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/ Group Formation Course _Section _ _MGT489 _4 _ _ NAME _ID _ _Farhad Bin Alam
_1210739030 _ _Nashed Haider _1411835630 _ _Fatematuzzohra Suha _1410494630 _
_Asif Hasnat Araf _1421001030 _ _Mohammed Ismail _1430171030 _ _Kazi Ashraf A.R
Rahman _1510902030 _ _MD. Mehedi Hasan _1520088030 _ _MD. Arhamer Mahdin
_1631423630 _ _Gazi Muntasim Zahin _1711372630 _ _ Faculty _Initial _ _Shah Iftekhar
Hossain _IfT _ _ Table of Contents TOPIC _PAGE NUMBER _ _History, development and
growth of the company _3 _ _Internal Analysis _4 _ _External Environment Analysis _6 _
_PESTLE _7 _ _SWOT Analysis _10 _ _Defining the business _12 _ _Distinctive
Competences _14 _ _Financial Analysis _15 _ _Business Model Canvas _19 _ _References
_20 _ _ History, development, and growth of the company over time. Expedia doesn't
have a long origin story. It’s a company that literally change the travel industry and
become the most important player in it.

The word Expedia is gotten from a blend of "investigation and speed". (Lang, A. (2015,
April 18). Step By Step Naming Guide). Expedia enabled customers to make air, vehicle,
and lodging reservations on the web and to read a library of multimedia travel guides
during October 1996. Expedia built its site and included a few highlights, including
aircraft, situate determination, constant flight data, and an extended registry of inns and
quaint little inn hotels. The organization administration additionally added new goals to
its Expedia World Guide, which was the most well-known element of its site.

By mid-1999 Expedia had separate forms in the USA, UK, Germany, Canada, and
Australia. In its third year of activity, Expedia had turned into the 25th biggest travel
office in the USA and was anticipated to join the best ten before the years over. Towards
ending of December, 2001, Expedia generated revenue of $81.8 million and made its
first bottom-line profit of $5.2 million {Company-Histories.com. (n.d.)} In the year 2002,
Expedia was announced to be TRAVELOCITY NO.1 online travel company.

By the end of 2005 the team had more than 3000 employees’ and finally in the year
2010, Expedia Inc. was named the world largest travel industries of the world.
(ExpediaGroup. {2012. October 30}) it has developed from principally selling aircraft
tickets and procuring the commissions, to offering a wide scope of movement items.

It likewise has entered the corporate travel advertise and extended globally, opening
destinations in Canada, the United Kingdom, and other European nations. The
organization has endured downturns in the market and beat various other online travel
dares to wind up the business head in online travel. As of this day Expedia, Inc.
rebranded itself to Expedia Group, Inc. in March, 2018. (History. {n.d.}). Internal Analysis
Expedia, Inc.

is a leading traveling company over many years. They have strong partners who
collaborate with them to create different product and services all over the world. The
have operations in over 70 countries, over 200 accessible site, along with over 16 travel
brands. (About: Expedia Group, 2018). They have covered almost every sector in the
tourism sector. Especially in hotels sector.

The accessibility of products covers a variety of inns and housing, airlines, vehicle rental
organizations, journey line and destination services gives Expedia a very suitable
position in tourism business. Resources Tangible Portfolio of Brands – they have
Hotels.com®, a main worldwide cabin master working 90 local sites in 41 dialects.

Their recent acquire HomeAway®, a worldwide online commercial center for the holiday
rental industry, which likewise incorporates the VRBO, so that their customer can easily
roam around their desirable destinations. Besides, CarRentals.com™, a head online
vehicle rental booking organization with confined sites in four nations. Their all travel
handle by Egencia®, a main corporate travel executives organization.

For every level of customers they have Orbitz®, CheapTickets®, Classic Vacations®, and
Travelocity® for USA, Canada and seven European nations with dedicated sites. For
bargain deals they have online travel site offering unconstrained travel through Hot
Rate® bargains by Hotwire®. For remarkable esteem and master guidance for travelers
booking cruises and vacation through Expedia® CruiseShipCenters®’s system of more
than 250 retail traverse North America. They also have railed travel opportunities.
SilverRail Technologies, Inc.,

a platform that connects online and offline travel firms with global railway carriers and
distribution platform vendors. (Annual report of EXPEDIA,INC, 2017) Distribution
network - Expedia has a broad distribution network. The organization's private mark
programs (Worldwide Travel Exchange (WWTE) and ian.com) make travel items and
services accessible to travelers through outsider organization marked sites.

