Marketing sensitivity analysis

This rise is especially significant in the Asia region, where increased globalisation converges with rapid economic growth. In 2013, Tokyo was ranked the 7 most popular city for international conferences in the Asiapacific and Middle-east regions. This indicates Figure 22: Number of International Conferences held in the rapidly growing Meetings, Incentives, Asia-Pacific/Middle East Cities (2013) Conferences and Exhibition (MICE) industry, bringing about vast opportunities in the hospitality industry. Hotels are crucial stakeholders in the MICE industry as they provide venues for conferences and accommodations for corporate guests. By capitalising on Mitsui Grand Millennium Hotel Yaesu’s prime location in the center of business districts, CDL would be able to target the business travellers from Tokyo’s MICE industry. th 9.1.2 Luxury Leisure Market In 2013, Tokyo has pulled ahead of Osaka and Kyoto as the most appealing destination for both foreign and inbound visitors in Japan. This is partly due to Tokyo being the most renowned metropolitan city in Japan, as well as the presence of its unique indigenous culture and various appealing tourist attractions in the region. Furthermore, with Tokyo being awarded the honour to host the 2020 Olympic and Paralympic Games, promotions and advertisements were initiated by the government to further develop and Figure 23: Japan’s Real Inbound Guests/ Tourism boost the tourism industry in Tokyo (Kodera, Spending by Prefecture (2013) 2014). These efforts to attract inbound and domestic tourists from both the private and public sectors have proved successful as there has been a significant increase in the number of tourists to Tokyo in recent years. Fueled by the strong purchasing power of domestic tourists, the sales of Tokyo retailers especially in the luxury retail sector, experienced a significant surge of approximately 30% in 2015 (World Property Journal, 2016).