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Key Topics
- Requirement
- Solution
- Executive Summary
- Introduction
- Task 1 Environmental Appraisal Analysis for the company in the UK market
- External Environment
- Internal Environment
- SWOT Analysis
- PESTEL Analysis
- Task 2 Two New Target Markets for the firm
- Target Market 1: Business Customers
- Target Market 2: Government Bodies
Requirement
Marketing plan of One Fine Stay .
Solution
Executive Summary
One Fine Stay is a London- based Hospitality company. The firm was founded in the year 2009 with an idea of providing service to the owners of distinctive and up-market homeowners to let out their homes for the guests while they are unoccupied. The recent researches unveil that the company owns more than 2,500 private homes in its collection and has also become an active member of the British Hospitality Association. Apart from its homeland, the firm also operates in Los Angeles, New York, Paris and Rome. This innovative idea has allowed the company to utilize the empty yet beautiful, well-appointed and truly inviting homes, to provide an entirely new experience to the tourist and visitors in such foreign lands.
Every company faces the influences of the environmental factors at one or the other stages of its development and this environment generally have both a positive as well as a negative impact on the operations of a company.
The external environment often includes those factors which are present outside the organization and have a tendency to influence the internal operations of a firm. The external factors could prove to be a boon as well as a bane for a firm. The opportunities for a company could be a great economic turnover or boom in the market or the introduction of an innovative technological revolution. The internal environment often includes factors that are already present within the company and are entirely inevitable. The company could avoid or even change its external environment, but the factors that are present in the company has a greater influence on the decision-making process as well as the working strategies of a company.
Introduction
The Marketing Plan is a comprehensive document that outlines upcoming marketing strategies and advertising efforts. This plan aims to describe business activities that will be involved in achieving specific marketing objectives in a given time frame. An enhanced marketing plan also guides a marketer in which direction he has to invest the company’s resources and talents in order to achieve great success in the coming years and even retain a loyal relationship with myriads of stakeholders of the company.
If a company succeeds in developing an efficient marketing plan, then there are possibilities that it may create an enhanced roadmap that could be followed to get unlimited customers and dramatically improve the brand identity of the firm in front of the current and potential customers (O'Ceallaigh, 2016).
In the following report, great efforts have been put together to develop a three-year marketing plan for One Fine Stay, a London- based Hospitality company. The firm was founded in the year 2009 with an idea of providing service to the owners of distinctive and up-market homeowners to let out their homes for the guests while they are unoccupied. The recent researches unveil that the company owns more than 2,500 private homes in its collection and has also become an active member of the British Hospitality Association. Apart from its homeland, the firm also operates in Los Angeles, New York, Paris, and Rome. This innovative idea has allowed the company to utilize the empty yet beautiful, well-appointed and truly inviting homes, to provide an entirely new experience to the tourist and visitors in such foreign lands. The report has been precisely divided into three segments, each dealing with three independent tasks. The first task analyzes the Environmental Appraisal factors and methodologies for the considered company (Barrie, 2015). In the second task, there has been a suggestion of the two potential target markets for the company and in the last task the Marketing Mix for each of the market is suggested.
Task 1 Environmental Appraisal Analysis for the company in the UK market
Environment Appraisal is carried out to analyze all the related factors of the business environments. This process is performed in order to evaluate the available opportunities and risks in the markets. The environment of any organization is defined as the aggregate of all the possible conditions, events and influences that surround and affect it.
Every company faces the influences of the environmental factors at one or the other stages of its development and this environment generally has both a positive as well as a negative impact on the operations of a company. There is a general list of the characteristics of the environment that has an effect on the way companies interact with their consumers (May, 2010). An Environment possesses the following traits:
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It is complex and requires tedious efforts and great understanding.
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The environment is dynamic and due to this, the internal operations must be aligned to yield proper and lucrative results.
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The surroundings are multi-faceted and it becomes the ultimate responsibility of the marketers to understand the market trends from all the directions and perceptions.
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The environment has a far-reaching impact on the ways a company performs and delivers services in the markets. These impacts could not be ignored by the executives and it becomes crucial for them to implement strategies that could tackle these environmental impacts on the internal environment of the companies.
External Environment
The external environment often includes those factors which are present outside the organization and have a tendency to influence the internal operations of a firm. The external factors could prove to be a boon as well as a bane for a firm. For instance, the new markets or a new target customer could provide ample of opportunities for a firm or on the other hand could also pose a variety of new threats to the new entrants in the markets. Similarly, the competitors present in the current and potential markets could help a company to deliver the best services to its customers and maintain its overall quality and at the same time, there are chances that the company could be targeted by the competitors for having a great edge in the market in terms of sales and popularity (Marsh, 2016).