Aside from the organization's very own sites, Expedia marked sites additionally fill in as
the movement channel on MSN.com, Microsoft's online administrations arrange. These
projects, which work on an income sharing basis, structure the organization's alternative
distribution channel. New Website Acquisitions: Acquisition in technology sector to
improve their online travel business smoother and faster for their customers.

So, that their customers can find travel deal more easily and effectively. (AIR TRAVEL
OUTLOOK REPORT, 2017). Their websites and mobile app also user friendly. In 2013,
Expedia signed to an arrangement to control the innovation, supply, and client service
stages for Travelocity-marked sites in the United States and Canada, empowering
Expedia to use its investment in every one of these key regions.

During 2014, the Travelocity-marked sites were effectively moved to the Expedia
innovation stage. (Annual report of EXPEDIA,INC, 2017). Expedia’s plan to keep utilizing
these ventures when launching extra purposes of offer in new nations, presenting new
site features, including provider items and services including new business plan, as well
as exclusive and client produced content for travelers.

Intangible Strong Brand - Expedia is one of the main travel service organizations. The
organization has, over the most recent couple of years, included other solid brand
names, including hotels.com, Hotwire, Trip Advisor, and eLong (in China), and these
gave Expedia an incredible and wide establishment in the leisure business. Hotels.com is
the fifth biggest online travel specialist on the globe and has its quality to 35 nations.
Exclusively in hotels sector.

(Annual report of EXPEDIA,INC, 2017) Intellectual property rights: Expedia’s licenses,

trademarks, copyright, space names, exchange dress, restrictive innovation, and trade
secrets, are a critical part of their business. They secure their licensed property and
restrictive data through enrollment and by depending on their terms of utilization,
secrecy methods and legally binding arrangements, just as global, national, state and
custom-based law rights.

Regarding their copyrightable substance, they post and organization techniques under
the Digital Millennium Copyright Act and comparative Host Privilege resolutions
worldwide to pick up invulnerability from copyright risk for photos, content and other
content transferred by clients. (Annual report of EXPEDIA,INC, 2017) Capabilities: Brand
Portfolios: Expedia Inc.

has the ability to attract and serve travelers of several demographic groups thus giving
the capability to serve the greater market. For instance, Hotwire gives bargains deals for
the budget-minded customers while their Classic Vacations brand targets top of the
line, luxury travelers. Brand Expedia ranges the most stretched out swath of potential
clients with multi-item travel options with an esteem range spectrum, while their
Hotels.com emphases explicitly on a hotel only product offerings.

They created restrictive innovation to help to lodge suppliers in overseeing, valuing and
promoting their supply. Their "straight link" technology enables lodgings to transfer
data about available products and services and rates straight forwardly from their
central reservation systems and to naturally confirm hotel reservations made by their
explorers. They operate several technology platforms that supports their brands.

The Brand Expedia technology platform supports Expedia’s full-service and

multi-product brands, including Brand Expedia, Orbitz, CheapTickets, and Hotwire etc.
All of their transaction-based brands share and benefit from our eCommerce platform
infrastructure, including customer support, data centers and transaction processing
capabilities. External Environment Analysis Industry analysis: Expedia is one of the
largest online travel organization in the world.

Expedia obliges all the needs of Leisure and corporate travelers through its extensive
portfolio of brands: Expedia.com, Orbitz, Trivago, Expedia local, Hotwire etc. The online
travel industry is a combination of e-commerce sites such as travel e-commerce sites
who sells air tickets, bookings, hotels etc.

Expedia is a great example which falls under this industry. Priceline group is one of the
main competitors of Expedia. Priceline also provides similar services through a variety of
brands and subsidiaries. The online travel industry is growing and it is hardly surprising
that the online travel market space is currently at its dynamic best.

Competitive Forces Analysis: Bargaining power of buyers: Bargaining power of buyer is

low because the industry is less concentrated. There are other substitutes thus they can
shift. The volume is low and relatively low frequency of purchases. Threat of substitutes:
Threat of substitutes is high because hotels, airlines encourage consumers to make
bookings directly from their web sites.
Competitors offering competitive or lower prices with high price elasticity. Bargaining
power of suppliers: The bargaining power of suppliers is high because there are few
substitutes for supplier inputs. And forward integration has already taken place. There
might be possibilities of price discrimination.

Intensity of rivalry: The intensity of rivalry among competitors is high because of low
capital requirement. The switching cost is low and the product differentiation is low
which increases the rival intensity. The price war is high. Threat of new entrants: The
threat of new entrants is high because of low capital requirement and the experience
needed to enter the industry is minimal.

The access is easy to websites and internet thus easy access to favorable locations and
distribution channels. Industry life cycle analysis: The online travel industry positioned
itself in the growing stage of the industry life cycle. Consumer behavior and habits are
evolving. Customers want everything at their fingertips and travel industry is a leader in
this space developing software’s and emerging technology to serve these evolving
needs. The online travel environment is evolving. Consumer demand for travel is strong
and rising thus it’s a great opportunity.

The industry is growing and requires quick reaction to consumer demand and industry
trends. PESTLE The PESTLE Analysis provides a valuable insight on the operating
challenges that any company would face in the respective industry. An understanding
on the overall landscape will prevent investors and entrepreneurs from taking any risky
choice that would in turn hamper the investor’s capital due to unstable economy.

Political: Since Expedia is operating in multiple regions throughout the globe, the
political factors may affect the profitability of survival which would make the company
quite diverse. The political factor may vary from country to country. One of the key
component is that it may not affect the host country but all the other countries could be
affected by political turmoil.

Other factors that affect politically include, taxation, pricing regulations, wage
legislations, mandatory employee benefits, and industrial safety regulations in the
services sector and so on and so forth. Economic: The Macroeconomic factors that affect
any industry include the major issues such as, inflation rate, savings rate, interest rate,
foreign exchange rate and economic cycle that would actually determine the aggregate
demand and investment in an economy.

The economic factors that Expedia must have to consider are that the type of economic
system a specific country has and how it operates, what is the type of economic system
and how stable is it in comparison to the other nations. The possibility of government
intervention in the free market and related services, exchange rate and the stability of
host country currency.

The infrastructure quality in lodging industry as a whole, education level of the

economy, economic growth rate, unemployment rate, labor costs and the overall
productivity in the economy. Social: The culture of society and the way people get
things done may impact the culture of an organization in any given environment.
Shared beliefs and attitudes of the population play a vital role on how marketers at
Expedia Inc.

claim to understand the customers of a given market and how they design the
marketing message for the lodging industry consumers. The social factors for Expedia
would be to check the demographics and skill level of the selected population. Health
and environmental consciousness is essential as it checks the attitudes perceived from
different people over the span of usage.

The education level in the selected region and the education standard needs to be on
check by the officials of Expedia Inc. Last but not least, Expedia needs to be aware of the
harassment claims and the importance of environment protection that prevail in the
industry as a whole thus it turns out to be a norm for the company.

Technology: Technology involves the use of scientific knowledge for practical purposes
as technology is ever evolving and through science people get to know about a certain
location faster than people used to know in earlier times. Through the help of
technology, it can dismantle the price structure and competitive landscape of an
industry in a short span of time, hence it is advised to be constantly improving,
innovating the old to new and preventing the obsolete in the near future.

There are however recent changes in the technological sector for Expedia and those are
as follows, the recent developments in this sector has made Expedia encounter new tech
which is gaining by the popularity in the industry. How easy has it made communication
between one party with another, how did it transform the environment and what are the
potential offers that would drastically improve Expedia’s hold on the industry.

Environmental: Before Expedia enters a certain market they would need to properly
evaluate the environmental standards that are required to operate in those markets.
Some of the environmental factors that Expedia would need to consider well
beforehand are the weather, climate change, law regulating environment pollution, air
and water pollutions, attitudes toward and support for renewable energy.
Last but not least, Expedia would need to consider the investing in further protection of
endangerment of endangered species in a selected habitat. These include pollution fines
and quotas which may stand to be a financial strain on Expedia Inc. over the years if
kept unchecked. Legal: The legal factors that require consideration on par to the above
mentioned factors include, the right to intellectual property laws and other data
protection laws that were previously mentioned in place to protect the ideas and
patents of companies involved in an industry who are profiting off of the information.

Discrimination laws need to be placed by the government to protect employees and

ensure everyone is being treated fairly in all regions regardless of the race, gender,
social status, religion or sexual orientation. SWOT ANALYSIS Strengths: The privilege of
having access and operation in over 70 countries and over 200 sites. The ability to
connect online and offline platform via global railway carriers and distribution platform
vendors.

Having a user-friendly website that makes user experience smoother. Expedia have a
very strong portfolio of being collaborated with all kind of airlines and hotels. Expedia
has a strong base of reliable suppliers who provide them with the raw materials that
helps Expedia in the supply chain management. Weakness: Expedia is too dependent on
their partners and collaborators because of their business model.

