning their inquiries. Their reservations will be processed in the database to find out its availability. Once the transaction is validated, it will be stored and the necessary information will be given to the client (i.e. schedule, mode of payment, and etc.). The place has an accommodating ambiance where customers won’t feel anxious to express their thoughts.
Uses of the Service The service is available to all prospective customers who want to travel in and out of the country for relaxation, business matters, or spiritual/selfactualization.
Major s of the Service The business target market is the people around Araneta Center. Target Market Age
18 and above
Gender
Male and Female
Occupation
Students, Employee, and Self-employed
Socio-Economic
Class A to E
Status
Location
Araneta Center, Cubao, Quezon City
Description
They are business people who have travelling needs inherent to their jobs; They are students who want to unwind and loosen up; They are adventure-seekers who desire to explore and discover.
V. Demand Situation Some people go into different places to find things that they really want and make them feel contented for a while. In order for travelling into places be possible, one must need to ask for the assistance of travel agency, which can suggest and recommend places that are really relaxing. So those people who are in need of assistance for that matter we are pleased to help them. They’re our prospect clients and we want them to experience our service with so much pleasure. To develop Safe and Sound Travel Agency targeting strategies and marketing efforts, demand analysis helps the business in order to measure the current demand as well as project the future demand. The location of our proposed business is at General Romulo Street, Araneta Center, Cubao, Quezon City, Philippines. For these reasons, the proponents conducted a survey around the area of Araneta Center with an estimated number of 1 million visitors daily. A sample of respondents is derived from the total population. The number of the respondents in the survey is computed through Slovin’s Formula:
Where: n
=
number of respondents
N
=
population
e
=
margin of error set at 5%
Using Slovin’s formula, the proponents obtained 399.84 or 400 respondents as sample population.
Survey Result The results of the survey are presented below. It is patterned from the survey questionnaire answered by the respondents. 1. Segregation of Respondents According to Age Table 2.1 Segregation of Respondents According to Age Age
Respondents
Percentages (%)
20 years old and below
173
43
21-25 years old
120
30
26-30 years old
27
7
31-35 years old
27
7
36 years old and above
53
13
Total
400
100
Chart 2.1 Segregation of Respondents According to Age
Age 7%
13% 43%
7%
20 years old and below 21-25 years old
30% 26-30 years old
Table 2.1 and Chart 2.1 show the segregation of respondents according to age. Much of the respondents are 20 years old and below, while the brackets with the least frequency are 26-30 years old and 31-35 years old.
2. Segregation of Respondents According to Sex Table 2.2 Segregation of Respondents According to Sex Sex
Respondents
Percentages (%)
Male
173
43
Female
227
57
Total
400
100
Chart 2.2 Segregation of Respondents According to Sex
Sex
43% 57%
Male Female
Table 2.2 and Chart 2.2 show the segregation of respondents according to sex. Majority of the respondents are female, while minority of the respondents are male.
3. Segregation of Respondents According to Occupation Table 2.3 Segregation of Respondents According to Occupation Occupation
Respondents
Percentages (%)
Student
160
40
Employee
186
46
Self employed
27
7
Others
27
7
Total
400
100
Chart 2.3 Segregation of Respondents According to Occupation
Occupation 7%
7% 40%
Student Employee
46%
Self employed Others
Table 2.3 and Chart 2.3 show the segregation of respondents according to occupation. Majority of the respondents are employee, while the brackets with the least frequency are self-employed and others.
4. Segregation of Respondents According to Monthly Allowance / Income Table 2.4 Segregation of Respondents According to Monthly Allowance / Income Monthly allowance or
Respondents
Percentages (%)
2,000 and below
133
33
2,001- 5,001
27
7
5,001- 10,000
107
27
10,001-30,000
66
16
30,001-50,000
40
10
50,000 and above
27
7
Total
400
100
income
Chart 2.4 Segregation of Respondents According to Monthly Allowance / Income
Monthly Allowance/Income 10%
7%
2,000 and below 33%
2,001- 5,001
17%
5,001- 10,000 10,001-30,000
27%
30,001-50,000
6%
2,000 and below
Table 2.4 and Chart 2.4 show the segregation of respondents according to monthly
allowance/income.
Much
of
the
respondents
have
monthly
income/allowance of P2,000 and below, while the brackets with the least frequency have P2,000-P5,000 and P50,000 and above.
5.
Segregation of respondents whether they use travelling agency
Table 2.5 Segregation of respondents whether they use travelling agency Whether they use travel
Respondents
Percentages (%)
Yes
284
71
No
116
29
Total
400
100
agency
Chart 2.5 Segregation of respondents whether they use travelling agency
Whether they use travel agency 29% Yes 71%
No
.
Table 2.5 and Chart 2.5 show the segregation of respondents according to whether they use travelling agency. Majority of the respondents doesn’t use travelling agency, minority of the respondents doesn’t use travelling agency.
6. Segregation of respondents according to how often they travel using the services of travel agency Table 2.6 Segregation of respondents according to how often they travel using the services of travel agency How often they travel
Respondents
Percentages (%)
Once in a year
173
43
Once in 6 months
93
23
Once in 3 months
53
13
Every month
66
17
Every week
15
4
Total
400
100
Chart 2.6 Segregation of respondents according to how often they travel using the services of travel agency
How often they travel 3% 17% 13%
Once in a year 44%
Once in 6 months Once in 3 months
23%
Every month Every week
Table 2.6 and Chart 2.6 show the segregation of respondents according to how often they travel using the services of travel agency. Much of the
respondents travel once in a year, while the bracket with the least frequency travel every week. 7. Segregation of respondents according to their experience of not being accommodated by a travel agency Table 2.7 Segregation of respondents according to their experience of not being accommodated by a travel agency
Have experience
Respondents
Percentages (%)
Yes
76
19
No
324
81
Total
400
100
Chart 2.7 Segregation of respondents according to their experience of not being accommodated by a travel agency
Have experienced 19% yes 81%
no
Table 2.7 and Chart 2.7 show the segregation of respondents according to their experience of not being accommodated by a travel agency. Most of the respondents have experienced not being accommodated by a travel agency.
