Case Study about Strategic Management Plan Sea Water Theme Park

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 Answers: 1. Executive summary 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. 2. Mission statement 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. 3. Goals objectives The goals of Sea World Theme Park, Gold coast is to provide world class services to its users. The goals would include: To help the local residents by providing them with job opportunities To attract foreign as well as local tourists To become the leading theme park all over the globe To provide the tourists wit unique and better leisure experience To use the skills by managing a theme park An increase in the market share A rise in the profit margins Increase in the market share To attract investors so as to make it a profitable enterprise Some of the objectives of Sea World Theme Park, Goldcoast would be as follows: To support economic development Foster human development Provide recreational experience to the tourists Take care of the safety security issues To strengthen the image of the community Promote health wellness Increase cultural unity Protection of the various environmental resources To facilitate community problem solving 4. Market segmentation 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: Positioning strategy: 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: Word of mouth advertising: The most basic a well-known form of advertising about a product or service is by using word of mouth advertising. In every business word of mouth advertising is referred to as ones best friend or worst enemy. Advertising: The use of various mediums of advertisements such as newspapers, bill boards, hoarding, announcements, form a website etc are some of the ways to advertise about the theme park. The main message shall be provided to the public i.e. a theme park for family recreation where fun and customer service is at its best. Contact the state tourism department: One of the major means of advertising would be by contacting the state tourism department of Gold coast. The state tourism department will use various means such as a campaign to boost the number of visitors. With the help of billion dollar advertising blitz, Gold coast tourism department will help the residents to know that a water theme park has been launched for recreational activities such as swimming, water rides, water roller coaster, etc (Portlandoregon.gov, 2015). Bill boards shall be placed all over the city with the message that our water theme park is the best in town a must do experience for any holiday in Gold coast. This will help the tourism of Gold coast to benefit the wider economy. Launch of various theme parks will make Gold coast a premier tourism destination in Australia (Rakos Dhanraj, 2005). Sale of Brochures: Sale of brochures informing the public regarding all the activities that takes place in the water theme park is included. Well established website: A well-established website shall be framed in order to inform the public at large. The main goal of the website would be to attract the tourists, an appeal to the children to come and have a fun filled day with their loved ones (Pearce, 2010). The website will also inform the tourists regarding the number of slides and water theme slides. Some of the rides which would be included in Sea Water Thee Park are Water Roller Coaster, a big swimming pool pertaining to different depths catering to childrens of all age groups. Strategic action plan: 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: Seed investor: Seed investor refers to the type of investor who does the seed funding is known as the management team of the theme park. The investment done by the same is not secure and carries higher loss of risk. Startup investor: On the other hand, startup investors are also known as secure investors. It is not necessarily that, they become a part of the management but they have the right to vote. There is no risk of loss which is associated with such type of investors. 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; Indoor facilities Successful management team Activities for around the year A family oriented place Aggressive marketing Easy access Exposure for kids Incentive program Implementation of the strategy: 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: Unique design Unique amusement experience Greta food Family sports One of the best working environment Activities for different age groups Best games Do not compete with the direct competitor or tenant Rent out some retail space Repeat customers Produce maximum profits 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: Advertising: The use of various mediums of advertisements such as newspapers, bill boards, hoarding, announcements, form a website are some of the ways to advertise about the theme park. The main message shall be provided to the public i.e. a theme park for family recreation where fun and customer service is at its best (Jones, 1927). Word of mouth advertising: The most basic a well-known form of advertising about a product or service is by using word of mouth advertising. In every business word of mouth advertising is referred to as ones best friend or worst enemy (Charles, 1999). Contact the state tourism department: One of the major means of advertising would be by contacting the state tourism department of Gold coast. The state tourism department will use various means such as a campaign to boost the number of visitors. With the help of billion dollar advertising blitz, Gold coast tourism department will help the residents to know that a water theme park has been launched for recreational activities such as swimming, water rides, water roller coaster, etc. Bill boards shall be placed all over the city with the message that our water theme park is the best in town a must do experience for any holiday in Gold coast. This will help the tourism of Gold coast to benefit the wider economy. Launch of various theme parks will make Gold coast a premier tourism destination in Australia (Bighead fasteners secure theme park ride, 2004). 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 companys 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). Recommendations or Milestones: The main milestones in framing a strategic action plan have been referred to as follows; Purchase of the property for the theme park Prepare the drawings Loan for construction Approval of the drawing Required permits Site preparation Construction phase 1 Develop operational plan Hire required personnel Train the staff members Order inventory Plan a grand Opening of the theme park with various offers 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). 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