Marketing Plan for Luxatic Products †Free Samples to Students

Question: Discuss about the Marketing Plan for Luxatic Products. Answer: Introduction: As discussed earlier, the luxatic yachts and jets were introduced in the tourism sector for the clients who prefer experiencing new adventures. The industry is defined by seasons hence, to maintain the product relevance in the market strategic plans must be discharged to ensure consumption of the same throughout the year. Koc and Altinay (2007), imply that the players in the tourism sector offer sub-standard services during peak season as a result of many customers to attend to. As such, the knowledge is vital in marketing their products differently in order to reduce competition. Carrying out reviews and learning from current trends is essential for any business that aims to stand out in their industry. Keelson (2012) claimed that over the years marketing strategies have shifted based on the popularity of different concepts and the specific period. In the past, companies cared more about the scale of production to satisfy the overwhelming demand that once a company made a name retaining clients was easy. However, with the age of technology, there are many products by numerous producers in the market. As such, the potential customers can access a lot of information from the comfort of their homes or work-place and purchase the same virtually. Therefore, Luxatic products have a platform in the competitive virtual space, which is one of the approaches that have made it a recognized brand globally for the target consumers. Additionally, they have provided a wide range of attractive photos that are essential since the industry depends on the attractiveness of the products. Availability to consumers in the internet and social platforms is necessary hence they have not restricted access to their website for people around the world, unlike some companies that only allow viewership within a specific geographical region. Project Market Objectives The Australian yacht tourism is existent and there are domestic and foreign visitors who visit the country just for the purpose. However, Kurleto (2013) insist that the business is faced with challenges from conservationists to practice sustainable activities in the field. Therefore, the company should take the opportunity to brand itself in a manner that ensures they stand out in ecotourism matters to gain the competitive advantage over other players in the industry. In addition, most of the companies in the field do not use similar machines for the business thus with their luxurious products they should attract the clients willing to pay for great services. They also need to carry extensive surveys in the market to learn and keep up to date with trends that the clients find more interesting. In addition, creating products for local clients who do not intend to spend much on the trips would be beneficial especially during low seasons. Yacht cruising and use of jets as a major trend not just in Australia but in other regions of the world is a great business opportunity to venture in. As such, the luxutic has a chance to become a major brand since the field has not been very dominated yet and when many businesses venture, they will be well established hence their scale of production will be higher hence remain a major player. In addition, as they continue to offer services in the new market, they can promote their brand such that they are able to retain their clients even when the market is flooded. Orams (2013) insist that there are many tourists that visit destinations just to watch whales from around the world. The activity has popularized yachts in the sector because it is the most comfortable means of water transport and gives the clients the prestige as compared to traveling using other means. In addition, wealthy people around the world prefer to hire private jets and since Australia is a large country compared to others in the world, having access to one while touring would save a lot of time that would otherwise be used in transit. Apart from using the two as a means of transport, they also attract a number of tourists to view them. As such, the company should invest in unique products as well as innovative means to attract visitors due to their physical features. Market Analysis: PESTEL Model McMenamin (2008) implies that despite changes in political regimes, the various governments aim is to create an enabling environment for businesses and make laws that are supportive of entrepreneurs when the need arises. As a result, the enterprises are able to contribute revenue for the country to run other sectors. The business should be able to present their issues if any to the relevant authorities in order to maintain a proper working relationship. The companies should maintain political neutrality in order to maintain a national outlook that the clients seek in a brand. The country is among major economies in the world due to continuous growth and development in all sectors that generate revenue. McMenamin (2008) insists that this is one contributor to the great business environment since premises cannot thrive in a diminishing economy due to the challenges that it presents. As such, they are able to continue producing services and commodities within a scale possible to make profits and put them in the market at a price that the clients are willing to pay. Consequently, in case of expansion, the company should carry out a survey in the areas they wish to invest to avoid making losses. Social Analysis The relationship between a company and the community within their area of operation is necessary to ensure proper performance. Apparently, the company does not have any records of negative interactions with the people. However, they should practice positive engagements with the societies because doing so elevates the name of the brand. The activities include involving them in decisions that may affect them such as when planning to erect a building not just because it is mandatory but in order to maintain respect and cohesion, as well as the