PhoCusWright report on Indian outbound travel market

Submitted by:
Juhi Singh,
19/B-9, IFMR, Chennai

About PhoCusWright …..
Market Research Company, Based in US
Focus on Travel and Tourism Industry – Full
Supply Chain
Research authority on how suppliers, travelers
and intermediaries connect
Corporate Culture – Open And Contemporary
Independent, rigorous and unbiased reporting
for travel, tourism and hospitality distribution.

Revenue Model - PhoCusWright
Revenue Model – Conferences and Publications
Annual Revenue – 6 billion USD
The PhoCusWright Conferences –
1. The PhoCusWright Conference – The Travel Innovation Summit, Deal Day,
Centre Stage
2. WIT – Web in Travel
3. PhoCusWright@ITB
4. TRAVDEX
5. The PhoCusWright Analyst Forum
 The Recent Publications – Online travel and Tourism
and Consumer travel Report

My Projects @ PhoCusWright …..
Diverse Geographically – Europe (Airline and Hotels), Asia
Pacific (Airline Industry), India (Departure Analysis and
Professional Colleges Study), US (Online Travel Agencies –
Pricing Survey)
Covering the Full Supply Chain
Supplier
Hotels,
Airlines
Intermediaries
Online Travel
Agencies
Consumers
Travelers

Projects Accomplished
1. Indian Outbound Aviation Market; Trend Analysis for Q1 2009
2. Analysis of Asia Pacific Airline segment Post Recession
3. Traveler Survey and Traveler Behavior Analysis
4. Market Trends Analysis of European Airlines and Hotels (under
review)
5. Data compilation for Pricing Survey on Online Travel Agencies
6. Analysis of the MBA courses in India (in terms of size and
dispersion), identifying the major hubs in terms of student volume
and number of colleges
7. Database Survey for Sales and Business Development

 Objective: To estimate the size the outbound market from India and
analyze the market share of the players in terms of passengers carried and
departures (no. of flights) from Indian destinations (Cities) for Q1 2009
 Methodology: Data Collection from Directorate General of Civil Aviation
(DGCA), Data Analysis and Data Mining (News Releases)
 Key Results:
i. Scenario 2005 vs. 2009:
2005 March - Air India; Market leader and key player
Jet Airways; Small Market Share
2009 March - Air India; Still leader but tough competition
Jet Airways; Second Key Player, Captured big Market
Kingfisher ; New Player, Small Market Share
Indian Outbound Aviation
Asia Pacific Aviation Market
Traveler Survey
Pricing Survey
European Hotels and
Airlines
Professional Colleges

Key Results: Continued …..
ii. Identifying the Market Giants:
In 2009 March, Major Market Share was captured by Emirates, Air Arabia,
Gulf Air, Qatar and Lufthansa (Monthly Departures)
Top 4 Airlines – Airlines from Gulf Region (40% outbound)
Emirates – European Region dry;721 flights, +22 flights/week to India;
Ahmedabad (Cargo -Pharmaceutical) , Chennai (Cargo - Textile, Electrical
Machinery, Perishables), Tiruvananthapuram and Kozhikode (Passengers
– Kerala - Travel destination)
Air Arabia – LCC (94% Load Factor across Indian destinations in 2008); 414
flights, 13th destination (Goa – Leisure and Business Travel)
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Key Results: Continued …..
ii. Identifying the Market Giants: Contd.
Gulf Air- Market with tremendous growth, 276 flights, 8th destination
(Hyderabad – 80% bookings in 1st month)
Qatar Airways - Indian destinations (load factor of over 75%), 257 flights, 9
destinations, 2 new (Amritsar- pilgrim, Goa- travel)
Lufthansa- German; Considers India $2 billion (in 2008 Carried 20% more
passengers when ASKs increased by 20%, 22- 30% of Profit from APAC
region is from India) , 232 flights, 6th destination (Mumbai, Mumbai-
Munich; Financial and Commercial Hubs)
Summarize …… Indian Perspective and International Perspective
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Objective: To analyze the Impact of recession and downturn on Aviation
Industry in Asia Pacific Region
Methodology: Data Collection from 23 Airline Websites, DGCA, Currency
Conversions in to USD, Jan- Mar as Q1, Passengers data – Monthly and
Revenue Data - Quarterly (Investor Relations, News and Press Releases)
Key Results:
i. Passenger/Traffic Revenue Variation y-o-y (Q1 2009 vs. Q1 2008): Overall -
14.82% All except Air Asia show negative variation, Highest dip in
MALAYSIA AIRLINES, followed by JET AIRWAYS and KOREAN AIRLINES
 Air Asia- +31.92%; LCC, Passenger(+21%), Load Factor(-2.4%), Avg. Fare
(+5%), ASK(+19%), Profit(+26%); Enormous Opportunities–New Ventures.
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Key Results: Continued…..
i. Passenger/Traffic Revenue Variation y-o-y (Q1 2009 vs. Q1 2008): Contd.
 Malaysia Airlines- -36.95%; Triple Squeeze - Over Capacity, Extreme Fuel
Volatility, Global Slump - ↓ Passenger Demand, Response – Capacity Cut
(11%)
 Jet Airways - -32.74%; RPK(-8.3%), ASK(-9.3%), Hung flights on London –
Amritsar, Brussels – Bangalore and Mumbai – Shanghai – San Francisco; US
Meltdown, IT Slowdown - ↓ Decline in Demand from Trans Pacific Market
 Korean Airlines - -28.32%; International Passenger Traffic (-2.1%), Domestic
Passenger Traffic (2.5%), Surging Oil Prices and Weaker Demand esp. from
Business Travel.
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Key Results: Continued…..
ii. Variation analysis over the three months of the 1st quarter 2009 (based on
PAX Carried):
 Feb over Jan 2009: All APAC Airlines post negative; Demand Side
(ECONOMIC CRISIS – Load Factor ↓, PAX↓, Affordability↓), Supply Side
(Airlines – Fuel Hedging Costs, Existing High Capacities but low Load
Factors)
 Mar over Feb 2009: Only Qantas and Virgin Blue reveal negative variation;
Nearly all Airlines Slashed Fare, Qantas & Virgin Blue – Swine Flu Outbreak
on Trans Pacific,
iii. Identifying the Market Giants:
In Q1 2009, The Market Leaders based on PAX carried for APAC market
are: China Southern, JAL, Air China, Qantas and Cathay.
Traveler Survey
Pricing Survey
European Hotels and
Airlines

 China Southern – 21%; Largest in PRC, Huge Domestic Market, Govt.
Support, Abolition of Fuel Surcharges, PAX +10% y – o – y
 JAL Airlines – 16%; Vast network coverage, Prudent steps to deal with
weak demand, bold review of network and frequency, fleet strategy of
aircraft downsizing
 Air China – 13%, Increased Demand from Mainland, Domestic Traffic
+18.9% offsetting International – 8.2%, Sharp fall in fuel prices, Govt.
Support
 Qantas – 13%, Strategic Expansion through LCC – Jet Star, Although
Australian Economy moving into recession, Group ASK (-4.5%),
International Mainline (-10.7%), JET STAR ↑, Domestic ASK (+3.6%),
Internationally (+21.5%), International Market hopeful specially with JET
STAR
Traveler Survey
Pricing Survey
European Hotels and
Airlines

 Cathay Pacific – 8%, Extensive spread and Strong connection, Strategic
Decisions in downturn regarding flight frequencies, Increment in Demand
Soaring routes and Crashing Demand diminishing
Summarize …… Impact of recession clearly visible
Luxury – Business and Leisure travel hardest hit
Survival of the Fittest
Matching Price with Decline in PAX
Strategic decisions for flight frequencies and capacity
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Traveler Survey
Pricing Survey
European Hotels and
Airlines
Objective: To analyze the traveler behavior in current scenario of Financial
Downturn and upcoming Online travel
Methodology: Online Questionnaire; Multiple choice and Multiple correct type,
Relevant 115 respondents taken in for study
Key Results and Summary:
i. Impact of social networking sites: People do share photographs (72%) but
only 22% rely on others experiences shared on such websites. Ignorance –
Travel Application (12%), Travel Trip Notes (24%), Twitter (12%)
ii. Price Cautiousness and Sensitivity while planning a travel trip: Majority
people Price cautious (64% - Plan to spend $50-250, 27% plan for $250 –
500, 5% for $500 -1000, and only 4% above $1000), Most preferred Holiday
type in Financial Crisis – Weekend (77%) and Vacation (19%)

iii. Vigilance to Online Travel Booking Modes: Very Popular specially in Airline
(Airline Website 30%, MakemyTrip 26%, ClearTrip 10%, Yatra 10%, Kayak 1%)
and Train Tickets (IRTC - 83%); Offline booking for the two just 23% &17%
respectively. Other Categories catching up like Online Bus (44%), and
Accommodation (39% including hotel website, Make my trip and ClearTrip)
iv. Profiling the Traveler (20 – 25):
20 to 25 age group: Tech savvy, contemporary and vigilant, generally prefer
to travel either with group of friends (83%) or alone (17%), follow social
networking sites, Online booking modes the most.
Asia Pacific Aviation Market Pricing Survey
Traveler Survey European Hotels and
Airlines