The opportunities for a company could be a great economic turnover or boom in the market or the introduction of an innovative technological revolution. A new market with a demographic shift could also be considered as an opportunity for a company. The opportunities when turn sour could also pose a great threat to the company.
Internal Environment
The internal environment often includes factors that are already present within the company and are entirely inevitable. The company could avoid or even change its external environment, but the factors that are present in the company has a greater influence on the decision-making process as well as the working strategies of a company. These factors play a dual role in the company either by imparting strength to the various stakeholders or by causing weaknesses of the strategic nature in the firm.
The strengths of a company are the inherent capacity, which an organization can use to have an edge over the other competitors of the same genre in the market. These strengths may include an outstanding reputation and Brand Identity in front of the customers and shareholders in the market. The experienced and skilled employees of a company could also act as a major asset for the firm that could be used to attract a huge customer base in the market. Another strength of a company could be its relations and the level of communication with the customers, suppliers and other shareholders (CIMA Team, 2013). These factors also determine how strong relations could be developed and maintained. The weaknesses of a company could be its inherent limitations or constraints that have a tendency to develop strategic disadvantages for the firm. The weaknesses could include the demotivated staff with low level of morale. The due projects and lack of resources could also be regarded as one of the weak points for a firm (Aspan, 2016).
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SWOT Analysis
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Strengths
• The company is providing an entirely new experience and service to the customers which they haven’t experienced till now.
• The idea of providing lavishing homes to tourists gives them the experience to live like a local in the comfort of a home.
• The new concept is appealing to a huge customer base even more than the normal hospitality and tourism industry. -
Weaknesses
• The idea and concept are entirely new and could not be readily adopted by the customers.
• The startup is with limited resources and once the resources exhaust the company will face great economic turmoil.
• Hiring employees for this new concept is a tedious task as the new personnel need to be dynamic and quite young.
• The concept’s success heavily relies on the availability of beautiful and comfortable homes and this is not an easy task. -
Opportunities
• The customers in the Tourism industry are quite adventurous and they are always in a search innovative ideas of spending their holidays.
• This whole new category of accommodation could attract new investors in the markets (Myers, 2012). -
Threats
• The competitors in the market may like this idea and develop similar ones for the customers.
• The owners of the homes could change their perceptions with time.
• The investors may change their minds due to the entry of new concepts in the market and then the company might face an economic downturn as the resources need to be entirely established again.
PESTEL Analysis
This analysis shows that there are numerous opportunities and considerable threats that are to be addressed by the company in order to maintain a considerable pace with the rapidly changing economy.
The PESTEL analysis of One Fine Stay is:
PESTEL Analysis
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Political Factors
• The increasing international trade agreements will allow the firm to expand its business rapidly in other foreign lands.
• The evolving Public Health facilities could pose a threat and even create new opportunities.
• Trade and Safety regulations.
• New employment laws promote rapid expansion of the company. -
Economic Factors
• Slow but stable growth rates of the country’s economy.
• Inflation rates impact a company’s sales and profits.
• The unemployment rates of a country.
• The business trends and cycles of a country. -
Social Factors
• The customer demographics including age, sex, income level, perceptions, etc.
• The widening wealth gap between the social classes.
• Increasing cultural diversity at the workplace gives numerous opportunities of growth. -
Technological Factors
• Increasing Business automation.
• Increasing usage of internet and social media platform accessibility.
• Increasing sales through mobile devices. -
Environmental Factors
• The increasing trend of corporate environmental programs.
• The Climate change impact.
• Increasing emphasis on sustainable business strategies. -
Legal Factors
• Fluctuations in legal minimum wage levels.
• Legal complications and rules and regulations of a country.
• Current and future legislation.
• Tax systems and regulations.
Task 2 Two New Target Markets for the firm
Target Market is a group of customers, the business decided to sell its products or services. The marketing efforts and strategies of a firm are specifically designed in order to meet the particular needs of these target markets. The identification of the most appropriate target consumers is a crucial task in the development of an efficient Marketing Plan. (Team, 2015). The process of Target Marketing compels marketers to break a huge market into small and feasible segments and then focus the marketing efforts on a specific group of people. The perceptions and needs of the people vary greatly from one market segment to another and a good marketer is the one who easily analyzes this change and caters its customers specifically.
The company considered here demands unique houses with beautiful locations for expanding its business. In order to fulfill this demand, it may require customers other than from leisure customers. At present, the concept being new is able to target only the high-class people of the society who are ready to spend a good amount of money to have an entirely new experience of spending holidays in homes with beautiful interiors.
Target Market 1: Business Customers
Business Customers are taken here as the first target markets. At present, One Fine Stay is constantly working on expanding its business by keeping in mind the current leisure customers only, but in order to stay for the long run in the business world, the firm needs to target another set of customers too.
