• 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. This coursework entitled "Marketing" is about creating a marketing strategy for a new or ...

    This will be an attempt to get customers from the competition. It will be done by adding features to the car which add value. Something which adds value will increase the price of the product by more than it costs to produce.

  2. edexcel Marketing Assignment

    This was a little difficult for myself to judge. However, to make it realistic, most of the people were observed to see what they were wearing, from top to bottom. Therefore the bar chart was based on the observations being combined with the questionnaire.

  1. Business Studies Assignment Marketing

    This pie chart shows that bowling was mostly used at XS Superbowl and American pool was the least used. This pie chart relates to the marketing component - product. This shows that people mostly visit XS Superbowl for the bowling.

  2. Describe and examine the major components of market orientation in relation to the marketing ...

    Relationship marketing places emphasis on longer term links with customers rather than on individual transactions. The origins of modern relationship marketing date back to 1980 when Schneider (1980) noted: "What is surprising is that researchers and businessmen have concentrated far more on how to attract customers to products and services than on how to retain customers".

  1. This report will define and explain the following marketing terms: Marketing ...

    There is a club badge that is used on merchandise and team shirts. Positioning Northampton Saints nearest competitor is the Leicester Tigers, although Northampton Saints are in a lower league position than the Tigers and overall Tigers are doing better than them.

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

    They need to ask multiple choice questions, like introducing questions that require the respondent to think about some of the issues being researched. This is relevant because it shows people's needs and requirement, which is vital for a product in need of a change.

  1. This report will focus on the adult palliative care provided by SAH proposing a ...

    26 - Location Resource Figure 27 - DRIPS Model Figure 28 - The Communications Mix Figure 29 - Services Marketing Triangle Figure 30 - Interactive Marketing "Enabling the Promise" Figure 31 - Cause related marketing Figure 32 - Website Re-launch outline Figure 33 - Marketing Team Re-structure Figure 34 -

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

    For example, a section head in a supermarket may have the objective at the end of each working day to make sure that there are enough employees scheduled to carry out the required work activities on the following day. Individual employees will have their own work objectives and schedules - e.g.

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