Objective: To Collect the data for the pricing survey (as a part of hotel
booking and fees analysis)
Methodology: Airline Survey- Top 20 US Cities Pair with a specific Flight No. on
a specified date, Prices on same day for 2 consecutive days From Airline
site, then OTA site like Expedia.com, Cheaptickets.com, Travelocity.com,
Orbitz.com, Priceline.com - AIR FARE, TAX AND TOTAL FARE
Hotels Survey- Top 15 Hotels (from luxury hotels chain) with specific
Room type on a specified date, Prices on same day for 2 consecutive days
From Hotel Website, then OTA site like Orbitz.com, Expedia.com,
Hotels.com, Priceline.com, Travleocity.com, Cheaptickets.com – ROOM
RATE, TAX AND TOTAL RATE
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Basic Observations and Understandings:
Airline Survey: Travelocity lowest, nearly the same as Airline Website while
Priceline is highest
Hotels Survey: Orbitz, Expedia and Cheaptickets – all equal in most of the
cases and lowest price, highest Priceline, Travelocity earns here by being in
the intermediate category
FOR Online Travel Agencies (OTAs): Generally prices offered lesser than
supplier, Very little Profit Margin, Very Tough Competition
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Objective: To analyze the current trends of European Airlines and Hotels, to
Size the travel and tourism industry in Europe in Current scenario and to
Measure the impact of recession on Travel and Tourism sector in European
Region
Methodology: 29 airlines, Passenger Carried 2006, 2007 and 2008 Yearly;
Quarterly for 2008 and Q1 2009 on Calendar Year basis along with Load Factor
(in %) and Fare/Traffic Revenue ( in USD, converted from local currencies)
8 Major Luxury hotel chains ( Accor, Best Western, ICH, TUI,
Marriot, Starwood, Wyndham and Hilton) Hotels Chain and Hotels Revenue,
Occupancy Rates (Occ. Rate), Average Daily Rate(ADR)/Average Room Rate
(ARR), Revenue per Available Room (RevPar) and Room Count for European
Region
Results and Analysis: UNDER REVIEW
Traveler Survey
Pricing Survey
European Hotels and
Airlines

Traveler Survey
Pricing Survey
European Hotels and
Airlines
Objective:
1. To analyze the number of colleges imparting Management/Advertising courses
in India.
2. To analyze the opportunity in terms of volume i.e., number of students doing
management and advertising courses in country.
3. Identifying the major hubs (cities) in terms of highest number of colleges and
most massive volume of students
4. To analyze specifically the opportunity in cities of Mumbai and Pune.
5. To build the database for future with all contact information.

Methodology: A database with college address, contact number, fax number, web
link, E-mail Ids, Course category and number of students taken for each course
per year was collected city wise and analyzed
Results and Analysis:
 In Terms of Number, there are more than 1300 colleges, which provide MBA / PGDM or
equivalentDegree/Diplomatostudents.
 InTermsofvolumemorethan75000studentsgraduateeveryyearwithanMBADegree/PGDM
DiplomaCourse.
 There are 48 cities in India with more than 5 MBA colleges and 16 cities with more than 25
colleges
 Thereare118citiesfromwheremorethan100MBAgraduatespassingeveryyearand21cities
withmorethan1000
Traveler Survey
Pricing Survey
European Hotels and
Airlines

 Top 5 cities in terms of Highest No. of MBA colleges and which can be
recognized as the major hubs are : Pune, Hyderabad, Bangalore, Delhi and
Mumbai
 Top 5 cities in terms of Highest No. of MBA Students passing every year
are: Delhi, Mumbai, Pune, Hyderabad and Bangalore
 Specifically for Mumbai, 5743 MBA grads pass every year and there are 63
MBA colleges operating in the city.
 Similarly, for Pune, 4878 MBA grads pass every year and there are 91 MBA
colleges.
Indian Outbound Aviation Traveler Survey European Hotels and
Airlines
Professional CollegesPricing SurveyAsia Pacific Aviation Market

Other Assistances…..
SALES FORCE AND CLIENT DETAILS
E – LEARNING SERVICE PROVIDERS
E – LEARNING PROSPECTIVE CLIENTS
 VENTURE IN EDUCATION – MAILING, DATA
COLLECTION, CONTACTS

Experience @ PhoCusWright …..
 Meeting the CEO
 Learning from the experiences of General Manager
APAC
 Work Culture – Open and Connected through
Technology, Updates and Discussion through
Conference Calls
 Data Mining

Application of Management
Principles
 Statistical Techniques – Time Series, Market Share and Variation
Analysis
 Market Research – Traveler Survey
 Marketing – Discount Pricing Strategy for Market Penetration
 Management Information System – Excel and Pivot
 Corporate Finance – Data Mining
 Management Accounting – Financial and Operating Results
 Organizational Behavior – Virtual Company
 Economics – Scenario Comparison
 Operational Management – Service Company

REFERENCES
 Directorate General of Civil Aviation – dgca.nic.in
 Investor Relations and Financial Results by Airline
website and Hotels website
 OTA websites; priceline.com, travelocity.com,
cheaptickets.com, hotels.com, orbitz.com, expedia.com
 Travel Survey Questionnaire
http://spreadsheets.google.com/viewform?formkey=cm
FFUXFsSEc2dERoQTExWGdseVpEZWc6MA
 PhoCusWright phocuswright.com

ACKNOWLEDGEMENTS
 MR. RAM BADRINATHAN, General Manager, APAC
 Miss. Namita Gyanchandani, Research Associate
 Mr. Deepak Jain, Research Associate
Placement Committee
 Faculty
Seniors and Colleagues

SUMMER PROJECT REPORT
Juhi Singh,
PGDM- B9,
IFMR, Chennai

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“SUMMER INTERNSHIP REPORT”
Accomplished at
SUBMITTED TO:
Mr. RAM BADRINATHAN,
General Manager Asia Pacific Region,
PhoCusWright Inc.
In Partial fulfillment of PGDM course at
SUBMITTED BY:
Miss. JUHI SINGH,
PGDM Batch 2008 - 2010,
IFMR, Chennai.

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Acknowledgement
Firstly, I would like to express my profound gratitude to PhoCusWright, Inc., for
entrusting upon me, giving me the opportunity to work with them and learn in the
process. I am grateful to the company because this has been a very enriching
experience for me.
I am highly indebted to Mr. Ram Badrinathan, General Manager, Asia Pacific
region and Research Analyst at PhoCusWright, Inc. for his constant
encouragement and support during the term of internship. I am grateful to him for
providing me a very congenial atmosphere at the company. I am glad that I got to
meet someone as knowledgeable as him at an early stage of my career and learnt
so much from him. I also thank him for giving me an immensely enriching
opportunity of meeting and listening the words of spellbound from none other
than but Mr. Phillip, The CEO and The President of PhoCusWright, which is one of
the everlasting experiences of lifetime.
I express my sincere gratitude to Miss Namita Gyanchandani, Research
Associate, for her excellent mentoring and constant motivation throughout the
project. She was always available for clearing out my doubts despite of her busy
schedule. She was there at every stage of my project with her constructive
suggestions and valuable inputs. She is a source of inspiration for me. She is
extremely skilful at her work and always kept me pushing harder which helped me
to complete so much of work in such a short span of time. It was a wonderful
experience working under her and I owe her a lot for this.
I am also grateful to Mr. Deepak Jain, Research Associate, for his valuable
suggestions and extremely helpful shortcuts and techniques. He guided me for few
of the projects and was an immense source of knowledge. He has an excellent
understanding of numbers.
I also take this opportunity to express my gratitude to all the colleagues and
seniors who helped me during the course of project. Finally, I would like to thank
the Placement Committee and College Authorities, because of whom only I got
this remarkable opportunity and unforgettable experience.

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About the Author
JUHI SINGH juhi.singh@ifmr.ac.in
DOB: 25/08/1987 Mobile: +91 9444937049
Education
Degree Year Institute/
University
Percentage/ CGPA
PGDM Pursuing IFMR, Chennai -
B.Sc. (Chemistry
& Botany)
2008 Lucknow University,
Lucknow
60.2%
AISSCE (CBSE) 2004 N.D.D.A.V. Public
School, Faizabad
69.4%
AISSE (CBSE) 2002 N.D.D.A.V. Public
School, Faizabad
84.6%
Awards and Achievements
 Secured 1st rank in Chinthana Science Exam at school level (2002-03)
 Secured 408th rank at all India level in OSIB Mathematics aptitude
test in class 7th
 Secured a distinction in all subjects at A.I.S.S.E (Xth Boards) and stood
2nd at school in the same
 Received Talent recognition certificate on district level from Akhil
Bhartiya Vidyarthi Parishad (ABVP)

Projects Accomplished
 Successfully accomplished Six projects with PhoCusWright as a part of
Summer Internship Program.
 Successfully completed a project with BANYAN (an NGO for mentally ill
women based in Chennai) on “Study Of Socio – Medical Model Of
Adaikalam And Management Practices Over There”

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 Performed and submitted a marketing research analysis on “Consumer
Behavior towards Mobile Service Provider and Cellular Industry”
Hobbies and Extra Curricular Activities

 Won 2nd prize in Article Competition in Royapettah Government
Hospital, Chennai
 Coordinator of Social Service Club, “SAMARTAHAN” at IFMR.
Organized various activities as a part of same which include Blood
donation Camp with JEEVAN BLOOD BANK, Shishumela for 200
orphanage, street and underprivileged kids called LAKSHMI BAL
MAHOTSAV, Activities for aged and orphanage with an NGO called
NEWLIFE CHARITABLE TRUST located in Tambram in Chennai, and
EYE CAMP for poor people of slum area with MAHAVIR
INTERNATIONAL.
 Contributed actively in the College B – Fest, ABHYUDAYA, served as
Public Relations at the same and coordinated for getting the
sponsorship for On line Media Partners PAGALGUY
 Contributed two articles for the IFMR Monthly Journal
 Wrote an article in the magazine of Entrepreneurship club “TEC” in
IFMR
 Participated and ran in MARATHON (5km) for “Celebrating the
Spirit Of IFMR – Run For Fun”
 Wrote four articles in college journal in Lucknow University.
 Wrote an article in the monthly journal “BETWEEN THE MEDIA”
 Performed Dance in Annual function “UDAAN” in Lucknow university in
2nd and 3rd year of graduation
 Performed dance in farewell party in IFMR
 Won 1st prize in the dance competition conducted by RKBK, Faizabad
 Active member of Marketing (INSIGHT), HR(MITR),
Entrepreneurship club(TEC) and Creativity at IFMR
 Sang Saraswati Vandana in the master ceremony of the B–Fest
“ABHYUDAYA”
 Won 1st Prize in Sanskrit Essay Writing Competition conducted by
DAV Organization

