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Marketing of Buckingham Palace Assignment PDF

   

Added on  2021-04-21

15 Pages3587 Words193 Views
RUNNING HEAD: Marketing 0BUCKINGHAM PALACEMarketing

Marketing 1ContentsIntroduction...........................................................................................................................................2External analysis of Market...................................................................................................................2Internal analysis of Buckingham palace................................................................................................3Objectives set for Buckingham Palace..................................................................................................5Segmentation criteria.............................................................................................................................6Positioning.............................................................................................................................................7Marketing Mix.......................................................................................................................................7Conclusion.............................................................................................................................................9References...........................................................................................................................................10Gregory, J. 2015. Buckingham Palace: The Official Residence of England's Royal Family. AV2 by Weigl...................................................................................................................................................10Bibliography........................................................................................................................................12Gregory, J. 2015. Buckingham Palace: The Official Residence of England's Royal Family. AV2 by Weigl...................................................................................................................................................12Appendix.............................................................................................................................................13

Marketing 2IntroductionBuckingham Palace is official and main royal London home for queens. It has been the official residence of Britain’s empire since 1837. Queen Victoria was the first to live in the Buckingham palace. The palace is also used for the administrative work for monarchy. Queens carry out their official and formal duties as head of state of UK in the working headquarter (Royal Residences: Buckingham Palace, 2018). The state banquet of Buckingham palace is the highpoint of royal entertaining. In this report, marketing plan for Buckingham palace is developed. When developing internal analysis, the palace need to undertake external environmental analysis using situation analysis tools like PESTLE analysis of country and internal analysis uses SWOT. (Source: Royal Residences, 2018)External analysis of Market The external analysis of market includes PEST analysis of country. Political factorsThe political factors deal with the interference of government in the economy. The local government and country government are present in the economy of London. London is headquarter of the government of UK. It hosts various key departments of government. The security in London cannot be compromised which provides good platform to the tourism industry. It is considered that the current political stability is likely to remain more stable in the coming years (Samiee, Chabowski & Hult, 2015). London is located in European nation and has potential of attracting many tourists. Economic environment

Marketing 3Economically the country ranks as sixth city in the world. London had a GDP of $615 billion and GDP per capita of $74,766 according to the data released by statistics in 2012. The country has an ease of doing business in it’s environment. The country is economically potential as pound is being one of the strongest currencies of the world. The analysis of economic factors includes interest rate, exchange rate, inflation rate and free market analysis. The current economic condition and future forecast of economy predicts success of Buckingham palace if investment is made. This palace is likely to generate more revenue as 15 million tourists visit palace every year (Feng, Morgan & Rego, 2015). Socio cultural environmentThe social factors of country deal with cultural factors which affects an organisation. The native language of country is English. It is considered as official language of doing business on international level. The adoption of new strategies and policies face some resistance towards organisational change due to negative approach towards organisational change. The society is identified to have high low tolerance to uncertainty which means that people are risk adverse. Technological environmentMany software and hardware are being invented due to increase in the rate of scientific innovation. It helps in solving operations of tourism industry (Ribeiro & Faloutsos, 2015). The waiting time of customers can be reduced by making use of emails. The country has one of the best transport networks in the world. Heathrow airport is one of the largest airports andhandles 73million passengers every year. The passengers can reach London within a very short time (appendix).Internal analysis of Buckingham palaceEvery year more than 50,000 people come to visit palace as guests to functions, lunches, dinners and royal parties. The internal analysis of Buckingham palace includes SWOT analysis. StrengthOfficial ceremonies: Buckingham palace has strong roots in the history of UK. It is the administration centre of British royal family. The huge building and widespread gardens are

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