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 携程的品牌在中国市场不应被低估 |
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高潇遥
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声望: 博导
性别:  年龄: 43
加入时间: 2006/04/15
文章: 361
来自: Do I know you know neither?
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作者：高潇遥 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Brand name of Ctrip should not be underestimated in China
If there is one online travel company in China, which consistently garners accolades for its performance, it has to be Ctrip.com. (9/10/2007)
Recently, it was shared that the company has recorded double-digit year-over-year per-share profit growth for 11 straight quarters, excluding stock-based compensation charges. Its year-over-year sales have risen at least 46 percent every quarter since mid-2003. In the second quarter, sales rose 59 percent to $37.8 million.
A media report recently emphasised on Ctrip’s credentials. “The question is not whether Ctrip can compete against Expedia, but whether Expedia can compete against Ctrip,” Piper Jaffray analyst Aaron Kessler had said.
In order to evaluate Ctrip.com’s performance, EyeforTravel.com’s Ritesh Gupta spoke to Kessler. Excerpts from an interview.
From distribution perspective, considering the huge requirements in the wake of the Beijing Olympics in 2008 and World Trade Expo in 2010, what role do you foresee online travel players playing in China in the next few years?
Online travel will play an increasing role in China , especially as middle class in China increases. I don’t see Olympics a huge catalyst in itself though.
Till mid-2005, it was being acknowledged that online travel agencies in China accounted only a small share of total travel bookings with less than 5% of total travel bookings. How do you assess the situation today especially in the context of major player like Ctirp.com?
Ctrip cited that they are roughly five percent of the market today, but that includes their call center activity which is about 70 percent of their total revenues. Pure online travel bookings are still less than five pecent by our estimates.
For Ctrip.com, you had referred to one of their strengths being understanding of the local market and consumers. How do you assess their distribution strategy especially in the light of an offline travel agency this year?
Ctrip is attempting to expand in China and to be able to offer all products to customer whether it is online, phone-based reservations, or a local travel agency. I wouldn’t expect hundreds of offices though.
A senior executive from Ctrip.com admitted that improvement in Internet infrastructure, encouraging online booking by giving extra incentive/saving, real-time information update for hotel/air services, and increase in leisure FIT reservation can stimulate the growth of online travel booking in China. Despite limitations, do you think a company like Ctrip.com is exceeding the expectations with the kind of earnings it has managed?
I think the continued strong growth rates is somewhat of a surprise as growth rates really have not slowed and in some cases have accelerated. But when you take the strength of the macro economy into account, probably not a big surprise.
Recently, eLong recently decided to make structural improvements in its hotel and air products, its customer service and its overall management talent. Despite Expedia’s knowledge, being an established travel brand, exclusive marketing channels, seasonal management team and strong financial resource, what’s holding back eLong?
Brand name of Ctrip should not be underestimated in China. eLong is still number two player, but Ctrip has really cemented a strong brand over the last couple of years.
Going forward, Ctrip intends to leverage the Ctrip brand to attract new travel suppliers and negotiate more favorable contractual terms with its existing suppliers, expand its hotel supplier network and room inventory, and expand air-ticketing and other travel product offerings. How do you assess such plans?
Really nothing new. This is a continuation of their long-term strategy to expand their offerings, acquire more inventory, offer good rates to consumers.
Ctrip.com also intends to pursue selective strategic acquisitions and expand into Hong Kong, Macau and Taiwan . Where do you see the company headed or how do you finding the timing for such expansion?
We wouldn’t be surprised to see Ctrip to expand its inventory to other Asian countries. We would view this mainly for China travelers as opposed to setting up in other countries.
携程的品牌在中国市场不应被低估
最近，携程网的每股收益（扣除股票相关支出）连续11个季度实现两位数的年增长率；从2003年中起，携程的年销售量每个季度至少增长46％。今年第二季度，销售额增长了59％，达3780万美元。
最近一份媒体报告强调了携程的强大实力。Piper Jaffray分析师Aaron Kessler指出：“问题不在于携程是否能与Expedia抗衡，而在于Expedia是否能够与携程竞争。”
为了评估携程网的业绩，EyeforTravel记者对Kessler进行了采访，以下是节选：
从分销的角度而言，考虑到北京2008奥运以及2010年上海世博会将带来的巨大需求，你预测中国的在线旅游企业将在未来几年发挥怎样的作用？
在线旅游在中国的地位将不断提升，随着中国中产阶级壮大尤其如此。但我不认为奥运本身是如何强大的催化因素。
直至2005年中期，中国在线旅行社在旅游总预订量中仅占很小的份额已是不争的事实，不足5％。你如何评估目前的形势，尤其对携程网这类主要企业而言？
携程号称目前占据大约5％的市场份额，但那包括了他们的电话预订中心业务，其在总收入中占大约70％。据我们估计，携程纯粹的在线旅游预订仍然不足5％。
对于携程网，你曾提到他们的优势之一在于了解当地市场和消费者。你如何评价他们的销售策略，尤其是今年携程创办了一家离线旅行社此举？
携程尝试在中国市场扩张，而且能够以各种方式，无论是在线、电话预订还是当地旅行社，向客户提供全部产品。但我并不期望携程建立几百家办事处。
携程网一位高级管理人员承认，互联网基础设施的改良、通过推出额外的奖励/节省鼓励在线预订、酒店/航空服务的实时信息更新以及休闲自助旅游预订的增加，可以刺激中国在线旅游预订增长。虽然存在一定局限性，但你是否认为携程网这样的公司实现的盈利已经超出了人们的预期？
我认为持续的强势增长率的确让人惊奇，因为携程的增长率一直没有放缓，而且在某些情况下还继续加快。但当你将宏观经济的实力考虑在内，也许这就不足为奇了。
最近，艺龙决定在其酒店和机票产品、客户服务以及整体管理层人事方面作出结构性改良。尽管拥有Expedia的专业技术、作为一个知名的旅游品牌、拥有独家的市场渠道、周期性的管理团队以及强大的财政资源，究竟是什么在阻碍艺龙的发展？
携程的品牌效应在中国不应被低估；艺龙仍然是第二大参与者，但携程的确在过去几年里巩固了一个强大的品牌。
展望未来，携程计划利用携程的品牌吸引新的旅游供应商、与现有供应商协商更为有利于自己的协约条款、扩大酒店供应商网络和客房库存并扩大机票和其它旅游产品服务。你如何评价这些计划？
其实没什么新鲜的。这是携程继续实施其长期战略，扩大产品、获取更多库存并为客户提供优惠价格。
携程网还打算进行有选择性的收购并扩张至港澳台市场。你认为该公司发展方向如何，你如何决定何时是扩张的时机？
携程会将业务扩张到其他亚洲国家我们并不感到惊奇；我们认为此举主要是服务于中国旅客，而不会在其他以外国家开展业务。
作者：高潇遥 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 携程的品牌在中国市场不应被低估 -- 高潇遥 - (5628 Byte) 2007-9-17 周一, 11:47 (1193 reads)
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