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 Won 2nd prize in Shlokavrti Contest held at school level
 Participated in UN Information tests at school level in various years
 Participated in Arya Vidya Competition of various years for moral
science and Sanskrit tests
 Participated in various inter and intra school extempore, writing,
debate, dance competitions
Areas of Interest
 Dancing
 Travelling, Meeting New People and Knowing New Cultures
 Writing Poems; and Articles on Social Awareness
 Blog Writing
http://juhisingh3000ifmr.wordpress.com/

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Table Of Contents
1. Executive Summary ……………………………………………………………………. 7
2. Company Profile ………………………………………………………………………………. 10
3. Indian Outbound Aviation Market Trend Analysis for Q1…………………. 14
4. Analysis of Asia Pacific Airline Segment; (Post Recession) …………………. 24
5. Traveler Survey and Traveler Behavior Analysis ……………………………… 35
6. Data collection for Pricing Survey on Online Travel Agencies ……… 56
7. Analysis of Professional Colleges in India …………………………………… 59
8. Description of Other Projects and Assistances ……………………………. 66
9. Experience at PhoCusWright.Inc. ……………………………………………………. 67
10. Applications of Management Principles …………………………………….. 68
11. References ………………………………………………………………………………. 70

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Executive Summary
The project involved an understanding of markets by reviewing the recent
publications of PhoCusWright on “Online Travel Overview” for PhoCusWright
Markets: US, Europe, Asia Pacific (APAC) and Australia & New Zealand (ANZ). This
was followed by an analysis of current trends prevailing in European hotel and
Online Travel Agencies market trends.
After developing a basic understanding, the travel and tourism market were
tracked with live projects and research was done to understand each prevailing
trend.
Following are brief description of the projects accomplished during the three
months period:
1. Indian Outbound Aviation Market; Trend Analysis for Q1 2009 –
In order to estimate the size of the outbound departures from India and
Passenger (PAX) carried; Market share and Time Series Analysis of Airlines
over the 1st
quarter 2009, and a Scenario Comparison of Airlines from India
in 2005 vs. 2009 was done. This gave the impact of downturn on Indian
Markets and helped to identify the market leaders and emerging Market
giants.
2. Analysis of Asia Pacific Airline segment Post Recession –
In order to measure the Impact of downturn and the depth of recession
hitting the Asia Pacific Region, an analysis of current trends in Q1 2009 was
done based on available Passenger and Revenue data. Variation analysis,
Market Share analysis and Time series analysis was also done.
3. Traveler Survey and Traveler Behavior Analysis –
In order to analyze the travel patterns and impact of various attributes on
the consumer (here traveler) behavior an online survey was conducted.
One hundred and fifteen responses were taken into consideration and
various attributes were measured to do customer (traveler) profiling based

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on age group, price cautiousness and sensitivity, Vigilance to Online
booking modes and Impact of Social Networking sites on travel behavior.
4. Market Trends Analysis of European Airlines and Hotels (under review) –
In order to size European Travel and Tourism Market and measure the
Impact of recession on them, 29 Airlines and 7 Major Luxury Hotel Chains of
European region were chosen for the purpose of study. Passengers
Revenue, Passengers Carried and load factor for Airlines, and Revenue of
the Hotel Chain, Revenue contribution from the different hotels, Room
Counts, Occupancy Rates, Average Room Rate and Occupancy Rates for
hotels were the key attributes chosen for the purpose of the study. The
period between 2006 to 2009 Q1 was chosen for the purpose of the study.
The data format was changed and the collected data is still under review.
5. Data compilation for Pricing Survey on Online Travel Agencies –
As part of air & hotel booking fees analysis, a pricing survey was conducted.
The survey was based on top-20 domestic city-pairs in US with a specific
date to be searched and a specific flight number for pricing comparison
through various Online Travel Agencies (OTA) websites like Expedia,
Travelocity, Orbitz, Priceline and then comparison with the respective
airline websites. On the hotel side also, a group of hotels was searched for
a specific date through the same websites and compared with the
respective Hotel Chain website. This gave an idea of how different channels
reach out to the customer. It also helped to realize that there is very little
differentiation and commoditization in online booking.
6. Analysis of the MBA courses in India (in terms of size and dispersion),
identifying the major hubs in terms of student volume and number of
colleges –
Since the Online Travel is the most upcoming field in the Industry, but due
to a lag in Industry needs and education system in India, PhoCusWright
plans to enter the education sector in the near future. Therefore, an

9
analysis of professional colleges in India was conducted to foresee the
opportunity for the same.
7. Database Survey for Sales and Business Development - As a part of
internal database building for various purposes, helped to add to the sales
force of the company and in identification of prospective service providers
with E – Learning services in Travel and Tourism Industry specifically in
India. In addition, did the data base collection for prospective clients at
various travel and tourism company all over the world for learning ware.
Along with the analysis of professional colleges, did a database collection
with details of the MBA colleges in India. It was a data capturing activity as
a part of building a data warehouse, which can be useful in future for data
mining and knowledge management.
The project was very vast and diverse, not only in terms of nature but in terms
of geography also. It involved exhaustive data collection, analysis, data mining
and researching.

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Company Profile
The PhoCusWright Inc.
About the Company:
PhoCusWright is the travel industry research authority on how travelers, suppliers
and intermediaries connect. Independent, rigorous and unbiased, PhoCusWright
fosters smart strategic planning and tactical decision-making.
PhoCusWright delivers qualitative and quantitative research on the evolving
dynamics that influence travel, tourism and hospitality distribution. Our
marketplace intelligence is the industry standard for segmentation, sizing,
forecasting, trends, analysis and consumer travel planning behavior. Every day
around the world, senior executives, marketers, strategists and research
professionals from all segments of the industry value chain use PhoCusWright
research for competitive advantage.
To complement its primary research in North America, Europe and Asia,
PhoCusWright produces several high-profile conferences in the U.S. and Germany,
and partners with conferences in the U.K., China and Singapore. Industry leaders
and company analysts bring this intelligence to life by debating issues, sharing
ideas and defining the ever-evolving reality of travel commerce.
The company headquarters are in the United States, with offices in Germany and
India.
Founder, President and CEO:
Mr. Philip Wolf, founded PhoCusWright Inc. in 1994 and serves as the president
and CEO of the company. His expertise in travel distribution strategy, technology
and innovation has made him a sought-after speaker around the world. After two
decades of analyzing and scrutinizing on strategic change and market trends, he is
now a recognized industry authority.

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The Mission of the Company:
“PhoCusWright is the travel industry research authority on how travelers,
suppliers and intermediaries connect. Independent, rigorous and unbiased,
PhoCusWright fosters smart strategic planning and tactical decision-making.
PhoCusWright delivers qualitative and quantitative research on the evolving
dynamics that influence travel, tourism and hospitality distribution. Our
marketplace intelligence is the industry standard for segmentation, sizing,
forecasting, trends, analysis and consumer travel planning behavior”
The Corporate Culture and Organizational Hierarchy:
PhoCusWright is a market research firm with less of traditional hierarchy; the
corporate culture is more of contemporary in nature.
There is a core team of Board members comprising of The President - CEO, The
Chairman of The Board of Directors, The Treasurer and Secretary, and The
Director and Managing Partner. There is a core Management Team reporting to
the CEO, comprising of The Senior Vice president (heading a team of Event
management and Services production), The Vice President, Finance and
Administration (heading Finance, Accounts, IT and Database team heads), The
Vice President, Marketing Sales and Client services (heading a fully equipped team
of Marketing and Business Development), and The Vice President, Research
(supported by a huge team of analysts and research associates). The India Office
is headed by Mr. Ram Badrinathan, The General Manager, of the Asia Pacific
region, is also an Analyst at the company and heads a team of 2 Research
Associates and many contract based employees.

