Strategic Marketing Management of the Traveling Agency Industry in the UK

The main purpose and scope of this business plan are to provide general information about the said industry and to highlight the critical areas for successful launching of a new ticket selling point at Brent Street London. The data discussed in this study is based on some certain assumptions and has been collected through a number of sources. A careful attempt has been made to present real-time data in the study, however, this information may change at any time due to the occurrence of any changes in associated factors, and thus the actual outcomes may differ from the projected results. 1. BUSINESS DESCRIPTION Doramex Ltd. is a famous travel agency located at 136 Brent Street, London. The small company has a vast experience of 64 years as working in the business since 1947. The average annual income of the company is around $54, 80,738. Doramex deals with customers belong to entire Europe, North American countries, and China from Asia (Company Profile Page). The company has decided to expand its area of operations and for this, it intends to set up an outlet ‘Express Ticketline’ in London. The new outlet will mainly deal with the selling of airline tickets to the customers at prices lower than the market rate. Although, Express Ticketline will expand its sphere of operations as well as target markets in future, however, initially it will operate as a ticket selling point for local population and the passengers of airline companies like British Airways, Virgin Atlantic Airways, EasyJet, and Atlantic Airlines etc. 1.1 Mission Statement To entertain our customers in terms of their budget, desire, and skill level. To ensure the sustaining of our customers through attractive packages and arrangements 1.2 Vision To go outshine in the field of selling cheap ticket by setting up strategic agreements with airlines, travel agencies, ground transport companies, and entertainment industry. 1.3 Objectives Express Ticketline is intended to meet the following objectives by the end of the first financial year. Revenue (through the selling of tickets) of $725,000. 25% of tickets will be sold online Maintain a margin of 08% on all airline tickets. 2. INDUSTRY AND MARKET ANALYSIS 2.1 External Factors on Travel Agencies The competitive marketing environment continuously changes, therefore a well thought-out, composed, detailed and consistent analysis is necessary for best evaluation. PEST analysis is considered as the best way to describe those external factors which cannot be directly catered by an organization. Despite the fact that PEST analysis is used on the basis of previous data, interestingly it can be used as a forecast model (Wilson and Gilligan, 1998). 2.2 Political Factors Express Ticketline is a travel agency which is directly related to the airline industry. Any internal or external change in the airline industry will directly affect our agency. The distressing incidents at the start of the 21st century have turned out as the most difficult times for the travel agencies. These incidents included the terrorist attacks in New York on September 11, 2001, and in London on July 7, 2005.