Assignment 5 Marketing Plan & Budget

MARKETING PLAN AND BUDGET

Name

Institution Affiliation

Introduction

The proposed business is called Each One Teach One and is focused on exceptional individuals. The business will mainly focus on kids and adults with special needs to foster a range of aspirations, attitudes, and attributes. The facility will offer numerous indoor and outdoor activities such as gaming, indoor trampoline park, basketball, and other activities that are compatible with individuals with special needs.

Marketing plan

A marketing plan is developed to help entrepreneurs to use various marketing promotional mixes, tools, and points of differentiation, positioning, and strategy to convert the potential customers to actual buyers of goods or services (Chernev, 2020).

Price planning

The pricing for Each One Teach One facility will be lower than a majority of children's fan parks and felicities all around the world. The entry fee to this facility will be at least one-third less than those of other competitors. The charges for entry fees will be $10 for children and $15 for adults. Also, the parking fee will be $3 for two-wheelers and $5 for four-wheeler vehicles. The price for innovative activities inside the amusement park such as thrilling rides will be charged differently, but at a lower price than most of the fan parks. Entry fees will be collected at the main entrance of the facility and users will be required to pay fees differently to use some other facilities inside the park. The main revenue that will be received by Each One Teach One is from admission fees who pay for the entrance and use various activities. However, other revenues that will be collected include; souvenirs, food and beverages sales, and parking fees. The facility will operate through two main pricing strategies;

Pay-as-you-go- in this strategy, guests entering the park will enter with little or no charge. However, they will be required to purchase specific tickets for various activities in the park. This strategy will be employed in accordance with the popularity of specific activities in the park. The biggest advantage of this strategy is that customers can be able to pay for only specific experiences they chose without paying the entrance fee. Furthermore, this will attract more guests and it will encourage capitalization on popularity. The main disadvantages of this strategy are that customers will spend their money more cautiously and may not spend much on souvenirs and food.

Pay-one-price- this strategy is where guests will pay one price comprising of an admission fee. These guests will be entitled to most of the attractions in the park in which they wish to experience. However, a few activities will not be included in this package, and they will need to purchase a ticket if they want to experience them. The entrance ticket will include the majority of the park attractions but will not include food and beverages or souvenirs. The main advantages of this strategy are that guests can be able to budget for their visit, and also will lower the cost of operations since the guests may not visit each attraction. The biggest disadvantage of this strategy is that customers may pay for activities that they do not like and those who come to spend time with their family will pay for activities they will engage in.

Customers who will come to the park in larger groups such as in family groups or school students will receive 10% discounts. Similarly, acquiring membership cards for the facility will guarantee a customer a 25% discount on the first five activities. Furthermore, lucky draws will be held on the weekend in the park to allow lucky winners to enjoy free activities of the day. To encourage individuals with disabilities to use the facilities, 10% discounts will be given for their membership. All the products and services will be made available for the customers at the place and time that they desire. The distribution plan will ensure that clothes, beverages, foods, and other goods are availed to the customers as desired. A continuous flow of goods and services will be encouraged including; the flow of products from stalls and gift shops, timely payment of suppliers, and supply of water in the park.

Marketing strategy

The main focus of Each One Teach One marketing strategy is to differentiate itself from other competitors by capitalizing on its strengths to provide value to the customers. The marketing strategies to be used should ensure that maximum market penetration is reached.

Advertisement: for advertisement purposes, Each One Teach One will develop the best AD and publish its advertisement on social media networks, hoarding boards, magazines, local newspapers, and local TV channels. Although the cost of advertisement is very high, it will be very important in reaching a large number of customers which will lead to a high number of sales. Since the target market is mainly children and youth, more focus will be taken on social media networks. Each One Teach One will use its presence in social media platforms such as Facebook, Twitter, Instagram, and TikTok to reach more customers. A toll-free hotline number will be provided for customers to easily inquire and get information about the facility, entry fees, opening and closing times, and bookings.

Sales promotion

Sales promotion is very important for any business to get more customers and also increase the retention of customers. The sale promotion activities that will be used by Each One Teach One will be short-term incentives that will help stimulate demand. Each One Teach One will implement the following sales promotion techniques;

• Discount for groups of students, families, and employees.

• Lucky draws are to be carried out every weekend where lucky winners will get free entrance and participation in all activities.

• Birthday discounts for children and their families.

• The park will hold celebratory discounts on occasions such as festivals, Christmas, New Year, etc.

• T-shirts, caps, pens, bags, and other souvenirs for member customers.

• 10% membership discount for individuals with disabilities.

Competitive edge and point of differentiation

There is high completion in the amusement and entertainment parks in the country and the vicinity. However, by providing similar products and services like others, businesses usually lose their competitive edge (Kee et al., 2020). To differentiate itself from other competitors, Each One Teach One will focus more on adults and children living with disabilities. Furthermore, the park will not only provide entertainment activities but also provide physical activities that will promote the health of those living with disabilities.

Marketing mix

To promote the business’s products and services, it is important to develop a 7ps marketing mix in which Each One Teach One will excel.

• Product- the products and services that the business will provide will be numerous activities such as gaming, trampoline park, play statins, basketball, and other activities. The products will allow for the development of aspirations, attributes, and attitudes by special needs individuals.

• Price- Each One Teach One will use a pricing strategy that will allow the prices to be lower and hence can be used by all the economic classes.

• Promotions- Each One Teach One will be promoted through advertisement on social media networks, hoarding boards, magazines, local newspapers, and local TV channels.

• Place- Each One Teach One will be placed in the vicinity of K-12, high schools, and colleges hence providing services to students in urban schools.

• Promotions- Each One Teach One will be promoted through various Media and also through various promotional strategies such as discounts and lucky winner draws.

• People- Each One Teach One will focus on people with disabilities and provide them with various fun and physical activities.

• Physical evidence- the tagline that will be used by Each One Teach One will be “be Strong! Full of life! And Dare to be VIGOROUS!”

Brand strategy

A brand including the design, symbol, logo, and name is very important in differentiating a business from its competitors (Gielens & Steenkamp, 2019). In order to build a good brand, Each One Teach One will focus on; quality attractions, gold rush theme, cleanliness, and great care for people with disabilities.

References

Chernev, A. (2020). The marketing plan handbook. Cerebellum Press.

Gielens, K., & Steenkamp, J. B. E. (2019). Branding in the era of digital (dis) intermediation. International Journal of Research in Marketing, 36(3), 367-384.

Kee, D. M. H., Saravanan, T. S., Sridaran, S., Syahrin, S., Rajandran, T., Tian, J., & Zhang, H. (2020). Creating a better competitive edge through environmental sustainability: A case study of Panasonic. International Journal of Applied Business and International Management (IJABIM), 5(3), 74-85.