Marketing Plan for Buckingham Palace

Running head: MARKETING PLAN
Marketing Plan
Name of the Student
Name of the University
Author Note

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MARKETING PLAN
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Internal Analysis..........................................................................................................................3
SWOT analysis............................................................................................................................3
External analysis..........................................................................................................................5
Porters five Forces.......................................................................................................................5
Objectives....................................................................................................................................5
Segmentation...............................................................................................................................6
Demographic Segmentation.....................................................................................................6
Behavioral Segmentation.........................................................................................................6
Geographic Segmentation........................................................................................................6
Psychographic Segmentation...................................................................................................7
Brand positioning for Buckingham Palace..................................................................................7
Marketing mix.............................................................................................................................8
Product.....................................................................................................................................8
Price.........................................................................................................................................8
Promotion................................................................................................................................8
Place.........................................................................................................................................8
People......................................................................................................................................8

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MARKETING PLAN
Processes..................................................................................................................................9
Physical evidence.....................................................................................................................9
Conclusion.......................................................................................................................................9
Reference.......................................................................................................................................11
Appendices....................................................................................................................................12

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MARKETING PLAN
Introduction
The purpose to write this plan is to analyze and frame the marketing plan for
Buckingham palace. It is situated in Westminster, London. The Buckingham palace is the
London residence and administrative headquarters of the monarch of United Kingdom (The
Royal Family 2018). The plan will highlight the internal analysis and external analysis with the
help of two framework specifically, SWOT and Porter’s five forces. The analysis will help to
evaluate the strength, weakness, opportunity and threat, and the effect of suppliers, new entrants,
substitutes and buyers in the existing industry. The palace is beautifully built in an area of 77,000
square meters. The objective of the Buckingham Palace is to create awareness in the market
regarding its history to all its consumers and establish the palace as a strong competitor and
brand in the market both in domestic as well as in the international markets. The Buckingham
palace maintains its café and provides a shopping experience as an additional benefit to its
visitors. The palace focuses on the target customers of all the age group ranging from nursery
kids to old people. The 7 P of the marketing mix is also analyzed for the palace where it is seen
that the market condition of the palace is well operating and effective to the market.
Discussion
Before establishing a strategy plan it is important to analyze the internal and external
environment of the Palace. The internal surrounding is implemented to utilize the strengths to
take the opportunities, be aware of the threats and overcome the weakness (Armstrong et al.,
2014). The external environment is analyzed to understand the forces that will affect the business
external decisions.