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Strategic Marketing Plan for Swan Jet Adventures
 

Strategic Marketing Plan for Swan Jet Adventures

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    Strategic Marketing Plan for Swan Jet Adventures Strategic Marketing Plan for Swan Jet Adventures Document Transcript

    • P lan MARKETING PLANSWAN JET ADVENTURES PREPARED BY: PATRICK GALLAGHER SION KARTA ANNA MULHOLLAND MARIA PAULA VASQUEZ Page 1
    • EXECUTIVE SUMMARYSwan Jet Adventures, a Perth-based commercial boating company, offers an adrenaline jetboat ride service that has been running operations on Barack Street jetty since 2007. In thepast year, their profit has expanded from $10,595 (3.91% margin) to $29,754 (10.63%), butthere still is a major lack of brand awareness. Swan Jet currently has a position in the nichecustomer market of „adrenaline activities‟, with Swan Jet striving to develop further its focusdifferential position in the market.External Environmental & Critical Success Factors:Macro and Micro environmental research indicates that Swan Jet is operating within anenvironment that would support the growth of Swan Jet. Factors in the external environmentthat Swan Jet need to monitor include, West Coast Jet highly discounted prices, relationshipwith Swan River Trust and commercial boating regulations and restrictions.There are three critical success factors that Swan Jet‟s director needs to monitor closely.These factors are: 1) The ability of Swan Jet to maintain and increase its customer numbers 2) Ensure the continued quality and safety record of Swan Jet 3) Improve the level of customer satisfaction and customer loyalty amongst Swan Jet customers.Objectives:The overall objective for Swan Jet is growth of the business, mainly through the increase ofcustomer numbers by 50%. Marketing objectives include Increase brand awareness by 30% Evaluate their target market segments and monitor specific strategies to grow each Focus more attention on short term marketing strategies to increase customer numbers to assist the company‟s financial growth and capital which will fulfil its long-term objectiveStrategies: SEO & PPC targeted internet marketing Increase distribution channels Social Media marketing Page 2
    • TABLE OF CONTENTSEXECUTIVE SUMMARY ............................................................................................................................................ 2SITUATION ANALYSIS .............................................................................................................................................. 4MACROEVIRONMENTAL ANALYSIS ......................................................................................................................... 4MICROENVIRONMENTAL ANALYSIS ........................................................................................................................ 7 INDUSTRY-MARKET REVIEW ............................................................................................................................... 7 CUSTOMER REVIEW ............................................................................................................................................ 8 COMPETITOR REVIEW ......................................................................................................................................... 8 DISTRIBUTOR REVIEW ......................................................................................................................................... 9 SUPPLIER REVIEW ............................................................................................................................................. 10SWOT ANALYSIS .................................................................................................................................................... 11MARKETING OPPORTUNITY ANALYSIS .................................................................................................................. 11CRITICAL SUCCESS FACTORS ................................................................................................................................. 12OBJECTIVES & HIGHER LEVEL STRATEGIES ............................................................................................................ 13 STRATEGIC GAP ANALYSIS ................................................................................................................................. 13 ANSOFF’S PRODUCT-MARKET STRATEGIES ....................................................................................................... 13 SMART OBJECTIVES for Q2 2010- Q2 2011 ....................................................................................................... 15MARKETING MIX ................................................................................................................................................... 16 POSITIONING & SEGMENTATION ...................................................................................................................... 16 CUSTOMER SEGMENTS ..................................................................................................................................... 17 SEVEN P’s OF SERVICE’S .................................................................................................................................... 19BUDGET ................................................................................................................................................................. 24IMPLEMENTATION, EVALUATION & CONTROL ..................................................................................................... 25 ACTION PLAN .................................................................................................................................................... 25 KEY PERFORMANCE INDICATORS (KPI) ............................................................................................................. 26RECOMMENDATIONS & CONCLUSION ................................................................................................................. 26APPENDIX .............................................................................................................................................................. 28REFERENCES .......................................................................................................................................................... 30 Page 3
    • SITUATION ANALYSISBUSINESS DEFINITIONSwan Jet Adventures (Cruise WA PTY LTD) operating since 2007 from Barrack Street Jettyon Perth´s Swan River is a small business operation, with large market potential that currentlyentertains approximately 5,500 people every year. The company has six employees, includingjet boat skippers, an engineer, and part-time customer service personnel. The main serviceoffered by Swan Jet is a 25 minute jet boat ride experience for up to 14 passengers on theSwan River, whom experience the thrills and excitement of an adrenaline jet boat whichreaches speeds up to 80km/h and does continuous 360 degrees spins to keep hearts racing.Swan Jet offers gift vouchers and merchandise products for purchase, while diversifying itsservices to include experience packages of parasailing, helicopter rides, and Harley Davidsontours to promote the whole Swan Jet experience.MISSION STATEMENTThe Swan Jet mission statement is “To deliver an exhilarating fast and fun jet boat adventurewhile demonstrating our duty of care to our customers, other river users and the uniqueenvironment of the Swan River”.MACROEVIRONMENTAL ANALYSISDEMOGRAPHICPOPULATION GROWTH & AGE AND SEX DISTRIBUTIONTo date, the Australian population in March of 2010 reached 22.2 million, with the populationin WA reaching 2,286,100 along with a growth rate of 2.3% representing the highest increasein Australia1. The majority of states had a positive increase as a result of migration andnatural population growth, with WA in which Swan Jet operates experiencing the strongestpopulation growth2. In WA the median age is 36.2 years with WA and Queensland bothhaving the highest growth of 13.8% in the 15-64 age categories. From June 2009 there were11.02 million females in Australia, compared to 10.93 million males, with WA and NorthernTerritory consisting of more males than females1.EDUCATION TRENDSIn 2008, there were 3.4 million students in Australia, with 17% of students involved in highereducation and the number of Australian‟s with vocation or higher education qualifications hasbeen increasing over the past 10 years from 43% to 69% of the total population aged between25-62 years3. This increase can be linked to the growing significance of educationalqualifications to support employment2 and WA also showed an increase in higher educationoverseas students, moving from 14.9% in 1998 to 32% in 20083. Page 4
    • AGE PYRAMID 4(Source: Compiled from Year book Australia 2009-2010 modified by author)SOCIOCULTURALFamily, community life and sporting activities are important elements of the Australia societywith the later representing and population increase from 55% in 2000 to 65% in 2006. Theprincipal reasons for exercising were heath and leisure, followed by social and familywellbeing. The proportion of adults attending sport events was 44% on 2006, which remainedstable from 2005 4.ECONOMICSwan Jet customers consist of 75% local West Australians and as a leisure activity, thecondition of the state and country economies can impact the levels of business and disposableincome. Graph A represents how the Global financial crisis (GFC) at the end of 2007 affectedthe Australian GDP growth rate and illustrates the steady decline during 2008 as a result ofthe GFC. However as demonstrated in Graph A, Australia is slowly gaining momentum inGDP growth rate and is experiencing approximately 3.2% GDP growth rate in Q3 2010.GRAPH ASource: Trading Economics 2010WA has been a relatively strong economy and from 2006 onwards, WA‟s Gross State Product(GSP) has been above the GDP growth rate for Australia. Aside from a drop in WA‟s GSP in2009 compared to Australia‟s GDP, since March 2010 WA‟s GSP has been 5% whileregaining its momentum, and showing a stronger performance than Australia‟s GDP of 2.7%growth in March 20105. Page 5
    • GRAPH B Source: Access Economics Cited by Westpac, Q2 20106ENVIRONMENTSince 1989 the Swan River Trust has been the regulation authority in charge of the protectionand management of the Swan River and the surrounding lands7. The principal environmentalconcerns as a result of increases in boating activities are the hydrocarbon contamination andgeneral water contamination by pollutants, metals and oils8. The Swan River Trust is vital toSwan Jet‟s business as they control the awarding of commercial boating licence, restrictionsand boat maintenance practices on the Swan River9,POLITICAL-LEGALAs a result of the federal election in August 2010, Australia now has a Labor government anda Liberal State government. The main legal and political influences affecting Swan Jet arelisted below. The Australian Competition and Consumer Commission10 was formed in 1996 to administer the trade practices Act 1974 and other acts to promote competition and fair trade in the marketplace to benefit