Environmental Factors that impact the marketing exercise:
Political Environment:
1.The stable democratic government currently under the leadership of visionary and tourism promoting narendra modi ensures stability for the tourism industry. Central cabinet also has a specific ministry of tourism with primal objective to device policies and implement strategies for the promotion of tourism industry in India. The recent government initiatives like “special tourism promoter’s officer’s scheme “and construction of infrastructure in tourist areas like the new airport at “kutch” shows government positive attitude towards the industry.
3. Every state in India has its own tourism department who try and promote their state in order to ensuring higher tourist inflow so as to generate greater revenues from the tourism industry .This competitiveness results in greater efficiency but has a harmful impact on the overall tourism industry.
Hence make my trip works in a political environment which is pro tourism.
Economic factors:
1. Indians currently adopting to lavish lifestyles and the GDP growth rate at almost 6% per annum ensures income rise and thus more disposable income to be spent in domestic tourism.
2 Increased economic growth results in greater investments in the infrastructure, creation of newer tourist avenues, beautification of towns and cities, thus another boost to the tourism industry.
3. The number of business visits also rise due to better economic health of the
This increase is a sign that the
The people were wanting more new products so the businesses had to provide new products quicker to meet the growing demand.
Rapid economic growth led to the rise of large businesses, and a new class of wealthy Americans
Additionally, these innovations helped to improve public health and quality of life, which further contributed to economic
Improving market condition continue to increase the number of industry operators at an average annual rate of 5.5%, reaching 1.3 Million operators by 2019. This growing
This facilitated the growth of regional and national markets, allowing businesses to expand their customer base and sell their goods to a wider range of consumers (Larkin, 2004). The growth of these markets, in turn, created new opportunities for entrepreneurship and innovation, further stimulating economic
With fairly run and speedy manufacturing, the output of goods is boosted. An excerpt from document 9, states “You are surrounded, as we have constantly shown you throughout this book, with an infinite number of comforts and conveniences which had no existence two or three centuries ago…” (The Working Man’s Companion). The growth of our economy is completely evident in this statement: inventions, improvements, and innovations have made life substantially simpler and more productive. Burdens that were a problem years ago are now non-existent.
Introduction Minimum wage is the lowest hourly rate an employer can pay an employee for hours worked. The topic of raising the minimum wage is a sensitive issue for many people. The livelihood of many relevant stakeholders will be directly effected by policies created in regards to raising minimum wage, both positively and negatively. This paper will examine the history and current state of minimum wage. It will identify the issues connected to raising minimum wage, analyze the arguments for and against, and make recommendations based on the analysis.
If the economy is flourishing, it tends to increase the purchasing power of the individuals and it is likely that customers will be purchasing new, perhaps more expensive cars on a regular basis. Hence, the premiums and payments would increase. So when the economy is thriving, customers are likely to have more of disposable income which they are willing to spend on the leisure activities
The GIG economy is defined as the labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs1. According to a recent report by McKinsey Global Institute2, it was reported that 20 to 30% of the working age population in America and EU-15 perform independent work, which constitutes up to 162 million people. Notably, close to half of this population of workers rely on such freelance work for their primary income. This changing nature of employment presents benefits for both workers and businesses. From a company lens, the ability to capitalize on such a workforce provides a lower set of business operating costs.
5. Growing population and growing number of people with internet connectivity. 6. Growth of specialty chains due to inflow of immigrants. 7.
POLITICAL Political factors can often give a big impact on the business of a company. Often this factor is not in the hand of the organization. Several aspects of government policies can make a huge difference. However, all firls are required to follow the law. It is the responsibility of the organization to find how upcoming legislations can affect their activities.
Higher Quality of Service or Product 3. Monetary Savings 4. Better Employee Retention Rates 5. Pleasant Work Environment Maslow`s Hierarchy
However, such developments cause enthusiastic, money related and social
Tourism can be considered one of the most significant economic and social phenomena of the twentieth and twenty-first century. The evolving of the tourist’s behavior has triggered a series of changes in the way of operating the tourism businesses. From traditional travel agencies, hotels and airlines up to the online tour operators. All tour operators have had to adapt to the changes of the individual as a traveler and this has led to continuous development of strategies by the agents.