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Marketing Plan Assignment: Cairns Aquarium

Question

Task Description : Assessment 2 requires students to work individually on their selected new product or service (from assessment 1) to create a comprehensive strategic marketing plan. This is an individual assessment with a maximum word limit of 2500. Your assessment should be an application of relevant marketing concepts learnt in the unit. There is no need to go into details about explaining marketing concepts, rather it should be an applied discussion. Please upload the assessment through the appropriate Moodle link by week 10. Each assessment must be uploaded as a .doc or .docx file (word file).

Answer

Executive Summary
The Marketing Plan Assignment focuses on a renowned organization in Australia, namely Cairns Aquarium. In addition to understanding the operations of the firm, the project tends to study various ways in which business can be expanded. In this Marketing Plan Assignment, the situational analysis with all the other approaches of the company is included. The safety of the employees of this aquarium is also facing problems in recent times. This report also focuses on the potential marketing strategy that can be implemented by the firm. The concept of the marketing mix and the budget promotion mix in respect of this aquarium is also included in this Marketing Plan Assignment.

Introduction
In the given Marketing Plan Assignment, the organizational marketing strategies and operations of Cairns Aquarium are described. This Marketing Plan Assignment also discussed the features of this aquarium and its marketing approaches. The financial objectives and the strength and weaknesses of its marketing analysis are discussed as well. Cairns Aquarium is a famous aquarium in Australia, having various kinds of trees, animals and other provides home to several other habitats. It is noted that the company provides a variety of knowledge and experience to its visitors. Customers of the aquarium mainly include students, researchers and family who visit mainly for the entertainment purpose. This Marketing Plan Assignment also provides an analysis of the stakeholders and competitors of this aquarium. The financial and marketing planning of this company is also introduced in this report.

Situational Analysis
Cairns Aquarium is one of the famous aquarium based in Australia. This aquarium provides a huge collection of several different kinds of plants and animals that are found only in Australian wet tropical region. The internal and external environment of this aquarium includes two different environments like The Daintree Rainforest and The Great Barrier Reef. The marketing strategies of Cairns Aquarium is described on the basis of SWOT analysis, Customer analysis, competitor's analysis, climate analysis, and business analysis. According to Scanes (2018), situational analysis refers to an approach in the marketing planning and a step for establishing a good and a long-term relationship bond with customers.

Strength

Weakness

1.      The company is delivering a large number of animals and plants of the Australian wet tropics.

2.      It contains a good and large safe infrastructure such as forest and rivers.

3.      This help to improve the diversity values and attract more people towards nature

1.      The company is having safety issue about the safety of the marine workers under water.

2.      The cleanness problems are in this aquarium

3.      The adaptability problem causes the death of the species.

Opportunities

Threats

1.      This company improves the excitement about the marine life.

2.      This company provide a huge entertainment for the visitors and provide educational services

3.      The large demands of this segment give good opportunities to ensure a slow cash flow.

1.      Other companies are also coming into the market to compete with this company.

2.      Consumer targets by the other companies give a loss to this company.

3.      Same activities organized by this company failed to attract more customers.


Segmentation, Targeting, and Positioning Approach
a) Problem Statement: Cairns Aquarium is one of the famous companies in Australia, however, this aquarium is faced with some of the major issues in recent times. The problem statement of the report focuses o the various issues that are existing in the organization. One of the main issues of this aquarium is the cleanness of the aquarium. The absence of proper cleanness of the aquarium and not providing enough foods for the habitats causes the death of many species. This company has also failed to build up a suitable environment for many species, and this has acted as a major cause behind the death of various species (Cui & Choudhury, 2015). The problem has also occurred in the safety and security of the aquarium. The safety of the employees of this aquarium has been compromised and has significantly impacted upon the productivity of the human resources in the firm. The species like sharks are among the most dangerous animals and some time they attack staff members while providing foods to them. There is a need for extra funds for the development of this aquarium and to increase the safety of the employees as well as the visitors. Further, the internal environment of the aquarium has suffered which has affected customer satisfaction and growth of the business in the nation. On the other hand, climatic change has also resulted in lowering the total number of people who visit the aquarium. The number of visitors has degraded and therefore, this also affected the profit of the company in the marketing scenario (Burns, Bush & Sinha, 2014)

b) Discussion of Potential Market Segment: The potential marketing segments are divided into four different parts, which can be listed as follows:

