Marketing Planning Consultancy Report for FairGame™ International Plc - Marketing Essay Example
1.0 Executive summary
The main aim of this marketing plan is to enumerate the tactics, programs and strategies that FairGame™ international Plc will use to be able to penetrate and get established in the U.K market - Marketing Planning Consultancy Report for FairGame™ International Plc introduction. FairGame™ has plans of offering a comfortable, professionally run, friendly, and well lit environment to its customers for it to have a competitive edge over similar other businesses in the U.K. It also has plans of establishing coffee shops betting style shops that will be able to attract a particular segment of a population. FairGame™ offers quality services and it is the answer to the increase demand in gambling and betting. Marketing will be important to ensure that the company becomes successful in its operations. It will work hard to ensure that FairGame™ becomes a household name and that customers build loyalty towards the services that will be offered by the company. The company will emphasise on employing qualified and experienced staff to ensure that customers become satisfied with the company’s services. The business is going to target business people, retired people, and women. (Bjergo, 1986)
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2.0 Situation Analysis
FairGame ™ Company had been doing very well in the U.S until the government came up with the unlawful internet gambling Act of 2006. In fact, FairGame™ has a chain of licensed betting offices (LBOs) all over the United States. The company plans on taking advantage of the liberisation of the gambling industry in the U.K. In addition, the National lottery that was launched in the mid 1990s will work in the favour of the company if it expands its operations to the U.K. FairGame™ has to differentiate itself from other similar businesses by distinguishing itself from the traditional settings of betting shops so that it can be able to compete effectively in the market. Gambling activities have started to be accepted in the community. The government has also promised to set up a gambling act that will allow gambling operators advertise their services via the radio or TV. The Act will also allow gambling premises to be opened for long hours. This will work in the favour of FairGame™ by increasing the sales of its services. (Block, 1992)
2.1 Market Summary
FairGame™ has an exciting opportunity in the U.K because of the liberisation of gambling activities in the region. The fact that it had already established itself in the U.S makes it easier for it to transfer its operations to U.K. Many people are now showing interest in gambling activities. Women have also been noted to participate in gambling. This can be illustrated by what happened in big brother’s eviction night and Tucker project fame programs. Therefore, FairGame™ will look in to the strategies that it will put in place to attract a larger segment of the population in the U.K. The target market growth of the targeted population is different. Business men continue to grow at a rate of 6%, retired people at 4%, while women who show interest in gambling activities continue to grow at a steady pace of 3%. (Terk, et al. 2000)
2.2 SWOT Analysis
The SWOT analysis is done to determine the Strengths, Weaknesses, Opportunities and Threats that has to be examined by FairGame™. The strengths that the company has will enable it succeed. (Collett, 1999) For instance, FairGame™ has a friendly, warm, comfortable, and a well lit environment. In addition it has an experienced, qualified, and friendly staff. The company has a professionally run business that is technologically operated. Furthermore, FairGame™ has a clear vision of the market need. The company has already been in operation and has done well for itself in the U.S. It understands that there is a gap in the gambling market that needs to be filled. The company has to also note the weaknesses that it must work on. The costs that are required to run a gambling business are just too high. The company should come up with ways of maintaining its operations in the U.K. Similarly, it should be able to introduce something new in to the business to distinguish it from other similar businesses. The opportunities that the business has are many. The fact that the Government is planning on coming up with the gambling Act, should be a chance for the company to exploit the opportunity to the fullest. The U.K is also planning on liberalising the gambling market. FairGame™ should take this advantage and expand its operations in the region. In addition, it has been noted with interest that gambling is addictive and that once one starts to gamble, he cannot stop. The gambling population is also growing daily. FairGame™ should be able to exploit these opportunities. On the other hand, threats that the business faces should also be addressed. The U.K. has three major gambling operators who are likely to pose competition to FairGame™. These operators include William Hill, Ladbrokes, and Coral EuroBet. Therefore, FairGame™ needs to establish customer loyalty for it to succeed in the U.K. market. (Crittenden, et al. 1999)
2.3 Keys to Success
The FairGame ™ Company is bound to succeed because it already has an experience in the gambling field and it knows how to run gambling operations. It also has qualified, professional staffs that is attractive to customers. The fact that it has an ambiance that is innovative, unique and upscale, will enable it to attract more customers.
