Another competitor of Lonely Planet, Let’s Go Publications also deals directly in travel books with almost 50 books and a highly accomplished website for the benefit of the users. They have sales of almost $75 million in 2007 and an employee base of a thousand in the same year (Lets Go Publications Inc, 2009).
My part of the report consisted of an external environment analysis of Lonely Planet. This included a general and task environmental analysis of the various factors affecting the company. The General Environment was analyzed using a PESTLE analysis and the conclusion was that Lonely Planet has many opportunities to avail at its disposal. The Task Environment analysis revealed that the competitors are well placed to steal the market share belonging to Lonely Planet unless they do not press home their advantage.
This report taught me a great deal about the factors affecting a business. A business is not isolated from the environment surrounding it and needs to be proactive in handling all these factors. It is vital for the company in question to consider all the factors described above and act quickly before the opportunities are transformed into threats.
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