Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market
This article presents a methodology for forecasting the expected sales of innovative tourism products in the domestic market. The principles of the product life cycle concept and consumer behavior theory are taken as starting points for calculating the sales volumes of an innovative product as well...
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| Format: | Article |
| Language: | English |
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Sciendo
2021-09-01
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| Series: | Marketing of Scientific and Research Organizations |
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| Online Access: | https://doi.org/10.2478/minib-2021-0016 |
| _version_ | 1797947861102493696 |
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| author | Shulhina Liudmyla |
| author_facet | Shulhina Liudmyla |
| author_sort | Shulhina Liudmyla |
| collection | DOAJ |
| description | This article presents a methodology for forecasting the expected sales of innovative tourism products in the domestic market. The principles of the product life cycle concept and consumer behavior theory are taken as starting points for calculating the sales volumes of an innovative product as well as the rate of its penetration into the market. A method of measuring the level of consumer commitment to a travel agency and its offerings is posited, and the relationship between the structure of the target market and market activity in purchasing tourist products is demonstrated. Deep market segmentation is applied to take into account the behavioral peculiarities of individual subsegments (Loyalists Market, Sympathizers Market, Qualified Market, Finders Market, Serviced Market, Possible Market, Potential Consumers Market, Perspective Market). Formulas are proposed for calculating the volume of each of the identified markets. An improved and adapted model for the tourist market (by E. Rogers and F. Bass) is used to calculate the diffusion rates of domestic tourist products. This methodology of forecasting the expected sales of innovative tourism products in the domestic market is empirically confirmed based on data on the domestic tourism market in the region of Vinnytsiya, Ukraine. |
| first_indexed | 2024-04-10T21:34:22Z |
| format | Article |
| id | doaj.art-f629366270df4ebdbd44c234df8e64e5 |
| institution | Directory Open Access Journal |
| issn | 2353-8414 |
| language | English |
| last_indexed | 2024-04-10T21:34:22Z |
| publishDate | 2021-09-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Marketing of Scientific and Research Organizations |
| spelling | doaj.art-f629366270df4ebdbd44c234df8e64e52023-01-19T12:54:41ZengSciendoMarketing of Scientific and Research Organizations2353-84142021-09-014139511410.2478/minib-2021-0016Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism MarketShulhina Liudmyla0University of Finance and Law, Czesława Tańskiego Street 5, 43-382Bielsko-Biała, PolandThis article presents a methodology for forecasting the expected sales of innovative tourism products in the domestic market. The principles of the product life cycle concept and consumer behavior theory are taken as starting points for calculating the sales volumes of an innovative product as well as the rate of its penetration into the market. A method of measuring the level of consumer commitment to a travel agency and its offerings is posited, and the relationship between the structure of the target market and market activity in purchasing tourist products is demonstrated. Deep market segmentation is applied to take into account the behavioral peculiarities of individual subsegments (Loyalists Market, Sympathizers Market, Qualified Market, Finders Market, Serviced Market, Possible Market, Potential Consumers Market, Perspective Market). Formulas are proposed for calculating the volume of each of the identified markets. An improved and adapted model for the tourist market (by E. Rogers and F. Bass) is used to calculate the diffusion rates of domestic tourist products. This methodology of forecasting the expected sales of innovative tourism products in the domestic market is empirically confirmed based on data on the domestic tourism market in the region of Vinnytsiya, Ukraine.https://doi.org/10.2478/minib-2021-0016innovative productstourism market product life cycle conceptconsumer behavior theorymarket subsegmentsdiffusion raterogers and bass modelz33m31 |
| spellingShingle | Shulhina Liudmyla Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market Marketing of Scientific and Research Organizations innovative products tourism market product life cycle concept consumer behavior theory market subsegments diffusion rate rogers and bass model z33 m31 |
| title | Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market |
| title_full | Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market |
| title_fullStr | Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market |
| title_full_unstemmed | Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market |
| title_short | Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market |
| title_sort | methodology for forecasting revenues from the sale of innovative products in the domestic tourism market |
| topic | innovative products tourism market product life cycle concept consumer behavior theory market subsegments diffusion rate rogers and bass model z33 m31 |
| url | https://doi.org/10.2478/minib-2021-0016 |
| work_keys_str_mv | AT shulhinaliudmyla methodologyforforecastingrevenuesfromthesaleofinnovativeproductsinthedomestictourismmarket |