The main part of understanding the tourism trend in Marketing and Managing Tourism Destinations is to basically consider the destination marketing and the relative management. The other main parts which are required to consider are planning the destination marketing to market, devising the right execution and operations of the destination marketing and management organizations. The countries are required to target critically that how are they going to run the business, using opportunities by facing the issues and hurdles to compete for the global leisure to serve the travelers and tourists in their markets (Ministry of Culture & Tourism, 2007)
The main advantages of investing in such an emerging market are written as follows:
Growth context. The biggest benefit of making an investment in the emerging market investments is the prospect for high growth.
Diversification Usage. The International investments envisage act as a diversified platform to expand the horizons on investment and opportunities up front. This basically target the economic downturns in one country or region, including the U.S. which have an option of being offsetting by growing gradually.
There are several risks associated with making investments in the emerging markets, out of those major ones are written as follows:
Political risk. The first and foremost risk identified in Emerging markets is related to political upfront. Experts explain it unstable, even volatile, Govt and the Political unrest is the culprit which may cause serious penalties to the economy and investors.
Economic risk. These such markets basically proffer the inadequate labor and the raw materials, the fluctuating inflation or deflation, several associated unregulated markets and the unstable monetary policies associated with the market. These tend to create issues and the investor had to face challenges from the economic upfront from an investor point of view.
Currency risk. The value of emerging market currency as compared to the dollar can be tremendously unpredictable. The investment gains can be prospectively understood if the currency is being devalued or get dropped significantly
The bad situation of Turkey’s tourism industry has been sounding repeatedly with the country being a sufferer of five different terror attacks from the year start. Now, finally a failed overthrow occurred in the month of January,2017 has added the final damaged and a element to the country’s unsteadiness.
The country has already seen visitor numbers stumbling in the last year by around 34.7% percent fall in the May, 2016. It was the biggest decline in the 22 years. The latest disruption is possibly created an unrecoverable harm to the already breakable tourism industry. At the end of May, Turkey has reported its year-to-date arrivals which were down 9.9% (Trading Economics, 2017)
Tourist Arrivals in Turkey
It has been concluded and revealed by biggest tour operators and various journalists that the chapter of Turkey’s tourism chapter is getting to an ending. The country has noticed an attempted coup and atmosphere having anger in the country. The tourism industry seems to be damaged because of the terror attacks.” In fact, the Turkey most beautiful and attractive destinations, Istanbul and Ankara tourism have also shown sad environment because of almost no tourism. “The country was going slow and the market was stumbling (Cubeddu, 2014)
Emerging Markets in Transition:
The growth, potential and hurdles basically put the limelight on the factors behind the last decade’s effective performance in the emerging economies. Also, the ongoing global changeover phase has adversely affected their prospects to go onward
The report issued by World Economic Outlook April 2014 highlights the role of peripheral and internal drivers targeted to growth in an emerging economy. There was a healthy economic discussion in the last fall’s conference on the same topic. The study by WEO reveals that being, no matter about the shifting external environment, the sustained growth in these countries can be still feasible. But for that it is important that emerging markets are required to balance and develop healthy domestic policies and have to put more focus on the better and structured reforms, and they should have continuous struggle to enhance their productivity levels (Statista, 2014)
Background of Turkey’s Tourism Industry
The Travel & Tourism Competitive Index (TTCI) basically deals with the investment appearance of the travel and tourism industry in the several countries. The indicator has confined the weighted averages over three broad categories such as The regulatory framework, the business environment and infrastructure. The travel & tourism industry covers three major aspects, such as human, cultural and natural resources. Turkey as a tourism industry has improved both the air transport and tourism infrastructure from the period, 2011 to 2013. In fact, there are nine airports constructed during the decade 2003-13, which has enlarged the total no. of airports upto more than 50. Because of these categories, Turkey used to be scored 4.62 grade in the regulatory framework sub-index, 4.08 in the category of the infrastructure and the business environment segment, 4.63 in the travel tourism basic category of human, cultural and natural resource indexing. This has lead to an overall average score of 4.44 out of 6.
