Market analysis
At Foundations the following tools were used to analyze and to explore the market:
inquiries with existing and potential customers
requested information from community business support groups
collected catalogues, price lists and brochures of competitors
The hospitality market is good for billions of dollars a year. After two years of
struggling, the hospitality industry is projecting a stronger surge during 2010, in which
period a significant increase in activity is anticipated. Revenues as well as supply and
demand all suggest a season of positive growth.
Growth in visitor numbers has steadily increased in 2010, and this is following an 8%
decline in 2009. Visitors from Lower Michigan have been the primary source of this
growth. We expect that the increased preferences for domestic travel, close-to-home
destinations, and highway travel will boost Foundations’ visitor numbers.
PGCOG undertook substantial research prior to forming Foundations. The focus of
this research was on the growth of the Grand Traverse region in general and on the
geographic market we plan to serve. The research results were very encouraging.