consumers, business and the community. The Labour Government 11 plans to introduce a tax relief of instant write offs for small business assets worth up to $5000, meaning many small business investments can be written off in the year of purchase. Swan Jet will be eligible for the tax relief plan resulting in additional cash flow for business operations and marketing. The Swan and Canning Rivers Management Act 200612 came into effect to improve the processes for assessing development proposals and decisions on Swan River activities. The form 6 license13 is required for all activities proposed in the River Reserve, such as a commercial charter vessel and ferry operations for financial gain or reward through the Swan River Trust. Swan Jet Adventures received their license before any renewal regulations were brought in, so their license is a 30-year exclusive license agreement. Page 6
    • TECHNOLOGYSwan Jet can benefit from technological advancements in Jet engine fuel efficiencies anddistribution technology. In four years time when Swan Jet‟s jet engines need replacing SwanJet should consider jet boat engines that provide greater fuel efficiencies and horse powerwhich will contribute to enhanced customer experience as it provides more thrill andreductions in fuel costs. Distribution platforms such as mobile and internet bookings aresomething the company can look into. However, the company might experience technologylag due to restricted capital and may wait to hold off on new technology until price decreasesMICROENVIRONMENTAL ANALYSISINDUSTRY-MARKET REVIEWSwan Jet Adventures operates within the recreation boating industry in Perth in which the cityis experiencing a growing population due to a stable economy and the healthy coastalenvironment. The Swan and Canning Rivers are at the centre of the boating industry due to itsfacilities with year-round water activities and the numbers of boats ownerships in Perth havebeen increasing in a rate faster than the growth of population (Appendix A)7. Furthermore, theincrease in the numbers of recreational boats are a result of the growth in the population alongwith the raise in the popularity of boating activities with the retired population which isexpected to double by 2025 (Appendix B)14. The forecast from 2007 to 2025 predicts that thepopulation in Perth will grow to a rate of 30%, while the number of recreational boats isexpected to increase 82% in the same period of time (Exhibit A)7. Perth needs to increase itsboating facilities to handle the expected addition of 4,600 boats moorings and 34 boat rampsin Perth7.EXHIBIT A 7– FORECAST RECREATIONAL BOATS TO 2025 (Source: Department of Planning and Infrastructure of WA 2008)The tourism industry in Perth plays a key role in facilitating tourism and business activities toWestern Australia. In 2009, WA represented 10.6% of the total international visitors‟expenditure in Australia, and 5% of interstate visitors‟ expenditures with 695,000international visitors (13% increase since September 2004), 895,000 interstate visitors (14%decline) and 4.4 million intrastate visitors. According to the Tourism Forecast Committee,Perth expects an increase of 4.3% international visitors and a decline of 0.2% domesticvisitors while the WA regions expect a 6.6% increase of international visitors and a decline of Page 7
    • 1.8% domestic visitors over 10 years14. The increases in the popularity of the recreational boatactivities and tourism represent an opportunity for Swan Jet Adventures from the potentialincrease of the target market.CUSTOMER REVIEWThe target market for Swan Jet services are males and females between the ages of 21-40years that enjoy activities involving outdoors, water activities, thrills and adrenaline such asyoung professionals and university students. Additionally, Swan Jet has also had somecorporate customers who booked the Jet boat for company events and sales promotionsrewards. Initially the Swan Jet believed that international visitors were their main customersegment however this is not the current case as up to 72% of customers are local WesternAustralians.A survey of a small sample size of 50 Swan Jet customers was undertaken, to determine theaccuracy of the target markets. Graph A below show support for the target demographics ofSwan Jet customers but were limited due to the sample size and that the peak season was justbeginning.GRAPH A(Source: Compiled from survery data, modified by author)COMPETITOR REVIEWSwan Jet Adventures is the only company operating commercial jet boating on the SwanRiver, however due to the adrenaline nature of the experience; it has both direct (water based)and indirect competitors. Direct competitors are those that offer water based and adrenalineexperiences in the CBD and surrounding tourist areas, with indirect competitors includingnon-water based activities such as laser games and go-karting. For the scope of this marketingplan, Swan Jet Adventures has requested that focus be on direct competitors.The Perth area initially had three companies offering jet boat services to customers; howeverin 2009 the third competitor in Hillary‟s Boat Harbour closed its operations. West Coast Jet inFremantle is Swan Jet‟s main competitor. Although both companies offer jet boat rides, theexperiences are quite different due to the tour locations in the Indian Ocean and Swan River. Page 8