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The Revenue Model:
The annual turnover of the company is around 6 billion and the revenue is
generated through various products and services offered by the company to the
travel and tourism company industry in specific. PhoCusWright offers four annual,
subscription-based, syndicated services that provide easy-to-access feeds of
market forecasts, segment data, consumer survey information, insight and
commentary for the corporate and leisure travel, tourism and hospitality
marketplace. PhoCusWright’s in-depth reports touch on all topics related to the
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14
1. INDIAN OUTBOUND AVIATION MARKET TREND ANALYSIS FOR
Q1 2009
Background:
In the recent years, the western companies have turned their heads towards the
developing countries like China, India, etc. The Indian Economy is booming, so is
the Travel and Tourism in India. This made nearly all airlines already operating
here to increase their flight frequencies back and forth from the Indian
destinations. Indian Airports also witnessed entry of many new players in the
market. Therefore, to analyze the current trends in travel and tourism market,
India serves as a hot topic.
Objective:
To estimate the size the outbound market from India and analyze the market
share of the players in terms of passengers carried and departures (no. of flights)
from Indian destinations (Cities).
Methodology:
In order to analyze the aforementioned, departure details from various websites
and news releases were collected. However, in the mean time the complete
information regarding the monthly statistics of departures and passengers carried
for all the airlines operating at Indian airports and those based in India itself
(operating to International destinations) was provided by Directorate General of
Civil Aviation (DGCA).
Analysis was multidimensional and multifarious, in fact open ended. The various
attributes measured were-
 Market share analysis in terms of departures of Indian airlines to
International destinations and International airlines to Indian Destinations
for March 2009 (Indian vs. International, amongst the Indian Airlines
themselves, and amongst the International airlines as well),
 Scenario Comparison between 2005 and 2009 amongst the Indian airlines
operating in international destinations,

15
 Identifying the market giants in terms of departure and Passengers (PAX)
carried,
 Variation analysis in terms of departures of International Airlines to Indian
destinations for 2008 vs. 2009,
 Market share analysis of passenger carried for 2008 Full Year, 2009 Jan, Feb
and Mar (Indian vs. International, amongst Indian airlines, amongst
International Airlines,
 Time series or trend analysis based on PAX over 3 months Jan, Feb and Mar
2008 (Indian vs. International, amongst Indian Airlines themselves, and in
international Airlines.
Key Observations, Results and Discussions:
Following are the key analysis, results and findings from this project:
1. Scenario 2005 vs. 2009 in Indian Market:
In 2005, Indian Aviation market was captured by Air India and a small market
share went to Jet Airways, in terms of departure to international destinations.
In 2009, Air India still has been the market leader, but faced serious threat by fast
catching up Jet Airways, and small market share has been captured by Kingfisher
as well.

16
The basic reason, as scrutinized to this trend is that, the market has more of
monopoly in nature in 2005. Air India enjoyed the major chunk of market because
there were not much players from India flying to foreign destinations while in
2009, there has been a completely different picture as Jet Airways has gained
considerable importance in terms of departure frequencies to International
destinations and there is an entry of a new player, Kingfisher. The above trend is
due to the following reasons:
Jet Airways has exponentially caught up the market in 2009 when
compared to 2005, because, till the beginning of May 2005, the
international destinations for the Jet were just Columbia, Kathmandu and
Singapore while in late May 2005, Jet started its 1st
flight between London
and Mumbai. In 2005, only it took a step to enter into Code sharing with
the United Airlines for U.S. destination. Also 2005 was the year of IPO for
Jet.
Kingfisher has also occupied a relatively small place while there aren’t any
trails of it in 2005. Only in September 2008, Kingfisher launched its first
International flight (between Bangalore and London) and in the view of
long term strategy still decides to continue to expand.

17
2. Identifying the Market Giants:
In 2009, Major Market Share was captured by Emirates, Air Arabia, Gulf Air, Qatar
and Lufthansa.

18
Although the overall departure in the Month of March from Indian destinations
by International Airlines has been 4691, a major chunk i.e. 1900 has been
attributed to these Top 5 Airlines, (with overall market share in terms of
Departures), Emirates (15%), Air Arabia (9%), Gulf Air (6%), Qatar (5%) and
Lufthansa . Of them also the first four have 1668 departure, and all these four
Airlines are based in Middle East Countries.
This has been a fact established by the Airports Authority of India (AAI) which also
reveals in a press reports that the airlines based in Gulf countries have been able
to substitute the strong market position of European Carriers.
This trend is there because Airlines from the gulf countries have followed a
strategy of connecting Indian destinations to two to three hour-long flights to Gulf
and then from there, they provide connections worldwide.
Now specifically going by all five of these, each one of them have their own
reasons for being the market leaders to capture Indian destinations.
The EMIRATES, which conquers the largest market share in terms of departures,
continues ferociously to capture the Indian Market and retain its strong position.
It recently added 22 more flights/week to Indian destinations exclusively since the
European Markets have dried up; India is one of the hottest trading destinations
these days. Each of the city for which the flight frequencies have been increased

19
has some profitable reason, which incited Emirates to increase the flights
frequencies. The added destinations and the destinations which will be more
frequently sought after are
 Ahmedabad (Since the firms in Pharmaceutical sector cluster in
Ahmedabad, so to support the Pharmaceutical export the cargo capacity
has been increased by 236 tons/week per direction),
 Chennai (Since the Cargo exports from the city take in the form of textiles,
garments, electrical and electronic goods, machinery and spares, leather
products, pharmaceuticals, perishables, valuables and mobile phones
exports, so the enhanced capacity of 343 tons/week per direction will
increase the city’s export potential to Europe, America, Africa and the
Middle East),
 Kolkata (which is the key gateway for the business and leisure travelers
from Middle East and Europe, seeking easier passage to N. Eastern India,
and also a key destination for export of Export of fresh fruits, vegetables,
jute, leather, silk and tea, so keeping both of these factors in mind, flights
frequencies have been increased by 12/week while cargo capacity has been
enhanced by 190 tons/week per direction),
 Tiruvanthpuram and Kozhikode (which are the favorite travel destination of
the picturesque state of Kerala, the flights frequency in the state now
becomes 37 flights/week).
The AIR ARABIA, which is the second largest in terms of market share, is the first
Low Cost Carrier (LCC) in India, acknowledged an average load factor (Passengers
Carried or PAX as a proportion of average seats) of 94% across all the destinations
from India in the year 2008. Air Arabia, with 12 destinations and 95 weekly flights,
recently added its 13th
destination as Goa (travel agents expect Air Arabia’s
Sharjah-Goa flights to carry around 55,000 passengers to and fro each month,
especially since a large number of Goans working in the Gulf countries have their
families based in Goa, and along with that Goa serves as a great holiday, personal
travel and business destination for the passengers). Since Air Arabia is gaining a
considerable and consistent revenue generation through Indian market even in
downturn, this makes it incited enough to keep its strong hold over the Indian
Market for which Air Arabia is also making extra efforts through promotions like
Visa Assistance, Hotel Bookings, Competitive Pricing and Fare Reduction specially
to the Indian Customers as they are providing one of the highest load factors.

20
The GULF AIR, the airline with third largest market share, also considers India as a
major destination and a market with tremendous growth up to an extent that
even if more players come into the competition (from Gulf Region notably), there
is enough space for all. Gulf Air considers such a high opportunity in Indian
Markets because of the fact that Gulf region itself accounts for 40% of outbound
traffic from India. For making its position safe and strong in Indian Market, Gulf
Air just added Hyderabad as its 8th
destination to India and the service is on daily
basis which seems to be a successful move as already 80% average bookings have
been reported for the 1st
month.
The QATAR AIRWAYS, the fourth leader in terms of departure, currently operates
58 flights per week to nine cities in India and has decided to add 2 new
destinations even in the period of downturn, considering India as such a
tremendously growing market. The load factor from the ongoing flights from
Indian destinations have a load factor of over 75% and Qatar Airways also have
one of the most successful operations in India. Keeping such factors in mind Qatar
Airways has focused on a long-term strategy, it is taking a bold move of adding
two more destinations from a profitable market, which has expected to be even
more profitable under stable scenario when the dust of downturn settles. The
destinations added are also those which are expected to be the upcoming targets
in future, 1st
is Amritsar, the holy city which attracts many pilgrims and the 2nd
is
Goa, the famous tourist destination. In addition, the Doha Houston flight started
by Gulf Air recently, was also started keeping in mind that there is a large Indian
population living in Greater Houston region.
The LUFTHANSA, the fifth market leader in terms of departure, considers India as
a $2billion travel market and in the year, 2008 carried 20% more passengers even
when the capacity has been increased by 20%, and doesn’t at all thus want to lose
its strong position in Indian Market. It is the biggest European Carrier from USA to
India, and just announced Orlando as 17th
US city and Kolkata as sixth Indian
destination and the move has been accredited to maintain its hold over Indian
Market as the recent time witness the entry of many new competitors and
claimants. It has also been boosting its presence by starting Mumbai-Munich
(both financial and commercial hubs) to further reinforce its presence in the
Indian Market. India is a sustainably profitable sector for Lufthansa as 22-23% of
Asia Pacific region’s revenue for the airline comes from the country, lesser than
Japan but more than China and thus the airline has added Pune to its Indian
destinations network.

21
3. Indian Airlines in 1st
3 months of 2009:
In February, 2009, PAX for kingfisher goes high while for Jet and Indian Airlines,
PAX declines.
In March, 2009, PAX scenario flips over the previous month scenario. Jet and
Indian increase while Kingfisher declines.

