Futurecast Applied to Tourism PDF

CHAPTER 2 FUTURECAST APPLIED TO TOURISM LEARNING OBJECTIVES To explore the concept of futurecasting in the tourism sector. To examine the growth and nature of emerging markets in tourism. To analyse consumer mega-trends in the tourism business environment and the implications of...

CHAPTER 2 FUTURECAST APPLIED TO TOURISM LEARNING OBJECTIVES To explore the concept of futurecasting in the tourism sector. To examine the growth and nature of emerging markets in tourism. To analyse consumer mega-trends in the tourism business environment and the implications of these of marketing decision making. To explore new marketing paradigms in the context of environmental change. 1 FUTURECASTING By tracing and understanding key trends and developments in the new business environment the tourism strategist gains invaluable decision-making intelligence that allows him or her to ‘futurecast’. In effect tourism operators will have the ability to ‘see’ events before they occur, allowing strategic decision makers to develop innovative and effective strategic tourism initiatives. Moreover, this approach allows companies not only to anticipate major shifts in the environment but also to try to influence these changes. 2 FUTURECASTING IN TOURISM Emerging Consumer Markets Mega-Trends MARKETING PARADIGM SHIFTS 3 EMERGING MARKETS The Golden Mafia Emerging The Consumer Feminization Markets of Markets The Why Generation 4 CONSUMER MEGA-TRENDS Empowermen t Transumers Seeking Insperiences Socio-Cultural Shifts Consumer Rehumanizati Mega-Trends on The Prosumer The New Tourism Consumer The Minipreneur 5 MARKETING PARADIGM SHIFTS The application of futurecasting reveals seismic shifts in the tourism business environment from the emergence of markets which will dominate future consumption to the proliferation of socio-economic trends which will impact on the type of consumption behaviours the tourism sector will see in the coming years. The impact of these issues is significant and the purpose of applying futurecasting is to position tourism marketers to best respond to them. New marketing paradigms have emerged in an effort to support marketers. 6 MARKETING PARADIGM SHIFTS Neomarketi Adopting neomarketing will see a move towards ng customer-centricity which will demand an entire and revolutionary change in the approach to the consumer. Customer-centricity is when customers lead the design of business processes, products, services and business models. Particle Particle marketing represents a new way of thinking Marketing beyond the boundaries and restraints of traditional market segmentation. It requires the use of personal technologies to customize micro-individual offerings. Consumer Increasingly, consumers are demanding interactivity with Interaction brands. The focus must shift from linear forms of communication to more interactive or co-created communication. Evolutions Brands must evolve on the basis of an intelligent dialogue and with customers to create emotional authenticity and Revolutions value. The emotional value is the economic value or in Branding momentary worth of feelings when consumers positively (or negatively) experience branded products and services.