1. Executive Summary
Blue Ocean Travels (Pvt) Ltd was formed to provide air flight reservations along with all level of accommodations, travel insurance, and other travel related service providers to clients.
The company's target customers are high income and the medium income earners. These would include lawyers, bankers, executives, doctors, etc. The major purchasers are located in urban areas within Sri Lanka. The customers are generally loyal repeat customers.
In addition to all these changing customer needs, more niche markets are also evolving promoting differentiated products. Therefore, it would be a formation of a very difficult competitive situation with the experienced providers, especially with market leaders. But Blue Ocean Travels (Pvt) Ltd is only an upcoming small company which is not within that bigger caliber range yet. Blue Ocean Travel's target market members will have similar activity interests, more disposable income and less sensitivity to price.
As a small company, it has some significant weaknesses which should be rectified, for the company to progress.
2. Situation Analysis
2.1 Company Analysis
Blue Ocean Travels (Pvt) Ltd is a family owned business which provides services which mainly focus on the air travel sector. It is a Tourist Board approved and IATA Accredited service provider, who was incorporated in August two thousand and four in Colombo.
The company provides a variety to of services relating to the travel services, such as air flight reservations where the reservation is made for particular flight that the customer prefer on the the preferred date, travel insurance service offered that is the insurance required for the passenger in their travel period could be obtained at the agency, at the same time other insurance such as the motor insurance could also be arranged by them as they are an insurance agent of Sri lanka insurance corporation Ltd, hotel arrangements which would cover a range of hotels from three star hotels to five star hotels could be booked through the GDS system and other services such as freight forwarding coupled with DHL is in operation. Blue Ocean Travels has a sub agency in Jaffna as well, which gives it an advantage of an early expansion.
Although the company has been in the industry for about ten years, it has only shown a slight improvement in its performance up to now. Today, it has reached to a level of Rs.330,076 annual loss and with only a very low level of market share of about 2%.
The current marketing mix of the company would give an in-depth details on the product made available to the customer. As Blue Ocean Travels operates in the service industry, and therefore the 7 Ps of the marketing mix is applied to this sector.
• Product - The product offered is the air flight reservation tickets. This core product is given with additional attractive packaging, such as a blue colored air flight ticket pockets. Other benefits given would include any other...