  1. Demographic segment
  2. Geographic segment
  3. Psychographic segment
  4. Behavioral segment

Demographical Segmentation- Demographical segments are used to describe the visitors' profile. Cairns Aquarium is having a great demographical demand (Weller, Kleer & Piller, 2015). The maximum visitors of this aquarium are from the following segments are as follows:

  1. Students of colleges and high schools
  2. Parents with their kids
  3. For outing purpose
  4. School children for entertainment purpose
  5. Teenagers and people of all age group

Father, it is noted that a large number of people irrespective of their age group visitors come to the aquarium for their entertainment purpose.

Geographical Segmentation- The geographical segments of Cairns Aquarium is dedicated to the conservation of the animals and plants that are found on the wet tropical regions of Australia. The two world heritage areas are the Great Barrier Reef and the wet tropics in the addition to the Gulf Savannah and Cape York. These are the most biodiversity regions on the earth and containing huge varieties of Australian animals and plants. The geographic environment is generally good for the visitors (Link, 2014). The improvement for solving the issues of Cairns Aquarium attracts more visitors. The visitors' groups are as follows:

  1. Local visitors:
  2. Hangout visitors
  3. Travelers
  4. International travelers.

Psychographic Segmentation- Psychographic segmentation is about the mindset of the visitors or the mindset of the people who visit Cairns Aquarium. The general mindsets of the visitors are as follows:

  1. The environmental awareness, for nature and its habitats
  2. Education gathering about the animals and the plants
  3. Excitements about the marine life and their features
  4. For entertainment purpose
  5. Attraction towards nature and ready to connect with nature (Govind, Chatterjee & Mittal, 2017).

Behavioral segmentation- Behavioral segmentation gives a huge appeal in the case of Cairns Aquarium. This Aquarium provides different activities for the people of all ages and gives positive wives. There are some activities of Cairns Aquarium are as follows:

  1. Internet facility, Online facility
  2. Offline facility
  3. Interested in taking local program activities
  4. Seek educational or informative experiences in and beyond the classroom (Schuster, Kubacki & Rundle-Thiele, 2015).

c) Discussion of Target Market and Positioning: The target market of the Cairns Aquarium can be broken down into various parts, which have been listed as follows:

Full Market Coverage: Full Market Coverage of this aquarium largely depends on the varieties of species and different marine animals and fishes that form a part of the firm. It also contains different varieties of plant and trees that are found in the Australian tropical regions. Further, market coverage in the firm also focuses on the marketing strategies that will help to enhance growth of the business. The management of the firm use planning to generate attraction for the children and for the travelers as well. In order to enhance brand attraction, the managers organize different activities within the premises (Bruwer & Li, 2017).

Product specialization: The product specialization of this aquarium is the different varieties of animals and species. This company also is home to various plants and species of plants. This company also provides a good infrastructure to attract people. In order to ensure that customers learn about the different species of plants and animals, the aquarium offers educational sessions and has built boards in front of every display as well.

Market Specialization: In the context of market specialization, the market strategy of this company is to attract the people by organizing different activities. Further, providing flexibility in the price of tickets is another method that helps to enhance business. It is noted that the company provides flexible ticket cost for different age groups (Venter, Wright & Dibb, 2015).

Positioning: The Cairns Aquarium is located on Florence St, in Cairns City of Australia. In order to ensure that the business attracts a large number of people, the management focuses on enhancing operational activities. The flexible cost of all the age groups and the awareness provided by this company has successfully developed a unique place in the minds of people. There are a number of factors that has influenced positioning of the business in the nation they are as follow:

  • Features
  • Benefits
  • Importance
  • Educations
  • Price
  • Quality
  • Geographical area.