Business customers are quite specific in their choices of stay and they even require their stay to be a perfect one in order to make their business trip successful. The specific choices of this target market make them the most desirable choice for the company as the new concept is going to use a product with an exotic ambiance and a peaceful environment. The business customers also have a tendency to choose the staying place as the ones that have a good maintenance level over the others and the customers do not have to worry about the cleanliness issues and room service facilities (Team, 2016).
As the location is selected for this new concept includes the apartments and abandoned homes as its prime product and service, hence such homes have an ample amount of areas that could be used by the business professionals to conduct business meetings at the national and international level(Thomsen, 2016).
a.) Target Markets
To target the most potential business professionals, the company executives could look at the most reliable business cities in the UK as its target markets. In this case the cities of Leeds, Northampton, York, Bristol, London, Brighton, Oxford, and Cambridge. Such cities offer great business opportunities to the people of the UK. Hence, searching for apartments and abandoned homes in such cities will yield a number of lucrative results for the firm (Chacko, 2011).
b.) Consumer Profiling
The worldwide travelers and even the domestic ones who visit cities of the UK have the following profile:
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Age: Maximum visitors are falling under the age group of 25- 50 years while some are falling under the age group of 50- 65 years.
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Average Visitors Stay: The business travelers generally stay for 4-5 days or maximum up to a week.
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Ethnicity: The UK cities are mostly visited by Europeans, Asians, Africans, Australians and Americans in the decreasing order.
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Annual Income per year: To have a good business trip in the UK, a person should have an annual income of around $40,000- $50,000.
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Sexual category: Most of the travelers at the global level include 60% of males and 40% of females. The difference between the two genders is due to more men business travelers as compared to its counterparts.
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Participation: As UK cities are beautiful, hence most of the tourists dine for lunch and dinner in exotic restaurants, visit markets for shopping, indulge in water sports, enjoy the nightlife of the cities in nightclubs and the business people particularly visit various corporate offices for opportunities
c.) Positioning
Position is a form of marketing communication that plays a vital role in enhancing the attractiveness of a tourism destination. As One Fine Stay is planning to expand its concept to other potential targets, hence it becomes crucial for the company to create a distinctive place in the minds of the tourists. Through better positioning strategies, a company could differentiate its tourism destinations from the other similar destinations available in the markets. However, as the concept is entirely new in the industry, so there are very fewer chances of facing threats from the competitors (Berman & Marr, 2016).
In order to have a strong market position, one fine stay could select areas and apartments which are situated in the areas that are entirely surrounded by corporate offices of the company. Such areas should also have reachable restaurants where people could easily enjoy their meals.
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Place Your OrderTarget Market 2: Government Bodies
The second target market that could be chosen by One Fine Stay Company for its expansion is the Government Bodies in the UK. The government bodies in this country are always in need of vacant areas where a number of national and international events and conferences could be conducted. These conferences often invite delegates from all over the world and it becomes the responsibility of the host to provide them the best accommodation facilities for their comfortable stay (B2B International, 2016).
This target market is chosen because already the company is providing services to its leisure customers and the same services without a much change could be given to government delegates as they require the similar premium set of services.
a.) Target Markets
The government bodies in the UK are omnipresent, i.e. they are present in almost all the cities of the country. Hence, the company faces no such challenge in selecting the most appropriate target markets with vacant homes and apartments.(Zelenina, 2015).
One Fine Stay could choose any city to start its work as almost all the prime cities of the UK have one or the other Government Body who deliberately needs such concept for their meetings and other government proceedings (Luk, 2012).
b.) Consumer Profile
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Age: Middle-aged people falling under the age group of 20-55 years or sometimes old aged politicians and government executives under the age group of 56- 65 years.
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Average Visitor Days: The average visiting days for Government executives are generally of short span mainly for 2-3 days.
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Sexual Category: The visit of tourists depending upon the gender nearly remains the same in all the countries across the world. The domestic and international government executives both comprise around 60-65% of males and the rest females.
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Lifestyle: This innovative idea is able to capture the minds of such people for whom the quality of accommodation services is of great significance. Hence, the target customers should have a great affinity for quality rather than the price of the services.
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Income: In order to avail such services, one needs to earn well because as these concepts need a lot of resources so ultimately they seem to be a bit overpriced. In order to experience such an innovative idea of meetings and conferences, a government executive must earn a handsome salary (Team, 2012).
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Ethnicity: The ethnicity in government works does not matter a lot. The UK has a good term with almost all the countries across the globe and almost all types of delegates visit the country at some point of the year
c.) Positioning
As this target market includes people who will be availing the company’s services for official works, hence the company’s executives should make this sure that the apartments are not located very far away from the government offices. Also, the airports’ distance from the venue should also be taken care to avoid wastage of time in transport and traffic jams (Cui & Liu, 2000).
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