One Fine Stay -Three year Marketing Plan
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Added on 2019-09-13
One Fine Stay -Three year Marketing Plan
Added on 2019-09-13
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ContentsExecutive Summary.....................................................................................................................................3Introduction.................................................................................................................................................5Task 1 Environmental Appraisal Analysis for the company in the UK market...........................................7Task 2 Two New Target Markets for the firm...........................................................................................11Task 3 Marketing Mix for each Target Market..........................................................................................19Conclusion.................................................................................................................................................28References.................................................................................................................................................292
Executive SummaryOne Fine Stay is a London- based Hospitality company. The firm was founded in the year 2009with an idea of providing service to the owners of distinctive and up-market homeowners to letout their homes for the guests while they are unoccupied. The recent researches unveil that thecompany owns more than 2,500 private homes in its collection and has also become an activemember of the British Hospitality Association. Apart from its homeland, the firm also operates inLos Angeles, New York, Paris and Rome. This innovative idea has allowed the company toutilize the empty yet beautiful, well-appointed and truly inviting homes, to provide an entirelynew 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 itsdevelopment and this environment generally have both a positive as well as a negative impact onthe operations of a company.The external environment often includes those factors which are present outside the organizationand have a tendency to influence the internal operations of a firm. The external factors couldprove to be a boon as well as a bane for a firm. The opportunities for a company could be a greateconomic turnover or boom in the market or the introduction of an innovative technologicalrevolution. The internal environment often includes factors that are already present within thecompany and are entirely inevitable. The company could avoid or even change its externalenvironment, but the factors that are present in the company has a greater influence on thedecision making process as well as the working strategies of a company. The tourism number in Australia is soaring at a rapid pace with a current trend showing arrival of11.1% more tourists than the previous year. The leading executives in the Tourism Industry3
consider it as one of the sectors which shows a sure success in the coming consecutive years. Thenew entrant in the Australian Tourism markets needs to focus both the domestic as well as theinternational visitors while planning out its marketing strategies. Most of the cities in Australiahave prosperous ethnic groups, excellent infrastructure, enhanced consumer choices and socialcorporate activities. Cities like Victoria, Sydney and Queensland have developed as a hub ofCentral Business Direct and even these cities have the head offices of most of the medium andsmall scale industries.Among the developing countries, China is rapidly expanding economically and is taking overalmost all the sectors in the markets. The recent innovative and lucrative trends in the Hospitalityand Tourism Industry have helped the Chinese travelers to go abroad and even explore their ownlands with new perspectives. Chinese, due to a great influence of their culture and tradition, hasan entirely different way to allocate their travel spending. They believe to spend a huge amountof their allocated budget on shopping. The Geographic segmentation suggests that One Fine Stayhas to target urban people with a good earning. This is important because China is still under theprocess of development and hence has both types of people. 4
Introduction The Marketing plan is that comprehensive document that outlines the upcoming marketingstrategies and advertising efforts. This plan aims to describe business activities that will beinvolved in achieving specific marketing objectives in a given time frame. An enhancedmarketing plan also guides a marketer that in which direction he has to invest the company’sresources and talents in order to achieve a great success in the coming years and even retain aloyal relationship with myriads of stakeholders of the company. If a company succeeds in developing an efficient marketing plan, then there are possibilities thatit may create an enhanced roadmap which could be followed to get unlimited customers anddramatically improve the brand identity of the firm in front of the current and potentialcustomers [ CITATION JOC16 \l 1033 ]. In the following report, great efforts have been put together to develop a three year marketingplan for One Fine Stay, a London- based Hospitality company. The firm was founded in the year2009 with an idea of providing service to the owners of distinctive and up-market homeownersto let out their homes for the guests while they are unoccupied. The recent researches unveil thatthe company owns more than 2,500 private homes in its collection and has also become an activemember of the British Hospitality Association. Apart from its homeland, the firm also operates inLos Angeles, New York, Paris and Rome. This innovative idea has allowed the company toutilize the empty yet beautiful, well-appointed and truly inviting homes, to provide an entirelynew experience to the tourist and visitors in such foreign lands. The report has been preciselydivided into three segments, each dealing with three independent tasks. The first task analyzesthe Environmental Appraisal factors and methodologies for the considered company [ CITATION5
JBa15 \l 1033 ]. In the second task, there has been a suggestion of the two potential target marketsfor the company and in the last task the Marketing Mix for each of the market is suggested.6
Task 1 Environmental Appraisal Analysis for the company in the UK marketEnvironment Appraisal is carried out to analyze all the related factors of the businessenvironments. This process is performed in order to evaluate the available opportunities and risksin the markets. The environment of any organization is defined as the aggregate of all thepossible 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 itsdevelopment and this environment generally has both a positive as well as a negative impact onthe operations of a company. There is a general list of the characteristics of the environment thathas an effect on the way companies interact with their consumers [ CITATION KMa10 \l 1033 ]. AnEnvironment possesses the following traits:It is complex and requires tedious efforts and great understanding.The environment is dynamic and due to this the internal operations must be aligned toyield proper and lucrative results.The surroundings are multi- faceted and it becomes the ultimate responsibility of themarketers to understand the market trends from all the directions and perceptions.Environment has a far reaching impact on the ways a company performs and deliversservices in the markets. These impacts could not be ignored by the executives and itbecomes crucial for them to implement strategies that could tackle these environmentalimpacts on the internal environment of the companies. External Environment7
The external environment often includes those factors which are present outside the organizationand have a tendency to influence the internal operations of a firm. The external factors couldprove to be a boon as well as a bane for a firm. For instance, the new markets or a new targetcustomer could provide an ample of opportunities for a firm or on the other hand could also posea variety of new threats to the new entrants in the markets. Similarly the competitors present inthe current and potential markets could help a company to deliver the best services to itscustomers and maintain its overall quality and at the same time there are chances that thecompany could be targeted by the competitors for having a great edge in the market in terms ofsales and popularity [ CITATION GMa161 \l 1033 ].The opportunities for a company could be a great economic turnover or boom in the market orthe introduction of an innovative technological revolution. A new market with a demographicshift could also be considered as an opportunity for a company. The opportunities when turn sourcould also pose a great threat to the company. Internal EnvironmentThe internal environment often includes factors that are already present within the company andare entirely inevitable. The company could avoid or even change its external environment, butthe factors that are present in the company has a greater influence on the decision makingprocess as well as the working strategies of a company. These factors play a dual role in thecompany either by imparting strength to the various stakeholders or by causing weaknesses ofthe strategic nature in the firm. The strengths of a company are the inherent capacity, which an organization can use to have anedge over the other competitors of the same genre in the market. These strengths may include an8
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