Expedia’s reputation can easily be harmed for managerial mistake. Now competition is
very high in the market because of the high number of competitors. Expedia offer too
many products and services at their platform which makes the customers confused
sometimes. Opportunity: Advancement in technology allows the firm to maintain its
loyal customers with great services and lure in new customers through other
value-oriented propositions soon.

Possibility of low inflation rates involves a situation where there would be more stability
in the market which would in turn enable credit at lower interest rates to the customers
of Expedia, Inc. Stable free cash flow provides multiple opportunities to invest in
adjacent product segments thus resulting into investing in new technologies which
would embark in new product segments. Introduction of higher exclusive offers to the
regular customers would make them to find deals easier than the competitors.

Threats: Existing competitors pose a threat to the business of Expedia, and the threat is
even multiplied when new competitors rush into the hospitality market. Examples
include Airbnb and Booking.com whose prime competitor is Expedia. Fluctuating global
economic conditions pose a threat as well, as the forecast for such situation is hard to
tell. High bargaining power to suppliers.

Operation is being held in many countries thus currency fluctuation can become a
volatile political cause across many nations. Defining Expedia Inc.’s Business How do
they make money? Expedia Inc. has become a household brand name. It makes money
from just a few sources, the biggest being hotel reservations which amounts to 70% of
their revenue.

Their strategy is simple, they buy up large portions of rooms from hotels at discount
price, and then market the price as being the lowest which is guaranteed. Here is an
example. Expedia wants to offer seven-night, all-inclusive vacations for two in Jamaica.
The travel company contacts a hotel in Jamaica and asks to buy a block of 100 rooms at
$50 a piece instead of their best available rate (BAR) of $90.

Expedia then contacts airlines and makes 200 seat reservations to Jamaica for $600 (with
little or no discount). The package is offered to guests at a cost of $1,700 for two
people. People booking on Expedia are happy; they have saved $130 off the list price
just by booking with Expedia! Expedia shareholders are happy because they have only
paid $1,550 for a package that they have sold to 100 couples for $1,700. Everyone wins.
Another way the company makes money is through commissions.

By offering a best-price guarantee, hoteliers know that customers will be more inclined
to visit Expedia than to visit the hotel’s site directly. That, coupled with the fact that
smaller hotels do not have the advertising budget that large chains do, means that
getting your hotel on Expedia is the key to making a reservation. Users who go to
Expedia will have exposure to a hotel that they would otherwise have not known existed.

Expedia’s commission rates range from 20% to 25%. Here is an example. A hotel will
offer Expedia ten rooms for reservation. These rooms are not sold to Expedia and there
is no income guarantee for the hotel. The rate is set at say $100 and, if sold, the guest
will pay Expedia $100 and Expedia will pay the hotel $75.

The $25 that Expedia withholds is the commission fee which is used to provide customer
service, marketing and seek new business. Expedia benefits financially from being a
leading global leader in the travel booking industry. With a market share of 17% in the
online travel business in North America and a presence in over 200 countries, the
company can command lower prices and monopolize the online reservation industry.

Other than that, Expedia loves to acquire smaller reservation sites to add to its
ever-increasing portfolio of websites (over 130 in various languages as of Q2 2015,
under 13 different brands). Often this is not even known to the consumer; for instance, a
customer will visit hotwire.com, pay hotwire.com and receive a bill from hotwire.com,
but all while transacting with Expedia.

What Are their Expenses? Marketing and Promotion Marketing activities form the major
cost component for travel websites such as Expedia. For 2014, Expedia spent 48.7% of its
revenue on marketing and promotional activities. The company’s marketing activities
aim at building brand value to drive traffic and bookings.

The more traveler transactions across the company’s brand platforms, the better its
profitability. The company’s selling and marketing expenses include traffic generation
costs from search engines and Internet portals, television, radio and print spending,
private label and affiliate program commissions, public relations, personnel costs, and
stock-based compensation costs. Its costs have grown from $1.06 billion in 2009 to
$2.81 billion in 2014, indicating the company’s focus on building brand value. Cost of
revenue The other major for Expedia is cost of revenue.

Cost of revenue consists of customer operations such as support and telesales, credit
card processing, including merchant fees, charge backs, and fraud, and other data
centre costs to support websites, supplier operations, destination supply, certain
pre-purchased hotel supply, and stock-based compensation. The company spends
about 20% of its revenue on these services and has been able to successfully bring
down costs.

