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The purpose of this marketing plan is to outline the situational analysis, marketing objectives, target markets, market strategies and how to monitor the marketing plan of Sydney Tower Restaurants Tourism Pty Ltd.

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Introduction

EXECUTIVE SUMMARY The purpose of this marketing plan is to outline the situational analysis, marketing objectives, target markets, market strategies and how to monitor the marketing plan of Sydney Tower Restaurants Tourism Pty Ltd. SITUATIONAL ANALYSIS SWOT ANALYSIS One component of a situational analysis is the SWOT analysis, which is an examination of the strengths, weaknesses, opportunities and threats of a business. The following is a SWOT analysis of Sydney Tower Restaurants. STRENGTHS * Height - Sydney tower is the tallest building in Sydney, at 300m * Staff - multi-lingual staff * Offering a unique dining experience * Two high quality revolving restaurants * Menus appealing to domestic/international diners * Top quality service * The view (location) * Sydney Tower Restaurants have several levels that cater for all the target markets * Sydney Tower Restaurants are presently an oligopoly, as their only other main competitor is the Summit WEAKNESSES * Lack of space - no way to expand * Height - people are often scared of heights, which means loss of potential customers * Location - the Sydney Tower Restaurants aren't as well known as the actual building it's situated in, hence, since it's so far up, the public may not be aware of it OPPORTUNITIES * Various promotions on special occasions (eg Valentine's Day, Mothers Day, etc) ...read more.

Middle

It also includes tour groups like schools, etc. > Level 3 (Coffee Shop by day): * Tourists visiting Observation Deck during the day, as they may require a light refreshment > Level 3 (Function Room by night): * People looking for a venue for a special function (eg wedding reception, company dinners, birthdays) As you can see, Sydney Tower Restaurants is partially an aggregate market, as it targets a mass market, but segments them in several smaller parts by the use of numerous levels. MARKETING STRATEGIES The following section outlines Sydney Tower Restaurants' game plan to achieve the specified marketing objectives. ESTABLISHING PROMOTIONAL CAMPAIGN OVER NEXT 6 MONTHS- For this objective to be achieved, all 4 elements of the marketing mix must be used. * Penetration pricing - this gives Sydney Tower Restaurants a competitive advantage, as its only competition is the Summit Restaurant * Psychological Pricing - this gives consumers the impression that the product is cheaper, therefore encouraging sales, hence promoting Sydney Tower Restaurants * Free Publicity - tourists, who make up 70% of Sydney Tower Restaurants' customer base, are informed about Sydney Tower being a main attraction in the information package displayed on their tv on the plane * Advertising - increase advertising by 10% over the next 6 months. This includes: radio announcements, newspaper, formal magazines, wedding magazines. ...read more.

Conclusion

MONITORING THE MARKETING PLAN Once the Sydney Tower Restaurants marketing plan has been implemented, it has to be monitored carefully, to see if the objectives are being achieved successfully, or if not, what is going wrong. To do this I would undertake the following: * A sales analysis of Sydney Tower Restaurants - I would break down the total business sales by the different levels, and for Level 1, the different products. This way, I can identify any strengths and weaknesses in the different areas of sales. Then I would compare what was expected and what occurred, therefore finding out the strategies that worked and failed. * A market share analysis - I would compare one level of Sydney Tower Restaurants to the Summit Restaurant (whichever level was the most similar), as they are the main competitor. Firstly, I'd work out whether or not Sydney Tower Restaurants share of the total market has increased, and then I'd assess our competitive position. * A marketing profitability analysis - I'd look at the cost of the marketing program and the profitability of the products, sales territories, market segments and sales people, then examine the ratios of advertising to sales, market research to sales and sales representatives to sales, so I could work out what was effective in different periods. ...read more.

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