Virgin Train Assignment
HTH needs to give attention to major three things that are as follows. A) They need to have effective segmentation strategies and target market in order to have focus on the targeted customers with the travel and tourism industry. B) They need to position themselves by making its brand positioning in a way that people pursuit them as a travel specialists. Communication strategy is very important in order to make the customer aware of the differentiation and competitive advantage. D) They need to develop their customer base to maintain and retain the loyal customers. Methodology According to the study of Saunders (et al. , 2009) the research approach is the philosophy behind the methods applied in order to collect information related to the topic of the study. There are three main paradigms on the basis of which the approach of the study is defined; these are positivism or post positivism, constructivism and idealism.
The research questions mentioned earlier in the study re important for setting the approach of the research so that we are able to investigate the role of online traveling agents first and then providing a comparative analysis of traditional and online traveling agents. It is important for the researchers that they should adopt an approach that is interrelated with the information included in the literature review and thus, facilitate us in using quantitative data so that we are able to achieve the aims and objectives of the study.
The research approach adopted for the current study is based on idealism, which is also known as post- positivism. The post-positivism approach will provide an appropriate method for including data that will enable us in finding out the scope of online agents within the tourism of a country. Moreover, this research approach will also facilitate us in investigating the reasons due to which there is an increase in the scope of online traveling agents especially within the tourism industry of India. The research strategy adopted for the study is based on a mixed research methodology.
The information generated from primary and secondary sources is included in the form of qualitative and quantitative data. According to the study of Crewel (2003) the mixed methodological approach is based upon the idealism paradigm, which enables us in ensuring that the quantitative analysis included in the study is based on accurate data, and closely related to the research topic. The research included a combination of qualitative along with quantitative data that has been conducted by collecting the data from secondary resources.
There are several means of collecting qualitative forms of data on the research topic that is to identify the scope of online traveling agents and scope of online traveling agents within the economy of India. However, there are several secondary sources of data collection through which online traveling agents, magazines and through many other Internet sources. There are several benefits associated with the mixed approach strategy used for the research. The secondary data collected is a mixture of past and present data that will provide information related to the topic chosen for the study.
The secondary sources chosen for the study will also take into consideration previous literature that is available on different Internet sources and published in Journals that will help in evolving a better data analysis related to the scope of online traveling agents within the tourism industry of India (Baker, 2003). Moreover, the strategy adopted for this study is also related to the inclusion of quantifiable information related to the topic of the study. The quantitative method overcomes the weaknesses faced by the researchers while using qualitative methodology in order to conclude findings of the research.
Therefore, a mixed approach has enable us in drawing better conclusions for our study so that we can provide our view that whether hypothesis designed for he study is either accepted or rejected. Literature Review Fuel Cost The fuel prices are determined by the crude oil prices. In order to produce fuel and other petroleum products, the main raw material used is crude oil. (Chevron Corp., N/ A) The prices of crude oil are determined by the market force of demand and supply.
If there are grows in demand or disruptions in supply of crude oil, then the market will adjust by increasing the price of crude oil, subjected to the changes in demand or supply. One of the most recognizable causes of fluctuation in fuel prices is disruptions in the supply of crude oil in the market. Political instability is one of the factors. Majority of oil producer countries are in the emerging regions, where disruptions in supply of crude oil always happened and affecting the price. (Chevron Corp., NINA) Besides, shortages of supply can be resulted from a sudden refinery outage or maintenance and pipeline problems.
On the other hand, the rise in the price of crude oil is caused by the increase in international energy demand driven by strong long term economic growth especially in non-COED countries. According to the U. S. Energy Information Administration, make a projection that in between 2006 to 030, there will be a dramatic increase of 44% in the total world consumption of energy. (Caltech, NINA) Adding together political instability, disruptions in the supply and growing demand for crude oil cause the price of fuel to be volatile. (owe).
To manage train s companies, the management will try to minimize any cost associates with the company. According to Air Transport Association, 25. 4% of train s operating expenses were contributed by fuel. As the fuel price becoming increasingly volatile, train s industries will face risk in rising fuel price and one of the ways to get rid of the sis is by hedging the fuel price. Hedging is a risk management tool that allows train s to lock in a price for fuel and protect them from the risk of soaring fuel price in future.