    • The sustained competitor advantage for Swan Jet is the owner‟s relationship with suppliers and several distributors due to their exemplary reputation in the Perth commercial boating industry. As all of Swan Jet‟s competitors are private companies no data was available on the market share of each competitor. Please see the table below for a list of Swan Jet Adventures competitors. Main Competitors:Name: Strengths: Weakness: Target Customer:WATER BASED ACTIVITIES:West Coast  Can seat 20 passengers – larger boat  Unable to do 360 degree turns.  Adrenaline experienceJet -  Offers Whale Watching and Jet Boat  Lower Barrier to Entry (operating licence) customersFremantle tours  20 minute trip compared to Swan Jet‟s 25 minute  Corporate customers  Operates on the Indian Ocean  Children $5 more expensive than Swan Jet.  Male & Female 20-40  Offers family price package  Two tours completely separate (no high speed turns yrs  Offers photographs and gift vouchers on Whale watching trip).  Low physicality  Fremantle is a popular tourist and local  Unable to book online. destinationSouth Perth  Sole Parasailing operator in Perth on the  Weather dependant  Experience customersParasailing river  Unable to receive photos on the day  Male & Female 20-50– South  Offers two types of rides “High & Dry”  High price $80 for 10 minute ride yearsPerth or “Wet-n-wild”  Depending on rider numbers, rider‟s group may have  Custom built parasailing boat to wait on foreshore (thus solo experience)  Offers single and tandem ridesExtreme Ski  Offers several services, Water tubing /  Weather dependant  20 – 40 yearsWA – South skiing / wakeboarding  High physicality experience customersPerth  Max 2 day trips (overnight  Groups - parties accommodation)  Quality equipment and instructorsCaptain  Offer variety of wine, scenic, lunch,  Large overheads (seven boats)  30 + year age groupsCook dinner and special event tours along the  High jetty fees  Interstate andCruises – Swan River and Indian Ocean.  Aging boat fleet InternationalBarrack St  More expensive than Golden Sun sightseeing touristJettyGolden Sun  More personal tours than Captain Cook  Limited passenger numbers (smaller boats than  Interstate andCruises – cruises Captain Cook Cruises) International touristBarrack St  Entertainment commentary  Less tour variety  30+ yearJetty DISTRIBUTOR REVIEW Swan Jet Adventures distributes its product of service through three different distribution channels of booking agents, direct distributors and internet retailers encompassing zero and one-level marketing channels. Distribution Channel Process In the zero-level, Swan Jet distributes its services directly to the consumer through an on-site ticket counter at its Barack Street Jetty office as well as through phone and e-mail bookings. In the one-level channel, Swan Jet distributes its service through a booking agent and multiple internet retailers (Table A and Appendix D) showing that Swan Jet is in the process of Page 9
    • shifting its distribution channel towards an online model which reduces costs and allows forhigher inventory levels to intermediaries with an extensive network of customers. West CoastJet is applying downward pressure on prices by offering a 2 for 1 discount, which is reducingprofit margins for the Swan Jet and the boating industry but Swan Jet has moved to a higher-traffic location with great visibility which should impact its distribution channels.Table A: Swan Jet Distributors and ChannelsDistributor Type of Distribution Channel DescriptionAdrenaline Internet Experience Gift Retailer  Australias largest adventure company, with over 2,000 exciting experiences & gifts to choose from throughout Australasia.FreemanX Internet Experience Gift Retailer  Australia‟s leading experience company that offers the fastest, highest, most daring, most romantic and most life changing experiences availableNetbookings Internet Experience Gift Retailer  Luxury accommodation, day spas and experiences within AustraliaRedballoon Internet Experience Gift Retailer  Australia‟s leading internet gift retailer offering gifts and experiences.  Individual and Corporate CustomersSwan Jet Direct Distributor  On-site ticket counter  Phone and e-mail salesScenic Tours Booking Agent  Leading experts in luxury travel throughout Australia that provides a truly authentic experience that discovers all the famous must-see sites and natural attractions.GoDo Australia Internet Experience Retailer  Leading online booking service for activities who works with hundreds of activity suppliers across Australia so people can book instantlyBigThanks Internet Gift Retailer  Internet gift retailer for any person for any occasion that offers the most interesting, fun, unusual and unique gifts from around Australia.SUPPLIER REVIEWSwan Jet‟s supplier channel includes a mixture of seven different companies that impactSwan Jet‟s business (Graph A). In terms of the marketing plan Baileys Marine Fuels andTotally Work Wear are the two main suppliers that impact Swan Jet‟s business whereasHarley Tours, Heliwest and South Perth Parasailing are exclusive strategic partnerships.GRAPH A SWAN JET SUPPLIER CYCLE(Source: Compiled by author) Page 10
    • SWOT ANALYSIS(Source: Valentin15 2001, modified by author)MARKETING OPPORTUNITY ANALYSIS Opportunity Matrix for Swan Jet Adventures: Success Probability: Attractiveness: HIGH LOW HIGH - Opportunity Two - Opportunity Three - Opportunity Five [Monitor] -Opportunity Seven [Monitor] LOWThe only marketing opportunities mentioned in the opportunity matrix are those that Swan Jethas the capabilities and resources to implement, can be communicated and beneficial to thetarget market and be implemented better than any competitors 30. 1. Opportunity Two: 72% of customers are local with a 30% customer referral, but low repeat business, so this opportunity could increase repeat customers and sales numbers. 2. Opportunity Five: An efficient targeted marketing approach would be beneficial as currently Swan Jet has no clear structure to marketing strategies or budget allocation. 3. Opportunity Seven: This opportunity would decrease customer processing time before rides, as well as decreasing the level of lost revenue from customer no shows. Page 11
