• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

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.

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Free essay

    Marketing Simulation Game

    that enables them to develop the knowledge of problem-solving tactics to be applied in the real world. Advantages of Using Computer Simulations in Training: Firstly, computer simulations provide instructional experience with low expense and less pressure. With reduced pressure from environmental factors, students can engage in an active process of thinking and problem solving.

  2. What is marketing?

    Simply to produce is no longer enough. To become competitive, firms not only have to take the needs and wants of the market into consideration: they have to start with them. The six stages of strategic Marketing process have been identified as follows: Stage One: Identifying and Evaluating Opportunities * Environmental change: - Situation analysis - Internal

  1. Strategic Marketing Report - Virgin Trains

    the price as value and compare competitors price with it knowing virgin is cheap. 10.2.2 External Demands will influence the price. If no one wants it who's going to buy it at whatever price, if there is a low demand they can't have a high price but with a high

  2. Marketing Plan for the Targe' Full Service Spa Salon

    The spa, hair and nail technicians will have to learn the craft of salesmanship. We want to gain customer satisfaction and create an outstanding reputation to attract and keep customers. Not only will our focus be for us to be profitable, we want to truly show our customer what they will gain from patronizing our salon.

  1. Report on Sony Corporation aims and objectives and how they relate a promotional campaign ...

    It is a frame work, a method, a process that you go through. Promotion Price Place Promotion We divide them and look at them over time to meet the objectives that we set out over time. We can manage it and control it.

  2. Business Studies Assignment Marketing

    Starbowl -�4.45 for one game of adult bowling. Ten pin bowling-�4.00 for one game for adult bowling. This shows the prices for each of the bowling alleys. The cheapest is ten pin bowling at whitley bay, this creates a link to where it is in the product life cycle it

  1. Free essay

    Final Plan

    amount of time and then ultimately increase the spend of a family would be to add and change some products/activities to the portfolio. According to the 'Colchester Zoo visitor survey June to August 2003' 0% of people believed that the zoo was good value for money.

  2. Produce a marketing strategy for a new or existing product

    Product Life Cycle The life of a product is the period over which it appeals to customers. There are times when a product at its time is popular and then slowly decline into unfashionable. Most products have a limited life cycle.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work