Information to include Report title An analysis on how to reduce flight ticket clustering for popular destinations for holiday bookings during vacation season Industry partner The flight partner is X,...

Running Header: Assessment 2 – Literature Review: An Analysis on How to Reduce Flight Ticket Clustering for Popular Destinations for Holiday Bookings during Vacation Season         1
Assessment 2 – Literature Review: An Analysis on How to Reduce Flight Ticket Clustering for Popular Destinations for Holiday Bookings during Vacation Season
Assessment 2 – Literature Review: An Analysis on How to Reduce Flight Ticket Clustering for Popular Destinations for Holiday Bookings during Vacation Season
Airline Ticketing & Tourism: Competition & Demand Factors
In the context of global level competition that is increasingly getting tougher, companies are required in competing over effectiveness as well as efficiency concerning the marketing strategies undertaken for capturing newer opportunities for satisfying the needs of customers. In different terms, a combination of greatest product and lowest price alone shall not be considered competitive enough (Brueckner et al. 2015; Park and Pan 2018). The choice behavior can be stated to be impacted by way of preferences concerning consumers for various product categories as well as specific
ands, paving way for companies in collecting market / industry data, learning about the consumer preferences, as well as change the sales approaches. At a generic level, companies need to consider the consumer choice as well as offer customers with varied set of products / choices that are differentiated for meeting the consumer demands while they shall formulate the revenue decisions as well as required marketing strategies. To take an example, most of the airlines possess varied fare classes like for example the economy class and the first class which shall differ across the levels of facilities and the services available to the customers (Brueckner et al. 2015; Park and Pan 2018). Companies are required to understand varied choices which consumers shall make while facing product assortments of this nature as well as offer suitable contents with respect to each of the consumers. Once these individual choices can be logically modeled, choice predictions shall be of immense value for managers with respect to product formulations as well as reducing the clustering of demands (Brueckner et al. 2015; Park and Pan 2018).
On account of the growing levels of diversity concerning purchasing channels as well as information media, organizations to an increasing extent are interested to model as well as understand the actual process by which their consumers shall choose products, and also measure the future choices of consumers (Zhang et al. 2016; Wong and Wei 2018). Effectively understanding the consumer choices as well as predicting their preferences shall be critical for the enterprises in introducing newer products as well as implementing the target marketing. The preference predictions can in addition be employed much more extensively amongst the companies for guiding the decision optimizations (Zhang et al. 2016; Wong and Wei 2018). The behavior of human choices become of significance interest herein, specifically the choice mechanisms that are underlying, as well as revealing / investigating the fundamental reasons with respect to the same. Choice behaviors are complex as well as rational at the same time and on account of the same, decision makers strive in simplifying overall formulation concerning the choice processes. The capturing of choice decisions pertaining to consumers, the methodology which shall estimate direct as well as indirect effects, variables specific to the situation as well as clear form of causal relationship can lead to effective representation of the mechanisms for choice behavior. On the basis of choice mechanisms,...