    • 4. Opportunity Three: New distribution channels in areas of high local and international consumer traffic such as Hillary‟s Boat Harbour, Rottnest Island and Fremantle, would help increase consumer awareness of Swan Jet as well as increase sales. Threat Matrix for Swan Jet Adventures: Probability of Occurrence: Seriousness: HIGH LOW HIGH -Threat One [Monitor] - Threat Two -Threat Five - Threat Three -Threat Six [Monitor] LOW - Threat Four 1. Threat One: This threat is currently occurring as West Coast Jet who is Swan Jet‟s direct competitor is currently offering 50% discounts on all rides. 2. Threat Five: Both the cost of fuel as well as location rent have a high probability of increasing due to a strong Western Australian economy, impacting on profit margins. 3. Threat Seven: Swan Jet Adventures meets all the required safety regulations as well as employing highly trained and experienced skippers, however mechanical and equipment failures are always a threat. 4. Threat Two & Three: A major strength for Swan Jet Adventures is the unique licence it possesses from the Swan River trust for 20 years. High licensing entry barriers decrease the probability of new competitors. 5. Threat Six: As barrack street jetty is a commercial jetty for other large boating companies and a main source of water transport up and down the river, the seriousness is low due to larger companies high stakeholder influence. 6. Threat Seven: Swan Jet already experiences speed restrictions in the area where further development would occur, thus its impact on the ride would be minimal.CRITICAL SUCCESS FACTORS1. The ability of Swan Jet Adventures to maintain and increase customer numbers.  A change in Swan Jet operations location, potential increases in fuel prices and main competitor offering highly discounted pricing, Swan Jet needs to increase their customer numbers to cover its expenses. If the competitor pricing threat remains long- term then Swan Jet risks losing interested customers and incurring cash flow issues.2. Ensure the high safety record of Swan Jet  The safety record reflects upon the reputation of the organisation, so senior staff at Swan Jet need to ensure the continuance of high safety standards and maintenance.3. Customer Satisfaction & Loyalty Page 12
    •  Word of mouth referrals is the highest channel of how people hear about Sawn Jet, yet there are low numbers of repeat riders. Therefore Swan Jet need to build a customer loyalty based to increase Swan Jet awareness within the market.OBJECTIVES & HIGHER LEVEL STRATEGIESSTRATEGIC GAP ANALYSIS(Source: Compiled company data, designed by author)As shown in the graph above, for this season the overall strategic objective is growth of thebusiness, through an increase in passenger numbers by 50%. Swan Jet has recently movedlocations which has seen a positive impact on its customer numbers and this percentageincrease compared to last year was used to establish the customer growth target.ANSOFF’S PRODUCT-MARKET STRATEGIESUsing the Ansoff Product-Market-Matrix as showed in Exhibit 2, four potential strategieswere established that Swan Jet could implement by combining current and new markets withcurrent and new products16. Therefore, the objective is to define the possible courses of actionfor Swan Jet to achieve growth, taking into account that the first three strategies cansimultaneously develop as a general company strategy, while diversification strategies need tobe evaluated further as it is a change from the company‟s core business17.Exhibit 2 – Ansoff´s Product-Market-Matrix 16Market Penetration Strategy Market penetration aims to increase sales and profit margins of current products intheir current markets18 by adding new customers, attracting competitor‟s customers andgrowing product usage19. Swan Jet Adventures is available through direct sales and fromonline distributors who take a 20-25% commission and will aim to implement an online Page 13
    • payment system on their website to remove distributor commissions and increase profitmargins. Furthermore, Swan Jet should initiate online marketing promotions to expandmarket share to attract new customers from competitors. Swan Jet could also establish kiosksat major shopping centers selling gift vouchers and cards during Christmas and other majorholidays and implement loyalty programs to provide incentives for passengers to providereferrals to friends and discounts for repeat customers to generate additional sales.Market Development strategy Market development focuses on expanding into new markets based on the current productand service with tactics such as geographical expansion, new segments development and newdistribution channels18. The strategy that Swan Jet could pursue is to explore new segments inPerth and to offer the Jet boat service at different locations in WA at Hillary‟s Boat Harborand Mandurah. Swan Jet should expand its consumer base by crafting a marketing strategy totarget the corporate market through communication channels with Perth HR managers thatoffer exclusive packages for corporate events. The segment of university student can bepotentially developed with a complement marketing strategy that includes special prices andbenefits, alliances with educational centers and advertising campaigns. Additionally, theinclusion of a new distribution