Marketing and Financial Objectives a) Marketing Objectives and Goals : The three marketing objective and goals of Cairns Aquarium are as follows:

  1. To enhance sustainability and thereby build conservation goals and thereby increase brand awareness by 30% in 6 months
  2. To build up a safe and adaptable environmental habitat for species and thereby enhance sales by 25% in 8 months
  3. To provide home to new kind of animals and thereby develop new markets for customers

b) Financial Objectives and Goal: The three financial objective and goals of Cairns Aquarium are as given below:

  1. Increase sales by 30% and profits by 25% in a period of 6 months
  2. Increase customer and employee satisfaction by 40% in a period of 6 to 8 months
  3. Increase promotion of Aquarium by 34% in the current financial year

Formulation of a Detailed Marketing Mix Strategy
a) Marketing mix: The 4Ps marketing mix strategy in the context of Cairns Aquarium is given as follows:

  1. Product
  2. Promotion
  3. Price
  4. Place

4Ps

Product- In the case of Cairns Aquarium, it contains several varieties of marine animals and huge varieties of plants and trees. The products that this aquarium provides are unique. This Aquarium contains many different species of animal that are found only in the Australian tropical wet environment (McDonald & Wilson, 2016).

Promotion- The promotion activities of this company is very good and seeks the attention of the travelers and the local visitors. This company uses to organize different programs to promote the natural diversity. The different activities for maintaining the nature creates a good impact on the visitors. They use the social media platform for the promotion of this company. The newspapers and the magazines are also used for the company promotions. The new posters and the attractive handouts, organizing different activities are helps to promote the company in the global market (Liu et al, 2017).

Price- The flexibility in price according to the age group is a good strategy to create an attraction. The price is not very high and easy to afford for all classes of people. Travelers also feel suitable for paying a cost. Price levels change only on special occasions. The affordable price level makes the local people comfortable for the visit to this aquarium.

Place- Cairns Aquarium is situated in Australia. This aquarium is situated on the region boundaries of two world heritage listed environments. One is the Daintree Rainforest and another one is the Great Barrier Reef. The Cairns aquarium provides a good place for the knowledge of the marine life and their wide range of species. It also makes the people attract towards nature (Datta, Ailawadi & van, 2017).

b) Marketing Strategy Proposed Implementation

Objective

Strategy

Time allocation

Increase sales by 30%

Well planned attractive activities should be organized. Both for the entertainment and educational purpose.

6 months

Increase profits by 25%

Constructing a well-defined team is very necessary for the construction of a well-planned management system in Cairns Aquarium, which will help to enhance productivity and profit levels.

6 months

Increase customer and employee satisfaction by 40%

 

Employees: For implementing any plan, it is very necessary to communicate the plan with the members of the company. Involving employees in the process of decision making will help their satisfaction levels.

Customers: It is important to understand their needs and thereby provide them with it.

6 to 8 months

Increase promotion of Aquarium by 34% in the current financial year

 

The management needs to build up advertising and marketing plans to increase the profit of the company.

It is necessary to set a board for the recording of all the records of success. This helps to implement new strategies in the company (Beverland & Lindgreen, 2016).

Regular monitoring of the plan and management increase the profit chances.

 

12 months

.

Budget Allocation for Promotion Mix

Promotional Budget

Year 1

Objectives

Year 2

Objectives

Year 3

Objectives

Year 4

Objectives

Year 5

Objectives

News Paper

The Age

The Australians

$63,800 (25 ads)

$63800 (24 ads)

$63,800 (24 ads)

 $63,800 (24 ads)

$63,800 (24 ads)

$63,800 (24 ads)

$63,800 (24 ads)

$63,800 (24 ads)

$63,800 (24 ads)

$63,800 (24 ads)

T.V Commercials

Channel 10 

Channel 11

$74,600 (2times:7pm10pm)

 $70,000 (2times:7pm10pm)

$74,600 (2times:7pm10pm)

 $70,000 (2times:7pm10pm)

$74,600 (2times:7pm10pm)

 $70,000 (2times:7pm10pm)

$74,600 (2times:7pm10pm)

 $70,000 (2times:7pm10pm)

$74,600 (2times:7pm10pm)

 $70,000 (2times:7pm10pm)

