Prepare a Market Analysis for the Marketing Plan

Marketing Analysis

Market Background

Far Horizon Convention Center aims to target a market that is composed of both personal and business clients . There exists a need in the market for a venue wherein family , personal , and business gatherings may be held . Although there are other possible venues wherein such gatherings may be hosted , each of the available choices has certain deficiencies which the Far Horizon Convention Center aims to fill in

Industry Product Class

Far Horizon will provide various services to the market . Primarily with its restaurant and bar , it

caters to the market 's need for dining With the opening of the convention center , Far Horizon will be able to expand its services to include a venue for various forms of gatherings both for personal and business use . Together with such venue will be Far Horizon 's services that are usually needed when holding events or gatherings . These include catering services , audio-visual equipment , as well as chairs and tables that are some of the most common needs of customers that hold special events such as weddings , parties , and conferences

Competition

The Far Horizon Convention Center will have four main competitors These include the community college , public library , the school district , and the Holiday Inn . However , Holiday Inn is the main competitor of Far Horizon . Each of the three other competitors lacks in the additional services that are required for gatherings . They cannot provide banquet facilities for large groups . Also , clients would have to acquire their own caterers in to provide food for the participants . Although Holiday Inn is fully capable of providing catering services , it cannot accommodate more than 350 guests . This maximum capacity is far lower than that of Far Horizon since the convention center is estimated to hold a maximum of 850 participants The biggest advantage of the Holiday Inn is that it can provide accommodation for guests . However , when Far Horizon opens its own motel it can provide accommodation facilities as well

Macro-Environment

Political /Legal /Regulatory conditions

Being a service-oriented company , Far Horizon must ensure that all their actions are in accordance with the laws and regulations that govern an establishment such as theirs . For one , Far Horizon must ensure that all the elements of their buildings follow the rules stated in the building code . This includes provisions for emergency situations such as fire exits , and sprinkler systems . Secondly , Far Horizon must ensure that their establishment is accessible to everyone including the handicapped . Special services should be given to those with special needs such as parking spaces , ramps , and elevators dedicated to handicapped and disabled individuals . Lastly , since the Far Horizon Convention Center is meant to serve as an area of socializing and entertainment , it must not disregard the rules regarding alcoholic beverages and smoking . Since smoking is prohibited in enclosed public spaces , an area in the convention center must be used as a smoking lounge . More importantly , Far Horizon must ensure that it does not serve liquor or alcoholic beverages to minors and others...