8. Segregation of respondents according to with whom they travel most often Table 2.8 Segregation of respondents according to with whom they travel most often With whom they travel
Respondents
Percentages (%)
Family
198
49
Friends
91
23
Colleague
47
12
Alone
64
16
Total
400
100
most often
Chart 2.8 Segregation of respondents according to with whom they travel most often
With whom they travel most often 16% 49%
12%
Family Friends
23%
Colleague Alone
Table 2.8 and Chart 2.8 show the segregation of respondents according to with whom they travel with most often. Half of the respondents travel with their family, while the brackets with the least frequency travel with colleagues.
9. Segregation of respondents according to preferred travel
Table 2.9 Segregation of respondents according to preferred travel Preferred travel
Respondents
Percentages (%)
Domestic
146
36
International
254
64
Total
400
100
Chart 2.9 Segregation of respondents according to preferred travel
Preferred travel 36% Domestic 64%
International
Table 2.9 and Chart 2.9 show the segregation of respondents according to their travel preference. Two-thirds of the respondents prefer to travel internationally, while the one-third prefer to travel domestically
10. Segregation of respondents according to preferred airline Table 2.10 Segregation of respondents according to preferred airline Preferred airline
Respondents
Percentages (%)
Philippine Airlines
238
60
Cebu Pacific
121
30
Air Philippines
27
7
Others
14
3
Total
400
100
Chart 2.10 Segregation of respondents according to preferred airline
Preferred airline 7%
3% Philippine Airlines
30% 60%
Cebu Pacific Air Philippines Others
Table 2.10 and Chart 2.10 show the segregation of respondents according to their preferred airline. Majority of the respondents prefer to travel by Philippine Airlines, while the brackets with the lowest frequency prefer to travel by Air Philippines and other airlines.
11. Segregation of respondents according to places where they want to stay Table 2.11 Segregation of respondents according to places where they want to stay Places where they want
Respondents
Percentages (%)
Expensive hotel
38
9
Economy hotel
154
39
Resort
144
36
Others
64
16
Total
400
100
to stay
Chart 2.11 Segregation of respondents according to places where they want to stay
Places where they want to stay 9% 16% 36%
Expensive hotel 39%
Economy hotel Resort Others
Table 2.11 and Chart 2.11 show the segregation of respondents according to the places they want to stay. Much of the respondents prefer to stay in economy hotels, while the bracket with the lowest frequency prefers to stay in expensive hotels.
12. Segregation of respondents according to preferred way of travel Table 2.12 Segregation of respondents according to preferred way of travel Preferred way of travel
Respondents
Percentages (%)
One way
147
36
Round trip
256
64
Total
400
100
Chart 2.12 Segregation of respondents according to preferred way of travel
Preferred way of travel 36% One way 64%
Round trip
Table 2.12 and Chart 2.12 show the segregation of respondents according to their preferred way of travel. Two-thirds of the respondents prefer round-trip, while one-third prefers one-way.
13. Segregation of respondents according to the amount they spend on a trip Table 2.13 Segregation of respondents according to the amount they spend on a trip Amount spend on a trip
Respondents
Percentages (%)
5,000 and below
159
40
5,001-10,000
106
26
10,001-20,000
57
14
20,000 and above
78
20
Total
400
100
Chart 2.13 Segregation of respondents according to the amount they spend on a trip
Amount spend on a trip 20% 14%
40%
5,00 and below 5,001-10,000
26%
10,001-20,000 20,000 and above
Table 2.13 and Chart 2.13 show the segregation of respondents according to the amount they spend on a trip. Much of the respondents spend 5,000 and below, while the bracket with the lowest frequency spend 10,001-20,000.
14. Segregation of respondents according to the International clients who will avail porting sevices Table 2.14 Segregation of respondents according to the International clients who will avail porting sevices Will avail porting
Respondents
Percentages (%)
Yes
160
40
No
240
60
Total
400
100
Services
Chart 2.14 Segregation of respondents according to the International clients who will avail porting sevices
No. of who will avail porting services 40% 60%
Yes No
Table 2.14 and Chart 2.14 show the segregation of respondents according to the International clients who will avail porting sevices. 60% of the respondents will not avail while 40 % of the respondents will not avail.
15. Segregation of respondents according to the International clients who will avail visa assistance Table 2.15 Segregation of respondents according to the International clients who will avail porting sevices whether rush or regular Will avail porting
Respondents
Percentages (%)
Rush
56
35
Regular
104
65
Total
160
100
Services
Chart 2.15 Segregation of respondents according to the International clients who will avail porting sevices whether rush or regular
No. of who will avail porting services 35% 65%
Rush Regular
Table 2.15 and Chart 2.15 show the segregation of respondents according to the International clients who will avail porting sevices whether regular or rush. 65% of the respondents will avail regular while 35% of the respondents will avail rush.
16. Segregation of respondents according to the International clients who will avail visa assistance Table 2.15 Segregation of respondents according to the International clients who will avail visa assistance Will avail Visa Assistance
Respondents
Percentages (%)
Yes
60
15
No
340
85
Total
400
100
Chart 2.16 Segregation of respondents according to the International clients who will avail visa assistance
No. of who will avail visa assistance 15% Yes 85%
No
Table 2.16 and Chart 2.16 show the segregation of respondents according to the International clients who will avail visa assistancee. 15% of the respondents will avail while 85 % of the respondents will not avail.
17. Segregation of respondents according to factors considered in choosing travel agency Table 2.17 Segregation of respondents according to factors considered in choosing travel agency Factors considered in
Respondents
Percentages (%)
Price
98
24
Security
107
27
Service
195
49
Total
400
100
choosing travel agency
Chart 2.17 Segregation of respondents according to factors considered in choosing travel agency
factors considered in choosing travel agency 24% 49%
Price 27%
Security Service
Table 2.17 and Chart 2.17 show the segregation of respondents according to the factors considered in choosing travel agency. Half of the respondents
consider service as main factor in choosing travel agency, while the bracket with the lowest frequency considers service as main factor in choosing travel agency.
