The Corporate Travelers An Business Samples †MyAssignmenthelp.com

Question: Discuss about the Corporate Travelers An Business. Answer: Introduction The corporate travelers are the ones who undertake travel for business purposes within the country or undertake international travel (Sherry, 2015). They have specific requirements and priorities and they undertake the travel strictly for official purposes. The objective of this research is to identify the features of the corporate travelers and their purchasing pattern of the travel services. This research would strive to understand the needs and preferences of the target market. The problem statement of the research is to understand, identify and conclude about the different characteristics of the selected target market. There are not sufficient numbers of studies that have been undertaken and hence it is important to analyze this segment of the market. The significance of this research is that it would help in the development of a clear picture of the corporate travelers. The research questions for this research is identified as below- What are the characteristics of the corporate travelers? What are the needs and preferences of the corporate travelers? How is the nature of the buying behavior of the corporate travelers? Literature Review As opined by Bunn (2014), the typical corporate travelers are characterized by a high degree of travel in the business districts of the respective countries. The average age of the business travelers is 38 years and most of the target market is college-educated (Memarzadeh, Blum Adams, 2015). It has been observed that the corporate travelers are mainly urban male, who are working with the multinational companies located mainly in the urban as well as semi-urban areas. The median income of this kind of target market is usually higher than that of the other sections of the demographics (Truong Hall, 2017). Almost 80 percent of the corporate travelers use technology so that they can stay connected while they are travelling. The corporate travelers are the ones who are usually above 35 years of age and they are comfortable travelling in various geographical locations (Memarzadeh, Blum Adams, 2015). The corporate travelers usually take on an average of 12 trips every year. The usual duration of the trips is around four days. However, with the increasing number of campus recruitments, there are an increasing number of young graduates that are getting placed in the corporate environment (Memarzadeh, Blum Adams, 2015). They usually are anxious and they travel to international location for various on-site projects. The maximum travel takes place with the employees that are employed with the multinational companies. The multinational companies have their offices all around the world and hence there is an increase in the corporate travelers (Memarzadeh, Blum Adams, 2015). Most of the young recruits who are corporate travelers are employed in the information technology sector, in which there is maximum number of travel that takes place in the foreign locations. These kinds of travelers are likely to travel to the foreign location and stays overnight in paid accommodation for single day or a couple of days or couple of years. Situation Analysis The current situation of the corporate travelers is booming and there are tremendous possibilities of an increase in this market segment. Since the last few decades, this travel population was in infancy (Memarzadeh, Blum Adams, 2015). However, at present, this travel group is considered as the most lucrative travel segment. The corporate travelers have unique range of needs, which differentiates them from the traditional leisure travelers. The travel managers are booking more and more number of business travels for their employees so that there is smooth business functioning. There has been an overall spending of $1.25 trillion on global business travel, as recorded by the Global Business Travel Association (Gustafson, 2014). This figure of the corporate travelers is expected to grow at around 6% every year. The problem statement would be analyzed with the help of primary as well as secondary data. This would help in the maximum utilization of the existing knowledge and the finding of new insights into this particular target market. Research Methodology The research methodology would comprise of the combination of both the primary as well as secondary method of data collection. The various modes of the secondary sources would help in the better understanding of the nature and the type of the selected target market. The primary target market would help in the understanding of the actual characteristics of the corporate travelers. Sources of information The secondary sources of information would include the journals, magazines, literary works,marketing publications, government publications and various newspaper articles (Hewson Stewart, 2016). This kind of data was originally collected for some research purpose; however, they would be used in this research to understand the trends of the corporate travelers. The secondary data sources would be selected based on the information that is provided by them. The criteria for choosing the specific secondary data sources is that it should give adequate information about the corporate travelers and their pattern of travel. The different marketing journals should be consulted for collecting secondary data such as Journal of Marketing,International Marketing Review, Journal of Marketing Research and Marketing Science (Hunt, 2014). Primary Research Method The primary research method was done with the actual data collected from the field. A set of three hotels was taken under consideration and a sample size of 6 was chosen for this study. Two managers were selected from each of the three hotels and they were subjected to a set of three questions. The managers of the hotels had in-depth knowledge regarding the different types of corporate travelers as they are well-acquainted with them. Findings The three questions in the open ended questionnaire provided insightful thoughts in the decision-making process of the managers. The results derived from the primary data analysis The findings from the secondary data sources show that consumers are more inclined to make purchases in the months of January to April. They also prefer to get luxury services for the amount they are paying. They have friendly attitude and they are price insensitive. Interpretation of results The results indicate that most of the managers think that this kind of target market is highly active in the social media channels. Around 20% of the managers feel that they are high mobile users, followed by they set travel goals. A chunk of the participants indicate that target market is always connected to the real world and they stay calm in panic situations. A large portion of the managers feel that there are two basic needs of the corporate travelers such as high speed internet access in their hotels and in-house restaurants in the hotel. This indicates that the corporate travelers are in dire needs of the wifi or other sources of internet as this would help them to do their job in a better way. The managers also witnessed that this business segment needs Table and Chairs, Bright lighting, Room Service, insulated rooms and pick up-drop services that would help their stay fruitful. The secondary target market continues to buy the travel services irrespective of the cost of trave lling or cost of hotel stay. Target market profile The target market profile has been analyzed in the following table- Corporate Traveler Features Age 38 years old Education Graduate/Post-graduates Living in Urban and semi-urban areas Employed in Multinational corporations Number of trips per calendar year 12 trips/year Conclusion The corporate traveler is the booming market segment of the modern professional world. The access to high speed internet is one of the most important needs of this class of the target market. This target market is always active on their mobile phones and they are highly active in the social media channels. The needs, preferences and the features of target market have been successfully defined. References Bunn, W. B. (2014). Assessing risk and improving travel vaccine programs for business travelers. Gustafson, P. (2014). Business travel from the travellers perspective: stress, stimulation and normalization.Mobilities,9(1), 63-83. Hewson, C., Stewart, D. W. (2016).Internet research methods. John Wiley Sons, Ltd. Hunt, S. D. (2014).Marketing theory: foundations, controversy, strategy, and resource-advantage theory. Routledge. Memarzadeh, F., Blum, S. C., Adams, C. (2015). The impact of positive and negative e-comments on business travelers intention to purchase a hotel room.Journal of Hospitality and Tourism Technology,6(3), 258-270. Sherry, L. (2015). A method for quantifying travel productivity for corporate travel managers.Journal of Air Transport Management,42, 118-124. Truong, V. D., Hall, C. M. (2017). Corporate social marketing in tourism: to sleep or not to sleep with the enemy?.Journal of Sustainable Tourism,25(7), 884-902.