22
The airlines based in India reveal a very intresting trend for the 1st
Quarter of
2009. Time series analysis of PAX carried over the 3 months (Jan, Feb, Mar 2009)
reveal that passengers carried by Indian airlines and Jet airways declines for the
month of February while PAX for Kingfisher strengthened. On the contrary, in the
month of March, Indian airlines and Jet had an uptrend in the PAX carried while
Kingfisher followed a downtrend. On reaserching the reasons for the same, it is
unveiled that in January 2009, Kingfisher which was a new entrant into the
market, slashed the air fares drastically (by 21 to 65%) competing on price with
others (also followed by Jet to some extent) by which Kingfisher was able to

23
initially attract and snatch the passengers, but then it failed to sustain the
discounted prices and the fares went up again and even the decent occupancies
were lost by the Kingfisher (and thus gained by the other two). So, by the low
price-high penetration strategy, Kingfisher is intially able to eat up the market
share of Indian airline in this quarter but in the long run that too in weakening
economy, the strategy fails to work.
Summary:
Indian Outbound market size is very huge and still has even greater potential to
grow. Since the downturn and recession has hit the western world and developed
countries deep down, the travel and tourism which is generally considered a
luxury market has come to a saturation and is thinning out nowadays there.
Therefore, in the search of newer booming economies, the prime focus has
shifted to countries like India and China. Even the depth of downturn is lesser in
India as compared to Western world. Therefore, keeping in mind the long-term
gains and believing the forecasts, the various airlines are trying to strengthen
their roots in Indian Aviation Market. The early entrants of the markets thus have
a better hand over others and have easy way to go but those who have entered
late have to thrive the tough times and tough competition from others as well.
Especially, the airlines from gulf capture have seen to emerge as market leaders in
recent years due to their strategy of connecting Indian destinations to two to
three hour-long flights to Gulf and then from there, they provide connections
worldwide. The current scenario of Indian Outbound market shows a relative dip
in no. of passengers carried due to fall in business and leisure travelers as an
impact of downturn. The Airlines based in India, which operate on international
routes, have expanded since 2005, when the private players entered the market
and since then Jet has done strategically well, and Kingfisher, which entered
recently in Sept 2008 and is trying to capture the market through discounted
pricing strategy. But but then it fails to sustain the discounted prices and the fares
went up again and even the decent occupancies were lost by the Kingfisher

24
2. ANALYSIS OF ASIA PACIFIC AIRLINE SEGMENT (POST RECESSION)
Background:
The time is getting tougher for all countries and continents, for all industries and
businesses as a post spiraling effect of recession hit of the western world. In the
present scenario, Asia Pacific region is considered as an unexplored market with
tremendous potential for future growth in the present scenario. The concern
grows over measuring the effect and depth of downturn in Asia Pacific Market.
The best way is to analyze the luxury market, Travel and Tourism being one of
them. In addition, in order to size the Asia Pacific aviation market and forecast its
future trends, the analysis of post effect of downturn and its sustainability, the
post downturn analysis is done.
Objective:
To analyze the Impact of recession and downturn on Aviation Industry in Asia
Pacific Region.
Methodology:
In order to analyze the scenario in Asia Pacific region, 23 Airlines were chosen, as
they are the major ones and operate in international routes as well. The analysis
was done using two attributes namely the passenger data (for Q1 2009 on
monthly basis and total and latest data for the month of April 2009) and revenue
data (Q1 2008, Q2 2008, Q3 2008, Q4 2008 and Q1 2009). Since Revenue was
reported in the local currency where the Parent Airline company is based, thus for
the sake of standardization the data was converted into Million USD. Each airline
follows a different financial year, for the sake of consistency, Jan-Mar is taken as
Q1, i.e. we have taken the Calendar year as the base for our study. With the
passenger data, monthly variation over the previous month, Market Share for Q1
2009 and Time series analysis over the months was done. On the other hand, with
the revenue data, Year on Year (y-o-y) analysis, Quarterly Variation analysis,
Quarterly Time Series analysis and Market share analysis were done.

25
Key Observations, Results and Discussions:
1. Year on Year Variation of Revenue in Q1 2009 vs. Q1 2008:
Revenues have declined either marginally or substantially in Q1 2009 for all the
airlines of Asia Pacific Region except for Air Asia.
Carrier
VARIATION
In number In %
Japan Airlines -23.20 -0.70%
All Nippon Airways -148.21 -6.44%
Singapore Airlines -520.94 -25.47%
Air China -333.82 -18.73%
Korean Airlines -393.46 -28.32%
China Airlines -76.20 -14.07%
Jet Airways -221.68 -32.74%
Eva Air -77.32 -18.99%
Malaysia Airlines -136.68 -36.95%
AirAsia 22.05 31.92%
Grand Total -1909.45 -14.82%

26
Except for Air Asia, all other airlines reveal a negative variation on Year on Year
basis, for Q1 2009 over Q1 2008. In the Quarter under review, Asia Pacific Carriers
were the hardest hit by the crisis and saw their Q1 2009 year on year passenger
traffic by 12.4% in comparison to the industry decline of 9.1%
Following are the analysis of the reasons behind this trend (airline wise):
Air Asia is the sole player with a positive variation in Q1 2009, on a year on year
basis. Air Asia, a Low Cost Carrier (LCC), thrives during the economic hardship. It
reports robust passenger growth (+21% y-o-y), very small decline in load factor (-
2.4% y-o-y), and Average fare up (+5% y-o-y). The capacity showed an extensive
growth of 19% and profit growth of 26% (y-o-y). The reason being enormous
opportunities, as a result of dramatic cut in flights and capacity by many of Asia
Pacific Airlines. So, Air Asia continued its venture of growing in new markets,
winning market shares from the competitors and speeding up the pace of
industry consolidation.
JAPAN AIRLINES The JAL group posted a decline of 0.70% of revenue from air
transport segment in Q1 2009 on a year on year basis, International Revenue per
Kilometers (RPK) demand fell by 13.6%. The basic reason for fall in the passenger
traffic is the discouraged international business travelers as an impact of global
economic crisis resulting in reduced air traffic.
ALL NIPPON AIRWAYS Q1 2009 reveals a 6.44% dip in revenue from total of
international and domestic passenger segment. The reason is lack of consumer
confidence and drop in commercial activity. The major reason for fall in demand
was the decline in overseas travel, which was depressed more than 25% on
European and North American routes.
SINGAPORE AIRLINES There has been a constant decline on the demand side,
which is the main reason for decline in traffic revenue. In the response to the
drop in passenger demand, company has suspended its few services to Osaka via
Bangkok, Los Angeles via Taipei, Vancouver via Seoul and Amritsar. Cutbacks in
capacity are there across the network. However, new services to Riyadh via Dubai
and Kuwait via Abu Dhabi were added to the network (due to prospects of higher
demands). However, the spread of Influenza Virus again hampers the prospects of
growth in Passengers number.

27
AIR CHINA The traffic revenue shows a negative variation of 18.73% while the
operating revenue decline by 11.8% on a year on year basis. The domestic market
although sustained well but the international market remained sluggish and the
PAX carried further declined leading to the fall in revenue. The traffic on domestic
route is up by 18.9%, while international and regional routes are down by 8.2%
and 10.2% on a year on year basis. Therefore, the drop in traffic revenue in Q1
2009 over 2008 is due to fall in number of passengers carried on International as
well as Regional routes.
KOREAN AIRLINES reported the losses and decline in Passenger Revenue on a Year
on Year basis due to surging oil prices and weaker demand. International
Passenger growth (RPKs) slowed to just 2.1% in the quarter, while domestic traffic
contracted 2.5% year on year.
CHINA AIRLINES Following the weak demand in traffic as a post affect of
downturn, China airline posted a drop in Traffic Revenue by 14.0%, and however
as compared to the Q1 2008 the fuel prices were lower. There was a boost in
passenger traffic from the mainland China along with the continuous cost saving
efforts, the results were better than expected in spite of weak demand from
International routes.
JET AIRWAYS reports a revenue decline of 32.74% and a decrease of 8.3% in RPK
for the Quarter as compared on year on year basis while Available Seat Kilometers
were reduced by 9.3% due to which the load factor was 71.7%, an increase of 0.8
percentage points. In order to restore the profitability, it dropped its
underperforming routes London- Amritsar, Brussels – Bangalore, and Mumbai –
Shanghai- San Francisco. The reason for dropping these flights is that the service
was started on the premise that the Trans Pacific market would be robust but the
events like US downturn and IT slowdown, resulted in lower in fact sharply
declined demand. Therefore, a prudent step of hanging these operations was
taken.
Malaysian Airline revealed a revenue decline of 36.95%. The decline in revenue in
this quarter is an affect of triple squeeze; Over Capacity, Extreme Fuel Volatility
and a global slump, which hit passenger demand. In response to collapse in
demand, Malaysia Airlines proactively reduced the capacity by 11%.

28
2. Variation analysis over the three months of the 1st
quarter 2009:
Carrier
Variation in
number (in Feb
over Jan)
Variation % (in Feb
over Jan)
Variation in
number (in Mar
overFeb)
Variation % (in
Mar overFeb)
Qantas -430.00 -13.38% 423.00 15.19%
Cathay Pacific -283.48 -13.55% 286.82 15.85%
Singapore Airlines -266.00 -18.40% 101.00 8.56%
Virgin Blue -230.50 -13.95% 138.20 9.72%
Japan Airlines -206.04 -5.28% 724.76 19.60%
China Southern Airlines -192.36 -3.70% 190.42 3.81%
Air China -143.60 -4.47% 116.6 3.80%
Eva Air -50.85 -10.66% 71.618 16.81%
Jet Airways -44.45 -3.89% -29.69 -2.71%
Indian Airlines -31.99 -5.07% -15.65 -2.61%
Kingfisher -10.00 -1.06% -64.12 -6.89%
Grand Total -5036.88 -18.62% 1942.97 8.82%
The Month of February shows a negative variation in the number of
passengers over the previous month. Variation becomes positive in
March when compared over February, for all the airlines (except for
those from India).
The effect of Economic Crisis caused the Load Factor and thus, number of
passengers carried, to come down. This is due to the fact that in period of
economic crisis and recession, the affordability becomes low. The Airlines
suffered losses due to higher fuel hedging costs, low passenger demands and high
capacities and so is the downtrend in the month of February for nearly all the
airlines. March unveils a better picture and most of the airlines have shown
positive results, except Qantas, Virgin Blue and the Airlines from India. The basic
reason to this trend can be attributed to the fact of Swine Flu outbreak during the
same period. One of the worst affected routes to Australia is Trans Pacific from
US, on which Qantas is engaged in price war with Virgin Blue. The route used to
be profit making until February but then started making huge losses due to heave
decline in the PAX carried. The reason for decline in passenger number for the

