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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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Business strategy is a plan of action which is designed to achieve organization's goal or simply we can say it is a planning which give direction to the business growth. Veena world uses a combination of PEST and SWOT analysis to evaluate their business strategy.

PEST and SWOT analysis for Veena world

SWOT analysis:

 Strengths:

• The trustworthy image of Mrs.Veena patil in tourism industry.

• Company is strongly active on all social networking sides like Facebook, Google, Twitter and YouTube.

• Packages for all age group and gender.

• Packages available from budget packages to luxurious packages

• Recruit trained professional staff

 Weaknesses:

• As Veena world is newly established company they have limited branches and need to expand their branch network

 Opportunities:

• As Veena world newly entered in tourism industry they continuously focused on increasing their customers and for that they focus on to identify requirements of guests like:

a. Searching for new destinations

b. Innovating new and different packages

• They have opportunity to expand their business globally by opening more branches and getting into joint ventures for business growth

 Threats:

• Present leading competitor is Kesari tours Pvt. Ltd because of 50% of business strategies of veena world shows similarity with Kesari tours strategies

• Other small scale travel agencies who is offering a budget group tours

PEST analysis:

 Political factors:

Political factors looks at how government rules, regulations and legal issues affect a company's performance.

This factor include issues like:

• Political stability

• Social and environmental policy

• Trade regulations

• Tax guidelines

• Safety regulations etc.

This factor create impact on the growth and performance of the company. Veena world faces many political issues on its path of success like taxation policies of government and the government decisions about the increasing prices of fuel have affected the buying capacity of the individuals.

 Economic factors:

Economic factor is an important factor for tourism and hospitality industry because it will create effect on cost, profit and demand.

This factor include issues like:

• Economic growth

• Inflation and interest rates

• Credit availability

• Economic stability

• Exchange etc.

Group tour is the specialty of Veena world. Group tour is the flexible business for income because it is income rises as well income decreases business. The spending capacity is increasing because of best deals offered by Veena world. This has left a good income in hand.

 Social factor:

Social factors includes cultural and demographic aspects of company market.

This factor includes issues like:

• Age distribution

• Population growth rate

• Religious and ethical beliefs

• Health consciousness

• Lifestyle change

• Demographics etc.

The customer demands have changed because of continuous change in their lifestyle and effect of globalization on society. Today's generation has become more price sensitive and they like to explore new destinations and people have also started to give first preference to their interests. Veena world always updated their strategies as per public demands and time needs.

For example: Veena world newly started their ‘short break packages' for those people who like to travel for only shopping, adventure, only for fairs and festival, wellness, for food testing etc. These packages are for people who are not only interested in exploring destinations.

 Technical factors:

This factor looks at how an organization delivers their services and products in the market place with the use of technology.

This factors includes issues like:

• Generation change and their expectations

• Technological changes and expectations etc.

The use of Information technology has given a boost to the reservation and administration operations in tourism business. Veena world strongly focused on electronic marketing. They provided daily updates to the customers through face book, twitter, google and you tube. They also provide tour status, weather status and travel tips on their and also has FAQ's (frequently ask questions) facility on social networking sites for their customers.

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