The Turkey’s tourism sector was earlier known as one of the largest tourism in the world. More than 30 million foreigner tourists have visited Turkey in the year 2012 which assisted the country to bring $24 billion revenue. In calendar year 2012, Turkey was ranked as the 6th most visited country in the world and on the other Istanbul, was the 6th most visited cities in the world and 3rd most visited city followed by Europe, London and Paris (Haefele, n.d.)
But, currently the number of foreigners visiting Turkey has dropped down to the lowest 3.96 in comparison to the last year from 1.65 million (as per the statistics of March, 2016) to 1.59 million in March 2017. It was the 20th consecutive annual decline. The arrivals from Germany has accounted for the largest share (14.71% percent), followed by the Iran (13.2%), Georgia (6.49 %), Bulgaria (6.0%), and Russia (3.1%). While considering the initial three months of the year 2017, the number of foreigners arrived in the country has dropped by 6.4% to 3.8 million. The tourist arrivals in the Turkey have reached an all time high in July, 2015 and the second lowest in the March, 2017.
Other Advantages to Invest in the Emerging Market Tourism.
The study of new and emerging markets has become a serious concern for the companies, the various destination portfolios and indeed countries who are involved in improving the economic activities
The key part is a new product development and innovation in the tourism, which is very much essential to gain sustainable competitive advantage. Successfully, these processes generally rely wholly on the precise and sensible demonstration of the new markets. Though in the tourism sector, the processes of demonstrating the new market opportunities has led to have a proactive approach. But, in few recent years, the sector has adopted a professional and restricted approach. In the future, it is expected that the sector may follow a disciplined approach for the most essential part, i.e. the new product development, because of the auxiliary competition among the destinations and progressively more sophisticated customers. The approach focuses on the evaluation of the external factors to tourism. This may assist in driving the development of the new markets and the recognition of the competencies of the tourism sector to both understand and serve these new markets (Urundul, 2017)
When we talk about the new and emerging markets, it has to be renowned and investing in such market vary with the level of inventiveness and modernism. For example, a few new markets like Turkey consists of comparatively simple elaborations of the great offering of the products, on the other hand, a few may symbolize for making viable and feasible changes to the system of production and consumption, which is generally determined by any technical or social change.
For the aim to understand the new and emerging tourism markets, it is very essential to distinguish the markets and differentiate how to demonstrate a new market. In context of the basic terms, Bourgeois et al. Explained markets as:
The area of possible and probable exchanges among the consumers and the producers, the proffering of the product range, and understanding the wants of customers, and making the changes accordingly as per the situation.As we understand the wants of consumers gets together into a specific kind of the demand, the tourism producers may tend to proffer the products which basically share the similarities (Ltd, 2011). The commercial tourism, which is generally common in the emerging market defines an exchange of the operations between the supplier and a visitor. The Tourism exchanges are basically considered to target an amalgamation of the attractions, such as leisure and recreation, lodging, kindness and transport facilities. This exchange takes place at the destination, and is set within environmental, political, economic and social resource environments. The nature of services generally implies to the interactions among the suppliers and visitors, which can make each exchange transaction very exclusive. By applying the several classification techniques, the transactions can be grouped into the markets. The identification of the tourism market is termed as an exercise in classifying and demonstrating the types of tourism markets and then it is being termed as a ‘special classification’. (Foreign and COmmon Wealth Office, 2014) approach. (E Travel Week, 2015)
Disadvantages of Investing in Emerging Market
The emerging markets basically facilitate the new investment opportunities in terms of prominent economic growth rates, advanced anticipated returns and the benefits related to diversification. But there are few risks associated with local and foreign on investment up front. One example can be recently noticed in news and media is about Turkey. The country used to be known as one of the fastest growing and booming economy among the incredible magnitude, and holding the honor of being one of the MINT nations. But the circumstances here on and off again has protested against the Prime Minister Recep Tayyip Erdogan, who has been resulted in various violent clashes. The Global conjecture targets the resurfacing platform when the Turkey has its ogle on invade the neighbor country Syria. Purportedly in the situation of tourism stumble, Turkey has started closing down their domestic access to well-liked social networks, prohibition for the video streaming site in this month.