Past Demand There is no available data about the demand of travel agency for the past years. Therefore, the proponents assumed that the demand determined from the survey is the same as what the demand was for the last four years. To compute the annual demand, the total population will be multiplied by the market acceptability rate and frequency of availing. From the survey, the market acceptability rate computed by dividing the number of respondents who in need of travel agency is equal to 71% and frequency of availing is once a year. The proponents assumed a 1.7% growth rate in the population of the visitors in Araneta center which represents the Philippine population annual growth rate. Table 2.18 Historical Demand
Year
Population
Market
Frequency
Acceptability of Rate
Annual
Availing Demand
Annually
2010
934795
71%
1
663704
2011
950686
71%
1
674987
2012
966848
71%
1
686462
2013
983284
71%
1
698132
Projected Demand In this study, the proponents used the historical demand data and used the least square method in getting the estimated projected demand. Table 2.19 Projected Demand
Year
A
Y1-1
Yc
2014
11476
698132
709608
2015
11476
709608
721084
2016
11476
721084
732560
2017
11476
732560
744036
2018
11476
744036
755512
To compute for the estimated projected demand, least square method was used. The formula for the least square method is shown below: Least Square Method: Formula : Yc = a + Yi -1 a= Where: Yc = initial value (1st year) Yn = final value (last year) N = number of years Yi = value for the year past Table 2.19 shows the projected demand of the proponents’ business for five (5) years. The projected demand for year 2014 was computed using the
Least Square method in which the initial value was subtracted from the final value then dived by the number of years minus one. After the computation, the computed increase every year will be added to the final value. Computation reveals that every year the demand for travel agency will increase for at least 11476 customers.
VI. Supply Situation
Main Competitors The following is the list of travel agencies near Araneta Center, Quezon City. Table 2.20 List of Travel Agencies Business Name Quicklines Travel International, Inc. – Cubao
Address
Distance
Ground Floor Shopwise Supermakrte, Araneta Center,
Approximately
Cubao, Quezon City, Metro
0.03 KM away
Manila G/F Genesis Transport Building,
Manila Genesis Charters
EDSA corner New York Street,
Approximately
and Tours Inc
Cubao, Quezon City, Metro
0.50 KM away
Manila Radio Communications Of The Philippines
711 E. Delos Santos Avenue, Cubao, Quezon City, Metro Manila
Pagan Nomads Tour
Unit 4, #49 K-9th Street, West
Management and Travel
Kamias, Quezon City, Metro
Consultancy
Manila
San Travel and Tours -
Unit 1007 Prince John
Main Office
Condominium, 291 P. Tuzaon corner 18th Avenue, Cubao,
Approximately 0.75 KM away
Approximately 0.87 KM away
Approximately 0.94 KM away
Quezon City, Metro Manila 7F Gregory Condo, 12th Avenue,
Mosconi
Cubao, Quezon City, Metro Manila
Approximately 1.00 KM away
Source: http://nearbyph.com/travel-agencies/all/14.622799/121.052902/lrt-2araneta-center-cubao-station-general-aguinaldo-avenue-quezon-city-1109philippines
Past Supply There is no available data on the supply of travel and tour business for the past years. In order to estimate the past supply, the proponents used the past annual demand. The portion of demand that was met by the supplier will be considered as the supply provided by the travel and tour businesses. The proponents used the data based on the number of respondents that are not immediately accommodated by a travel agency.
Table 2.21 Historical Supply
Supply
Annual
Situation Rate
Supply
663704
81%
537600
2011
674987
81%
546739
2012
686462
81%
2013
698132
81%
Year
Demand
2010
556180
565487
Projected Supply The proponents assumed the same supply situation rate of 81% for the next five years. The annual supply for the next five years is as follows. Table 2.22 Projected Supply
Supply
Annual
Situation Rate
Supply
709608
81%
574782
2015
721084
81%
584078
2016
732560
81%
2017
744036
81%
602669
2018
755512
81%
611965
Year
Demand
2014
593374
VII. Demand-Supply Situation
By using the demand-supply analysis, the proponents will come up with a difference which will be the unserved market, unserved demand or demand gap. Demand gap is computed by subtracting the projected annual supply from the projected annual demand as shown below:
Table 2.23 Demand-Supply Gap for Five Years Year
Population
Annual
Annual
Demand
Demand
Supply
Gap
2014
1,000,000
709608
574782
134826
2015
1,050,000
721084
584078
137006
2016
1,102,500
732560
593374
139186
2017
1,157,625
744036
602669
141367
2018
1,215,506
755512
611965
143547
Market Share Analysis Every business must determine its market share which will serve as a basis of marketing strategies of the establishment. It will define the extent of demand the business need to satisfy. Out of the demand gap, the proponents agreed to cover only 12.5% as a starting point.. This rate will increase by 1.5% each year so as to expand the market share of the business. The business’ market share for the next five years is presented below:
Table 2.24 Market Share for Five Years Academic Population Year
Annual
Demand
Target
Target Annual
Demand
Gap
Percentage
Market Share
2014
35,054
709608
134826
12.50%
16,853
2015
36,077
721084
137006
14.00%
19,181
2016
37,131
732560
139186
15.50%
21,574
2017
38,215
744036
141367
17.00%
24,032
2018
39,331
755512
143547
18.50%
26,556
The chart below shows the market share situation of the travel agency business before the introduction of Safe and Sound Travel Agency.