channel such as Swan Jet tickets being sold on the RottnestExpress Ferry on the Swan River with their 150,000 annual passengers will allow for entranceinto new segment markets.Product development strategy Swan Jet can generate new products for the current market in Perth to promote salesgrowth18. Specific tactics such as product innovation and the addition of new characteristics tothe actual product support product development should be used17. Swan Jet has access to anadditional boat that could be used as a river taxi service for special occasions, or touristswanting a private boat trip. Swan Jet could also enter into a joint agreement with the bar andrestaurant “The lucky Shag”, offering Swan Jet customers a 10% discount on food andbeverages before or after the Swan Jet ride.Diversification Strategy The offering of new products to new markets can be accomplished by utilizing threedifferent strategies: diversifying through related and unrelated products and verticallyintegrating with suppliers or distribution channels1718. Swan Jet Adventures can implementrelated diversification by offering jet boat certification, sailing lessons, and jet ski hire. Usingthe owners‟ reputation, experience and network can increase the market size and throughvertical integration strategies, the company could utilize these elements to develop a “Hire aSkipper” company. This is where large private boat owners and small charter companies can Page 14
    • hire skippers with experience and offer maintenance services taking into account the expectedincrease in the number of boats in Perth and the engineering expertise of the skipper.SMART OBJECTIVES for Q2 2010- Q2 2011Studies have shown that goals that are formulated using the acronym SMART- specific,measureable, achievable, realistic and appropriate timeframe can increase the likelihood ofgoals being achieved20. Given the above analyses, the following objectives focusing onincreasing company growth and brand equity are recommended to Swan Jet: Increase brand awareness by 30% throughout Western Australia with a higher concentration on the Perth metropolitan area Evaluate their target market segments and monitor specific strategies to grow each Focus more attention on short term marketing strategies to increase customer numbers to assist the company‟s financial growth and capital which will fulfil its long-term objective Swan Jet Adventures SMART Goals : Quarter Two 2010 – Quarter One 2011Quarter: Goals Q2 MARKET PENETRATION (Nov - Dec  Increase customer numbers for December by 60% 2010)  Increase number of repeat passengers by 30% (special offers to past passengers)  Increase brand awareness of Swan Jet throughout the Perth Metropolitan area by 30%  Increase number of gift vouchers sold by 20% MARKET DEVELOPMENT  Increase corporate bookings by 30% PRODUCT DEVELOPMENT  Food agreement with “Lucky Shag” bar and restaurant – increase from Nov numbers by 20% Q3 MARKET PENETRATION (Jan - Mar  Increase customer numbers by 60% in Jan, Feb & March 2011)  Increase number of repeat passengers by 20%  Increase brand awareness by 20%  Decrease by 30% of Redballon/Adrenalin bookings, with concurrent increase of 30% by own online bookings MARKET DEVELOPMENT  Increase corporate bookings by 20%  Increase student bookings by 20% (New uni semester) PRODUCT DEVELOPMENT  Offer water taxi service Q4 MARKET PENETRATION: (Apr - June  Increase customer numbers by 50% in April, May & June 2011)  Increase number of repeat customers by 20%  Increase brand awareness by 10% MARKET DEVELOPMENT:  Increase corporate bookings by 20% Q1 MARKTET PENETRATION: (July - Sept  Increase customer numbers by 20% in July & September 2011)  Increase brand awareness by 20% MARKET DEVELOPMENT:  Investigate possibilities of opening up Jet boat businesses in Mandurah and Hillary‟s Boat Harbour – investment required, licensing requirements, and customer segments. Overall goal of increasing passenger numbers by 50% Page 15
    • MARKETING MIXThe Marketing mix is the set of tools including short-term and long-term strategies to shapethe nature of the service offered to consumers21. Marketing communications are the ways bywhich firms try to inform, persuade, incite and remind customers either directly or indirectlyabout the brands they sell. It represents the voice of a brand and the methods by whichcompanies can engage in a conversation with consumers concerning their product offerings22.Furthermore, the challenges presently faced by markets in the design, implementation andevaluation of marketing communication programs are very different from the challenges faced 23by marketers 20 to 30 years ago . Effectively designed and implemented marketingcommunication programs are priceless for building organisation‟s brand awareness and equityposition.POSITIONING & SEGMENTATIONSwan Jet operates in a small niche market with several competitors; however the company hasa number of points of difference compared to other companies offering adrenaline activities asshown in table below. Swan Jet Adventures Present Generic Strategy Basis of competitive advantage: Competitive Scope: Cost Differentiation Broad Target Market Lowest cost Leadership Differentiation Narrow Target Market Focus – cost Focus – differentiation (Source Hubbard, Rice & Beamish 2008, modified by author)When developing the customer segments for Swan Jet, a survey was undertaken to identifyand analyse customers into segments24. Swan Jet has a broad customer based as discussed inthe customer section and as a result from the survey results; however four segments wereidentified for targeted marketing mix strategies: Corporate Clients, International Visitors,University Students and Young Professionals. Although focus is on these four customersegments, it is recognised that the end user of the service is not always the buyer, thus thebuyer may not be in the targeted segments for Swan Jet, particularly as Swan Jet does sellnumerous gift vouchers25.West Coast Jet is the main direct competitors with thedifferentiation between the two companies below.West Coast Jet is the main direct competitor to Swan Jet Adventures as they also offer a jetboat ride to customers. However there is still differentiation between the two companies asoutlined in the table below. Page 16
