Marketing plays a vital role in successful business ventures. How well we market our business, along with a few other considerations will ultimately determine our degree of success or failure. The key element of a successful marketing plan is to know our customers, their likes, dislikes, expectations. By identifying these factors, we can develop a marketing strategy that will allow us to arouse and fulfil their needs.
Our company has a Marketing&Public Relations Department in the organisational structure. This department conducts the marketing research, public relations, advertising and promotion activities. These activities are conducted through critical examination of behaviours of competitors.
The marketing concept of our company is to reach as many people as possible both in Turkey and the near countries. This objective will be met by using heavy advertising programs. The advertising program would include newspapers, magazines, Internet, television, posters and most importantly the travelling circus train. Especially, we are targeting to reach the young population.
Moreover, ticket prices, transportation capabilities of customers, weather condition, having knowledge of special days (fests, holidays, etc.), culture and income level.
In marketing research, because of the fact that we are mainly targeting the young population, we identify our customers by their age, income, educational level and residence. At first, we target only the high income level, young people. Because they are most likely to purchase our service. As our business will expand, we may consider a new marketing research in order to modify the marketing plan to include other customers.
Then we need to examine the dynamics of markets that we consider to be in show. Because of the growing population in Turkey, we expect the population in Turkey to grow. This will cause eventually our market share to increase unless another circus is founded in Turkey. In addition to this, our markets are large enough to expand because there is no other competitor in Turkey. And finally we are going to conduct continuous and powerful advertising activity in order to increase the number of customers.
In marketing research, we will mainly examine the population demographics such as population, percentage of young population in total, income level and religious habits. Climatic conditions, legal obligations and geographical characteristics (land availability) are also important factors to be examined in the marketing research as well as land rental prices and availability of resources.
While making marketing research, it is important to be aware of competitors. However, there exists no in-country rival, but European and Russian circuses are the only competitors. Therefore, we need to have an understanding of the ways these competitors act and operate accordingly. Moreover, we also have some indirect competitors like cinema, theatre, concerts and other social activities. Unfortunately, the current positions of our direct competitors in their markets are quite good.
The main disadvantage of any newly established circus is the sound organisation of these experienced circuses with their matured shows.
C ) OUTLINE OF PROJECT STRATEGY
Without having a strategy before entering a market, it is impossible to be permanent in that market. The main subjects that should be included in this strategy are image, features pricing, customer service and advertising / promotion.
Image:
In the first years of the project, in order to compensate the high installation costs, we would keep an image of moderate priced but good quality entertainment. We would build a good image mostly on the minds of children by making promotions that will make the children to love the circus entertainment.
Features:
Our circus is offering several types of entertaining activities. These activities consist of the main circus show including shows of animals and skilled show people, open-air activities in the fair area, comic-theatre and during the tournees, at the headquarters some animals will be exhibited. Moreover, a small circus train would travel the country and perform small shows with some animals.
Pricing:
We will also mark-up on cost pricing policy with two different pricing levels, discounted price for children below 15 years old and full price for adults. The markup would be higher in the first few years in order to justify the initial investment. In the first two years a markup of 45% aver cost would be desirable and 33% discount for children under 15 would be suitable. The base price would increase due to high income, level. Initially, it has been proposed a base price of $10 for adults and $6.5 for children. This base price is valid for all the big cities, like Ankara, Ýzmir, Ýstanbul, Bursa, Antalya, Ýzmit, etc.
Customer Services:
Promotional activities are the most important customer service. That is, distributing circus hats, balloons, limited number of t-shirts and toys would be useful to fulfil the customer satisfaction. Moreover, collaborating with the local municipality, the transportation needs of the customers can be satisfied fully by the use of public transportation. Providing parking areas, small food & beverage stands, portable public phones for the use of customers. And renting of clowns and band for special days are the other services that we would provide. Small circus train may also serve for this purpose.
Advertising:
The basic advertisement sources which would be used:
Cost Figures:
Tangible Revenues:
Intangible Revenues: