Markets and Trends
In this lesson, you learn to assess the markets you are operating in. Also, you recognize trends affecting these markets.
Watch the Prezi video above on the steps you need to take to analyse the market situation. Then read the theory part and additional sources according to your own needs and interests.
A market is “a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions. It has expanded to include the whole geographical area in which sellers compete with each other for customers.” (Encyclopaedia Britannica 2021.)
A market analysis is needed
- to identify the key players in the markets,
- position of your competition
- market entry barriers
- regulatory framework
- to know your potential customers
- volume and value
- segmentation
- buying behaviour
- to know what kind of products are preferred by the customers
- to know the problems with the products you are selling.
Sources for the latest information and data on trends and historical development of markets can be obtained from studies, magazines, newspapers, journals, company websites, search engines and even from blogs on specific niches.
High-quality and extensive data sources are offered by various country or organization databases such as Statista , Visitory, the World Tourism Organization (UNWTO), Statistics Service Rudolf of Visit Finland , House of Lapland , and Metsähallitus.
Task 1: Read the report Tourism and Nature. Key Market Trends and Important Implications for SMEs and the Factsheet prepared by European Tourism Futures Institute (ETFI).
-
- Which trends do you recognize in your destination?
- Do they affect your business?
- Have you recognized any other trends?
Task 2: Analyse your company and fill in your remarks in this SWOT template (pdf file) online. Save it for yourself (click the arrow down, top right, Save with changes).
Read more about
1. Various strategies
- Finland’s Tourism Strategy https://tem.fi/en/finland-tourism-strategy
- Lapland Tourism Strategy (in Finnish only) Matkailu_tilannekuvaraportti_web.pdf (arcticsmartness.eu)
- Sustainable Tourism Strategy of Salla https://www.visitsalla.fi/wp-content/uploads/2020/12/Sustainable-tourism-strategy-of-Salla_final.pdf
- Tourism Road Map Norway https://destinationcenter.org/wp-content/uploads/2017/12/Tourism-Road-Map-Norway.pdf
2. Trends and megatrends
- SITRA 2021. Megatrends. https://www.sitra.fi/en/topics/megatrends/.
- Business Finland 2020. Trends and Signals of the Future of International Travel in Finland. https://www.businessfinland.fi/49f2a2/globalassets/julkaisut/visit-finland/tutkimukset/2020/trends-and-signals-of-the-future-of-travel-2020.pdf.
- CBI 2021. Which trends offer opportunities or pose threats on the European outbound tourism market? https://www.cbi.eu/market-information/tourism/trends.
- Elmahdy, Y. M., Haukeland, J. V. & Fredman, P. 2017. Tourism megatrends,
a literature review focused on nature-based tourism. http://www.umb.no/statisk/ina/publikasjoner/fagrapport/if42.pdf. - European Tourism Futures Institute (ETFI) 2019. Tourism and Nature. Key Market Trends and Important Implications for SMEs. https://www.waddensea-worldheritage.org/sites/default/files/2019_Key%20Market%20Trends.pdf.
- Lab8 Service Experience Laboratory 2019. 8 Food Travel Trends to Do Something About. https://www.haaga-helia.fi/en/current/articles/food-travel-trends.
- Lab8 Service Experience Laboratory 2019. 7 Hospitality Eco Trends. https://www.haaga-helia.fi/sites/default/files/file/2020-11/lab8_hospitalityecotrends_2019.pdf.
- Lab8 Service Experience Laboratory 2021. The Future of Tourism. https://www.haaga-helia.fi/en/current/news/lab8s-brand-new-trend-report-presents-future-tourism
- Lapin Luotsi foresight site https://lapinluotsi.fi/en/.
- Luc Hoffman Institute 2021. The Future of Nature-based Tourism. Impacts of Covid-19 and Paths to Sustainability. https://luchoffmanninstitute.org/wp-content/uploads/2021/04/luchoffmanninstitute-future-nature-based-tourism-report-2021.pdf.
- Visit Finland 2021. Luxury in Finland. https://www.visitfinland.com/luxury/.
- SKIFT 2021. The Rise of Transformative Travel. https://skift.com/insight/skift-trends-report-the-rise-of-transformative-travel/.
- Wolf, I. D., Ainsworth G. B. & Crowley, J. 2017. Transformative travel as a sustainable market niche for protected areas: a new development, marketing and conservation model. Journal of Sustainable Tourism 25(4):1-24. https://www.researchgate.net/publication/315942082_Transformative_travel_as_a_sustainable_market_niche_for_protected_areas_a_new_development_marketing_and_conservation_model.
- WelDest 2015. Developing a Competitive Health and Wellbeing Destination. https://www.globalwellnesssummit.com/wp-content/uploads/Industry-Research/Global/2015-developing-a-competitive-health-and-wellbeing-destination.pdf.
In Finnish:
- TOPI – tulevaisuustutkimuksen oppimateriaali https://tulevaisuus.fi/menetelmat/toimintaympariston-muutosten-tarkastelu/trendianalyysi-tulevaisuudentutkimuksen-menetelmana/
- Trendit ja ennakointi, reports compiled by Rural Finland https://ruralfinland.karelia.fi/tutkimukset
- Visit Finland Mitä on suomalainen luksusmatkailu https://www.businessfinland.fi/49aac3/globalassets/julkaisut/visit-finland/vfluksusmatkailuesite_final.pdf
- Transformative travel webinar (muutosmatkailu) https://www.youtube.com/watch?v=uLILNzBk5hc&feature=youtu.be&ab_channel=RuralFinlandII
Sources:
Business Finland 2021. Benchmark Report Developing Finnish Lapland as a year-round travel destination through outdoor activities https://www.businessfinland.fi/497680/globalassets/julkaisut/visit-finland/tutkimukset/2021/benchmark-report-130421.pdf.
Cooper, C., Fletcher, J., Gilberg, D. & Wanhill, S. 1993. Tourism: Principles and Practice. Philadelphia, PA: Trans-Atlantic Publications.
Encyclopaedia Britannica 2021. Market. https://www.britannica.com/topic/market.
Houston, K. 2013. Supply and Demand in Tourism. https://www.slideshare.net/karenhouston125/supply-and-demand-in-tourism.