The Far Horizon Convention Center Essay Example

provide ample space for up to 850 guests.

Currently, the only downside of Far Horizon is its inability to provide lodging for guests. Nevertheless, future plans entail the construction of a motel that can fulfill this need. This marketing strategy aims to establish Far Horizon as the top option for business, personal, and intimate events. In addition, the convention center benefits from the prosperous economic climate of the Far Horizon area.

The community has a stable workforce and ample disposable income for organizing events. Additionally, the cultural environment is suitable for this business as the residents have a strong focus on family and socializing. As a result, there is a high interest in hosting special gatherings with loved ones and friends. Furthermore, there is significant potential for investment in the community, which would lead to increased demand for Far Horizon's services with more businesses being established.

The main goals of this marketing plan are to increase sales volume and generate greater profits for Far Horizon within the next five years. This will mainly be achieved through reforming the operations of the restaurant and bar, promoting the convention center at the local and state level, and establishing it in the market through various marketing strategies. Additionally, the plan aims to make Far Horizon financially self-sufficient within five years. To identify areas of improvement, a SWOT analysis was conducted which revealed that Far Horizon has competitive advantages that can give them an edge over their competitors. Notably, they have a wide range of services for hosting special events.

Far Horizon is well-equipped to host large groups for special events, providing most, if not all, necessary services. Its

experienced management is a key strength, as is its financial stability which allows for greater decision-making flexibility. Although deficiencies in the restaurant and bar operations pose a weakness, adjustments can be made to easily overcome this issue.

The firm's weakness lies in its advertising and promotional shortcomings, which hinder its growth and success. However, this marketing plan aims to overcome this weakness and enable the business to flourish. Fortunately, Far Horizon is well-placed to take advantage of the opportunities and face the challenges present in the market, given the potential for growth, particularly within the local economy.

In addition to its comprehensive range of services, Far Horizon can gain a larger market share than its competitors. However, the convention center's location poses a major threat. It may cause customers to consider other venues that are more accessible to nearby accommodation facilities, as no such facilities are currently available at this location. Far Horizon's target market comprises three main segments: individuals, businesses, and organizations.

Clients in the individual market segment often hold special events, such as weddings, parties, anniversaries, and birthdays that typically require a venue, particularly banquet facilities. Far Horizon aims to attract these individuals within the local community and nearby towns. In addition, audio equipment is often required for dancing and singing at such events. Meanwhile, businesses and organizations may require a larger space for conventions, seminars, or company parties.

Far Horizon plans to target local community businesses and expand to businesses statewide, offering catering services and technological equipment. The marketing plan includes strategies for product development, quality maintenance, and competitive advantage. The center aims to project itself as a top venue for high-quality and valuable special

events.

Far Horizon plans to employ a cost plus pricing strategy that will be tailored to the unique needs of each client. The strategy involves calculating the cost of all necessary services and adding an appropriate markup to determine the final price. By customizing prices, Far Horizon is able to provide a more personalized and accommodating service to its clients.

One of the key selling points of Far Horizon is its accessible location to public transport and local airport, which should be highlighted in marketing efforts. Additionally, the venue's scenic view is particularly attractive to clients hosting intimate celebrations like weddings, making it an important feature to emphasize. Promotion plays a vital role in this marketing plan as Far Horizon is in its early stages and needs to be introduced to its target market through all promotional activities.

To achieve the goal, Far Horizon should use various promotional tools such as local media ads, streamers, banners, flyers, and a fully functional website. These tools will help the market understand what Far Horizon is and what it has to offer. However, since the target market consists of three segments, Far Horizon needs to tailor its promotional activities to each segment for proper introduction of services. Evaluation of the marketing plan requires measuring several aspects through different means. Sales increase is a primary measure of effectiveness, while customer loyalty can be gauged by the percentage of repeat customers’ sales out of total sales.

Customer satisfaction surveys play an important role in determining whether Far Horizon can meet the needs of its target market. The proposed marketing plan is expected to generate significant interest among the target market due to the efforts

of the marketing department and all members of the company's staff. Following the proposed strategies and taking necessary steps will brighten up the future of Far Horizon. Therefore, it is recommended that the company as a whole proceeds with the implementation stage of the plan to establish its position as the leader and preferred choice in the market for special event venues with your approval.