    • Similarities and Differences between West Coast Jet & Swan Jet AdventuresPoints of  Both offer Jet boat ridesParity:  Both boats able to do fish tails, bucket stops and travel at high speeds  Both offer pictures  Both target “adrenalin experience” customers  Both weather dependantPoints of  Swan Jet operates on the Swan RiverDifference:  West Coast jet operates on Fremantle ocean  West Coast jet offers Whale watching tours  West Coast jet boat seats more passengers – however passengers do not sit as close to the water thus different ride experience  Only Swan Jet can do 360 degree turns – passengers also feel closer to the water  Swan Jet gives commentary about the major landmarks of Perth as well as information about the Jet engines  Swan Jet ride is 5 minutes longer, as well as $5 less expensive for children  Swan Jet has a permanent office  Swan Jet owner has unique relationship with other commercial boat companies operating out of Barrack St Jetty (thus allowing boat position change) The table below illustrates the points of parity and difference between Swan Jet Adventures and its other competitors. Although South Perth Parasailing and Extreme Ski are targeting similar customer segments, the type of experiences the customers wants determines which company receives the customer numbers. Similarities and Differences between Swan Jet Adventures (SJ)& Water based Competitors: South Perth Parasailing (SPP) Extreme Ski WA (ES) Captain Cook & Golden Sun cruises (CC/GS)Points of Parity: - Both offer Photos -Both water experience activities - Water activities - Both operate on river - Both weather dependant - Both weather dependant -Similar target audiencePoints of - SPP offer “sky” experience - ES offers overnight experiences - CC/GS not „adrenaline‟Difference: - SJ river level experience - ES has high physicality compare experience - SJ ride is longer and less to SJ‟s low physicality - Targeting majority different expensive - Different services segments - SJ larger range of target customers -CC/GS offer half or full day trips with food and beverages CUSTOMER SEGMENTS CORPORATIONS In the past Swan Jet has been approached by the Water Corporation and KFC to provide the Jet boat service for employees as a result of employee rewards and state or national company functions. It was identified by the owner that this segment had the potential for growth with past marketing strategies not effectively targeting this market. It has been Irvine (2009) identified that employee engagement is 24% higher in those employees that received non-cash incentives compared to financial incentives, thus this service fulfils the criteria of non-cash incentive / reward26. Also opportunities for Swan Jet to receive repeat business are present, as employees can inform family and friends, as well as interdepartmental recommendations. Page 17
    • INTERNATIONAL VISITORSThis segment includes both domestic and international students, who are seeking adrenalineactivities to partake in. Customers aged between 20-25 scored equal highest in the agedemographics using Swan Jet. Thus potential to increase growth in this segment, with onewhy to further increase promotions to this age category is via university clubs/ guilds.UNIVERSITY STUDENTSThis segment includes both domestic and international students, who are seeking adrenalineactivities to partake in. Customers aged between 20-25 scored equal highest in the agedemographics using Swan Jet. Thus potential to increase growth in this segment, with onewhy to further increase promotions to this age category is via university clubs/ guilds.YOUNG PROFESSIONALSThis segment includes those customers who are working with suitable disposable income andare looking for adrenaline activities. Customers aged 26-30 where one of the highest agedemographics using Swan Jet, thus Swan Jet should target these customers to increase theirusage.BRAND EQUITY & AWARENESSBrand Equity is the differential result of brand knowledge on consumer reaction to themarketing of the brand and that effective communication enables the formations of brandawareness and a positive brand image that is in line with their aspirational brand identity25.Building brand equity requires the incorporation of brand characteristics into a company‟soverall marketing programs such as „product, price, advertising, promotion and distributiondecisions‟27.Strategically oriented integrated brand communications can help organisationsgain a competitive advantage in the highly competitive world of the 21st century28 butfeedback from customers, prospects and publics regarding an organisation‟s brand awarenessand image will ultimately enable the brand owner to adjust its brand image identity29According to Young & Rubicam‟s BAV brand equity model, Swan Jet‟s brand position in themarket is classified as „new‟ with high levels of differentiation and energy but having lowlevels of relevance, esteem and knowledge30. Swan Jet‟s unique adrenaline jet boating serviceand Swan River location differentiates itself from other boating companies. As a youngcompany with young staff and natural annual growth who are constantly looking to improvethe brand, Swan Jet demonstrates high momentum or high energy. Customers would say thatSwan Jet has middle esteem as demonstrated by high word of mouth referrals from pastcustomers. Swan Jet‟s relevance is currently low as it has not been accepted or known bymost people in Perth and WA as it is a relatively new brand and due to the limited capital andmarketing budget many consumers have no or limited knowledge of the brand. Page 18