2.4 Mission Statement
FairGame™ plans on establishing a professionally run betting shop chain that will provide convenience, quality, and value to customers and provide a bright, friendly, safe, and technology-driven retail and leisure environment.
2.5 Corporate objectives
FairGame™ plans on having a growth in its sales by 14% annually. It also aims at building customers’ loyalty through offering quality services. Furthermore, it plans on diversifying its operations in the U.K. The Company has a reputation to keep and therefore, it aims at hiring qualified staff who will offer quality services to the customers. The financial objective of the company is to make approximately $ 400,000 in its first year of operation with an annual increase of 14% in the subsequent years.
3.0 Marketing strategy
FairGame™ aims at attracting the retired, women, and business men into the gambling premise. Therefore, it has to make the premise to be as comfortable and friendly as possible in order to achieve this. The retired people will be able to get enough entertainment from the business while the business people and women will get the opportunity of socially interacting with each other and sharing ideas. Therefore, FairGame™ should be able to give undisputed high quality services to compete effectively in the market and maintain a loyal customer base. (Robert, 1990)
3.1 Marketing Mix
The marketing efforts that FairGame™ will employ will be towards developing a loyal customer base. It will be able to achieve this if it maintains providing high quality services to its customers on a daily basis. (Porter, 1985)
3.1.1 Service and Service Marketing
FairGame™ ensures that its customers are able to be entertained in a professionally run environment. Its customers are assured of a comfortable, friendly and a well lit environment. At the same time, it plans on establishing a coffee shop style betting that will be able to draw a segment of a population that would not be free to visit the main betting operation premises. Therefore, customers of different tastes will be well catered for.
FairGame™ will spend up to $ 80,000 to carry out its promotions. This will be in the quest of building a loyal customer base and making customers aware of the new services it hopes in integrating in to its operations. Most of its promotion activities will be carried out via TV, Radio, Newspapers and Journals. Marketing efforts will be focused on the U.K. region. (Nina, et al.1988)
FairGame™ has to ensure that it offers quality services for it to maintain and acquire a new customer base. It has done this by hiring a professional, experienced, qualified, and friendly staff that can deliver quality services. It has also been able to have a customer happiness representative who is in charge of customers’ satisfaction by monitoring customers’ happiness levels.
FairGame™ faces the challenge of creating an upscale, unique and an innovative environment that will be able to distinguish it from other gambling businesses. It also has to make the business premise to be as comfortable and friendly as possible for it to compete effectively in the market. In addition, it has to establish an atmosphere that will make the business premise act as both an entertaining and social place. (Crittenden, et al.1999)
4.1 Implementations to be adopted
FairGame™ has to ensure that their staffs offer competitive services. They should be regularly trained on the rapid changing market needs. The marketing team should be able to monitor the marketing trends of the business in the market. This will be important to the company as it will be able to asses its growth over a period of time. The company will be able to measure its successes by looking at its planned-vs.-actual results (Strickland, et al. 2001). Each milestone and implementation that FairGame™ plans on making will be assigned to a manager. This way, all aspects of implementation will be closely monitored to ensure that the company’s growth is realised.
5.0 References and Bibliography
Bjergo, A. (1986): Marketing. Why Have a Marketing Plan? Cooperative Extension Service. University of Montana. Missoula
Block, D. (1992): Developing a Useful Marketing Plan. The Journal. Rural Enterprise. Menomonee Falls, Vol. 6
Lincoln, Douglas J. & Nina R. (1988): Conducting Your Own Survey Research. Dos and Don’ts. Nebraska Business Development Centre. University of Nebraska. NBDC Report No. 86
Hay & Robert D. (1990): Strategic management in non-profit organizations. Greenwood Press. Westport
Collett, S. (1999): SWOT Analysis. Computerworld Vol.33
Canales, James E., Kibble, Barbara D., & Terk, N. (2000): One Step beyond Strategic Planning. Foundation News & Commentary, Vol.41
Stone, Melissa, Bigelow, Barbara, & Crittenden, W. (1999): Research on Strategic Management in Non-Profit Organizations. Administration and Society.
Porter, M.E. (1985): Competitive Advantage, The Free Press, New York.
Thompson, A. and Strickland, J (2001): Crafting and Implementing Strategy. Irwin McGraw-Hill.
The graph below illustrates the targeted market growth of customers by FairGame™.
A graph comparing the growth rates of the targeted market in percentages.
1 –Business men