Strategic Marketing Plan for a Hospitality or Tourism Business

ASSIGNMENT TASK Working as a group of maximum 4 students, you are required to develop a strategic marketing plan for a hospitality or tourism business. The coursework will be submitted in week 5 for formative feedback. (You will also have the option to submit a further draft of the plan for tutor feedback on week 7 and 8. The final submission of the full plan is due on week 14. All submissions will be made on a presentation day in class. The strategic marketing plan must contain the following sections: 1. Front Page and Contents Page A front page with the module number and title, student names and numbers and date of submission, word count A contents page clearly listing each section of your strategic marketing plan and appendices with page numbers 2. Executive Summary - (5% of the marks) The executive summary should provide a concise overview of the plan including: current situation of the case study organisation the two most important key success factors key objectives and strategies to achieve the objectives 3. STAGE ONE Introduction - (5% of the marks) Provides an introduction to the case study organisation and the report - this should summarise the development of the business from start–up through its current situation to future development, and the structure of the report. Situational Audit - (25% of the marks) Internal Audit Operations – review of the existing portfolio. You will also need to consider operational facilities, locations and products and services. Finance – a review of the case study organisation’s sales, profitability, gearing (level of borrowing if applicable), average spend and operating ratios. Human Resources – a review of the case study organisation’s, structure, senior management attitude to staff, staff training and development, pay and incentives, staff attitude to management, and management/staff communication processes as applicable. Marketing – identify the case study organisation’s current target markets, key distribution channels, level of recognition within the market place and image, effectiveness of www site, marketing communications and other external activities. 3c) External Audit Market Segment Analysis – identify the current target markets and forecast their future potential. PESTE Analysis – develop a PESTE analysis to fully consider the potential of market segments and the current trends within the sector. You must analyse the impact these trends might have on the business and the sector in the future (all must sources must be referenced). Competitor Set Analysis – identify the case study organisation’s competitor set (minimum of two direct competitors); compile and justify a positioning map for the organisation in relation to its competitor set using criteria that are determined by your group as most appropriate. 3 d) SWOT Analysis - (5% of the marks) Internal Strengths and Weaknesses derived from the internal audit External Opportunities and Threats derived from the external audit 4. STAGE TWO 4a) Key Factors for Success - (5% of the marks) Identify and justify two key critical success factors. These factors should be based on and flow logically from the situational audit. 4b) Mission Statement - (5% of the marks) Develop your own mission statement for the business based on your analysis of the current situation and potential development of the business. 4c) ) Positioning Statement and Target Market Identification – (10% of the marks) Prioritise existing and new target markets for the business (this recommendation should link directly to your SMART objectives and Ansoff strategy). 4d) Develop a gap analysis and Ansoff strategy formulation - (10% of the marks) You will need to use a Gap analysis to forecast your sales objectives and provide an Ansoff market/product analysis that should form the basis of your strategic marketing recommendations. 4e) Marketing Mix Objectives and Strategies using Ansoff Matrix - (20% of the marks) Set marketing mix objectives – you need to set SMART marketing objectives within a Timetable for the next three years. Here you are being asked to identify WHAT should be done, so your objectives should begin with the word ‘TO’. The objectives should be based on the following: annual/monthly sales, profit customer mix for the business You will need to develop strategies for each of the 7 elements of the extended marketing mix to include place – you need to consider location – identify key areas where the business needs to be represented; set growth targets and you should decide on distribution objectives for the business product – this should include product development – identify one new product development (other than what may have been suggested in the company briefing) and consider appropriate elements of physical evidence and provision of customer service pricing – you need to decide on pricing objectives marketing communications/promotion - you need to set integrated marketing communication objectives for the business, be clear about which communication objective is for which target market people – you need to set internal marketing objectives for the business processes and systems and physical evidence – (including customer service, you may choose to combine these with product objectives) Second – set your strategies to achieve each of your marketing mix objectives. Here you are being asked HOW you will achieve the objectives that you have identified, in other words, by what means for each of the 7 elements of the marketing mix (product, price, place, promotion, physical evidence, provision of customer service and processes) 5) Monitoring, Control and Contingency Planning - (10% of the marks) You need to provide clear and specific details of how you will monitor the success of your marketing plan. I choose Pan Pacific hotels groups.