Chart 2.18
Sales
Quicklines Travel International, Inc. – Cubao Manila Genesis Charters and Tours Inc
19%
22%
Radio Communications Of The Philippines
7% 16%
11% 9%
16%
Pagan Nomads Tour Management and Travel Consultancy San Travel and Tours - Main Office Mosconi Unsatisfied Demand
The next chart below portrays the projected market situation of the travel agency business after the introduction of Safe and Sound. Chart 2.19
Projected Market Share Distribution
Quicklines Travel International, Inc. – Cubao Manila Genesis Charters and Tours Inc
6.5%
12.5%
Radio Communications Of The Philippines
22%
7% 16%
11% 9%
16%
Pagan Nomads Tour Management and Travel Consultancy San Travel and Tours - Main Office Mosconi Unsatisfied Demand Safe and Sound Travel Agency
VIII. Appropriate Marketing Program or Strategy
Quality of Service The proponents must assure that our clients will gratify with our utmost services. Thus, Safe and Sound Travel Agency offers quality and exceptional services, values and advices with the affordable prices to its clients to show the agency’s experience and ion for travel. They may reach the agency through visiting the office, which is open Monday to Saturday from 8 a.m. to 4 p.m., or on its website. Furthermore, we have available and competent employees who will serve and assist them to their travelling needs. We also guarantee to our clients that our agency is accredited by the Department of Tourism showing that we followed and ed their standards. Presented on table 2.25 is a brief SWOT analysis of the service:
Table 2.25 SWOT Analysis Strengths
Weaknesses
Diversified client base:
Combination of skills in employees
Extensive
advertising
in
developing
brand
awareness
and
marketing
Difficulty
Lack of clear strategic allies A limited financial base compared to the major players in the industry
Opportunities
Current
drive
towards participation entrepreneurs
by
Threats government
encouraging of
the
indigenous in
tourism
current marketing campaigns by both the government and regional tourism body
Potential entry of new competitors Competitors have launched a new advertising campaign External factors such as taxes Increase in cost due to inflation
Expansion of the business
A market vacated by an ineffective competitor
International tourism trends
Pricing For the services rendered by the agency to our clients, we charge fees to them as form of payment. Based on the research conducted, we have concluded that the following charges are appropriate for our services:
Domestic Mark-up of P300 + service fee of P100 + insurance tax
International Mark-up of P500 for walk-in clients + service fee of P100 + other taxes Mark-up of P250 for recruitment agencies + service fee of P100 + other taxes
Assistance a) port Documentation 1. Rush- P1200 cost of processing + P300 mark-up 2. Regular- P900 cost of processing + P300 mark-up b) Visa assistance- P800 of service fee
Place The business will be at the Ground Floor of Manila COD IT Building, located at the General Romulo Street, Araneta Center, Cubao, Quezon City, Philippines. We chose this place because Cubao is known for its commercial area and at its heart is the well-known Araneta Center. The Araneta Center is already a major transport hub, with almost a million of people ing by the area every day. We see it as an advantage that the building itself is situated at a
known avenue where it is also identified as one of the financial and business core in the Metropolitan area. Department stores and retail centers can also be found in Araneta Center, such as Gateway Mall, Plaza Fair, Rustan's, Shopwise Supercenter, SM Cubao, Ali Mall, and Farmer's Plaza. At the center is Smart Araneta Coliseum, often called the Big Dome. Many musical concerts, ice shows, circus shows, religious crusades, wrestling, cockfighting, and basketball games are held in this 20,000capacity coliseum. In the outskirts of Araneta Center is the Cubao Expo, an artists' colony and site of weekend flea markets. It is also a home to call centers like APAC, Telus, and Stellar. There are also hotels like Eurohotel and Novotel situated around the area where our foreign customers can reside.
Promotional Strategies For our business to be successful, the service that we are offering must be known to potential customers. Since the company is just going to start a business, a detailed promotional strategy should be planned to create product awareness. This is composed of different tools like ment and sales promotions. The proponents intend to implement the following promotion tools for the first year of its operations:
1. Opening Day Promotion The company will be conducting ribbon cutting as well as establishment blessing with the partners and staffs. After the activity, flyers will be distributed in front of the establishment and near areas. Tarpaulins will be strategically placed near the establishment to raise awareness to the potential customers that a new travel agency has just opened. The first 200 customers also get to have a 30% discount as a prize for being the first customers of the business and 2% discount for those who are regular customers.
2. ments For the consumer to be aware of our service, we decided that to reach them directly is one of the most effective way to promote our business. All the successful businesses are built by heavy advertising techniques such as the following:
Online ments The proponents consider social media such as Facebook and Twitter to be an effective way of reaching the target customers who are now getting fond of using this site almost the entire day. The proponents decided to set up Facebook page as well as a Twitter in order for the company to widen their horizon. These social media s will be updated daily and will be accepting questions from prospective customers. It will possess transparency wherein all customers’ complaints will be entertained and accommodated.
Newspaper The proponents will their agency in newspapers like Philippine Daily Inquirer and Manila Bulletin to reach potential customers in the comfort of their homes or even in their workplace. The ment will be shown every Saturday and Sunday for the first month of operation and for the succeeding months, it will be shown every Sunday only.
Brochures, handouts, leaflets and the like Printed materials like brochures, handouts, leaflets, flyers, and calling cards shall be distributed to the different hotels and resorts, the Department of Tourism. It could also be given to the er-by near the establishment.
Marketing Budget
Summarized below is the estimated cost of the promotion plan: Table 2.26
Marketing Program Budget Items
Quantity
Cost/ Unit
Total Cost
Grand Opening- 1st year advertising budget
Promotional Posters ( 18X24)
20
P 50.00
P 1,000.00
Tarpaulin (30 sq. ft.)
10
P 300.00
P 3,000.00
Leaflets (3X8)
5000
P 2.00
P 10,000.00
Foldable Fans
2000
P 10.00
P 20,000.00
Newspaper ment
Minimum
P 66,000.00
P 66,000.00
size TOTAL
P 100,000.00
Regular Advertising per Year
Leaflets (4X6)
3000
P 3.00
Calling Cards (2x3 inches)
5000
P 1.00
Newspaper ment
Minimum
P 66,000 .00
P 9,000.00 P 5,000.00 P 66,000.00
size TOTAL
P 80,000.00
I. Introduction The market study is the lifeblood of virtually every project feasibility study. While profitability is generally the focal point of the project study, the question of demand is the most basic issue. Obviously, there can be no discussion of profitability or the other aspect of the feasibility study if there is no demand. It is imperative, therefore, that the market study be given the first consideration. The travel agency business is possible because of certain recruitment agencies, thus the study at hand does not need to be much worried about the market because there is a regular or assured numbers of clients.
II. General Objective In order to achieve a certain goal, the objective must be ascertained. The general objective of this study is to determine the marketability of the service. This includes the demand and supply situations, pricing strategies and marketing programs, and the survey results.
