1. bookVolume 41 (2021): Issue 3 (September 2021)
Journal Details
License
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Journal
First Published
30 Mar 2015
Publication timeframe
4 times per year
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English
access type Open Access

Methodology for Forecasting Revenues from the Sale of Innovative Products in the Domestic Tourism Market

Published Online: 22 Oct 2021
Page range: 95 - 114
Journal Details
License
Format
Journal
First Published
30 Mar 2015
Publication timeframe
4 times per year
Languages
English
Abstract

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.

Keywords

JEL Classification

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