5 Stages of Market Research in Tourism
Stage 1: Problem Definition
This phase defines the phenomenon to be studied and determines the research approach, which can be:
- Exploratory: Used when the problem’s nature is unknown, aiming to gather initial insights and variables.
- Descriptive: Aims to provide a detailed description of a market aspect using statistical models.
- Causal: Investigates relationships between variables.
Stage 2: Planning
Once the problem, purpose, and focus are defined, planning involves several elements:
- Sources of Information:
Strategic Management and Organizational Behavior
Competitive Strategy and Industrial Analysis
Action Plan that has management to position the company in its market arena, competing successfully, satisfying customers and achieving good business performance Alfred Chandler: The determination of goals and core long-term objectives in a company, together with the adoption of courses of action and distribution of resources to achieve these purposes.
James B. Quinn: The model or plan integrating major goals, policies and actions of a chain organization
Market Analysis and Strategy for New Products
Define the term mass market.
A market for goods that are produced in very large quantities. Because of economies of scale, products sold in mass markets are less expensive than goods produced for niche or highly specialized markets.
Construct a forecasted profit and loss account for the production of PP’s new pie (show all your working).
Explain one disadvantage for PP of selling older non-current assets to finance the production of the new pie.
1- Selling assets to finance the new pie will reduce PP’
Read MoreUnderstanding Economics: Key Concepts and Principles
Economic Systems
Centrally Planned Economy
A centrally planned economy is characterized by government control over production, distribution, and resource allocation. Prices are typically set by the government, which owns the means of production. Examples include the former Soviet Union and Maoist China.
Market Economy
In a market economy, production, distribution, and resource allocation are determined by supply and demand. Prices are determined by market forces, and the means of production are privately
Read MoreAccounting Principles, Financial Statements, and Cash Flows: A Comprehensive Guide
Chapter 1: Accounting Principles and Concepts
Fundamentals of Accounting
This chapter explores the core principles and concepts that underpin accounting practices. It delves into the definition of DEALER, an acronym representing the debit and credit rules for different account types.
Key Concepts:
- Faithful Representation: Ensuring accounting information is accurate, complete, and unbiased.
- Generally Accepted Accounting Principles (GAAP): A common set of accounting standards and procedures.
- Decision-Usefulness:
Health and Well-being: A Comprehensive Guide to Physical, Mental, Social, Emotional, and Spiritual Dimensions
UNIT 3 AOS1
HWB
Physical: Related to the functioning of the body and its capacity to perform daily actvites
Mental: The currnt state of WB rleating to a persons mind of brain and the ability to think and process info
Social: Relates to the ability to form meaningful and satisfying relationships with others and the ability to manage or adapt to different social situatations
Emotional: Relates to the ability to express emotions and feelings in a positive way
Spirtual:Relates to ideas,beleifs,values and
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