Marketing Strategy for Far Horizon
Far Horizon offers a full-service convention center as its primary product. Its target market is composed of three market segments. These any individual, organization, business, or government agency that may require a venue and the corresponding services where a special gathering, function, or event may be held. The three main market segments are individuals, businesses, and organizations.
Since marketing may be considered from four main perspectives, product, place, promotion, and price, a strategy must be developed for each of such perspectives. More importantly, such strategies must be directed towards the market that the company and its product aims to penetrate. The following section will outline and discuss Far Horizon’s strategy for each of the four factors of the marketing mix.
Far Horizon’s main product strategy would be to develop its competitive advantage. The company should make the market see that their product is the best choice in the market. An analysis of the competition in the local market will reveal that Far Horizon has four main competitors. Each of the said competitors lacks a certain service or characteristic that customers maybe looking for in a venue. For instance, the public library, school district, and the community college all do not have catering or banquet services that clients may look for. Catering is a vital part of any gathering. Since Far Horizon has the capability to offer such services, it should market this service and develop this into its competitive advantage. Secondly, Far Horizon’s biggest competitor is Holiday Inn. However, Holiday Inn and the other competitors do not have enough capacity to hold large-scale gatherings. Far Horizon has the largest seating capacity in the local market and they should use this as a marketing point.
Basically, Far Horizon should market its product as a convention center that has all the services necessary for holding gatherings and special occasions. It should point out the quality of its services and facilities that no other venue can offer.
Far Horizon will utilize a cost-plus pricing strategy. This entails calculating the direct costs for every customer depending on the services that he may require. Such costs will likewise include the staffing needs, space required, as well as all additional services that the client may require. Markup will be added once the total cost has been determined.
This pricing strategy means that Far Horizon customizes its pricing to meet their clients needs. It does not fixed pricing or packages so that the clients may properly choose the services that they would like to avail of.
The members of Far Horizon’s target market may require different needs. For instance, the services required for a wedding will greatly differ from the services required when a business or organization holds a conference of seminar. Thus, it is important for Far Horizon to have the ability to adjust itself and its pricing to the requirements of its clients.
With a cost-plus pricing strategy, Far Horizon will be able to allow its variety of customers to hold an event based on their budget, needs, and wants. Such strategy shows that Far Horizon is a customer-oriented and centered company that puts the needs of its clients atop its priority list.
Far Horizon is strategically located near the local airport. Moreover, it is easily accessible to the public since it is locate just off the major highway. These two elements must be considered when marketing Far Horizon. Since Far Horizon aims to attract customers from both the local and the nearby communities, it is vital to be strategically located. Moreover, with plans to market Far Horizon all throughout the state, its location near the airport will be of great significance once such plans push through. The place should be marketed as a venue that is easily accessible to all forms of transportation.
Another important point that must be included in Far Horizon’s place strategy is the scenic and panoramic view it offers. This is especially important for individuals who are looking for a venue to hold special personal gatherings. For instance, a scenic view is valuable in a wedding for it may serve as a wonderful backdrop to pictures. Also, a nice view enhances the atmosphere and the ambiance of the place. These will all contribute to a more memorable occasion which everyone hosting any gathering would want.
Thus, Far Horizon’s place strategy should be centered at showcasing the convention center as a venue that houses all necessary services. Moreover, it should showcase the convention center as one that can serve as the venue for truly memorable and special occasions brought about by a complete line of services and a scenic view that enhances the whole experience.
Since Far Horizon’s target market is composed of three major market segments, the company’s promotional activities should be able to address each of the major segments. More importantly, since each market segment may have different needs in holding different events, a separate approach must be used for each segment.
Individuals holding special occasions usually have their family and friends as guests. More often than not, such gatherings are occasions that must be made memorable and momentous. Thus, Far Horizon should use a promotion strategy wherein the convention center is shown as a suitable venue for all special occasions particularly weddings, anniversaries, and birthdays. One way to promote Far Horizon to the market segment of individuals would be to attend wedding expos. This will help consumers identify Far Horizon as a suitable venue for future occasions. Such strategy should emphasize the ambiance and the scenic view that Far Horizon can provide for these two elements are of utmost importance for personal gatherings.
With regards to the businesses and organizations, Far Horizon must be promoted as a full-service convention center capable of holding 850 participants. Since the competitors in the local market do not possess such capability, it is important for Far Horizon to highlight such feature. The primary way by which to promote Far Horizon to these market segments would be to get in touch with organization networks who can spread the word regarding the existence of Far Horizon.
Finally, since Far Horizon Convention Center is at its early phases, it must work on introducing itself to the market. This calls for the use of a mixture of advertising in both local and state media as well as promotional activities such as discounts and special offers. In essence, Far Horizon must embark on a major promotional campaign in order to establish its place in the industry.