SYNOPSIS of CURRENCY Derivatives Kumud Ranjan Mishra From Lingayas University
Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST
description
Transcript of Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST
![Page 1: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/1.jpg)
Impact Of Sustainability Initiatives On Customer Choice
Kumud Sengupta
Director – Market Vision
Managing Editor – SOST
ITB Asia, Singapore, October 24, 2013
![Page 2: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/2.jpg)
Impact Of Sustainability
Initiatives On Customer Choice
![Page 3: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/3.jpg)
How Do You Define
Sustainability
in the Context of Tourism?
![Page 4: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/4.jpg)
Sustainable tourism:
Tourism that takes full account of its current and
future economic, social and environmental
impacts, addressing the needs of visitors, the
industry, the environment and host communities.UNWTO definition
![Page 5: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/5.jpg)
The Triple Bottom Line Approach
* Environmental impacts
* Socio-cultural impacts* Economic impacts
![Page 6: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/6.jpg)
Sustainable Tourism
Makes
Business $ense
![Page 7: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/7.jpg)
1. Worldwide tourism growth
2. Business benefits
3. Rising consumer demand
![Page 8: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/8.jpg)
0
400
800
1200
1600
2000
1980 1990 1995 2000 2005 2010 2020 2030
International tourist arrivals, millions
1. Worldwide tourism growth
Source: UN World Tourism Organization
![Page 9: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/9.jpg)
Cost savings
Improved profitability
Competitive advantage
Improved brand image
Customer loyalty
Employee loyalty
Product diversification
2. Business benefits
![Page 10: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/10.jpg)
3. Rising consumer demand
![Page 11: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/11.jpg)
Governments and businesses are
also demanding a green travel
supply chain
![Page 12: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/12.jpg)
What impact do sustainable
business practices have on
travellers’ choice of a travel
service provider?
![Page 13: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/13.jpg)
A survey was commissioned by Market
Vision in mid-2013, aimed to determine
the extent to which demonstration and
promotion of sustainability initiatives by
travel companies can impact customer
choice behaviour.
![Page 14: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/14.jpg)
This?
![Page 15: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/15.jpg)
Or This?
![Page 16: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/16.jpg)
This?
![Page 17: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/17.jpg)
Or This?
![Page 18: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/18.jpg)
35%
47%
18%Sustainability initiatives
visible
Sustainability initiatives
visible + endorsed
Makes no difference
Choice of travel company
![Page 19: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/19.jpg)
And that is despite lack of sufficient
awareness and recognition of individual
certification brands
![Page 20: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/20.jpg)
So…
What should eco-tourism businesses
do to attract customers and
influence their choice?
![Page 21: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/21.jpg)
1. Tell your sustainability story
Upfront
Verbally.
Visually.
![Page 22: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/22.jpg)
2. Get it endorsed
Third party certification
Assurance of authenticity,
quality standards
![Page 23: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/23.jpg)
It is a JUNGLE out there!
Choose the most appropriate certification program
![Page 24: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/24.jpg)
Bear in mind…
…Consumers purchase first based on
price, quality, and safety.
Hence, the certification label must
fulfill these needs, as well as ensure
environmental and social
responsibility.
![Page 25: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/25.jpg)
3. Be prepared to promote it
Use the marketable logo as a
differentiator (many businesses don’t)
Be prepared to promote the
program that certifies you
![Page 26: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/26.jpg)
Link quality of product,
sustainability and consumer
experience
Integrate into conventional
marketing channels
Get started…
![Page 27: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/27.jpg)
Spotlight on
Sustainable Tourism
(SOST)
– e-journal promoting
best practices in
sustainable tourism
www.sostinternational.com
![Page 28: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/28.jpg)
![Page 29: Impact of Sustainability Initiatives on Customer Choice by Kumud Sengupta, SOST](https://reader033.fdocuments.us/reader033/viewer/2022060110/5559db69d8b42a39498b4761/html5/thumbnails/29.jpg)
Thank you.
Market Vision Research & Consulting Services
P.O. Box 32394, Dubai, UAE
Tel: +9714 3911241; Fax: +9714 3911245
Web: www.market-vision.com
Kumud Sengupta
[email protected]: kumud.s
Twitter: Kumudsengupta
www.sostinternational.com