Technical expenses Being an online service provider means that the company has to
provide 24-hour-a-day, seven-day-a-week traveller sales and support by telephone or
email to its customers. Part of this responsibility is handled by in-house call centres that
require the company to invest in developing call centre technologies. Data centres
containing its systems infrastructure and web and database servers also require 24-hour
monitoring and engineering support, along with other hardware’s and backup systems.
All these technologies require significant investment and manpower. Technical costs are
about 11.9% of its revenues for 2014.

Apart from the key elements mentioned above, the company also has to bear general
and administrative costs such as human resource costs, legal and finance expenses, and
other acquisition and restructuring related expenses. The Business Idea: All in all, this
company wants to be at the forefront of all your travel needs. Starting as just a travel
booking website, this has grown into a giant that is integrated into the entirety of the
tourism and travel industry.
It believes in providing a service to their customers that can help them fulfil their dream
by just clicking on a few buttons. It thrives in providing the customer with a superior list
of ideas to turn into reality which others can’t provide. They make sure that all you may
need is available under one roof at the comfort of your own bedroom and or table.

Distinctive Competencies Expedia’s simple competencies are its technological

know-how database and the client service. (Rossi, 2016) Expedia constantly plans to
furnish their clients through highly certified and excellent inns and they additionally
provide the exceptional flights and cruises at relatively cheaper rate than what is
promised to the valued customer.

(Wallop, 2016) Compared to the different rivals Expedia’s website is more consumer
friendly and assisting customers to save cash. (Lanyado, 2009) Expedia is centered on
powering the technology, consumer offerings and supplies at a faster way and, they
developed their structures by way of new features and launched globally. (Johnson,
2019) Expedia took on merging and acquisitions strategies to attain horizontal product
development.

(Higgins, 2018) By inclusive of new hotels, automobile rental services, destination

activities, cruise ship and holiday condominium. Expedia prolonged their service and
product line into a broad sector. (Leadbeater, 2019). They function more than one
hundred branded points of sale in moreover sixty international locations.

(Barkas, 2019) As Expedia has a service-oriented structure they can provide some
fundamental offerings and infrastructure and they run in a different way for the
one-of-a-kind needs of the customers and they have the range of services. (West, 2018)
Some of the different companies presents one-click check out. Financial Analysis of
Expedia Group Inc. Expedia Group Inc. is an American global travel tech company.

There are different Meta search engines in its website which primarily eases customers
travel whereabouts, these include, CarRentals.com, CheapTickets, Expedia.com,
HomeAway, Hotels.com, Hotwire.com, Trivago and etc. (Reuters, n.d.) In recent time,
Expedia is facing a significant downfall and hence this is causing them to keep a steady
profitability through the years.

Below is the income statement of Expedia representing Income Statement of Expedia

Group Inc. _ _ _ _ _ _ USD in million _$ _$ _$ _$ _ _ Year _2014 _2015 _2016 _2017 _
_Revenue _5760 _6670 _8770 _10060 _ _Cost of Goods Sold _1140 _1260 _1530 _1660 _
_Gross margin _80.21 _81.11 _82.55 _83.50 _ _EBITDA _930.37 _914.20 _1370 _1560 _
_Depreciation and Amortization Expenses _342.43 _493.14 _794.2 _889.54 _ _EBIT _587.94
_421.06 _575.80 _670.46 _ _Net income _398.1 _764.47 _281.85 _377.96 _ _Preferred
Dividends _0 _0 _0 _0 _ _Basic Shares Outstanding _128.91 _130.16 _150.37 _151.62 _
_Earnings per share _0.71 _1.36 _0.50 _0.67 _ _ (MarketWatch, n.d.)

From the income statement, we can say that the earnings per share at the start boomed
and fell faster than usual. For this reason, the company will need to either need to
increase revenue or the company could implement the use of share buy backs. Share
buy backs happen when the company buys its own shares from the market place thus
improving the earnings per share even though net income stays constant or is falling.
The actions aren't in favor of the company in each case. As earning per share is unstable,
so net income is additionally unstable too.

_2014 _2015 _2016 _2017 _ _Interest _98.09 _126.2 _173.15 _181.71 _ _Income Tax
_91.69 _203.21 _15.32 _45.41 _ _Net Margin _66.71 _69.86 _73.83 _74.58 _ _Total Assets
_9020 _15490 _15780 _18520 _ _Return on asset _4.41 _4.94 _1.79 _2.04 _ _Shareholder’s
Equity _1780 _4860 _4130 _4520 _ _Return on equity _22.37 _15.73 _6.82 _8.36 _ _Total
Debt _1750 _3180 _3160 _3750 _ _Return on invested capital _11.28 _9.51 _3.87 _4.57 _ _
(MarketWatch, n.d.)