The Foreign Office general advice to travel and visit Turkey has remained unchanged; the only regions to the southeast which are very near to the border with Syria and Iraq, has been restricted for the entry and cross boundaries. But, it does urge all visitors to follow the instructions of the authorities, and those in Istanbul or Ankara has been suggested to remain cautious and avoid the public places. It seems doubtful that the advice will change as the advice to warn for travelling to the country would be definitely going to affect and act as a hammer to the turkey’s tourism industry which normally contribute to 10% of the Turkey's GDP. Though without such warnings, the number of tourists is expected to decline in the projected future.
Conclusion on Pros and Cons of Investing in the Emerging Market
While studying, it has been analyzed that investing in the emerging market holds various opportunities but if the resources are being used at proper site at a right time with the right approach. In fact, few of the experts believe in the term “ making emerging market investments” which generally simplifies venturing in countries or regions underpinning the fast economic growth. Thus, every investor is suggested to understand the economy and assess the country’s gross domestic product (GDP) and per capita income prior to investing in any emerging market. Though, we have seen The BRIC countries, such as Brazil, Russia, India and China are the most common examples of developing economies which has shown a volatile growth in the past decade. The few other emerging markets such as South Korea symbolize a large number of the consumers and holding a wealthy economy overall. Turkey is also used to have a good development and economy scale with a stable environment, but the EU conflict has spoiled the turkey’s overall political and social environment of the country.
This can be risks like EU recent conflict with turkey political and competitors etc
It was shocking to the country when they noticed a big decline in booking by around 50%, while on the other hand the big-giants like Neilson, Mark Warner and Thomas Cook has also been enforced to close their luxurious resorts or reducing their capacity. One of a specialized specialist operator has folded their days after Istanbul’s airport has bombed out because of the opinionated volatility and terror attacks. The director of tourist operators has also mentioned that We are under pressure from the time the regional political problems have started in the past few years and the intensification has affected a lot in the period of last year. The Turkey has been under attack by the regional terrorist attack and also been affected by the attack of global powers.
It is understandable and can be noticed that every second attack creates a distressing effect on the tourism and related companies.” The World Travel and Tourism Council (WTTC) have also issued a report which declared that the tourism industries of the countries has been affected by the terror attacks can be able to repair themselves. But to rebuild they would be requiring around one and a half year on an average.
The 2000s: A favorable global context, with uneven impact
The confluence of positive external conditions is being supported by the emerging market growth in the 2000s. The increasing global demand and expanding the supply chains has increased the global trade, on the other hand the lower interest rates in advanced economies have eased down the process and improved the worldwide financial conditions.
Many emerging markets have also taken the advantage of the “good times” for strengthening their legacy, declining their vulnerabilities, and building the policy space. These countries have been able to bring down the level of debt, luck to get the lowest interest on borrowing costs, and choosing more flexible exchange rate regime which has proved crucial when the global financial crisis actually hit.
For the most emerging economies, higher growth during the 2000s was obviously on the domestic side in enhancing the total factor productivity. The important consideration of this productivity has created a boom and reflected the countries for moving up the value chain and thus, lead to a reallocation of the factors in the highest productivity sectors. The gains from the reforms of earlier decades has increased the commerce and financial liberalization, which has lead to increase in the productivity growth and create favorable external conditions facilitate for the evolution.
How can Turkey may Recover
Looking at the situation of 2016, the revenue of the turkish’s international tourism sector’s revenues has been dropped by over since the last year season. Few people have said that the agreement among several countries for tourism is the key main reason for the suddenly biggest drop is because of the travel ban, which Russia has forced on Turkish holiday destinations and the data reveals that this ban could be the only possible reason among all the reasons for the drop in revenue. There were 42.0 lac Russian tourists who have visited Turkey the year 2014. In year 2015, it has fallen down to 35.0 lac and was only remained 8.0 lac for this current season. But despite of 80% drop in the number of Russian tourists from the previous year has impacted the industry and reduced by 35% revenue drop and this accounts to one-third of the total drop The Russia and Turkey political spat have grabbed the headlines, and certainly impacted a huge loss in dollars.