29
airlines based in India (for February) has already been analyzed in the previous
project.
3. Indian Airlines in 1st
3 months of 2009:
Refer to “Observations, Results and Discussion 3” of the previous project.
4. Analysis of Passenger Carried for Q1 2009:
The Market share analysis of PAX carried in Q1 2009 unveils the Market
Leaders. The Airlines which dominate are; (in decreasing order of
passenger carried), China Southern, Japan, Air China, Qantas and
Cathay.
China Southern Airline is able to capture a huge Market share (in terms of
Passenger Carried) because China Southern is the largest in the People's Republic
of China in terms of passengers carried and as such one of the largest airline of
Asia Pacific Region. China itself has a huge domestic market and thus along with
full support from government to fight the impact of downturn, China Southern’s

30
first-quarter passenger numbers (for 2009) rose by 10 percent, as the abolition of
domestic fuel surcharges and government efforts to revive the economy spurred
demand.
JAL Group is Asia's biggest airline group in terms of sales revenues and 2nd largest
in Asia in terms of passengers carried annually. JAL Group airlines serve 216
airports in 34 countries and territories, including 60 airports in Japan. The
international network covers over 246 passenger routes and 37 cargo routes, and
the domestic network covers 154 routes. JAL and its seven subsidiary airlines
make a total of up to 1,200 domestic and international routes passenger flights a
day. Responding to weak demand, especially on international routes, resulting
from the global economic slowdown, JAL aims to match better to supply and
demand by conducting a bold review of its network and flight frequency, whilst
continuing to implement its fleet strategy of aircraft downsizing. The airline group
is also targeting greater operational efficiency and profitability by increasing the
role of two of its lower overhead subsidiaries: JAL Express and J-AIR. In FY2009,
JAL Express will start operating on international routes for the first time.
Air China has been able to capture a major chunk of market share because 1st
Quarter of 2009 emerged with an increase in demand from the Mainland, which
even compensated for the fall in passenger traffic from International routes. The
airline’s passenger traffic on the Mainland, in Q1 2009; increased by 18.9% y-o-y,
offsetting an 8.2% fall in passenger number on its international routes. The sharp
fall in fuel prices helped them to report extraordinary gains in terms of revenue
also.
Qantas has been able to maintain its strong position and capture a big chunk of
market share in spite of fall in demand due to downturn because of its strategic
expansion through LCC Jet Star. Although the group capacity (ASKs or Available
Seats Kilometers) fell by 4.5% in the last month, including 10.7% reduction in the
International mainline flying, Jet Star still continues to grow, adding 3.6% more
capacity in the domestic market and 21.5% more ASKs Internationally. Jet Star
and particularly its International Operations provide a glimmer hope for Qantas
Group, as Australian domestic market continues to deteriorate. February’s 9.7%
plunge was followed by 10.1%reduction in domestic yield in March, reflecting that
the Australian Economy is moving into recession.

31
Cathay Pacific enjoys one of the highest Market shares due to its extensive spread
in terms of destinations and strong connections to various cities and countries.
These statistics speak for themselves; Cathay Pacific covers over 111
destinations worldwide, convenient connections to over 40 Asian cities and
connections to over 20 destinations in China (through its sister airline, Dragonair)
and in global network with connections to 150 countries and over 700
destinations. To maintain its market share even in downturn, there have been
changes made in flights frequencies. In Short, the strategy followed is increment
in demand soaring routes and crash the demand diminishing routes.
5. Analysis of Maximum Passenger Dip in the month of February - Airline
Wise:
Dip in passenger number in the month of Feb over the previous month has been
most for Singapore Airline, followed by Virgin Blue, Cathay Pacific, Qantas, Eva
and Japan.

32
Singapore Airline is supposed to report the worst ever decline yet due to its
incapability and inability to match the price hikes and capacity reductions with
slower demands due to global meltdown that has dampened the travel demand.
In January 2009, Singapore Airlines recorded a 6.9% year-on-year decline in
system wide passenger carriage (measured in RPK). Passenger load factor (PLF)
dropped 6.4bps to 74.1% against the backdrop of an increase of 1.0% in capacity
(measured in ASK). The number of passengers carried declined by 10.4% over the
same month last year to 1.4 million. Major changes in Capacities were done by
changing the size of aircrafts and decreasing the frequencies at different routes.
In February 2009, Singapore Airlines recorded a year-on-year decline of 17.0% in
system wide passenger carriage (measured in RPK or Revenue per Passenger
Kilometers) which outpaced the reduction of 8.5% in capacity (measured in ASK or
Available Seats Kilometers. As a result, passenger load factor (PLF) declined by 7.1
BPS to 69.7%. The number of passengers carried decreased by 20.2% over the
same month last year, to 1.2 million. The year-on-year capacity contraction
resulted from the planned reduction in frequencies across route regions due to

33
the falling demand as well as the introduction of the smaller aircraft size and
termination of few services.
Cathay Pacific Airlines shows a decline in passenger traffic due to continuing deep
slump in premium cabin demand. Leisure demand helped to balance up relatively
well but had to be stimulated by a raft of promotional fares in most markets,
although the dip in passenger numbers was still bigger than decline in capacity.
The premium cabin demand remained persistently weak and this coupled with a
downward pressure on fares and negative currency movements is putting
tremendous pressure on yield.
Virgin Blue also reported a major dip in passenger traffic accredited to the reason
that Virgin Blue has been occupying an uncomfortable place. On all fronts its
competition is intensifying, domestically in both Australia and New Zealand,
between the two countries across Tasman and Internationally on Pacific. On each
of these, Virgin remains the underdog. Virgin no longer remains the lowest cost
operator in any of these markets. The introduction Embraer Jet on the smaller
haul domestic routes has helped Virgin to make some inroads into Qantas
stranglehold on corporate accounts, but this is a slow moving process. Along with
that, to worsen the situation there was a swine flu outbreak in Trans- Pacific route
to Australia, which is the hub for Virgin Blue.
Qantas Airline reported decline majorly due to the decline in passenger traffic
from domestic market as the Australian economy slipped into recession and along
with that, the Swine Flu was another major reason due to which the passenger
traffic declined. The airline itself reported that total domestic yield excluding
exchange for the financial year was 3.2 per cent lower. While the total
international yield excluding exchange increased by 2.5 per cent. Qantas said its
domestic yield was adversely affected last month by the removal of the remaining
domestic fuel levies.
Eva Air reports a deep slump in its revenue as oil prices hover around USD
60/barrel. It is facing further deep losses in 2009 and the passenger demand was
running even below expectations i.e. 7% decline in passenger traffic. Another
reason for this fall in passenger demand was Swine flu Outbreak.

34
Summary and the key understandings from the analysis of aviation industry of
Asia Pacific Region – Post Downturn:
The results portrayed and revealed a further distressing and gloomy picture
demonstrating that the global downturn has not bottomed yet and Asian carriers
are dramatically discounting fares and freight rates to fill the excess capacity and
thus to increase and maintain the Load factors. However, the strategy fails when
the oil prices are increasing, not all cases are exceptions like Chinese government.
This is a period of change and hence, the survival of fittest. Only those players
who are capable of adapting to the situation by matching the prices with the
decline in passenger traffic and make the right decisions with respect to the flight
frequencies and capacity reduction or increment will be able to survive in tough
times.

35
3. TRAVELER SURVEY AND TRAVELER BEHAVIOR ANALYSIS
Background:
In order to analyze the traveler behavior on different attributes like price
sensitivity while planning a vacation, price cautiousness in the downturn and
recessing economies, vigilance to online travel booking modes and profiling the
customers of various age groups.
Objective:
To analyze the traveler behavior in current scenario.
Methodology:
Consumer behavior analysis through an online questionnaire method was
conducted, keeping in mind all the attributes. The questions were of multiple-
choice type where respondents could select multiple answers for few of the
questions as well. This helped to analyze popular combinations, after cleaning the
data, in case the answers seemed to be very irrelevant. The nature of
questionnaire was kept simple for the sake of general understanding. The
questions somehow reflected and measured each of the objectives like the
Vacation packages (reflected price sensitivity), choice of package in the recessing
economy or downturn (reflects price cautiousness in tough times), Vigilance to
online travel mode (reveals contemporary and up-to-date nature) and Age wise
analysis (reveals the preferences based on age). There was a special emphasis on
social networking sites as well and their impact on travel behavior. Totally One
hundred and Fifteen responses were analyzed after the data cleaning. As far as
limitation to the survey is concerned, more respondents were from 20-30 age
group. However, this helped in a better profiling of the age group.

36
Key Analyses, Results and Discussions:
1. Impact of Social Networking Sites on Travel Behavior:
A) People who decide or change their travel decision based on Orkut/Face
book (Social Networking Sites)
Not many people get influenced for their travel based decisions on the basis of
Social Networking Sites.
B) People who use travel applications on Orkut/Face book (Social
Networking Sites)
Very few people use or may be are rather ignorant to such applications on the
social networking sites.

37
C) People who share travel photographs on Orkut/Face book
Considerably large percentages of people share their travel photographs on Social
Networking sites.
D) People who take travel trip notes from Orkut/Face book
Not many people take travel trip notes from Social Networking sites.

38
E) People who hold polls on Orkut/ Facebook which impacts their travel
decision.
Very few, in fact nearly negligible percentages of people hold such poles and even
the decisions are not based on such poles.
F) People holding a Twitter Account
Very Fewer people hold a Twitter Account.

