Marketing AnalysisMarket BackgroundFar Horizon Convention Center aims to target a market that is composed of both personal and business clients. There exists a need in the market for a venue wherein family, personal, and business gatherings may be held. Although there are other possible venues wherein such gatherings may be hosted, each of the available choices has certain deficiencies which the Far Horizon Convention Center aims to fill in.Industry Product ClassFar Horizon will provide various services to the market.
Primarily, with its restaurant and bar, it caters to the market’s need for dining. With the opening of the convention center, Far Horizon will be able to expand its services to include a venue for various forms of gatherings both for personal and business use. Together with such venue will be Far Horizon’s services that are usually needed when holding events or gatherings. These include catering services, audio-visual equipment, as well as chairs and tables that are some of the most common needs of customers that hold special events such as weddings, parties, and conferences.CompetitionThe Far Horizon Convention Center will have four main competitors.
These include the community college, public library, the school district, and the Holiday Inn. However, Holiday Inn is the main competitor of Far Horizon. Each of the three other competitors lacks in the additional services that are required for gatherings. They cannot provide banquet facilities for large groups. Also, clients would have to acquire their own caterers in order to provide food for the participants. Although Holiday Inn is fully capable of providing catering services, it cannot accommodate more than 350 guests. This maximum capacity is far lower than that of Far Horizon since the convention center is estimated to hold a maximum of 850 participants. The biggest advantage of the Holiday Inn is that it can provide accommodation for guests.
However, when Far Horizon opens its own motel, it can provide accommodation facilities as well.Macro-EnvironmentPolitical/Legal/Regulatory conditionsBeing a service-oriented company, Far Horizon must ensure that all their actions are in accordance with the laws and regulations that govern an establishment such as theirs. For one, Far Horizon must ensure that all the elements of their buildings follow the rules stated in the building code. This includes provisions for emergency situations such as fire exits, and sprinkler systems.
Secondly, Far Horizon must ensure that their establishment is accessible to everyone including the handicapped. Special services should be given to those with special needs such as parking spaces, ramps, and elevators dedicated to handicapped and disabled individuals. Lastly, since the Far Horizon Convention Center is meant to serve as an area of socializing and entertainment, it must not disregard the rules regarding alcoholic beverages and smoking. Since smoking is prohibited in enclosed public spaces, an area in the convention center must be used as a smoking lounge.
More importantly, Far Horizon must ensure that it does not serve liquor or alcoholic beverages to minors and others who are prohibited from consuming alcoholic drinks.Economic environmentThe community of Far Horizon has a very stable economy that is continuously growing. Moreover, there is a large room for expansion in the community as there exists a room for investments.
Also, the members of the community have the capability to spend on gathering and special events. Moreover, they have such capability since the people have a large amount of disposable income that they can use on entertainment such as parties and other special functions. Also, various businesses and civic organizations exist within the community as well in nearby areas. These businesses and organizations are usually in need of venues in which to hold various events.
Finally, the unemployment rate in the community is low. This means that most people have a stable job wherein they can generate more disposable income to spend on dining as well as on holding gatherings and special events.Technological environmentTechnology is constantly changing and evolving. The technological advances that are most critical to Far Horizon are those with regards to the equipment necessary for gatherings and functions. Far Horizon must ensure that they have the latest audio-visual equipment which are commonly used in conferences and social events.
They must always offer the best technological products such as AV equipment, lights and sounds, as well as other equipment that are to be used in the convention center. Having the latest equipment may serve as a competitive advantage for Far Horizon to supplement its strengths in other areas.Social/Cultural environmentThe people of Far Horizon are very family oriented. This means that they would want to spend as much time with their family members and close friends.
Since Far Horizon is a small community, people want to socialize more. Such a characteristic would mean that they would need a venue in which they can meet people and socialize. Finally, people in the Far Horizon community are very keen on enjoying themselves and on entertainment. Thus, they would need a venue in which they can enjoy each other’s company.
They find entertainment in socializing and would need a venue for such gatherings.Demographic environmentGiven that most people in the Far Horizon community fall between the ages of 24-45, there is a great need in the community for venues in which parties and social gatherings can be held. People in such age bracket usually have the tendency to socialize more.