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.
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)
* When the Australian dollar isn't doing well, it's a desirable exchange rate for tourists
THREATS
* Terrorism is a perceived threat as Sydney Tower is one of the main attractions
* The Summit restaurant (competitor) - also a revolving restaurant
* Weather - Sydney Tower Restaurants depend on good weather, as the view is their main feature
PRODUCT ANALYSIS
The product analysis examines various issues relating to the different goods and services provided by the business.
> Product Lifecycle
COMPETITOR ANALYSIS
Sydney Tower Restaurants' only valid competitor is The Summit Restaurant, but in comparison, is no real threat.
The Summit Restaurant is also a revolving restaurant, but they have a competitive disadvantage as they are only 165m tall, and only cater for one target market - special occasions.
MARKETING OBJECTIVES
The following are objectives Sydney Tower Restaurants aim to achieve.
Short Term:
* Over ...
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PRODUCT ANALYSIS
The product analysis examines various issues relating to the different goods and services provided by the business.
> Product Lifecycle
COMPETITOR ANALYSIS
Sydney Tower Restaurants' only valid competitor is The Summit Restaurant, but in comparison, is no real threat.
The Summit Restaurant is also a revolving restaurant, but they have a competitive disadvantage as they are only 165m tall, and only cater for one target market - special occasions.
MARKETING OBJECTIVES
The following are objectives Sydney Tower Restaurants aim to achieve.
Short Term:
* Over the next 6 months, establish a promotional campaign that will encourage local customers to increase their use of our service
* Increase Sydney Tower Restaurants' sales profit in December, by 5% more compared to last December
Long Term:
* Increase product awareness among the target audience by 30% in one year
* Increase market share by 5% in the next year
TARGET MARKET
The target market refers to the group of customers a business focuses on when marketing a particular product or service. Sydney Tower Restaurants have several target markets, specified to each level.
> Level 1 (International Revolving Restaurant):
* special occasions (eg birthdays), as this level is a little more expensive
> Level 2 (Self Select Revolving Restaurant): there are 3 target markets for this level, which include -
* families, as there is variety of food to cater for basically everybody's needs
* tourists, as this level is cheaper than level 1, and statistically tourists don't want to spend as much
* Groups, this can include a group of friends, as you pay before you go in, which avoids any complications of splitting the bill at the termination of your meal. 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.
* Maintaining our good reputation promotes word-of-mouth selling
* Product extension - where possible, add new products. In this case, introduce a wider variety of foods sold on Level 1 - the International Revolving Restaurant
INCREASE SALES PROFIT THIS DECEMBER, BY 5% MORE COMPARED TO LAST DECEMBER-
* Using Market Skimming pricing in December: this would be effective as Sydney Tower Restaurants are unique, and their competitive advantage is their view and revolving restaurant. It's also a main tourist attraction, and being December, it has the advantage of the Summer weather and festive season, which attracts a lot of tourists at this period. Therefore, December is one of the months that get the most business, as 70% of their customers are in fact tourists, and they would be getting the same, if not more, customers at that time. Consequently, considering all those factors, setting the prices relatively higher would only increase profits.
* Product Extension - add more festive foods (eg turkey, Christmas pudding). This will attract more consumers
* Product Rejuvenation - for the festive season, Sydney Tower Restaurants can revamp there older products (eg instead of serving regular cookies, make them in Christmas shapes like a Christmas tee or Santa Claus).
INCREASE PRODUCT AWARENESS AMONG TARGET AUDIENCE BY 30% OVER NEXT YEAR-
* Increase Advertising - on radio, billboards, newspapers, magazines.
* Increase Sales Promotion - this can be done through promotional activities including contests, coupons, exhibitions/stalls (this informs the public about the business and service/product), publicity from sponsors (in this case Westfield)
INCREASE MARKET SHARE BY 5% IN THE NEXT YEAR-
* Increase promotional activities - more advertising (eg brochures, mail outs, newspaper advertisements, radio announcements)
* Psychological pricing - setting the prices at these odd prices give consumers the impression that the product is cheaper and therefore it encourages sales
* Penetration Pricing - setting the product below the competitors gives it an advantage and gets a foothold in the market, thus winning the market share.
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.