39
Summary on the basis of Social Networking sites:
Although People do share their memories and photographs with others on the
sites but when it comes to making a descision on others experiences, the decision
is taken on own will as well as there are a large number of people who seem to be
ignorant about such stuff.
2. Price cautiousness and sensitivity while planning a travel trip:
A) Of the total respondents, analyzing the percentage of people and the
expenses they plan for a travel trip
Most of the people lie in $50-$250 category for travel expenses which is the
lowest plan as per the option and then secondly bulk people go to the $250 -
$500 category, this reveals that people are highly price cautious when it comes to
travelling. This also applies well to the context of downturn and thus fall in
passengers load factors for airlines and Occupancy rates for Luxury hotels.

40
B) Analyzing the travel behavior types and type of holiday preferred, in the
light of financial crisis.
Most of the people prefer a vaccation holiday, and then the next highest category
is of vaccation holiday and the lowest (4% only) prefer a day excursion. So, this
reveals that financial crisis as such doesn’t impact the Holiday type. So, the
question arises, is it the expenses which are varying?
C) Analyzing the vaccation type vs. the expenditure planned.
To answer the above question, a two diemsional analysis is done, which draws a
corelation between the type of Holiday preferred and the expenses planned.
People who plan to spend $50-$250, bulk choose a weekend holiday.

41
People who plan to spend $250-$500, majority prefer a weekend holiday.
People who plan to spend $500 - $1000, Don’t differentitate between a Weekend
or Vaccation, i.e. a 50:50 ratio exists between the choices, probably this is
according to the time they can manage for a holiday.

42
People who plan to spend to spend above $1000 also are split in 50:50 ratio when
it comes to choosing for holiday types. Again the same reason of time constarint
may be a driving force for making the decision.
So, the vaccation Holiday is the most preffered type across all categories of
travellers irrespective of their spending nature.
D) Analyzing the two most popular traveler group on the basis of the
expenses they plan and the age group divison.

43
Traveler who plan to spend $50-$250, majority lie in 20-25 age group, then equal
number of respondents were in 26- 30 and >40 age group. Then, few are in 30-35
age group and least no. of people from 36-40 age group.
Traveler who plan to spend $250-$500, majority lie in 30-35 age group, then
equal number of respondents were in 26- 30 and 20-25 age group. Then, the least
no. of people from >40 age group.
Summary of Price cautiousness and sensitivity while planning a travel trip:
Majority of people are price cautious when it comes to travel trips. Most
preferred holiday types seem to be weekend and vacation holidays, but people
generally don’t tend to spend beyond $50- $500 per head when it comes to travel
planning.

44
3. Vigilance to the online travel booking modes:
Just looking at one - dimensional analysis on the basis of answers to the
questions related to the mode of travel/bus/hotels booking doesn’t reveal
many important trends so a two dimensional study was also done to draw
meaningful and relevant conclusions. The two dimensional study was done
age group wise, thus will be included in customer profiling section.
A) Modes of Air travel booking famous amongst people.
Online booking from the Airline websites, MakeMyTrip.com and Offline through
travel agent comprise the most popular choices. The next popular category is
Yatra.com and Cleartrip.com. These days direct booking from airline offices is one
of the least preferred and vanishing category. If the online travel modes are taken
together, then the travel bookings through travel agents and direct bookings
seem to form a very small proportion of the airline-booking mode, which clearly
suggests that online travel booking is on high uptrend.

45
B) Search modes famous amongst people for deciding their travel
destinations:

46
The popular modes of the search for travel destinations are: Google/Yahoo
(Search Engines), Travel Brochures/Books/Magazines (Travel Guides) and
Travelers review (Online Reviews of Travelers) seem to be most popular choices,
and combinations of Search Engines with Travel guides as well as Search Engines
with Traveler Reviews Online seem to be the next popular (equally preferred). So,
online travel search mode is on an uptrend.
C) Accommodation booking preferences:
Still Majority of people directly go to the hotels and get the bookings, while the
second prefered category is the Online booking from the hotels website. But if
total of (all Online booking modes) Online booking through hotel website,
MakeMyTrip.com, Yatra.com and Cleartrip.com is taken together reaches very
near (39%) to the bookings diectly at hotels.

47
D) Rail Tickets booking mode:
Majority of people book their train tickets through online booking and this
comprises 83% of the total respondents, which is a clear indicator of the true
picture.
E) Online Bus Booking:

48
Although there are slightly more people belonging to the “NO” category but still
many people i.e., 46% of people book their bus tickets through Online booking
mode. So, again online booking mode is escalating.
Summary of Vigilance to Online booking modes for Traveling:
The online booking Modes are very popular in case of Train and Planes booking
while in other categories they are catching up really fast.
4. Customer/Traveler Profiling on the basis of Age Groups:
A) PROFILING THE TRAVELERS 20-25:
 Partners Preferred:

49
 Social Networking Sites for Travel Decisions:
 Travel Trips Note from Social Networking Sites:

50
 Conducting Polls on Social Networking Sites for travel decision:
 Air Travel Booking Mode:

51
 Accommodation Booking Mode:
 Online Bus Booking Mode:

52
 Search Mode for Travel destinations:
PROFILE OF TRAVELERS OF AGE GROUP 20-25: This Age Group is very Tech Savy,
Contemporary, Modern and Vigilant for the Online booking mode, generally prefer
to travel with friends or sometimes alone as well. Social networking sites are used
for travel purposes decisions and polls as well. The search modes for the travel
destinations are all online and web based modes.

53
B) PROFILING THE TRAVELERS 26-30:
 Partners Preferred:
 Social Networking Sites for Travel Decisions:

54
 Air Travel Booking Mode:
 Accommodation Booking Mode:

55
 Online Bus Booking Mode:
PROFILE OF TRAVELERS OF AGE GROUP 26-30: This Age Group is not that Tech
Savvy,or rather of intermediate between a traditional and higly contemporary
group, because although many of them book through online modes, Travel agents
bookings do exist in the air as well as accomodation bookings. Also,in travel
destinations search modes along with the web search, brochures and magazines
are also referred. If we compare the social netwoking sites responses also the
people who say yes are not as much as in the 25- 30 age group. This age group
people not only prefer to travel with friends or sometimes alone, but with family
as well. So, this a rather intermediate category neither fully contemporary and nor
even totally conventional.

56
4. MARKET TRENDS ANALYSIS OF EUROPEAN AIRLINES AND
HOTELS
Background:
Due to the recession, hardest felt in the western world, and European world in
specific, Market Sizing of European Travel and Tourism Market was planned. The
basic idea was to compare the period of boom and analyze the present situation.
To have a better overview of impact of recession from its origin to its current
scenario, Quarterly information was stressed on. Since European market is huge
and can’t be covered in a short span of time, so the project was divided into
stages with the stress on Airlines, Hotels and Online Travel Agencies first.
Objective:
To analyze the current trends of European Airlines and Hotels, to Size the travel
and tourism industry in Europe in Current scenario and to Measure the impact of
recession on Travel and Tourism sector in European Region
Methodology:
There are 29 Airlines based in European Region all of which were chosen for the
purpose of study. The attributes chosen in case of Airlines were Passengers
carried (PAX), Passenger (or Fare or Traffic) Revenue, and Load Factors. The basis
of data collection was 2006, 2007 and 2008 annual data and 2008 Q1, Q2, Q3, Q4
and 2009 Q1 quarterly data, based on calendar year quarters.
Seven major hotel chains were taken which have their operations in European
region. The attributes chosen for hotels were Hotels Revenue in European region,
Occupancy Rates (Occ. Rates), Average Daily Rate (ADR) or Average Room Rates
(ARR) and Revenue per Available Rooms (Rev PAR). The basis of data collection
was 2006, 2007 and 2008 all four quarters and annual data, and 2009 Q1. All the
revenue information was converted into USD from local currencies, for
consistency.
Key Analyses, Results and Discussions:
Since the data was huge, inconsistent and massive, in some cases unavailable
also. Therefore, the process is still under review.

57
5. Data compilation for Pricing Survey on Online Travel Agencies
Background:
As a part of hotel booking and fees analysis, pricing survey had to be done. The
strategy was to compare the prices offered by online travel agencies (OTAs)
and the airline website (in case of airlines) and hotel chain website (in case of
hotels booking.
Methodology:
Since the prices change rapidly, the exercise had to be done in one sitting. This
exercise was supposed to be performed for two days continually for both the
categories i.e., hotels and airlines. The template with top 20 city pairs with a
specific date for and specific flight number was supposed to be searched for
their base fares and tax rates through various Online Travel Agencies (OTA)
sites like Expedia.com, Travelocity.com, Cheaptickets.com, Travelocity.com,
Orbitz.com, Priceline.com and finally through each Airline website. This
exercise was done for comparing the rates over two consecutive days and was
performed on May 6th
and May 7th
. A similar exercise was done for hotels as
well. The template with 15 top hotels (from the luxury hotel chains) with a
specific location and specific room type, for a specific date was searched
through OTAs like Orbitz.com, Expedia.com, Hotels.com, Priceline.com,
Travleocity.com, Cheaptickets.com and then the chain site. This exercise was
also performed for two consecutive days (i.e., on May 5th
and May 6th
) to
compare the rates. This gave an idea of how different channels reach out to
the customer also helped to realize that there is very little differentiation and
commoditization in online booking.
Observations and Understandings from the exercise:
Since only data collection and compilation for the project was done and not
the analysis, so following are the observations and understandings from the
survey.

