Marketing (Coursework Sample)

Marketing
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Introduction
As a member of the group designing the marketing campaign for Bungy Festival of Queenstown, I gained insight into various techniques available to marketers in developing a successful marketing campaign. Though the plan we developed represents the effort of the whole group, it was essential we divide the tasks amongst ourselves for the sake of efficiency. My first contribution was suggesting this topic; as a Bungy jumper who has participated in Queenstown Bungy jumping festival I felt there is an opportunity to create something to improve the current festival. My experience as a Bungy jumper came in handy in providing insight to the rest of the team. I also worked with a classmate on the 7Ps marketing mix that we used in creating an all rounded product. My final contribution was on editing and combining slides and designing the template and logo for the event. The successful completion of the task was testament to the diligence and industry of the whole team.
Analysis Techniques
STP Technique
The marketing campaign uses Segmentation, Targeting and Positioning technique (STP) to gain valuable insight into the nature of people who are potential clients for the Queenstown Bungy Festival. Accord to research by De Guzman (2006), there is a new breed of tourist whose destination choice rides on the desire for bonding, revitalizing, and intense activity. They spend their money on activities that combine extreme fun with extreme exercise. Here, emphasis is on cultural festivals, which foster a sense of identity, and solidarity with a cultural subgroup. The events should be strange, unique, unfamiliar, and authentic. Due to their need for bonding, they travel in groups of like-minded peers who provide a spirit of togetherness and celebration. The presentation is an example of segmentation of tourists based on their motivation. Bungy jumping as an activity is restricted to a certain group of people. The presentation also mentions a study conducted to rate 11 adventurous activities with Queenstown. Bungy jumping emerged as the number 3 most loved activity.
According to the strategic plan by Tourism Queensland (2008), adventure travellers such as Bungy jumpers tend to have certain characteristics. They are within the 25-55 age brackets, with greater than average income; they travel with friends or a spouse, well exposed to travel experience and hence demand value for their money. Their motivations are finding new experiences, personal development, increasing their understanding of the environment and culture, and experiencing fun and excitement. Understanding the composition and motivations of Bungy jumpers is crucial in designing a well-targeted marketing plan and preparing activities that will guarantee greater satisfaction during the festival. For the 10% increase in attendance of the Queensland Bungy Festival to occur, organization must be impeccable and the attendants must get full value for their money.
SWOT Analysis
The strategic plan by Queensland government (2008) identifies adventure tourism as one of the rapidly expanding segments of tourism within the state. Investors have tapped into some of this opportunity. However, the plan observes that full potential remains unexploited and calls for additional investments and focus in this segment to continue developing high quality events. The Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis has captured this factor well by identifying it as an opportunity. This fact also informs the projection that we can increase the attendance figures from last year by 10%. SWOT analysis provides a good framework for developing and evaluating the feasibility of the marketing plan for Queenstown Bungy Festival. It details the strengths, which will solidify the marketing plan. The threats and weaknesses illustrate aspects of the plan that pose potential pitfalls and help design contingency measures to mitigate the effects of the weaknesses and threats on the plan.
7Ps Marketing Mix
The campaign will utilize the 7Ps marketing mix tools, that is, product, price, promotion, place, people, physical evidence, and process. This approach is expedient when developing a wholesome product. The chartered institute of marketing (CIM, 2009) in its interpretation outlines the 7Ps as follows. The first P helps us to come up with a product suitable to the tastes of the target group. The price should be competitive and sufficient to generate profit. Promotion is essential in creating awareness and communicating to the potential customers. The place should be convenient and suitable for the product. The people working for you need to possess the right skill set to offer the product efficiently. The process of dispensing the service should be customer friendly to keep your clients happy. Customers need physical evidence of what they are purchasing, that way they feel they have received their money’s worth.
Components of the 7Ps marketing mix have been discussed in the presentation. The price is competitive considering the target group. There will be promotion to create awareness using various mediums. A significant part of the budget will go towards creating awareness for the festival. Social networking sites provide the best opportunity to reach the target group; this will be in addition to other promotional activities such as giving branded t-shirts and inviting the Grammy award-winning star Kimbra as a guest during the awards ceremony. The place is suitable for Bungy jumping. According to Tourism Queensland (2008), Queenstown possesses natural assets, which provide a suitable setting for great adventure based activities. The pr...