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Research
Issues:
- Determining
whether demand is growing for a particular sector of the leisure,
travel and tourism market. The subject property could be a hotel,
convention and exhibition centre, shopping centre or theme park.
Involves a market study of the general conditions
that are affecting the sector. Apart from analysis of secondary data,
interviews and focus group discussions are conducted with various
audiences such as local and foreign travellers, travel and tour agents,
shopping centre owners, retailers, hoteliers, transport operators,
government officials, association representatives, academics and consultants,
and opinion leaders.
- Shopping
habits of the various groups of tourists and their purchasing power.
How they view their location and property being studied. How they
spend their time. Involves
quantitative sample surveys of tourists and interviews with retailers
and travel and tour agents.
- Determining
why a development is not attracting enough tourists. Entails
a quantitative sample survey of tourists as well as interviews with
working staff and travel and tour agents. Marketing and promotion
strategies employed by the development are evaluated. Analysis of
findings may be complemented by recommendation of marketing and promotion
strategies to enhance tourist arrivals.
- Determining
the type of product or package to be introduced to tap the tourism
market in a particular location. A
study of the location, accessibility, infrastructural, competition
and other conditions affecting the site is carried out. This is complemented
by focus group discussions with travel and tour agents, hoteliers
and tourists to identify suitable products and generate concepts.
Further testing of identified products via quantitative sample surveys
of tourists may be necessary.
- Return
on investment on a proposed development and its internal rate of return.
Inputs
data from the above studies into feasibility models featuring
cost and revenue projections, to determine whether a project will
meet the economic return requirements of the investor.
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