Marketing Planning Inner West of Sydney

Question: Discuss about the Marketing Planning for Inner West of Sydney. Answer: Introduction Royal Oak is a pub in inner west of Sydney that is located in state of New South Wales. The pub is famous for the canopy of oak trees with an outdoor setting of beer garden. The oak hotel has number of bars that includes Nineteen Thirty Six, Bar and Grill, the garden bar and the garden pavilion. It is one of the best pubs in Sydney. The main threat of the pub in Oak hotel is from its competitors. To run a pub it is essential for the firm to follow the legal standards as set by the government. Economy of Australia and the choice and lifestyle of Australians also affect the business environment (Oakshotel.com.au. 2016). Figure: The Oak Hotel (Source: Oakshotel.com.au. 2016). Situation Analysis Market and industry: Various external and internal factors affect the business. The Oak Hotel functions in a perfectly competitive market where there are large number of buyers and sellers. It functions in a food and beverage industry where the lifestyle of people has a great role to play. Oak hotel has its specialization in sell of beer (Royal Oak Great Ayton. 2016). Competitors: The major threat of the Australian pub is from its competitors. The competitors of The Oak Hotel that has its specialization in the selling of hard drinks are Le pub, 3 Wise Monkeys, Courthouse hotel and the Union hotel. It is essential for the pub to formulate strategies that helps the pub achieve competitive advantage. The marketer can use various strategies to achieve competitive advantage such as lowering the price of food and drinks, improving the ambience of pub, or introducing a new technique for the entertainment of people such as Karaoke (Turnbull 2013) Customers: The customers of Oak hotel are both men and women of Sydney. It not only includes the local people of Australia but also people from outside such as tourists and travelers. Pub of Oak hotel is famous worldwide. Hence, it attracts many tourists. The hotel mainly concentrates on high income customers due to the class that it holds. It is essential for the pub to form a particular target group of customers to attract as much tourists as it can (Cabras et al. 2016). External and internal factors: The external factors that affect the business of pubs is the environmental, economical, political and social factors. Environmental factor such as weather greatly affects the business such as in case of sunny weather the sale of beer is high while in case of rainy season the pub encounters fewer customers due to the open house. The internal factors such as behavior of employees, income of consumers and lifestyle of people affects the business of pubs (Royal Oak Great Ayton. 2016). SWOT analysis Strengths : The ambience of Oak hotel includes a garden with a canopy of oak trees It is one of the best pubs in Sydney. It is one of the oldest pubs in Australia. The pub is situated at the heart of the city that makes its feasible for people to visit. It not only provides drinks but also food to the customers. Weakness The main weakness is from its competitors. The pub is situated in an open area that makes it difficult for operation in bad weather condition. The turnover rate is high in pubs. It has a specific target market. Employee theft is high in case of pubs. Opportunities The pubs have opportunities to expand in local markets. It also has opportunity to expand its target customers (Wilson et al. 2012). Threats The threat of pubs is from the competitors. The pubs also face threat of closing down. New entrants hurt the operations and function of pub in the market. The threat is from the weather conditions. Marketing objectives Marketing objectives are the goals that are set by the pub that includes increasing sales, increasing brand awareness, improve relationship with customers and target new customers. The marketing objectives of the organization are: The objective of the pub is to increase its customers and give them pleasure and good experience. Its objective is to help the customers taste good and tasty food and give them a new experience. The objective of the Oak hotel is to achieve competitive advantage from its competitors and maximize the customer satisfaction. It also aims at increasing the profit and the revenue. Marketing objectives are the goals that are set by the organization before formulating strategies. It aims at improving the service and experience of customers (De Mooij 2013). Marketing strategies Marketing strategies are the strategies that are used by the organization to achieve the set target and goals. This includes market segmentation, positioning strategy and competitiveness. Market segmentation is the classification and categorization of markets based on factors that they hold in common. It is often segmented based on various factors such as demographic segmentation that is based on sex, age, population size and income of the people. The other market segmentation is behavioral segmentation, cultural segmentation and geographical segmentation. The Oak pub tries to achieve competitive advantage by concentrating on the service and the experience that it provides to its customers. The positioning strategy is the unique brand image that it creates (Bouvier and Nisar 2013). The oak pub ensures that the customer that visit the pub do not have bad experience and ensure that the same customers visit again to gain new experience. This will help the organization build an image of trust with its customers and will also help in promotion of the pub. The strategies of the pub focus on specific target group. It mainly targets the people who like to gain new experience. Working class are the target customers of oak pub. It is essential for the pub to expand its target group to other cities as well. It also targets travelers and tourists so that the pub is able to promote its ser ice in international market as well. Marketing mix Marketing mix is a marketing tool that is used to analyze the four Ps of organization that is price, place, promotion and products. Products: the products prided by the Oak hotel are food and beverages. The beverages include both hard and soft drink. The Oak hotel concentrates on providing premium beer, a mixture of drinks, cocktails and fine dining foods and snacks. It not only concentrates on providing a wide range of products but also concentrates on improving the services (Jones and Rowley 2012). Price: the price of the services and products that the organization is uniform in nature. The aim of the pub is to keep the prices of the products that it provides low in order to attract many customers. It aims at covering the cost and making some profit. The organization follows the product line pricing strategies to set the prices of products. The firm launches special offers on special occasions to attract customers (Hollensen 2015). Place: the Oak hotel is located in the heart of Sydney. It is situated in the heart of neutral bay in Sydney. The pubs at The Oak hotel have outdoor setting and retro look that is close to the Harbor Bridge. The pub is attraction for mainly the local people of Sydney though it concentrates on people from other cities of Australia as well. Promotion: various promotion techniques are used by the hotel to promote the service that it provides such as advertisement, direct sales, word of mouth, use of social media and internet and other techniques (Huang and Sarigll 2014). Role of social media in rating pubs Social media such as advertisement on twitter, facebook and other social sites plays an important role for the promotion of service provided by the pub. The company has a page in facebook that is used to build relationship with customers. The rating given by the customers also holds importance and it helps the other customers get reviews of the particular organization. High rating attracts major tourists (Gordon 2012). The company has the website of its own that is used to increase consumer awareness. Budget and profitability analysis Variable Expenditure Advertisement $2000 Social media $3000 Formulation of marketing strategy $10000 Gathering information for gaining competitive advantage $5000 Expenditure for charitable purpose $1500 Environmental security $3500 The expected revenue from the marketing strategy is $1 billion and the expenses of the firms is as mentioned in the above table for the formulation of marketing strategy. Monitoring and control Monitoring the strategies after formulation and implementation is essential. It is essential to ensure that cost of strategies is low and eradicate risks that they encounter while the implementation. Monitoring helps the company ensure that the strategies are leading the company achieve its goals. Motivation is necessary to motivate the marketers to help them achieve goals and objective. The performance can be measured by using social media metrics and gather information. Conclusion Various external factors such as political, environmental, social and economical factors affect the business. The report investigates a pub, its customers, and the factors that make it attractive. This includes the food, drink or the ambience of the pub. Formulation of proper marketing strategy plays an important role for the success of the organization. References Bouvier, L. and Nisar, T.M., 2013. Changes in the marketing and operational capacity of retail sector firms through corporate securitization.Journal of Financial Services Marketing,18(1), pp.53-64. 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