Extracts from this essay...
Unit 3 - Investigating Marketing Task A - Aims & Objectives of Marketing: For this unit I will be investigating the marketing strategies of a local business in Hong Kong. The business is a well known, established company; Ocean Park. Marketing is essential for a business to survive. Marketing covers the four main areas; Product, Price, Promotion and Placement. The aims and objectives of marketing are firstly to attract customers to the chosen product; this is followed by selling the product to the customers. Marketing can be separated into two categories; Attracting & Selling or Finding gaps in the market. Market segmentation is the division of customers with similar needs or wants. This will allow a business to match the needs of potential customers of the selected market segments. It would also be easier to define a marketing strategy that covers a selected group of customers rather than the whole marketplace. If a marketing strategy and campaign are done properly, it will help to maximize return on marketing expenditures. Some businesses will want to make their target market as broad as possible, so that one product can serve a very large base of customers; this is known as mass marketing. The products are usually available in most high street shops, and can be found by shopping around to get the best price as there will be many shops selling the specific product. Mass marketing is also a relatively cheaper way to tackle the market compared with segmentation, but mass marketing is not always practical because there are too many people with different tastes and preferences. Generally a business that targets specific markets will promote its products more effectively than a business aiming at the whole market. Another extreme in segmentation is niche marketing. It highly focuses on the needs of a small population; these kinds of products are usually very expensive and are not easy to get hold of as there won't be many companies producing it.
Under the good economic environment in Hong Kong, Ocean Park was granted a loan of 5.5 billion dollars from the Hong Kong Government and three local commercial banks for a redevelopment Plan to upgrade its facilities that will be completed in stages until 2012. The major upgrade includes a train from to the headlands from the lowland, Thrill Mountain and other new attractions. This will allow Ocean Park to cope with future business as well as having an opportunity to contribute back to the future GDP growth of Hong Kong. Unemployment is the loss of jobs due to a range of reasons (e.g. low profits, delayering, low demand). A high unemployment rate will lead to a low GDP since not all human resources are being used and this wastes opportunities to produce goods and services. This also means that a business will not be able to produce enough goods or services which will lead to fewer goods/services sold and a smaller profit being made. Unemployment leads to fewer business transactions because people wont want to spend, if this happens more businesses will fail to gain a profit and close down leading to further unemployment. However unemployment does benefit the economy by reducing inflation since there are more people without jobs and cannot afford general products and therefore there is a decrease in all general prices. When unemployment is low the unemployed would be able to search for jobs that are more applealing towards them. Ocean Park is affected by unemployment, 50% of its customers come from the local market; if the rates are high, this will create a problem because if customers are not spending money, this will affect some businesses (i.e. Ocean Park). The businesses will then lose profits from those customers and would need to cut some of the jobs to ensure the business keeps running and this leads to unemployment. If there are not enough employees working, some attractions will in turn may need to be shut down since customers wont want to visit attractions if service is limited.
For "Product" the healthy food bar will serve as an alternative to the existing fast food, and two restaurants which serve international and Chinese food respectively. The healthy alternative adds on to what Ocean Park has lacked for a long time. The healthy food bar will have items such as a variety of organic vegetable salads, sandwiches, milkshakes, smoothes, fruit juices, fruit and herbal tea. As for "Promotion", Ocean Park needs to emphasize on the health aspects whenever possible. If the marketing promotion is executed properly, this can bring in more customers to Ocean Park. The health bar should be promoted with its products to be with the marketing message being healthy, educational and fun. Advantages: Disadvantages: Healthy Pricey Well being May not have a profound affect on Chinese High energy Setup Costs New Different concept If Ocean Park were to open up a healthy alternative food bar, this would benefit visitors in the park. Firstly people are becoming more conscious of being healthier and living a healthier lifestyle. Also if Ocean Park includes a healthy alternative food bar it would show that it cares for the well being of its customer's health. The visitors may become loyal and come back because they know that Ocean Park is considerate of their needs. The educational aspect of health also matches the general theme of Ocean Park's message of fun and education. This is also a new and different concept from most of Ocean Park's current dining options. However some of the disadvantages of include the initial setup costs for placing the health bar, but this initial setup cost can be overcome with the profits made. Also some of the customers may be put off by prices if set too high which could drive some customers away. Some of the traditional Chinese people might not want to change their diets, which might influence their family member not to take a healthier alternative. Overall I believe this is a good idea which will help Ocean Park to improve its business and customers to gain a health and educational benefits.
Found what you're looking for?
- Start learning 29% faster today
- Over 150,000 essays available
- Just £6.99 a month
- Over 180,000 student essays
- Every subject and level covered
- Thousands of essays marked by teachers