The remaining larger loss has caused and affected because of the terrorist attack besides Russia. Possibly the loss of visitor numbers was no been as vertical as with Russia, but the losses have been across the board, affecting the rest of the world like Germany (reduced by 30%), Great Britain (declined by 32%), the Netherlands (reduced by 26%), France (declined by 35%) and Italy (dropped by 59%).
Still having the most favorable location, feasible potential, large projects, and determined targets can be set for 2023, the tourism sector of turkey can still continue to grow larger at a rate which outstrips the bed capacity. Even though there has been a course of investments in the last several years, but the country’s Govt. still believes that there is still huge scope for attracting the new ventures. The Eastern and Southeastern Anatolia, both have unexploited prospects for the culture and tourism as well as for increasingly admired the boutique hotel concept, which blends well with the attribute, features, nature, history, and culture of the regions (Oxford Economics, 2012)
Here are some essential facts and figures about the Turkish tourism sector:
- Turkey is operating to improve the situation of the tourist industry.
- The tourism sector has fixed the low annual targets for the tourist arrivals and revenues of USD 52 billion by the year 2023.
- According to the Ministry of Culture and Tourism, there are a number of foreign travelers who are expected to arrive
- Turkey is evolved with around 8000 kmof coastline and has been ranked as 2nd among the 38 countries with its 436 blue-flag beaches, which is next to Spain beaches. There are also 22 blue-flag marinas in Turkey.
- The country is also trying to develop and work on geothermal tourism potential. It is considered as the top seven countries in the world and ranked as 1st in Europe with its 1,500 thermal springs. They own huge Bed capacity in the various thermal spa resorts has reached a figure of 55,140.
In fact the tourism Minister Nabi Avc? also mentioned that he is expecting an increase in the visitor numbers now in 2017 after a difficult year. He mentioned that the Govt. is making regular efforts to recover the last year’s difficulty in terms of Turkish tourism. He firmly believes that the serious bottleneck has already been passed. The tourism industry is recovering gradually and the number of tourists coming to Turkey so far has started increasing from the lowest drop of the past year (Turkey, 2015)
He mentioned that the Russian market has also revealed a sign of serious recovery. The Govt. of turkey is expected that if European politicians would react to reduce their racist and intolerant discourses for influencing their citizens negatively, then they would probably expect an increase in European tourists to turkey. A renowned Professional from Hotel Managers' Association of turkey are expecting to host around 3.5 million tourists from Russia and 1.5 million from Ukrain in Turkey's this year. The results also show that there had been a 3,500-visitor increase in comparison to the same period of last year, which reflects an improving situation in the industry. (Koyuncuoglu, 2017)
Prospects For the Turkish Gastronomy Tourism
The paper was published by Mehmet Sar?o?lan, the Assistantant Professor of Bal?kesir University from Turkey. The topic covered in the conference paper and the proceeding is Prospect for the Turkish Gastronomy Tourism.
The paper’s abstract defined that Gastronomy has not merely been achieving more and more consideration lately, but it also has evolve the study and importance of tourism as an integral part of the everyday life in the modern era. The reason for this lies in the fact that it would fulfills not just the physical, but also the cultural, social and psychological wants of the society. In this way, superb performance in the field of gastronomy would be a definite way of attracting the worldwide’s interest and approbation towards the country. Also, the author has highlighted the importance how can gastronomy’s tourism obviously and logically emerge as a new and quite admired concept which would covers the analytical study about the innovative and memorable eating and drinking experiences. The aim of this study is to analyze the particular features and determinants of the modern, tourism industry, which is evolved to be developed around the gastronomy. The author also briefed it is based on the examination of the existing market models how well is the future developments can be expected. For this aim, the research method selected is through a real case study with the way of studying empirically and the theoretical way. The example of Turkey has been where the Gastronomy Tourism is holding an array of specific features and how there could be a suitable base for recommending a strategic plan for enhancing the industry by making use of the dynamics of its big prospects.
The Tourism industry is identifying new opportunities so as to attain the old growth pattern at least. It was explained in the paper that demonstrating the potential rapid growth, one needs to assess the momentous share of the global gross product which are being used in the current scenario. In this way, the ratio of the expendable individual and household income can be proportionately being allocated to the tourism product range. Also, as the services has also been rising, so it is recommended to make use of rapid improvements in the communication technology, which can assist in inspiring the mass's inclination towards visiting places which the visitors’ have never seen before and gaining new cultural experiences.
