Introduction
“Family Fun Amusement Park” is based in New York city and draws customers primarily from the region and also from the neighbouring states. The park has a wude variety of children rides aand a petting zoo. An additional land with a large pond has been recently ourchased and a water park and family campground is being constructed.
Market Analysis
The target market for the Family Fun Amusement park shall include the following market segments:
Demographic Segmentation: On the basis of demographic factors, the target market for the Family Fun Amusement Park shall include males and females in the age group of 4-25 years, 20-45 years and 45-60 years that may be teenagers, working parents, housewives, baby boomers, retired senior citizens/grandparents. The target market for the Family Fun Amusement park shall be middle class and upper middle class income level households. Teenagers, baby boomers and grandparents are an attractive market segment as they have a higher purchasing power to buy tickets. Teenagers get pocket money from their parents and are thus capable of spending money on joy rides. Retired grand parents have higher post retirement income plan that makes them a favorable market segment for amusement parks.
Geographic Segmentation: The target customers shall be based in New York city and within 100 miles of the NYC.
Psychographic Segmentation:The psychographic segmentation for amusement park shall include individuals that are always looking for entertainment and have enough free time at their disposal to enjoy the rides at these entertainment parks. These people are looking for options to release the stress from daily hectic lives.
Product Benefits with Differentiating Characteristics
The product benefuts include an enjoyable joy ride experience that can be availed with family and friends. The park offers joy rides, water rides and camping activities that are best option for people who want to take a break from their busy lives. The park acts as a stress buster in comparison to other entertainment options.
Competitive Analysis
The competitive analysis includes the existence of renowned operators in the amusement and entertainment parks segment such as Disney Parks, Bigmark’s Action Park, Adventureland, Luna Park, Darien Lane, Six Flags Great Adventure, and Seabreeze amusement park that are some of the best known parks in NYC and are highly popular with the consumers .
Pricing Strategy
The pricing strategy for the new amusement park shall be penetration pricing in the initial 24 months. Penetration pricing involves intentionally setting the price of the products at lower end than those of the competitors in order to quickly gain a larger market share, better brand acceptance and to maximize sales .
Advertising analysis
The main aims and objectives of the advertising campaigns shall be:
Projected Budget for Advertising Campaign
The projected budget for the advertising campaign shall be nearly $12000. The advertisement campaign shall need higher budget in the initial one year as the brand awareness is low and there is a need to attract target customers.
Media strategy
The media vehicles that will be selected for the proposed advertising campaign shall include the modern digital media such as social media websites, search engine marketing, website marketing and email marketing and traditional media such as print advertisements like pamphlets and brochures (Doyle and Stern, 2006). . Social media websites such as Facebook and Twitter are effective marketing channels as they need low investment and have higher returns on investments (ROI). The target audience such as teenagers and youngsters are highly active in the social media and on the internet. Search engine marketing (SEM) is an effective marketing tool as it helps to increase the brand awareness through search engines such as Google and Yahoo through paid ad placements. The target audience such as working professionals are highly active on internet and are likely to search for amusement parks on search engines. The traditional media such as print media can increase brand awareness among the masses and have a long reach.
Describe the overall theme of the advertising message. Describe how you will use your chosen media to deliver the message you will create.
The overall theme of the advertising message: “A place where you smile and enjoy and forget the stress of your life!” The tag line for the brand shall be: Your address for amusement in NYC.
The chosen media shall be used to deliver the message in the following ways:
- Social Media: Social media channels as Facebook and Twitter shall be used to deliver the chosen message through constant updates, images and messages for the targeted audience. Facebook Fan page shall be created with the information about the entertainment park, image of the park, location, contact information, ticketing information and map of the park. People shall be invited to like the Fan Page and daily updates about the brand, rides, ticketing, discounts and offers shall be posted on both Facebook and Twitter pages on a continuous basis.
- Website Marketing: A unique domain name shall be registered for the amusement park and a proper website shall be created with images of the park, address, contact details, ticket booking facility, videos and reviews of the park. The advertisingmessage: “A place where you smile and enjoy and forget the stress of your life!” shall be emphasized on the website home page.
- Search Engine Marketing: Search engine marketing on Google and Yahoo shall be used to advertise the message with key words such as amusement parks in NYC and Entertainment in NYC. An online ad shall be similar to the one below:
- Print Media: The printed brochures and pamphlets shall depict people enjoying their rides and will emphasize on the message through the tag line and entertainment attractions.
References
Doyle, P. and Stern, P. (2006). Marketing Management and Strategy. Prentice Hall
Ferrell, O. C., & Hartline, M. (2014). Marketing Strategy. Mason: Cengage Learning.
Lacy, S. (2013, June 23). New York City area's best amusement parks. Retrieved from Nydailynews.com: http://www.nydailynews.com/new-york/best-amusement-parks-article-1.1372787
