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Farr Inn Marketing Plan
I. External Environmental Analysis (focus on historical information, the current situation and forecasts of future conditions by segment, business or personal)
A. Market Segment
1. Size
2. Demographics
a. Age
b. Ethnic Background
c. Home Language
d. Marital Status
e. Income Level
f. Education
g. Occupation
h. Religion
3. Geographic Spread (30-45 Minutes)
4. Decision making process.
B. Regulatory and political environment.
1. Motels
2. Restaurants
3. Adult Entertainment
4. Alcohol
C. Social factors
1. Location Religious Dynamics
2. Dress Code
3. Sexual Preference
D. General economic trends affecting tourism
1. Unemployment Rate
2. Per Capita Income
3. People per Household
4. Real Estate Costs
5. Comparative Cost of Living
E. Competition
1. Overall
a. Motels
b. Resorts
2. by specific firm
a. Theme
b. Classical Bed and Breakfast
c. Chain Suites
d. Five Star
II. Internal Environmental Analysis
A. Resources available
B. Resources mission
C. Performance History by segment and customer type
1. Marketing
2. Operations
3. Financial
D. Assessment of marketing strategies utilized in past
E. Cost analysis
F. Image in marketplace
1. Logo
2. WebPages
3. Brochures
4. Phone Directories
G. Product/service portfolio assessment
1. Themes
a. French Louis XIV
b. English Victorian
c. Italian Baroque
d. Empire
e. Virginian
f. Scottish Renascence
2. Art Gallery
a. Paintings
b. Sculpture
c. Prints
d. Posters
3. Room Food
a. Cold Cuts/Cheese/Crackers Tray
b. Relish/Dip Tray
c. Fruit Tray
d. Non Alcoholic Beverages
4. Gift Shop
a. Flowers
b. Jewelry
c. Collectibles
d. Logo Items
i. Bath Robes
ii. Towels
iii. Bags
iv. Mugs
v. Tee Shirts
5. Sundries
III. SWOT The outcome of the environmental analysis should be an understanding of external threats and opportunities, and an evaluation of the position of the firm to take advantage of opportunities.
IV. Review of Business Definition
A. Statement of Business definition
1. Market segments targeted.
2. Customer benefits targeted.
3. Range of products/services to be offered
B. Compare to SWOT Analysis
V. Mission
A. Type of organization desired (Franchise Operation)
B. General Direction to be taken (Growth Oriented)
C. Underlying Philosophy (strive for quality and customer value)
VI. Objectives. Specific, measurable performance criteria, attainment of which will achieve the business mission. Establish objectives by product/service, segment and customer type
A. Market Objective
1. Market Share
2. Relative Market Share
3. Sales in Dollars and units
B. Financial Objective
1. profits,
2. margins achieved,
3. expenses
4. Return on Investment
5. Return on Assets
C. Other Factors
1. marketplace image
2. Customer awareness
3. Social Responsibility
VII. Marketing Strategies
A. Market segments to be targeted
B. Positioning relative to competitors
C. Identification of keys to success
D. Development of an underlying thrust to objective attainment (classic opulent style)
E. Growth Strategy
1. Market Penetration
2. Product/service development
3. Market Development
4. Diversification
F. Techniques for greater efficiency
VIII. Marketing Tactics (Action Program). Detailed realistic actions, include responsible people and timetable.
A. Product/service attribute development
B. Promotions
C. Pricing
D. Advertising Distribution
IX. Resource Statement and Functional Requirements
A. Comparison of resource needs to those available.
B. Methods to bridge resource gaps
C. Human Resources
D. Capital Investments
E. Marketing skills
F. Organizational Investments
G. Functional Requirements
1. information system needs
2. integration of marketing and other organization functions
3. team-building tasks (Establish an action program budget)
X. Evaluation and Control
A. Define performance measurement.
B. Define responsible people and methods
C. Establish Benchmarks
D. Establish Contingency Plans
