Describe about Competitor analysis,description of the product and value maximization of the product to the customers of Reef HQ?
Reef HQ is the largest living coral reef aquarium. It reflects an amazing world which is filled with thousands of marine creatures. The Reef HQ Aquarium opened in the year 1987. It was renamed as Reef HQ Aquarium in 1999. In the year 2009, the Aquarium has renamed it to aquarium Reef HQ Great Barrier Reef Aquarium. The aquarium is located in Australia. It exhibits more than 100 species of corals and more than 110 species of fish. The fish species includes sea urchin, sea cucumbers, sea stars, worms, snails and sponges. The marketing plan for Reef HQ has been prepared by making an analysis of the macro environment, micro environment. A description of the target market has been provided (Reefhq.com.au, 2015).
The competitor analysis can be done from the micro environmental perspective and the macro environmental perspective.
Micro environmental Analysis
The analysis of the micro environment is equally important for the organization. They can be explained using the SPICC factors.
Reef HQ had been able to be one of the largest coral reef aquariums as it has gained good support from the suppliers due to its long term relationship with the suppliers.
The consumers and the general public have provided long term support to the suppliers. This has been a positive sign for the growth of the company. The diversity portrayed by the aquarium is a visual treat for the eyes. It attracts the visitors as the marine life is colorful for someone and presents a delight for the visitors.
The intermediary acts a mediator between the customers and Reef HQ. It has maximized the value of the brand via positive word of mouth increasing the sales of the company.
Macro environmental analysis
ESTEL analysis has been used to review the macro environmental factors affecting the business.
No political factors have ever acted as a threat to the business. The political factors have never provided any kind of hindrance in the business.
The slowdown of the economic growth has impact on the buying power of the consumers. The decline of the buying power of the visitors will affect the profit margin of the company.
Use of internet has impact on the business. The social media has served as an effective platform for attracting visitors to the organization. It invites photographers from all regions to take pictures of animals, corals and aquariums. Social media has served as an effective medium to expand the business.
Environmental challenges like global warming have affected the business of Reef HQ. Various environmental factors will affect the survival of the aquatic animals. It is an expensive affair for Reef HQ to provide a suitable environment for aquatic animals (Hasan, 2015).
Description of the product
Reef HQ is an aquarium portraying various types of fishes, coral reefs. It is one of the largest coral reefs in the country. It is also an education centre for the Great Barrier Reef Marine Park Authority. It depicts both hard and soft corals. The aquarium is a home for various types of marine fishes which includes the sea stars, reef creatures. The coral reefs are kept in an environment that is similar to that of the natural environment so that the creatures can sustain in the environment.
Description of the target market
The target markets for Reef HQ are the visitors from all over Australia. The potential market of Reef HQ is the urban market. It is only coral reef aquarium that is situated in Queensland. It is one of the famous places in Queensland and attracts visitors from this city. This has helped the company to increase its market share. The competitive advantage of the company has increased. This has potential impact on the business of the organization. People of all age groups visit the aquarium. It is a delightful experience for the visitors. The photographers are enthralled by the natural beauty of the aquarium. This has helped Reef HQ to maintain a dominant position in the market (Underwater.com.au, 2015).
Value maximization of the product to the customers
Reef HQ has maximized its value by combining the critical factors. It emphasizes on maintaining a strong brand image towards the customers. The decisions made by the company have increased the brand image. The decorum at the Reef communicates the brand image to the customers. The innovation, high quality product are reflected in the decorum of Reef HQ. This makes the product alluring to the customers. Thus it is the world’s largest living coral reef aquarium. It has also maintained its cream features and design over the past years. It has met with the standards expected by the visitors (Kotler, 2009).
Recommendations to senior management
Reef HQ is situated in Queens land in Australia. It is one of the largest aquariums of the city. But it starts its business in other parts of Australia. This will help to establish itself as one of the largest Aquarium in the whole country. It can also innovate on a regular basis so that the sight of the fishes and coral reefs provides an exciting view to the visitors. This will help Reef HQ maintain a dominant position in the market.
There are various methods to monitor the marketing plan of the company. The company can use the innovative techniques to monitor the performance of the company. It acts at the key performance indicator of the company. The market plan has tried to identify the internal and external threats of the company which will help it to develop a strong position in the market. The brand image of the company and the quality of the product has been the key driving factors for the growth of the business of Reef HQ.
Hasan, M. (2015). Apple Inc. - An Analysis: PESTEL analysis, Porter’s 5 Forces analysis, SWOT. pp.1-3.
Kotler, P. (2009). Marketing Management: A South Asian Perspective. pp.40-60.
Reefhq.com.au, (2015). About Us - Reef HQ Aquarium. [online] Available at: https://www.reefhq.com.au/plan-a-visit-to-reef-hq-aquarium/about-us [Accessed 12 Mar. 2015].
Underwater.com.au, (2015). Reef HQ Aquarium | Listing | Underwater Australasia. [online] Available at: https://underwater.com.au/listing/id/9854-reef-hq-aquarium/ [Accessed 12 Mar. 2015].