III. Specific Objectives Also, this study seeks to determine the following specific objectives: a. The appropriate marketing program for the services offered by the travel agency; b. The size, nature, and growth of total demand for the services of a travel agency; c. The appropriate supply situation and the nature of competition. d. The target market of the project; e. The size, nature, and growth of total demand for the services of a travel agency; f. The appropriate pricing strategies; g. An analysis of the result of the survey.
IV. Service Description
Name of the Service The service is classified as a travel agency business. The name of the company is Safe and Sound Travel Agency. The proponents came up with this name so that the clients would feel secured and the company would be perceived as trustworthy and reliable.
Service Features The travel agency offers a quality service to customers who are in need of assistance regarding their travels. The customers will be entertained by a hospitable reservation officer in the receiving area concerning their inquiries. Their reservations will be processed in the database to find out its availability. Once the transaction is validated, it will be stored and the necessary information will be given to the client (i.e. schedule, mode of payment, and etc.). The place has an accommodating ambiance where customers won’t feel anxious to express their thoughts.
Uses of the Service The service is available to all prospective customers who want to travel in and out of the country for relaxation, business matters, or spiritual/selfactualization.
Major s of the Service The business target market is the people around Araneta Center. Target Market Age
18 and above
Gender
Male and Female
Occupation
Students, Employee, and Self-employed
Socio-Economic
Class A to E
Status
Location
Araneta Center, Cubao, Quezon City
Description
They are business people who have travelling needs inherent to their jobs; They are students who want to unwind and loosen up; They are adventure-seekers who desire to explore and discover.
V. Demand Situation Some people go into different places to find things that they really want and make them feel contented for a while. In order for travelling into places be possible, one must need to ask for the assistance of travel agency, which can suggest and recommend places that are really relaxing. So those people who are in need of assistance for that matter we are pleased to help them. They’re our prospect clients and we want them to experience our service with so much pleasure. To develop Safe and Sound Travel Agency targeting strategies and marketing efforts, demand analysis helps the business in order to measure the current demand as well as project the future demand. The location of our proposed business is at General Romulo Street, Araneta Center, Cubao, Quezon City, Philippines. For these reasons, the proponents conducted a survey around the area of Araneta Center with an estimated number of 1 million visitors daily. A sample of respondents is derived from the total population. The number of the respondents in the survey is computed through Slovin’s Formula:
Where: n
=
number of respondents
N
=
population
e
=
margin of error set at 5%
Using Slovin’s formula, the proponents obtained 399.84 or 400 respondents as sample population.
Survey Result The results of the survey are presented below. It is patterned from the survey questionnaire answered by the respondents. 1. Segregation of Respondents According to Age Table 2.1 Segregation of Respondents According to Age Age
Respondents
Percentages (%)
20 years old and below
173
43
21-25 years old
120
30
26-30 years old
27
7
31-35 years old
27
7
36 years old and above
53
13
Total
400
100
Chart 2.1 Segregation of Respondents According to Age
Age 7%
13% 43%
7%
20 years old and below 21-25 years old
30% 26-30 years old
Table 2.1 and Chart 2.1 show the segregation of respondents according to age. Much of the respondents are 20 years old and below, while the brackets with the least frequency are 26-30 years old and 31-35 years old.
2. Segregation of Respondents According to Sex Table 2.2 Segregation of Respondents According to Sex Sex
Respondents
Percentages (%)
Male
173
43
Female
227
57
Total
400
100
Chart 2.2 Segregation of Respondents According to Sex
Sex
43% 57%
Male Female
Table 2.2 and Chart 2.2 show the segregation of respondents according to sex. Majority of the respondents are female, while minority of the respondents are male.
3. Segregation of Respondents According to Occupation Table 2.3 Segregation of Respondents According to Occupation Occupation
Respondents
Percentages (%)
Student
160
40
Employee
186
46
Self employed
27
7
Others
27
7
Total
400
100
Chart 2.3 Segregation of Respondents According to Occupation
Occupation 7%
7% 40%
Student Employee
46%
Self employed Others
Table 2.3 and Chart 2.3 show the segregation of respondents according to occupation. Majority of the respondents are employee, while the brackets with the least frequency are self-employed and others.
4. Segregation of Respondents According to Monthly Allowance / Income Table 2.4 Segregation of Respondents According to Monthly Allowance / Income Monthly allowance or
Respondents
Percentages (%)
2,000 and below
133
33
2,001- 5,001
27
7
5,001- 10,000
107
27
10,001-30,000
66
16
30,001-50,000
40
10
50,000 and above
27
7
Total
400
100
income
Chart 2.4 Segregation of Respondents According to Monthly Allowance / Income
Monthly Allowance/Income 10%
7%
2,000 and below 33%
2,001- 5,001
17%
5,001- 10,000 10,001-30,000
27%
30,001-50,000
6%
2,000 and below
Table 2.4 and Chart 2.4 show the segregation of respondents according to monthly
allowance/income.
Much
of
the
respondents
have
monthly
income/allowance of P2,000 and below, while the brackets with the least frequency have P2,000-P5,000 and P50,000 and above.
5.
Segregation of respondents whether they use travelling agency
Table 2.5 Segregation of respondents whether they use travelling agency Whether they use travel
Respondents
Percentages (%)
Yes
284
71
No
116
29
Total
400
100
agency
Chart 2.5 Segregation of respondents whether they use travelling agency
Whether they use travel agency 29% Yes 71%
No
.
Table 2.5 and Chart 2.5 show the segregation of respondents according to whether they use travelling agency. Majority of the respondents doesn’t use travelling agency, minority of the respondents doesn’t use travelling agency.