brand name. At this day, there is much technological advancement around the globe and Australia is among the countries in the front line. The infrastructure has allowed businesses to come up with new products that were not produced before. However, they are expensive to install and require high-quality products that are available in countries that are the major players. The company we are focusing on is at the core of the use of technology since they venture in a field that is not common. Certainly, an improvement on their products and investing further in innovative solutions would improve their competitiveness in the industry. Companies experience legal challenges when they fail to comply with set standards or engage in improper activities within their operations. Such include tax evasion which is common with businesses or procedural failures. However, some countries make these requirements difficult to comply with due to the way in which they diminish their ability to be productive. In the country, the requirements are friendly to the businesses enabling a lot of players to venture in premises they aim to. In this environment, the company should expand and improve their services since there is provision for the same. Environmental Analysis The tourism industry has a provision for an ecology-friendly operation that insists that these activities should be conducted without harming the natural resources or depleting their ability to be equally productive for future generations. As such, Kurleto, (2013) insists that any companies taking part in tourism should take responsibility ensuring that their endeavors do not harm the water bodies by either trashing or spilling oil in transit. Funding environmental courses as a part of their charity program would go a long way in marketing themselves as agents of conservation and attract attention that works to promote the brand. According to Kirant and Orban (2010), an essential part of the market mix is the people because they determine how the business will be perceived by the consumers and other external players. The concept is based on the role they play in the services especially in an industry like tourism. They also claim that for the ultimate results in marketing, all stakeholders within the enterprise must work together towards the common goal of satisfying clients in order to retain them. Additionally, the same should be extended to the community since tourism involves traveling and if the community is hostile towards the guests, the efforts of the business to impress them alone might not attain the goal it was meant to. Under tourism sector, the company offers two products; the yacht as well as the jets. Consequently, they are able to provide standard services since they do not engage in a wide range of products. Apparently, a minimal quantity of products ensures specialization hence they can carry out necessary market trend survey and meet necessary requirements because the field is relatively young as compared to other locomotives. Maximizing their potential by use of innovative methods to stand out from others since failure when only two products are in the market would mean the closure of the business. For that reason, their uniqueness is the selling point as well as the luxury aspect. Optimizing production through different seasons despite the market fluctuations is the major component of the product mix (Nazari-Shirkouhi et al 2010). The prices should be set in such a way that there are willing consumers who can afford the services at all times around the year. Using the seasons to reach a figure such that during peak season when there are many consumers willing to purchase products at any market price would reduce overcrowding in the business which leads to offering less quality and result in loss of possible permanent clients. On the low seasons, there are very few clients taking vacations hence destinations do not get enough clients. Consequently, the businesses should offer cheap packages to attract local visitors who can take time to engage in recreational activities. In addition, making small products to complement the earnings during the low season would play a vital role in maintaining the profit margins of the company where they are enough to support running the company and avoid closing down or retrenching like businesses do. Conclusion By implementing the above marketing strategies, a company should be able to make profits and have a competitive advantage over other businesses in the industry. Additionally, carrying out an extensive survey on specific actions that can be taken into action increases the number of options that can be enacted. As such, a scholar participating in a similar exercise is well prepared with right skills for a similar role in the future. References Keelson, S. A. (2012). The Evolution of the Marketing Concepts: Theoretically Different Roads Leading to Practically Same Destination!. ISSN 1931-0285 CD ISSN 1941-9589 ONLINE, 173. Kirant, Y. Ozen, Orhan I. (2010). A model proposal on the use of creative tourism experiences in congress marketing mix. PASOS. Revista de Turismo y Patrimonio Cultural, 8(3). Koc, E., Altinay, G. (2007). An analysis of seasonality in monthly per person tourist spending in Turkish inbound tourism from a market segmentation perspective. Tourism from a market segmentation perspective. Tourism management, 28(1), 227-237. Kurleto, M. (2013). Sustainable management of lakes taking into consideration the tourism and nature conservation in Australia and New Zealand. PUBLISHER UWM, 91. McMenamin, I. (2008). Business, politics, and money in Australia: testing economic, political and ideological explanations. Australian Journal of Political Science, 43(3), 377-393. Nazari-Shirkouhi, S., Eivazy, H., Ghodsi, R., Rezaie., Atashpaz-Gargari, E. (2010). Solving the integrated product mix-outsourcing problem using the imperialist competitive algorithm. Expert Systems with Applications, 37(12), 7615-7626. Orams, M. (2013). Economic activity derived from whale-based tourism in Vavau, Tonga. Coastal Management, 41(6), 481-500.