Executive Summary
This is a proposed marketing plan for Cradle Amusement Park. The sections outline a description of the park and its facilities, the location, and how this adds value to the target market. It also covers the target market segments and demographics better to predict the purchasing power of the park services. The paper details the most significant start-up expenditure and marketing cost based on the above. The marketing strategy and a course of implementation then back this up.
Product
The Cradle Amusement Park is an adventure and fun-filled space carefully curated for everyone to have the best time as they relax. The park is in an outdoor space covering about 3000 square meters; there is no congestion, even during summer when people flock in to have fun. Within the park’s radius is a Ferris Wheel, a roller Coaster, a Karting Space, a mini-golf club, and a bowling arena for the lovers of these activities. Younger children will have balloon swimming pools and artificial fountains to play with water on sunny days.
There will be painting games, drawing games, hide and seek, hopscotch, and entertainers in costumes to play with kids. These fun activities are designed for an adrenaline rush and have a memorable thrill (Chernev, 2020). The park also caters to the young generation who are passionate about virtual games. There are five virtual reality stands spread out throughout the park. The park also has video games to be enjoyed before or after the thrilling outdoor activities. This variety of activities caters to all your needs regardless of age, gender, and interests.
The amusement park is unique because it is centrally located in the city. It is a family-friendly recreational center that helps the public take a break while adding social life to the city’s residents. This makes it very accessible at any time of the day. Parents can also drop their children and go on their errands, and they will be safe. Apart from this, the park area is dust-free due to the natural grass in low-traffic areas. The grass is watered daily to ensure it does not dry up while protecting it from people walking over it.
High-traffic areas have faux grass that prevents injuries for those walking barefoot. The park’s maintenance staff cleans the faux grass daily to ensure it remains clean and that there are no bugs on it. The amusement park has a variety of restaurants and rest areas where one can take breaks throughout the day (Chernev, 2020). The restaurants are reasonably priced, and the food is clean and fresh. Having all the services in-house saves time that would have been spent trying to get food and snacks from outside.
Place
The amusement park is strategically located in the city’s center, where people can readily find it. It is also accessible from all the streets in the city. Therefore, people can drive in without having to go around the streets. Due to this, the park has ample parking space; hence, parents do not have to walk with their young kids for long before getting to the activity stations. Excellent maintenance in the park keeps the park fresh (Chernev, 2020). During summer, shades and gazebos protect people from the hot sun. During cold weather, there will be ACs strategically installed to keep the place warm. Provisions will be made to ensure customers continue having fun during any weather changes during the day.
The geographical location is also accessible to other facilities outside the park. For example, there are exquisite guest hotels for visitors from far away. Visitors can find places to spend the night after experiencing the park. Transport services are also readily available as train and cab services are outside the park (Chernev, 2020). People can also run errands such as banking and shopping without much strain of having to leave the park and move across town to run the errands. The central location optimizes time while enabling coordination of other activities and availability for emergencies.
Pricing
The marketing cost for the amusement park is derived from considering all the start-up expenses. These expenses include land acquisition, construction costs, machines and equipment, safety systems, employees and entertainers, customer services, and insurance. The estimated total cost of all these significant expenses is about $20,000,000. Data shows that amusement parks invest an average of 20% of their start-up capital in marketing (Faria, 2023). The marketing cost will be about $4,000,000 for the first year (Chernev, 2020). Considering the pricing of the park services, the prediction is that from the marketing plan, the park will generate a revenue of $100,000,000 monthly, which will be directed into maintenance, staff wages, marketing, and capacity increment. The revenue is projected to rise steadily as more people learn about the park.
People
The target market for the amusement park is families, with a particular focus on young children. There are activities for children from the 4 – 9 years. These children will enjoy the activities with the help of their parents and the helpers around the park. The other segments are children of age ten years and teenagers (Chernev, 2020). This category forms the most significant market segment because they are curious, active, competitive, and flexible to engage in many of the activities provided in the park. A smaller market segment that forms the target market is parents and children. The park’s management acknowledges that parents may need to be entertained while chaperoning their children. Although most parents are busy, the facility provides them with activities like bowling, which they will enjoy.
Regarding market demographics, the target market for the park includes middle to high-income earners. The park is in the city, and most visitors are from there. This population segment consists of people with high-income jobs and busy schedules. They thus find time to bond with their children over the weekends by doing fun activities like those in the park. Middle-income earners can also afford the park services but not so frequently as high-income earners (Chernev, 2020).
Both target markets will enjoy promotions and discounts to increase service access. Another characteristic is that the families within the city are small families with two or three children. This means the marketing strategies must keep the families returning because few children are in the city. On the positive side, living in the city and its environments means that the population desires outdoor fun activities and will naturally be drawn to the park.
Promotional Tactics
Since the park is new, there will be a significant launch to open it officially. The date for the launch will be announced on local radio and television channels. On this day, customers will enjoy the fun activities at highly subsidized rates to let them enjoy as many activities as they want. Subsequent park advertisements will be through social media and social media influencers (Chernev, 2020). Influencers will experience the park and share their experiences with the public. They will be guided to highlight the park’s best moments to market effectively.
One of the promotional tactics that the park will give is discounts on bundled activities. For example, if a parent plans to engage in karting, the Ferris Wheel, and the roller coaster, they will be given a specific discount. This promotional strategy encourages parents to play more activities at a discounted rate, meaning more services will be used (Chernev, 2020). There will also be promotions for customers who subscribe to the park. There will be monthly, quarterly, and annual subscriptions to the park. The subscriptions come with cards that one shows when they visit the park to receive discounts on the prices of the services.
Implementation
The marketing plan will be implemented continuously for about two years. Marketing will begin a month before the park’s official launch to attract the public’s attention to the official launch. Subsequent social media influencer marketing will continue throughout the first year, with changes being made to improve marketing outcomes. Radio and television marketing will also be in the second year because this route is capital-intensive.
Forecasted earnings from the first year will be budgeted to cater to radio and television marketing. To account for the effectiveness of the marketing strategies, the park’s management will keep a detailed record of the park’s visitors while gathering customer feedback about their views on the marketing strategies. This information and the financial records will inform future marketing strategies.
References
Chernev, A. (2020). The marketing plan handbook (6th ed.). Cerebellum Press.
Faria, J. (2023). Advertising spending in the amusement parks industry in the United States from 2018 to 2020. Statista. Web.