58
For Airline Survey:
There are few clear trends observed during the pricing survey of Airlines. Of all
the OTAs taken in for survey, travelocity.com, offers the lowest price, i.e.
Airfare here, which is nearly the same as offered by the Airline Website itself,
in most of the cases. Priceline.com offers the highest price than all of the OTAs
taken in for survey for all the Airfares studied.
For Hotels Survey:
In the hotels survey, the priceline.com is the one offering Hotel Rentals at the
highest price when compared with other OTAs taken in for the survey. The
lowest price for hotel rentals is given by these three i.e. orbitz.com,
expedia.com and cheaptickets.com. All of the three offer nearly the same price
for Hotel Rental, which is the lowest in most of the cases. Here,
Travelocity.com, which was lowest vendor in case of Airline tickets, is
providing the prices amid, neither highest nor lowest.
For Online Travel Agencies:
In general, for the Online Travel Agencies (OTAs) as such, few of the OTAs offer
prices lower than the supplier itself.
In the two consecutive days survey as such, there was not much of the
difference in the prices, i.e. the prices did not change actually. So, the profit
margin comes only as the date for travel (for Airline) or reservation (for hotels)
approaches nearer.

59
6. Analysis of Professional Colleges in India
Background:
The online travel and tourism is the upcoming and most sought after field in the
industry. Most of the recent publications and work by PhoCusWright is based on
this topic. However, there exists huge gap between the industry and the
education system. PhoCusWright plans to enter education sector in future. The
basic idea is to make the education system contemporary and prepare the second
line of mangers. Therefore, an analysis was done, to foresee the opportunity,
collect data and to geographically explore the density and analyze the spread.
Objective:
I. To analyze the number of colleges imparting Management/Advertising
courses in India.
II. To analyze the opportunity in terms of volume i.e., number of students
doing management and advertising courses in country.
III. Identifying the major hubs (cities) in terms of highest number of colleges
and most massive volume of students
IV. To analyze specifically the opportunity in cities of Mumbai and Pune.
V. To build the database for future with all contact information.
Methodology:
A database with college address, contact number, fax number, web link, E-mail
Ids, Course category and number of students taken for each course per year was
collected city wise and analyzed.

60
Results of analysis:
The opportunity is huge in terms of number of colleges and volume of students as
well.
1. In Terms of Number, there are more than 1300 colleges, which provide
MBA / PGDM or equivalent Degree/ Diploma to students.
2. In Terms of volume more than 75000 students graduate every year with an
MBA Degree / PGDM Diploma Course.
3. There are 48 cities in India with more than 5 MBA colleges and 16 cities
with more than 25 colleges
Cities with more than 25 colleges, recognised as opportunity and thus as hub.

61
4. There are 118 cities from where more than 100 MBA graduates passing
every year and 21 cities with more than 1000.

64
5. Top 5 cities in terms of Highest No. of MBA colleges and which can be
recognized as the major hubs are : Pune, Hyderabad, Bangalore, Delhi
and Mumbai
6. Top 5 cities in terms of Highest No. of MBA Students passing every year
are: Delhi, Mumbai, Pune, Hyderabad and Bangalore.

65
7. Specifically for Mumbai, 5743 MBA grads pass every year and there are 63
MBA colleges operating in the city.
8. Similarly, for Pune, 4878 MBA grads pass every year and there are 91 MBA
colleges.

66
7. Description of Other Projects and assistances
 Along with all the aforementioned projects and exercises, many internal
projects were running, for which the assistance was required. Like
database building for adding to sales force. The contact information,
designation, e mail ids had to be updated of the various important
executives from the clients company
 Since PhoCusWright is looking in the direction of E- learning services as
well so already existing companies with E- Learning services in Travel
and Tourism Sector in India were Identified and updated to the database
 In the E- Learning services, prospective clients in travel and tourism
industries with profiles in learning, education or HR background were
identified and added to the database
 For entering the Education sector, colleges with Professional courses all
over India were identified and their database was built up with physical
addresses, contact information and course types.

67
Experience at PhoCusWright.Inc
The following are some of the great experience I had at the company, which
enriched my first experience at the corporate world.
 Meeting the CEO of company: This was one of the greatest experiences
during my course of work at PhoCusWright. Mr. Phillip, the CEO and
President of PhoCusWright came down to India for a travel conference
along with the Senior VP, Miss Carol. I was being called over there for the
video shoot, which was done for developing Workshop Script. There was
no script as such, but the experiences of his life, which he shared with us,
right from the time; he entered the corporate world until today via the
beginning of PhoCusWright itself, was a great learning. This was one of
the best Inductions anyone can get in his/her life at a very early stage of
career.
 Learning through the experiences of Mr. Ram Badrinathan: There is a
lot one can learn from others experiences, that too when it comes to Mr.
Ram Badrinathan, the experiences are highly intellectual. There was a lot
of rational and innovative thinking which comes from him. He is a great
motivation force and an inspirational source, although my interaction
with him was for a short period yet he is so resourceful and ingenious that
even that short period was unforgettable.
 Conference calls and being connected through technology, yet
maintaining the discipline and work culture: The work culture of
PhoCusWright in itself is quite different and nice experience. People are
connected through technology only yet a lot of commitment and discipline
is there. At the end of the day, the hard work pays, in the form of rich
knowledge and work satisfaction.
 Data Mining: There was lot of data mining involved specially in
Departure analysis, Asia Pacific and European Market study. It was really
amusing and astonishing to see how numbers speak themselves, which
was in itself incredible and very interesting.
 Virtual Travel: Visiting each of the websites, whether it be a hotel or
airline, from Asia Pacific or Europe, it feels like having a virtual tour of the
place.

68
Application of Management Principles
There were many places where I could apply and appreciate what all I’ve learnt
in the three Trimesters at IFMR. The key learning and application of
management principles during the course of Internship at PhoCusWright are as
follows:
 Statistical Techniques- Lot of application from Quantitative
management and Statistical technique was there. Since, the whole data
analysis was based on Time series, Market share and Variation analysis,
which was imparted as a part of course study, so the understanding and
application became easier.
 Marketing Research- Again proved to be very fruitful, while analyzing
the Traveler survey and the Market shares and trends as well based on
different attributes.
 Marketing- Whether it be the pricing survey or finding the reasons
through data mining, price competitive strategy, market penetration and
market leadership by entering early, there was immense application of
this course and thus was very beneficial.
 Management Information System – Since the whole of data collection
was done through excel and data analysis through pivot techniques, the
application of this course was also equally important and vital.
 Corporate Finance- There was a lot of application of corporate finance
specially in the Airline projects (Both European and Asia Pacific), In fact,
it won’t be wrong if I say corporate finance was there at every step of
these two projects. Like the leasing done by airline companies as the
business is of huge investment category, also the demand fluctuations in
the period of downturn well reflected the market trends.
 Management Accounting- There was a lot of application of management
accounting principles while identifying the revenues for each airline and
hotels. Sometimes, the reporting is concealed, so full financial results had
to be read where in I could appreciate all that I read during this course
study.
 Organizational Behavior and Human Resource - As such, there was not
any application of Organizational behavior and Human resource
management in my project but it something which I couldn’t stop myself
from observing. First thing worth mentioning is that, although
PhoCusWright is not fully virtual company but it may not be totally wrong

69
also if I describe the vertical under which I was working as a semi virtual
concept, where the employees are connected through technology only and
work from homes. This was something very new to me. Then, the second
interesting observation of mine, which is related to the motivation theory.
Whenever I got appreciated for my work I would work under external
motivation to maintain that appreciation level, but whenever I did
something wrong I worked under Internal Motivation to prove myself
better and in good faiths of seniors again. The third Observation was
about the teamwork, how teams work effectively. If the leader is strong,
the team is ought to perform well and small teams often work better than
larger ones. Since there is not much of hierarchy, you feel yourself as an
integral part of team, which makes your performance better. Then, the
other observation was about Organizational Culture, there are not much
hierarchies, open culture and contemporary type.
 Economics- This course was not directly applied but there were lot many
concepts from economics which made the understanding while data
mining like, the scenario comparison of Indian Aviation Market (2005 vs.
2008). In 2005, the market is of monopolistic nature and in fact more of
monopoly of Indian Airlines. However, 2008 is oligopoly, so the price
fluctuations greatly affect the demands. As happened in the case of
Kingfisher, the number of passengers shot up as the fares were slashed by
21-65% while it came down drastically when the prices hiked again. Also
in case of Airlines from China, nearly all are in the market leader category,
due to full-fledged support from the government policies.
 Operational Management- Since PhoCusWright is a Service company, so
there were a few concepts from Operational management, which helped
me in understanding of the company functions better, like critical
applications and quality sustenance. Since, they publish research works,
which is one of the key activities for revenue generations, so the work
should be strategically correct, purposeful and deliberate as well as on
time. Because if the work is delayed, the time value of money is lost, as
others may also publish similar works which makes the publication of no
value then.

70
References
1. DGCA – Directorate General of Civil Aviation – http://dgca.nic.in/
2. Investor relations and Financial results by the Airline websites and Hotels
Website
3. OTA (On line Travel Agencies for the Prices of various hotels and airlines)
4. Hotels and Airlines websites for the prices offered
5. http://www.123oye.com/institute/delhi/main.htm
6. http://www.e-guru.org/education-resources-guide/managements-india-
colleges-b-schools/
7. Linked in http://www.linkedin.com/
8. Jigsaw http://www.jigsaw.com//
9. http://www.phocuswright.com/conferences
10.http://www.phocuswright.com/
11.http://www.youtube.com/watch?v=XNEVGu7HG0U
12.http://www.youtube.com/watch?v=TqBMuka46Wg&feature=related
13.Travel Survey Questionnaire
http://spreadsheets.google.com/viewform?formkey=cmFFUXFsSEc2dERo
QTExWGdseVpEZWc6MA.

PhoCusWright report on Indian outbound travel market

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