1.IntroductionGlobalization has become a driving force for many industries in today's world. Many successfully-growing companies have realized that going beyond the borders of their domestic market is the key growth strategy. Not only does an international expansion evolve as a reaction to ongoing globalization, but it is also a way to stay ahead of the ever-intensifying competition. Whenever customers are spread out geographically, the presence in every key market is crucial for the business to flourish. Despite being associated with the numerous challenges, expansion is a rather risk-intensive undertaking, as many world-known companies are looking for ways to grow and diversify their portfolios by choosing this strategic option.
Tourism is a beneficiary of the irreversible globalization process. Significant increase in global travel has led to an extension in the world tourism market, adding considerably to the potential for further growth. Many tourism companies and operators perceive the current situation in the market as an opportunity to spread their roots into new locations close to their key customer markets.
Being global in the tourism business is important as competition is global and so are the customers. Through brand expansion, acquisitions, mergers and/or joint ventures with local partners, hotel and resort operators are executing every possibility to develop a stronger presence in the international market. Each of the high-end players in the tourism industry has been following their own unique expansion strategy. Marketing strategy and growth opportunities in the global market recognized by Banyan Tree Holdings, one of the high-end operators in Southeast Asia region, will be presented in this paper. Examination of alternatives followed by recommendations related to the execution of the expansion plan will conclude the analysis.
2.Company BackgroundThe Banyan Tree Holdings is a Singapore-based luxury resort and spa operator. It is a privately held company with...