In store Flyers (20,000 Flyers-30,000 Flyers) A3 Size

$1975.49 Quantity:20,000

A4 Flyers

$1975.49 Quantity:20,000

A4 Flyers

$1975.49 Quantity:20,000

A4 Flyers

$1975.49 Quantity:20,000

A4 Flyers

$1975.49 Quantity:20,000

A4 Flyers

Total

210375.49

210375.49

210375.49

210375.49

210375.49

budget allocation for cairns aquarium

These are the budget allocation for the promotion mix of the Cairns Aquarium. The mediums that are used by the Cairns Aquarium to promote their company are as follows:

News Paper- This Company use to promote this company and its features through News Paper like The Age and The Australians. The company uses to promote the features and the new activities organized in the Aquarium. News Paper is the most common means that is read by most of the people and therefore, the idea to promote the company through the newspaper is very good. It helps to know every people about the new features and activities of the Cairns Aquarium.

T.V Commercial- T.V is the most popular other measures for the promotion of the company. The T.V Commercials are used to promote the companies new features and also add some extra colors to make people attracted. A video promoted through the T.V Commercials also create attractiveness to the people's minds. This is also one of the best sources for the promotion.

Flyers- Flyers are the advertising materials like handouts, posters and so on. These are also one of the main measures for the promotion of the company (Jha et al., 2016).

Conclusion
In this Marketing Plan Assignment, it is concluded that the Cairns Aquarium, being one of the most famous aquariums in the world tends to enhance marketing and promotion. It is noted that the geographical areas also give an important impact on the environment of the aquarium. This company uses various marketing strategies. This company also used for the maintenance of nature. It gives a huge idea about the marine life and also promotes the educational activities of the different water species. This company uses some different measures for the promotion purpose. Cairns Aquarium is recognized to be one of the most significant organizations that connect the people with nature. Marketing Plan assignments are being prepared by our Marketing assignment help experts from top universities which let us to provide you a reliable best assignment help service.

References
Beverland, M. B., & Lindgreen, A. (2016). Implementing Market Orientation in Industrial Firms: A Multiple Case Study In Market Orientation (pp. 59-82). Routledge.

Bruwer, J., & Li, E. (2017). Domain-specific market segmentation using a latent class mixture modelling approach and wine-related lifestyle (WRL) algorithm. European Journal of Marketing, 51(9/10), 1552-1576.

Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.

Cui, G., & Choudhury, P. (2015). Effective strategies for ethnic segmentation and marketing. In Proceedings of the 1998 Multicultural Marketing Conference (pp. 354-358). Springer, Cham.

Datta, H., Ailawadi, K. L., & van Heerde, H. J. (2017). How well does consumer-based brand equity align with sales-based brand equity and marketing-mix response?. Journal of Marketing, 81(3), 1-20.

Govind, R., Chatterjee, R., & Mittal, V. (2017). Segmentation of Spatially Dependent Geographical Units: Model and Application. Management Science, 64(4), 1941-1956.

Jha, P. C., Aggarwal, S., Gupta, A., & Sarker, R. (2016). Multi-criteria media mix decision model for advertising a single product with segment specific and mass media. Journal of Industrial and Management Optimisation, 12(4), 1367-1389.

Link, J. V., Lemes, A. L. G., Marquetti, I., dos Santos Scholz, M. B., & Bona, E. (2014). Geographical and genotypic segmentation of arabica coffee using self-organizing maps. Food Research International, 59, 1-7.

Liu, Y., Li, K. J., Chen, H., & Balachander, S. (2017). The effects of products’ aesthetic design on demand and marketing-mix effectiveness: The role of segment prototypicality and brand consistency. Journal of Marketing, 81(1), 83-102.

McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.

Scanes, C. G. (2018). Animals in Entertainment. In Animals and Human Society (pp. 225-255).

Schewe, C. D., & Calantone, R. J. (1978). Psychographic segmentation of tourists. Journal of Travel Research, 16(3), 14-20.

Schewe, C. D., & Calantone, R. J. (1978). Psychographic segmentation of tourists. Journal of Travel Research, 16(3), 14-20.

Venter, P., Wright, A., & Dibb, S. (2015). Performing market segmentation: a performative perspective. Journal of Marketing Management, 31(1-2), 62-83.

Weller, C., Kleer, R., & Piller, F. T. (2015). Economic implications of 3D printing: Market structure models in light of additive manufacturing revisited. International Journal of Production Economics, 164, 43-56.

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