6. Segregation of respondents according to how often they travel using the services of travel agency Table 2.6 Segregation of respondents according to how often they travel using the services of travel agency How often they travel
Respondents
Percentages (%)
Once in a year
173
43
Once in 6 months
93
23
Once in 3 months
53
13
Every month
66
17
Every week
15
4
Total
400
100
Chart 2.6 Segregation of respondents according to how often they travel using the services of travel agency
How often they travel 3% 17% 13%
Once in a year 44%
Once in 6 months Once in 3 months
23%
Every month Every week
Table 2.6 and Chart 2.6 show the segregation of respondents according to how often they travel using the services of travel agency. Much of the
respondents travel once in a year, while the bracket with the least frequency travel every week. 7. Segregation of respondents according to their experience of not being accommodated by a travel agency Table 2.7 Segregation of respondents according to their experience of not being accommodated by a travel agency
Have experience
Respondents
Percentages (%)
Yes
76
19
No
324
81
Total
400
100
Chart 2.7 Segregation of respondents according to their experience of not being accommodated by a travel agency
Have experienced 19% yes 81%
no
Table 2.7 and Chart 2.7 show the segregation of respondents according to their experience of not being accommodated by a travel agency. Most of the respondents have experienced not being accommodated by a travel agency.
8. Segregation of respondents according to with whom they travel most often Table 2.8 Segregation of respondents according to with whom they travel most often With whom they travel
Respondents
Percentages (%)
Family
198
49
Friends
91
23
Colleague
47
12
Alone
64
16
Total
400
100
most often
Chart 2.8 Segregation of respondents according to with whom they travel most often
With whom they travel most often 16% 49%
12%
Family Friends
23%
Colleague Alone
Table 2.8 and Chart 2.8 show the segregation of respondents according to with whom they travel with most often. Half of the respondents travel with their family, while the brackets with the least frequency travel with colleagues.
9. Segregation of respondents according to preferred travel
Table 2.9 Segregation of respondents according to preferred travel Preferred travel
Respondents
Percentages (%)
Domestic
146
36
International
254
64
Total
400
100
Chart 2.9 Segregation of respondents according to preferred travel
Preferred travel 36% Domestic 64%
International
Table 2.9 and Chart 2.9 show the segregation of respondents according to their travel preference. Two-thirds of the respondents prefer to travel internationally, while the one-third prefer to travel domestically
10. Segregation of respondents according to preferred airline Table 2.10 Segregation of respondents according to preferred airline Preferred airline
Respondents
Percentages (%)
Philippine Airlines
238
60
Cebu Pacific
121
30
Air Philippines
27
7
Others
14
3
Total
400
100
Chart 2.10 Segregation of respondents according to preferred airline
Preferred airline 7%
3% Philippine Airlines
30% 60%
Cebu Pacific Air Philippines Others
Table 2.10 and Chart 2.10 show the segregation of respondents according to their preferred airline. Majority of the respondents prefer to travel by Philippine Airlines, while the brackets with the lowest frequency prefer to travel by Air Philippines and other airlines.
11. Segregation of respondents according to places where they want to stay Table 2.11 Segregation of respondents according to places where they want to stay Places where they want
Respondents
Percentages (%)
Expensive hotel
38
9
Economy hotel
154
39
Resort
144
36
Others
64
16
Total
400
100
to stay
Chart 2.11 Segregation of respondents according to places where they want to stay
Places where they want to stay 9% 16% 36%
Expensive hotel 39%
Economy hotel Resort Others
Table 2.11 and Chart 2.11 show the segregation of respondents according to the places they want to stay. Much of the respondents prefer to stay in economy hotels, while the bracket with the lowest frequency prefers to stay in expensive hotels.
12. Segregation of respondents according to preferred way of travel Table 2.12 Segregation of respondents according to preferred way of travel Preferred way of travel
Respondents
Percentages (%)
One way
147
36
Round trip
256
64
Total
400
100
Chart 2.12 Segregation of respondents according to preferred way of travel
Preferred way of travel 36% One way 64%
Round trip
Table 2.12 and Chart 2.12 show the segregation of respondents according to their preferred way of travel. Two-thirds of the respondents prefer round-trip, while one-third prefers one-way.
13. Segregation of respondents according to the amount they spend on a trip Table 2.13 Segregation of respondents according to the amount they spend on a trip Amount spend on a trip
Respondents
Percentages (%)
5,000 and below
159
40
5,001-10,000
106
26
10,001-20,000
57
14
20,000 and above
78
20
Total
400
100
Chart 2.13 Segregation of respondents according to the amount they spend on a trip
Amount spend on a trip 20% 14%
40%
5,00 and below 5,001-10,000
26%
10,001-20,000 20,000 and above
Table 2.13 and Chart 2.13 show the segregation of respondents according to the amount they spend on a trip. Much of the respondents spend 5,000 and below, while the bracket with the lowest frequency spend 10,001-20,000.
14. Segregation of respondents according to the International clients who will avail porting sevices Table 2.14 Segregation of respondents according to the International clients who will avail porting sevices Will avail porting
Respondents
Percentages (%)
Yes
160
40
No
240
60
Total
400
100
Services
Chart 2.14 Segregation of respondents according to the International clients who will avail porting sevices
No. of who will avail porting services 40% 60%
Yes No
Table 2.14 and Chart 2.14 show the segregation of respondents according to the International clients who will avail porting sevices. 60% of the respondents will not avail while 40 % of the respondents will not avail.
15. Segregation of respondents according to the International clients who will avail visa assistance Table 2.15 Segregation of respondents according to the International clients who will avail porting sevices whether rush or regular Will avail porting
Respondents
Percentages (%)
Rush
56
35
Regular
104
65
Total
160
100
Services
Chart 2.15 Segregation of respondents according to the International clients who will avail porting sevices whether rush or regular
No. of who will avail porting services 35% 65%
Rush Regular
Table 2.15 and Chart 2.15 show the segregation of respondents according to the International clients who will avail porting sevices whether regular or rush. 65% of the respondents will avail regular while 35% of the respondents will avail rush.
16. Segregation of respondents according to the International clients who will avail visa assistance Table 2.15 Segregation of respondents according to the International clients who will avail visa assistance Will avail Visa Assistance
Respondents
Percentages (%)
Yes
60
15
No
340
85
Total
400
100
Chart 2.16 Segregation of respondents according to the International clients who will avail visa assistance
No. of who will avail visa assistance 15% Yes 85%
No
Table 2.16 and Chart 2.16 show the segregation of respondents according to the International clients who will avail visa assistancee. 15% of the respondents will avail while 85 % of the respondents will not avail.
