However, are these marketing objectives SMART? And if not how can they become so?
- An icon building for Hull
This objective is Specific, because it shows The Deep know exactly what they want to become, and where.
It’s Achievable, because one of the only other main contenders is the Humber Bridge. Realistic – for the same reason above. And Timely, because a building can’t just become an icon building over night; it takes time. However, it isn’t measurable, this is because you cannot measure how much of an icon a building is.
- To open without debt
This objective is Specific, Measurable, Achievable, Realistic, but not Timely.
- To promote a deeper understanding of the world’s oceans
This objective is Specific, Achievable, Realistic, but not Measurable or Timely.
- To educate, entertain, regenerate and inspire
This is Specific, Achievable, Realistic, but not Measurable or Timely.
5. To attract between 250,000 and 350,000 visitors in Year 1 and over 250,000 visitors in subsequent years
This is the only objective to be fully SMART.
3.3 Market Segmentation
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Definition of market segmentation “analysing a market to identify the different types of consumer.” A-Z of Business Studies
- Markets can be segmented in the following ways:
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Age Different age groups have different needs and spending habits
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Gender Various goods may only be appealing to males, or females, or maybe both.
- Socio-economic grouping
- Geography
- Lifestyle
- Ethnicity
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The Deep’s market segments are:
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Children aged 4-14 – This is because they want to attract the younger people, perhaps as a form of education.
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Caring parents – Parents who want to take their young children to entertain them.
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School groups via teachers – This can educate children in school parties; using special “group deals” can attract more schools, which can bring in a lot of money.
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‘Ageing Greys’ i.e. adults age 55+ - These are people who have a lot of time on their hands and can visit The Deep anytime.
The Deep identified its target audience by completing questionnaires and surveys. They could have done this using primary, secondary or tertiary forms of research.
However, I have discovered several marketing segments, which The Deep has missed out on, and may be losing many more customers this way. These include the teenage market, and “courting couples”.
3.4 Market Analysis
Some businesses are product-orientated. This means they try to convince consumers to buy a product the business decides to produce.
Other businesses are market-orientated. This means the business first finds out what consumers want and then develops the product to meet their needs.
Businesses that are market-orientated need to carry out market research – they gather, present, analyse and interpret data about the market.
There are two main methods of market research
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Desk research: Desk research is also called secondary research. Examples include research off the internet and books. You can also gather information from other people’s research.
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Field research: Field research is also called primary research, for example a questionnaire or a public survey.
Advantages and Disadvantages of Desk/Field research:
An advantage of desk research is there is a lot of secondary information, however a disadvantage of desk research is that you cannot get up to date facts and figures, and what people’s opinions are today.
An advantage of field research is that you can get up to date facts and figures.
A disadvantage of field research is that it takes a lot of time and money.
Methods I intend to use:
I intend to use both methods of research in my coursework.
3.5 The Marketing Mix
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Place – the part of the marketing mixes that determines where goods are going to be and how they are going to get there.
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Price – the amount paid for goods and services.
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Product – which is made or supplied at the end of the production process. In marketing it is the goods or services available for sale.
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Promotion – the part of the marketing mix where it is decided how a product should be marketed or sold.
