Marketing Strategy
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Marketing Strategy Submitted to: Center Stage Entertainment & Events Submitted by: Apollo Worldwide May 30, 2012 Table of Contents I. Executive Summary-------------------------------------------------------------------------- pg. 3 II. Research------------------------------------------------------------------------------------------ pg. 4 a. Industry Overview b. Competitive Analysis c. S.W.O.T Analysis III. Marketing Strategy--------------------------------------------------------------------------- pg. 8 a. Objectives b. Target Audience c. Positioning Statement d. Challenge e. Solution f. Creative Brief IV. Marketing Mix----------------------------------------------------------------------------------- pg. 13 a. Online Presence b. Public Relations c. Targeted Marketing V. Appendix------------------------------------------------------------------------------------------ pg. 18 a. Implementation Schedule b. Draft Press Release c. Draft TRIO Preview Letter/Invitation d. Opening Event Invite e. Website Templates f. Competitive Analysis Chart g. Top Non-Profits h. Top Business Networking Organizations i. Top Associations j. JaxChamber Trustees k. Regional Event Spaces TRIO Marketing Strategy May 30, 2012 2 I. Executive Summary TRIO a new 12,000 sq. ft event venue located within the heart of the south side of Jacksonville, FL., has contracted Apollo Worldwide to develop a comprehensive business and marketing strategy plan to support the growth and business development efforts of this upcoming event meeting space. Apollo Worldwide seeks to position TRIO as the HOT NEW VENUE for the Jacksonville market; the place to be, the place to celebrate, the place to create memories. Local artists, designers, planners, bands and promoters are always looking for new venues to hold events. TRIO can accommodate a number of people in its spacious event venue with a multitude of options for a number of event situations. The central location will be useful in marketing to wedding planners and corporate moguls as a banquet facility that offers a one-stop-shop for full-service event planning and vendor services. However, the decor and functionality of the space is multifunctional and needs to have a broadened market appeal as a viable go-to space for anniversaries, birthday parties, holiday events, fashion shows, luncheons, etc. To combat the popularity of already distinguished venues, it will be important to set TRIO apart and capitalize on the notable strengths of the venue. This will require visible advertisement and pinpointed marketing efforts as the space it self lacks actual physical visibility from major roadways. TRIO Marketing Strategy May 30, 2012 3 II. Research a. Industry Overview Jacksonville, Florida is the largest land mass city in the United States. The event industry offers numerous venues for clients to choose from ranging from corporate to wedding needs. Trend analysis is quickly becoming a more important factor to understanding motives behind customers buying choices. According to TheKnot.com and the WeddingChannel.com, in 2011, the majority of weddings in the United States took place in the month of September. The wedding season months typically span from May through October. On average the most desired month to have a wedding is June. July and August tend to be the slower of the busy months as the heat is said to deter wedding planners. With other events and conferences taking place during peak wedding season, these will be the busiest months for TRIO. The average wedding reception budget in 2011 was $27,021 for an estimated 141 guests. With two separate parlors, TRIO can accommodate this number of people or more in either side of the building according to the desires of the wedding party. Events and conferences in Jacksonville tend to be in March-June with April being a very popular month. Winter holiday events are usually in private homes, hotel ballrooms or local restaurants that cater to large groups. TRIO Marketing Strategy May 30, 2012 4 b. Competitive Analysis We have extensively researched TRIO’s rivals within Jacksonville, FL and its surrounding cities. We must seek to first understand the nature of the current comparative market before we can implement strategic marketing recommendations. We have thus grouped competitors into eight potential buckets consisting of: restaurants, hotel conference spaces, country clubs, night clubs, convention centers, theaters, and other non-traditional event spaces. Once we target these rivals within the industry, our next step is to strategically uncover Trio’s competitive advantage. Through the utilization of the Porter’s Five Forces model we can better analyze these competitors and the intensity of the industry as a whole. According to the Porter’s Five Forces model, there are five factors that drive competition and ultimately dictate the attractiveness of a given market. Three of the five forces are considered external factors while the other two are internal factors that influence the degree of competition. “Understanding the nature of these forces gives organizations the necessary insights to enable them to formulate the appropriate strategies to be successful in their market (Thurlby, 1998).” The first of these external forces is the potential threat level of substitute rivals. Substitute rivals are any other company a client may choose over TRIO. Typically substitutes impact the market through price costs and trade-offs. Considering the Jacksonville market can be broken down into the eight potential industry rival buckets mentioned above, the threat of substitutes is extremely high. Clients can be selective with their buying leverage power because of competitive nature and attractiveness of the market. TRIO Marketing Strategy May 30, 2012 5 Competitive Analysis, cont’d. The second force that externally influences an industry is the threat of new entrants. This threat is based on the barriers involved to enter into the industry. The threat of new entrants for the Jacksonville market is considered low; this is because the barriers to enter into the industry are high. The cost of entry, supplies needed, building costs and distribution are all factors that influence the level. The final external influence to consider is the most obvious, the degree of rivalry. This factor determines the competitive intensity and overall market attractiveness. Attractiveness refers to how the value of each industry compares to the market competition. The degree of rivalry is most likely to be high in an industry where there is a threat of substitutes, products and services. Comparatively, TRIO has a high degree of rivalry because within the local market there is an extremely high level of substitution On an internal industry level, the buying leverage power is extremely high due to the amount of suppliers in the market. The buyer power is the bargaining impact customers have on the industry. With increasingly high accessibility of the internet, clients can do their research, compare prices and size up the competition. Clients are likely to choose a venue based on a predetermined budget. If the industry competition is comparable in price, buyers will have an upper hand in which they select. Additionally on an internal level, the bargaining power of suppliers is another factor to consider when looking at the attractiveness of the industry. Although TRIO carries an inventory of event supplies such as tables and chairs, due to large-scale events, multiple bookings or high peak season, TRIO will eventually have to outsource suppliers. Currently, TRIO’s bargaining power is moderate based on the guest caliber per event. For large-scale events (300+ attendees) TRIO’s bargaining power to their supplier is lower. At a given point, TRIO has to outsource supplies and therefore no longer becomes such a high threat to the competition supplying their rental needs. For medium-scale events (150-299 attendees) TRIO’s bargaining power to their supplier is moderate. They may or may not have to outsource rental needs based on in-house inventory, seasonality and client requests. For small-scale events (149 and below) TRIO’s bargaining power to the supplier becomes much higher. TRIO can accommodate the supplies of a small-scale events without having to sub-rent additional items. At this caliber, TRIO would be considered a threat or rival to its supplier. Based on research, TRIO’s top three competitors have been identified as: ● UNF University Center ○ Location is close to TRIO ○ Political ties may persuade clients to use this space ○ Similar space layout options as TRIO ● Aloft Jacksonville Tapestry Park ○ Location is close to TRIO ○ New/unique/upscale atmosphere ○ Similar space layout options as TRIO ● Hyatt Regency ○ Current clients have longstanding history ○ Similar space layout options as TRIO ○ Full-service offering including lodging, a/v, and meeting equipment TRIO Marketing Strategy May 30, 2012 6 c. S.W.O.T Analysis Now that the industry as a whole has been analyzed the next step is to dissect TRIO as an organization by creating a S.W.O.T. analysis. The chart below examines the strengths, weaknesses, opportunities and threats. From the weaknesses and threats point to TRIO’s major challenge. TRIO’s strengths and opportunities will be leveraged to identify a solution to the major challenges identified. TRIO Marketing Strategy May 30, 2012 7 III. Marketing Strategy a. Objectives After researching these and other event spaces in Jacksonville, it seems that TRIO will offer an unmatched opportunity for event planners,