As per the evaluation carried out by the Global Tourism Organization, the value of the tourism product is expected to reach 1.6 bn, while the tourism income will surpass the threshold of 2trillion by the year 2020. It was also mentioned in the paper that how the overall social-economical involvement of the industry with respect to the national’s economy is being recognized as a valuable concept. This is going to aim at enhancing and improving the employment, the country’s national income and the balance of payments at the same time. This will help in assisting to get an external-internal debt exchange platform. This will help in diminishing the final goal of the whole welfare increment. Subsequently, the preponderance of the developing countries, especially the one who fights hard for attaining the biggest possible share of the cake as per the supply potential. The report covers section such as The Current State of Turkish Tourism Industry , The Current State of Gastronomy Tourism, Feasibility of Gastronomy Tourism in Turkey, Result and Recommendations (F Alaeddinoglu, 2009)
The quantitative and qualitative research carried out to assess the potential for gastronomy in the turkey’s tourism has lead to suggest and deliver improvement of the Turkish tourism industry. This can be done by focusing on the development of gastronomy tourism. The key and essential element in the evolution of the Gastronomy Tourism sector is devising a gastronomy promotion strategy, especially which covers the information on what specific food & drink are being liked by the people are available to the visitors for enjoying the destination (HSBC, 2016) (Yolal, 2012)
Tourism and Governance in Turkey
This paper was prepared by Korel Göymen, Professor from Middle East Technical University, Turkey
The paper suggested about how Tourism is changing and getting volatile in the form of process, and structure. Due to the globalization of its supply and demand, several countries have decided and realized to reconsider the associated structures and processes, inclusive of the specific role of the state. This study basically indicated that tourism in Turkey needs to be formed in stages while considering the most important resources Political, Social, and Economic components of the polity. It was also noticed through various studies that culture is the most important factor while studying tourism of any country and plays a key important role.
In fact, it was highlighted that since the 80s, the nitty-gritty and policy governance has triggered an ongoing change from a basic state-sponsored and managed development of the different forms of PPP’s; a process condensed which is being supported by the political culture (Tosun, 2001)
The article has also shown a detailed assessment of the challenges to attain the sustainable tourism development in developing countries with a key example of Turkey as a part of the developing world. It was also noticed that how the factors have been able to emerge as the challenges to get the sustainable tourism development as per the national economic policy, the model of public administration while considering the emergence of environmental issues over the industrialization and the structure of the international tourism system. It was also concluded that although the principles of sustainable tourism development are helpful, but their implementation is an extremely tough task of achieving and owing to the best suitable conditions.
The paper concluded that any such operation or the act can help in devising the sustainable tourism development needs to supported by strong political and economic choices, and decisions based should be focused on the prerequisites of the environmental trade-offs (Ministry of Culture and Tourism, 2007)
At the end, it was concluded that the implementation of these hard decisions would not have been possible until and unless the international organizations come ahead and assist with the national governments for executing the key principles of sustainable tourism development in the country.
This part focuses on the cultural side of the country and how they plan tourism and relative policies. To understand this in detail, the The past and the current tourism plans of the Turkey Govt. and a few discourses of government were analyzed in detail. The research findings indicated that Turkey has been situated as more a sun, sea, and sand destination in terms of a purely cultural destination. As per the State Planning Organization's Five-Year Development Plans, the current tourism plans for Turkey in the form of the Tourism Vision 2023, it is seen more as a substitute and derived form of tourism in Turkey. In fact One can easily claim that this is perhaps a missed opportunity for Turkey to highlight their rich and a unique, inspiring and an exclusive platform of resource, which can proffer exclusive, positive, and memorable cultural experiences for culture-core and culture-peripheral tourists.
