Question:
From your analysis for Assignment 2, and feedback provided by your lecturer, identify and explain the reason for your selection of the primary markets that will be addressed in your 12 month Strategic Marketing Plan for your selected enterprise.
S5. Positioning Strategy (550 words) – identify the different product and experiences and explain how they are to be positioned to the identified target markets.
S6. Strategic Action Plan (1500 words) – taking 12 month perspective, identify and explain marketing strategies and innovative tactics to address marketing objectives (S3) for each of the target markets (S4). You should provide a timeline for each strategic initiative.
Appendices – you should attach any relevant data that supports your decisions as appendices
This assignment takes into consideration detailed strategic action plan for Sea World Theme Park, Gold coast. The main mission of Sea World Theme Park, Goldcoast is to bring together people of all age groups, culture & backgrounds to enjoy, relax & rejuvenate in the international theme park. The main goal of Sea World Theme Park, Gold coast is to provide world class services to its users. The market segmentation for Sea World Theme Park, can be divided into three segments i.e. 15-24 year old, 25-34 year old and 35-54 year old.
In order to position Sea World Theme Park, Goldcoast various promotional strategies need to be used such as word of mouth, advertising, well established website, contact the state tourism department & sale of brochures. The service offered by Sea Water Theme Park will be positioned to provide the target audience with a premium amusement park experience & entertainment experience for the same. But, at the same time the prices charged from the target audience will not be as premium as the experience would be.
The main mission of Sea World Theme Park, Gold coast is to bring together people of all age groups, culture & backgrounds to enjoy, relax & rejuvenate in the international theme park. The sole purpose of the theme park is to create an atmosphere of fun & excitement for the complete family along with various activities designed keeping in mind the senior citizens as well.
The goals of Sea World Theme Park, Gold coast is to provide world class services to its users. The goals would include:
Some of the objectives of Sea World Theme Park, Goldcoast would be as follows:
The market segmentation for Sea World Theme Park, can be divided into three segments i.e. 15-24 year old, 25-34 year old and 35-54 year old. The market analyses for Sea World Theme Park for 1 year or on quarter basis have been depicted as follows:
In order to position Sea World Theme Park, Goldcoast various promotional strategies need to be used. Some of the strategies have been listed as follows:
For phase 1 i.e. to start the Sea World Theme Park, Gold coast a startup table is constructed. The cost of construction mainly includes the gross loan and all the expenses which would be required to fund the theme park as a whole.
While looking for funds, various investors would be looked upon. There are two types of investors who will take care of the funds for the construction of the water theme park. The investors are:
The startup funding for the entire Water Theme Park project has been listed as follows:
The services offered by Sea World Theme Parks would be to provide its customers with a congenial environment where they can relax & rejuvenate with their loved ones. It would be a theme park which will provide the customers with excitement, competition, activities round the year & great food while forming ever lasting memories at reasonable prices (McClung, 1991).
Though there is less competition in this field but in the coming years, the demand for the same will rise & so will the profits. The main aim of this venture is to become a profitable proposition by providing the following activities such as;
The service offered by Sea Water Theme Park will be positioned to provide the target audience with a premium amusement park experience & entertainment experience for the same. But, at the same time the prices charged from the target audience will not be as premium as the experience would be.
Competitive Strategy: The premium location & the experience will not let the competitors to survive in this industry for a long period of time. The main elements which would provide a competitive edge are as under:
Marketing strategy: In order to attract more visitors in to the water theme park, various marketing strategies shall be used. Some of the marketing strategies which shall be used by Sea Water Theme Park, Gold coast are word of mouth advertising, state tourism department, bill boards, and flyers in the newspapers, well established website & sale of brochures (Hu, 2013). The three main marketing strategies which shall be used by Sea Water Theme Park are:
Pricing Strategy: The pricing strategies which shall be taken into consideration by Sea Water Theme Park are as follows. The water theme park will be open 6 days a week & an off on Thursday.
Management Team:
A Managing Partner would be required to take charge of the different trades. A successful partner in the construction industry shall be hired who will full fill the range of executives level positions including project management, construction site, manufacturing, etc. The main responsibility of the same would be to develop & implement the plan, take care of the safety measures, maintenance of the startup venture, etc (Coastergrotto.com, 2015).
A Public Relation Officer (PRO) would be required to take care of the marketing, financials, advertising, distribution & fulfillment of all the services. The main responsibility would be to design arts & graphics (CNN, 2015).
Senior Staff consultants shall be hired to review the company’s business plans, floor layouts, building design followed by training of the officials. Its major responsibility would be to consult for inventory control, review profits & financials (Haahti & Yavas, 2004).
A financial advisor shall be hired in order to take care of all the financials such as balance sheet, profit & loss statement, investment capital and profit on sight.
Others required to make this venture possible are a legal advisor, banking personnel, auditing services, insurance company & planning and design services (Anon, 2015).
The main milestones in framing a strategic action plan have been referred to as follows;
References
Anon, (2015). [online] Available at: https://www.nps.gov/nebe/parkmgmt/upload/PSAP_final.pdf [Accessed 16 Jan. 2015].
Bighead fasteners secure theme park ride. (2004). Reinforced Plastics, 48(2), p.21.
Charles, M. (1999). Developing the Conference Theme and Tracks. Business Communication Quarterly, 62(4), pp.105-108.
CNN, (2015). Breaking News, U.S., World, Weather, Entertainment & Video News – CNN.com. [online] Available at: https://articles.cnn.com/2011-07- 01/living/ten.secrets.disney.mf_1_splash-mountain-disneyland-disneyspokesperson/3?_s=PM:LIVING [Accessed 16 Jan. 2015].
Coastergrotto.com, (2015). Theme Park Attendance. [online] Available at: https://www.coastergrotto.com/theme-park-attendance.jsp [Accessed 16 Jan. 2015].
Haahti, A. and Yavas, U. (2004). A multiâ€Âattribute approach to understanding image of a theme park.European Business Review, 16(4), pp.390-397.
Hu, G. (2013). A Research Review on Theme Park. BMR, 2(4).
Jones, W. (1927). A Modernized Theme Plan. The English Journal, 16(6), p.460.
McClung, G. (1991). Theme park selection. Tourism Management, 12(2), pp.132-140.
Pearce, L. (2010). Business plans handbook. Farmington Hills, Mich.: Gale.
Portlandoregon.gov, (2015). [online] Available at: https://www.portlandoregon.gov/parks/article/418535 [Accessed 16 Jan. 2015].
Rakos, J. and Dhanraj, K. (2005). The practical guide to project management documentation. Hoboken, N.J.: John Wiley.
Sandy, W. (1990). Link Your Business Plan to a Performance Plan. Journal of Business Strategy, 11(6), pp.4-8.
Statements.qld.gov.au, (2015). New theme park campaign to supercharge Gold Coast tourism. [online] Available at: https://statements.qld.gov.au/Statement/2013/10/8/new-theme-park-campaign-to-supercharge-gold-coast-tourism [Accessed 16 Jan. 2015].
Theme Park Insider, (2015). Theme Park Insider. [online] Available at: https://www.themeparkinsider.com [Accessed 16 Jan. 2015].
Theme park. (2009). Choice Reviews Online, 47(03), pp.47-1488-47-1488.
Universalorlandojobs.com, (2015). Universal Orlando Resort Careers – Apply Online. [online] Available at: https://www.universalorlandojobs.com [Accessed 16 Jan. 2015].
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