17. Segregation of respondents according to factors considered in choosing travel agency Table 2.17 Segregation of respondents according to factors considered in choosing travel agency Factors considered in
Respondents
Percentages (%)
Price
98
24
Security
107
27
Service
195
49
Total
400
100
choosing travel agency
Chart 2.17 Segregation of respondents according to factors considered in choosing travel agency
factors considered in choosing travel agency 24% 49%
Price 27%
Security Service
Table 2.17 and Chart 2.17 show the segregation of respondents according to the factors considered in choosing travel agency. Half of the respondents
consider service as main factor in choosing travel agency, while the bracket with the lowest frequency considers service as main factor in choosing travel agency.
Past Demand There is no available data about the demand of travel agency for the past years. Therefore, the proponents assumed that the demand determined from the survey is the same as what the demand was for the last four years. To compute the annual demand, the total population will be multiplied by the market acceptability rate and frequency of availing. From the survey, the market acceptability rate computed by dividing the number of respondents who in need of travel agency is equal to 71% and frequency of availing is once a year. The proponents assumed a 1.7% growth rate in the population of the visitors in Araneta center which represents the Philippine population annual growth rate. Table 2.18 Historical Demand
Year
Population
Market
Frequency
Acceptability of Rate
Annual
Availing Demand
Annually
2010
934795
71%
1
663704
2011
950686
71%
1
674987
2012
966848
71%
1
686462
2013
983284
71%
1
698132
Projected Demand In this study, the proponents used the historical demand data and used the least square method in getting the estimated projected demand. Table 2.19 Projected Demand
Year
A
Y1-1
Yc
2014
11476
698132
709608
2015
11476
709608
721084
2016
11476
721084
732560
2017
11476
732560
744036
2018
11476
744036
755512
To compute for the estimated projected demand, least square method was used. The formula for the least square method is shown below: Least Square Method: Formula : Yc = a + Yi -1 a= Where: Yc = initial value (1st year) Yn = final value (last year) N = number of years Yi = value for the year past Table 2.19 shows the projected demand of the proponents’ business for five (5) years. The projected demand for year 2014 was computed using the
Least Square method in which the initial value was subtracted from the final value then dived by the number of years minus one. After the computation, the computed increase every year will be added to the final value. Computation reveals that every year the demand for travel agency will increase for at least 11476 customers.
VI. Supply Situation
Main Competitors The following is the list of travel agencies near Araneta Center, Quezon City. Table 2.20 List of Travel Agencies Business Name Quicklines Travel International, Inc. – Cubao
Address
Distance
Ground Floor Shopwise Supermakrte, Araneta Center,
Approximately
Cubao, Quezon City, Metro
0.03 KM away
Manila G/F Genesis Transport Building,
Manila Genesis Charters
EDSA corner New York Street,
Approximately
and Tours Inc
Cubao, Quezon City, Metro
0.50 KM away
Manila Radio Communications Of The Philippines
711 E. Delos Santos Avenue, Cubao, Quezon City, Metro Manila
Pagan Nomads Tour
Unit 4, #49 K-9th Street, West
Management and Travel
Kamias, Quezon City, Metro
Consultancy
Manila
San Travel and Tours -
Unit 1007 Prince John
Main Office
Condominium, 291 P. Tuzaon corner 18th Avenue, Cubao,
Approximately 0.75 KM away
Approximately 0.87 KM away
Approximately 0.94 KM away
Quezon City, Metro Manila 7F Gregory Condo, 12th Avenue,
Mosconi
Cubao, Quezon City, Metro Manila
Approximately 1.00 KM away
Source: http://nearbyph.com/travel-agencies/all/14.622799/121.052902/lrt-2araneta-center-cubao-station-general-aguinaldo-avenue-quezon-city-1109philippines
Past Supply There is no available data on the supply of travel and tour business for the past years. In order to estimate the past supply, the proponents used the past annual demand. The portion of demand that was met by the supplier will be considered as the supply provided by the travel and tour businesses. The proponents used the data based on the number of respondents that are not immediately accommodated by a travel agency.
Table 2.21 Historical Supply
Supply
Annual
Situation Rate
Supply
663704
81%
537600
2011
674987
81%
546739
2012
686462
81%
2013
698132
81%
Year
Demand
2010
556180
565487
Projected Supply The proponents assumed the same supply situation rate of 81% for the next five years. The annual supply for the next five years is as follows. Table 2.22 Projected Supply
Supply
Annual
Situation Rate
Supply
709608
81%
574782
2015
721084
81%
584078
2016
732560
81%
2017
744036
81%
602669
2018
755512
81%
611965
Year
Demand
2014
593374
VII. Demand-Supply Situation
By using the demand-supply analysis, the proponents will come up with a difference which will be the unserved market, unserved demand or demand gap. Demand gap is computed by subtracting the projected annual supply from the projected annual demand as shown below:
Table 2.23 Demand-Supply Gap for Five Years Year
Population
Annual
Annual
Demand
Demand
Supply
Gap
2014
1,000,000
709608
574782
134826
2015
1,050,000
721084
584078
137006
2016
1,102,500
732560
593374
139186
2017
1,157,625
744036
602669
141367
2018
1,215,506
755512
611965
143547
Market Share Analysis Every business must determine its market share which will serve as a basis of marketing strategies of the establishment. It will define the extent of demand the business need to satisfy. Out of the demand gap, the proponents agreed to cover only 12.5% as a starting point.. This rate will increase by 1.5% each year so as to expand the market share of the business. The business’ market share for the next five years is presented below:
Table 2.24 Market Share for Five Years Academic Population Year
Annual
Demand
Target
Target Annual
Demand
Gap
Percentage
Market Share
2014
35,054
709608
134826
12.50%
16,853
2015
36,077
721084
137006
14.00%
19,181
2016
37,131
732560
139186
15.50%
21,574
2017
38,215
744036
141367
17.00%
24,032
2018
39,331
755512
143547
18.50%
26,556
The chart below shows the market share situation of the travel agency business before the introduction of Safe and Sound Travel Agency.
