Prepare a Marketing Strategies section for the Far Horizon Marketing Plan

Marketing Strategy for Far Horizon

Far Horizon offers a full-service convention center as its primary product . Its target market is composed of three market segments . These any individual , organization , business , or government agency that may require a venue and the corresponding services where a special gathering , function , or event may be held . The three main market segments are individuals , businesses , and organizations

Since marketing may be considered from four main perspectives , product place , promotion , and price , a strategy must be developed for each of such perspectives . More importantly , such strategies must

be directed towards the market that the company and its product aims to penetrate The following section will outline and discuss Far Horizon 's strategy for each of the four factors of the marketing mix

Product Strategy

Far Horizon 's main product strategy would be to develop its competitive advantage . The company should make the market see that their product is the best choice in the market . An analysis of the competition in the local market will reveal that Far Horizon has four main competitors Each of the said competitors lacks a certain service or characteristic that customers maybe looking for in a venue . For instance , the public library , school district , and the community college all do not have catering or banquet services that clients may look for . Catering is a vital part of any gathering . Since Far Horizon has the capability to offer such services , it should market this service and develop this into its competitive advantage . Secondly , Far Horizon 's biggest competitor is Holiday Inn . However , Holiday Inn and the other competitors do not have enough capacity to hold large-scale gatherings . Far Horizon has the largest seating capacity in the local market and they should use this as a marketing point

Basically , Far Horizon should market its product as a convention center that has all the services necessary for holding gatherings and special occasions . It should point out the quality of its services and facilities that no other venue can offer

Price Strategy

Far Horizon will utilize a cost-plus pricing strategy . This entails calculating the direct costs for every customer depending on the services that he may require . Such costs will likewise include the staffing needs , space required , as well as all additional services that the client may require . Markup will be added once the been determined

This pricing strategy means that Far Horizon customizes its pricing to meet their clients needs . It does not fixed pricing or packages so that the clients may properly choose the services that they would like to avail of

The members of Far Horizon 's target market may require different needs For instance , the services required for a wedding will greatly differ from the services required when a business or organization holds a conference of seminar . Thus , it is important for Far Horizon to have the ability to adjust itself and its pricing to the requirements of its clients

With a cost-plus pricing strategy , Far Horizon will be able to allow...