In order to achieve this, the country is emphasized on rejuvenating their unique cultural resources so as to build and enhance their own creative cultural capabilities to leave a great experience in the tourist mind. This is the reason that visiting turkey can give you lively and exciting experiences which can better distinguish Turkey as a destination from their competitive countries. As we are aware that the Turkey is the 16th largest economy of the world, and the 6th largest economy in Europe. During the period of 2003–2012 decade, it is considered as the fastest growing economy in the category of the OECD countries. The OECD estimated that Turkey would expect to grow in average 4.32% annually until 2023 and would be a campaigner among the OECD countries
Turkey is ranked 6th among the countries having most international tourist arrivals in the year 2013 with the 37.82 million tourists and it is ranked as 12th in the context of tourism receipts in 2013.
In terms of culture, the Historical and cultural heritage of turkey has 13 main civilizations and have people from 3 major religions. The country holds an archaeological excavations at 153 sites Main Museums, such as Ayasofya (Hagia Sophia) Museum, Zeugma Mosaic Museum, Bogazkoy Museum, Topkapi Palace Museum, Goreme Open-air Museum, Mevlana Museum, Anatolian Civilizations Museum, Ethnographic Museum, Istanbul Archaeology Museum, Turkish and Islamic Arts Museum, Kariye Museum (The Chora Church), Ephesus Museum, etc.
The country leaves an incredible experience to the tourist during their stay and trip in Turkey. They leave the visitor an experience of prestige for being to Turkey. The interest in tourism is because of the high culture-city, golf, convention, sport, youth, shopping, winter, etc., besides the Sea-Sand-Sun tourism
The turkey’s Nightlife is tantamount with music, culture and food which basically helps the country to deliver different rhythms and flavors of Turkish nights to stand out as a mesmerizing cultural crossroad. The options appear endless, as the Turkish artists, musicians and chefs deliver vivacious new masterpieces fusing definitely with innovative global Turkish themes.
Throughout the centuries Turkey’s culture and arts has been remarked and seen as an inspiration of the culture, commerce and logical light. The Turkish State Opera and Ballet has continued the tradition by enactment through a sophisticated performance in the concert halls and open-air antique amphitheaters in Ankara, Istanbul, Izmir, Antalya, Mersin and Samsun.
The Turkish international festivals attract the audiences from throughout the world, blending the finest music, having extraordinary settings in Ankara, with contemporary artists playing classical, traditional and folk music from all over the world. The country is well known for the Aspendos Opera and Ballet Festivals in Antalya. The country is known to enjoy and celebrate each of their festivals in a great and cherishing way. This makes the Turkey’s as as rich heritage which offers something for everyone.
It is inevitable that the new global cultural center, Tukey is offering a challenge, replacing and augmenting the existing centers, such as New York, Los Angeles, Paris, Tokyo and London. Some of the driving forces behind the pre-dominance of global cultural are the main reason for having a lively and a substantial cultural economy, the highest level of connection with the global cultural network and the character/level of capital accumulation within these cities. The new cultural centers is Istanbul and this is known because of the recent regional changes in the economic and having a geopolitical climate. The other main attraction is their unique geographical location around the crossroads of Europe, the Middle East and Central Asia.
Overall it is concluded that the Culture is naturally geographical. It emanates from one place to another. The country’s reformulated by the cultural centers for distribution into the global culture. Some of the key aspects which makes the city a cultural transmitter is having a significant amount of the population involved in the cultural economy as an established and well-connected international market for the cultural goods produced.
The country is also known as a place with different cultures and ideas to deliver a vibrant mixture platform with significant infrastructure to facilitate the creation of cultural goods. These features makes the country to give an evitable experience.
Turkey, being a novel destined with plentiful attractions in the form of natural, historical, and cultural sites, the country has been able to recover and improve gradually from the last year attacks. The company has been achieved a growth inclination with respect to the volume, value, and infrastructure. Though, it can be argued that the growth has proceeded in such a random way that all the factors, such as environmental, economic, and socio-cultural sustainability of the tourism industry has been neglected (Turner, 2015)
The case of Turkey indicated that an overcoming structural issue in the tourism industry may need the cooperation and integration of the national and local planning bodies to further delegation in the way of administration, strengthening the formal institutions and improving the mindset of civil society, and the most important facilitation of tools for enhancing the participation and accountability towards increasing the prospects. Furthermore, the development of market-oriented strategies and qualitative measures instead of quantitative objectives which may also contribute to the long-term success and sustainability of the tourism industry in Turkey (Antalya, 2017)
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