Chart 2.18
Sales
Quicklines Travel International, Inc. – Cubao Manila Genesis Charters and Tours Inc
19%
22%
Radio Communications Of The Philippines
7% 16%
11% 9%
16%
Pagan Nomads Tour Management and Travel Consultancy San Travel and Tours - Main Office Mosconi Unsatisfied Demand
The next chart below portrays the projected market situation of the travel agency business after the introduction of Safe and Sound. Chart 2.19
Projected Market Share Distribution
Quicklines Travel International, Inc. – Cubao Manila Genesis Charters and Tours Inc
6.5%
12.5%
Radio Communications Of The Philippines
22%
7% 16%
11% 9%
16%
Pagan Nomads Tour Management and Travel Consultancy San Travel and Tours - Main Office Mosconi Unsatisfied Demand Safe and Sound Travel Agency
VIII. Appropriate Marketing Program or Strategy
Quality of Service The proponents must assure that our clients will gratify with our utmost services. Thus, Safe and Sound Travel Agency offers quality and exceptional services, values and advices with the affordable prices to its clients to show the agency’s experience and ion for travel. They may reach the agency through visiting the office, which is open Monday to Saturday from 8 a.m. to 4 p.m., or on its website. Furthermore, we have available and competent employees who will serve and assist them to their travelling needs. We also guarantee to our clients that our agency is accredited by the Department of Tourism showing that we followed and ed their standards. Presented on table 2.25 is a brief SWOT analysis of the service:
Table 2.25 SWOT Analysis Strengths
Weaknesses
Diversified client base:
Combination of skills in employees
Extensive
advertising
in
developing
brand
awareness
and
marketing
Difficulty
Lack of clear strategic allies A limited financial base compared to the major players in the industry
Opportunities
Current
drive
towards participation entrepreneurs
by
Threats government
encouraging of
the
indigenous in
tourism
current marketing campaigns by both the government and regional tourism body
Potential entry of new competitors Competitors have launched a new advertising campaign External factors such as taxes Increase in cost due to inflation
Expansion of the business
A market vacated by an ineffective competitor
International tourism trends
Pricing For the services rendered by the agency to our clients, we charge fees to them as form of payment. Based on the research conducted, we have concluded that the following charges are appropriate for our services:
Domestic Mark-up of P300 + service fee of P100 + insurance tax
International Mark-up of P500 for walk-in clients + service fee of P100 + other taxes Mark-up of P250 for recruitment agencies + service fee of P100 + other taxes
Assistance a) port Documentation 1. Rush- P1200 cost of processing + P300 mark-up 2. Regular- P900 cost of processing + P300 mark-up b) Visa assistance- P800 of service fee
Place The business will be at the Ground Floor of Manila COD IT Building, located at the General Romulo Street, Araneta Center, Cubao, Quezon City, Philippines. We chose this place because Cubao is known for its commercial area and at its heart is the well-known Araneta Center. The Araneta Center is already a major transport hub, with almost a million of people ing by the area every day. We see it as an advantage that the building itself is situated at a
known avenue where it is also identified as one of the financial and business core in the Metropolitan area. Department stores and retail centers can also be found in Araneta Center, such as Gateway Mall, Plaza Fair, Rustan's, Shopwise Supercenter, SM Cubao, Ali Mall, and Farmer's Plaza. At the center is Smart Araneta Coliseum, often called the Big Dome. Many musical concerts, ice shows, circus shows, religious crusades, wrestling, cockfighting, and basketball games are held in this 20,000capacity coliseum. In the outskirts of Araneta Center is the Cubao Expo, an artists' colony and site of weekend flea markets. It is also a home to call centers like APAC, Telus, and Stellar. There are also hotels like Eurohotel and Novotel situated around the area where our foreign customers can reside.
Promotional Strategies For our business to be successful, the service that we are offering must be known to potential customers. Since the company is just going to start a business, a detailed promotional strategy should be planned to create product awareness. This is composed of different tools like ment and sales promotions. The proponents intend to implement the following promotion tools for the first year of its operations:
1. Opening Day Promotion The company will be conducting ribbon cutting as well as establishment blessing with the partners and staffs. After the activity, flyers will be distributed in front of the establishment and near areas. Tarpaulins will be strategically placed near the establishment to raise awareness to the potential customers that a new travel agency has just opened. The first 200 customers also get to have a 30% discount as a prize for being the first customers of the business and 2% discount for those who are regular customers.
2. ments For the consumer to be aware of our service, we decided that to reach them directly is one of the most effective way to promote our business. All the successful businesses are built by heavy advertising techniques such as the following:
Online ments The proponents consider social media such as Facebook and Twitter to be an effective way of reaching the target customers who are now getting fond of using this site almost the entire day. The proponents decided to set up Facebook page as well as a Twitter in order for the company to widen their horizon. These social media s will be updated daily and will be accepting questions from prospective customers. It will possess transparency wherein all customers’ complaints will be entertained and accommodated.
Newspaper The proponents will their agency in newspapers like Philippine Daily Inquirer and Manila Bulletin to reach potential customers in the comfort of their homes or even in their workplace. The ment will be shown every Saturday and Sunday for the first month of operation and for the succeeding months, it will be shown every Sunday only.
Brochures, handouts, leaflets and the like Printed materials like brochures, handouts, leaflets, flyers, and calling cards shall be distributed to the different hotels and resorts, the Department of Tourism. It could also be given to the er-by near the establishment.
Marketing Budget
Summarized below is the estimated cost of the promotion plan: Table 2.26
Marketing Program Budget Items
Quantity
Cost/ Unit
Total Cost
Grand Opening- 1st year advertising budget
Promotional Posters ( 18X24)
20
P 50.00
P 1,000.00
Tarpaulin (30 sq. ft.)
10
P 300.00
P 3,000.00
Leaflets (3X8)
5000
P 2.00
P 10,000.00
Foldable Fans
2000
P 10.00
P 20,000.00
Newspaper ment
Minimum
P 66,000.00
P 66,000.00
size TOTAL
P 100,000.00
Regular Advertising per Year
Leaflets (4X6)
3000
P 3.00
Calling Cards (2x3 inches)
5000
P 1.00
Newspaper ment
Minimum
P 66,000 .00
P 9,000.00 P 5,000.00 P 66,000.00
size TOTAL
P 80,000.00
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