In 2016, there was an enormous fall in each sector of Expedia Group Inc. From the chart,
we can see that each ratio contains a vast fall in 2016. However, the good factor
concerning Expedia Group Inc is that they have tried to return from this fall. There also
are plenty of ups and downs and lack of consistency from 2014 to 2017.

Liquidity _2014 _2015 _2016 _2017 _ _Total Current Assets _2920 _2980 _3450 _5540 _
_Total Current Liability _4190 _5930 _6130 _7880 _ _Current ratio _0.70 _0.50 _0.56 _0.70 _
_Total Account Receivable _795.5 _1100 _1360 _1890 _ _Quick ratio _0.89 _0.69 _0.79
_0.94 _ _Total Equity _2450 _5590 _5690 _6150 _ _Financial leverage _3.68 _2.771 _2.773
_3.01 _ _Debt/Equity _0.98 _0.65 _0.77 _0.83 _ _(MarketWatch, n.d.)

As the current ratio has been increasing and decreasing over the years from 2014-2017
respectively, it’s advised that a lower current ratio of a firm in a given industry may result
in higher risk as the liabilities tend to be higher than usual. The same can be told for the
Quick Ratio, as their total current assets and liabilities are inversely related a higher
current asset value would be better off for the company than lower figures as
sustainability becomes a question. Dividend History _2014 _2015 _2016 _2017 _ _USD
_0.66 _0.84 _1.00 _1.16 _ _ (Expedia Group Inc, n.d.) Here we can see that the amount of
paid dividend which was the highest in 2017.

There has been a considerable increase in the share price since 2014. Share
Performance_ _ _ _ _ _ End of every year_ _ _ _ _ _Year_2014_2015_2016_2017_ _Share
price _69.21 _85.76 _120.8 _112.44 _ _(Nasdaq, n.d.) Finally, we can say that the most
drawback of Expedia Group Inc is uncertainty or not knowing what's going to happen
next.

This situation can force the investors to assume properly before creating an investment
call. Some risk takers might take the chance, however most of the investors can opt for
stable ones. They have to extract extra money from the investors initially. And for this,
they're going to need stable condition. With this money, the company can resource and
discover alternatives and go together with the business.
Expedia Group Inc. (Business Model Canvas)
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https://www.rewindandcapture.com/why-is-expedia-called-expedia/ Motley Fool
Transcribers. (2019, February 08). Expedia Group Inc. (EXPE) Q4 2018 Earnings
Conference Call Transcript. Retrieved from
https://www.fool.com/earnings/call-transcripts/2019/02/07/expedia-inc-del-expe-q4-20
18-earnings-conference-c.aspx History. (n.d.). Retrieved from
https://www.expediagroup.com/about/history/ Company-Histories.com. (n.d.). Retrieved
from http://www.company-histories.com/Expedia-Inc-Company-History.html About:
Expedia Group. (2018, December 31). Retrieved february 28, 2019, from Expediagroup:
https://www.expediagroup.com/about/ (2017). AIR TRAVEL OUTLOOK REPORT.

Expedia, ARC. Retrieved from

https://viewfinder.expedia.com/wp-content/uploads/2017/12/ARC-2018-Air-Travel-Outl
ook-Report.pdf (2017). Annual report of EXPEDIA,INC. Expedia Group, Washington.
Retrieved from
https://ir.expediagroup.com/static-files/965a3092-d2f0-4383-82a4-f27946e379eb Bhatt,
N. (2018, March 13). How does Expedia make money? Insights into Expedia Business
model & Revenue Analysis. Retrieved from
https://www.ncrypted.net/blog/expedia-business-model-insights-into-how-expedia-wor
ks-revenue-analysis/ Expedia Group's Customers Performance. (n.d.). Retrieved from
https://csimarket.com/stocks/markets_glance.php?code=EXPE R. (2015, November 5).

Expedia to Buy Airbnb Competitor HomeAway in $3.9 Billion Deal. Retrieved July 31,
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Canvas. (n.d) Retrieved from
https://vizologi.com/business-strategy-canvas/expedia-business-model-canvas/?fbclid=
IwAR2t2TlwZptLLQMmHlS-Q_kr9Nc6CemvtQkAoFUIGlhKUUQCAkglBPtodNc Expedia
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