    • The reasons that Swan Jet has low brand awareness are due to the following:  The company is only 4 years old and has yet had ample time to gain market share  The company has no awareness of its target market segments and tracking of its customers leading to past ineffective marketing campaigns as a result  The company has had a restricted amount of capital to allocate to promotional activities and diversified media communication channels to increase presence  The company has mainly focused on the B2C market with limited activity in B2B  The old office and jetty location on Barack Street had low visibility and foot trafficSTRATEGIESSwan Jet has limited financial capabilities in implementing a number of strategies over a shortperiod of time and thus must utilise targeted multi-channel specific strategies to reach theirdefined target markets in alignment with the seven P‟s of the marketing mix. As a result, wewould recommend a period of one year to implement the following marketing objectivesacross all target market segments to increase brand awareness and improve the corporateimage: Increase 21st Century Marketing- Internet and Social Media (Appendix C) Promote Swan Jet on deal of the day websites Utilize Outdoor Advertising Launch of a new brand image and identity campaign Targeted event marketing to drive traffic Expansion of distribution channels Customer and website visitor trackingSEVEN P’s OF SERVICE’SMarketers endeavour to create, promote and deliver value for consumers and the use of theseven P‟s of service, place, product, price, promotion, people, physical environment andprocesses are used to help identify the appropriate mix of marketing strategies 21. Marketingcommunication options or communication types can be judged according to the response andcommunication impact that they ultimately create25.PLACEMarketers look at several factors such as distribution channels, coverage, locations, transportand assortments to establish if any further value can be created, communicated and deliveredto customers21. Swan Jet should use a push strategy in deciding its distribution and marketingchannels to reach the end consumer. Page 19
    • PRODUCTThe challenge within the service industry is that service innovation or differentiation canoften be imitated by competitors, thus no sustained competitive advantage31. Areas underproduct that can be evaluated and reviewed for marketing mix include product variety,quality, design, features, packaging and services21. In order to create a competitive advantage,Swan Jet should offer a ticket bundling packages with merchandise as well as implement thebooking reservation system of BookD for $250 annually to initiate online bookings forcustomers along with a PayPal business account to collect customer payments. Swan Jetneeds to promote and advertise the booking service on all social media platforms and mediacommunication materials.The company can add advertising opportunities such as Google Ad Sense on its website fororganisations wishing to promote its products and to drive additional trafficPROMOTIONFactors under promotion that can be examined for innovation and value for customers includesales promotions, advertising, sales promotion, personal selling and public relations. Thepromotion of services needs to place particular emphasis on increasing the tangibility of aservice and furthermore in the case of services marketing, production personnel are importantcomponents of the promotion mix23. It is identified in the literature that Social network sitesare consumed mainly by young adults and teenagers and that information gathered frommembers profiles can be used for targeted advertising32. Page 20
    • PRICEList price, discounts, allowances, payment timeframes and credit terms can be evaluated tosee if any innovation or further value creation is possible for consumers and contribute tomarketing mix21.Swan Jet current price structure can be seen in table below, with increase due to new costs. New Price Structure for 2011 NEW: OLD:Adults $55 $49Children (14 years & under) $35 $30Families (2 Adults & 2 Children) $145 N/ASwan Jet can incorporate pricing strategy called pricing discrimination which is when acompany sells a product or service at two or more prices that do not reflect a proportional Page 21
    • difference in cost33. The three degrees of price differentiation are: depending on customersdemand sellers charge a different price34, those who purchase larger volumes are offereddiscounts 31 and sellers charging variable prices to different customer segments31.Price discrimination is applicable to Swan Jet only in the second and third degree. Thefindings of Morris suggest the use of price discrimination through volume based purchase isthe most effective way especially in industrial marketing (B-to-B marketing)35. The tablebelow represents current corporate/group price package (second degree price discrimination)along with tier pricing recommendations. Corporate/Group Price Package (Current) RecommendedNo. of people Price Discount No. of people Price Discount12+ $45 18% 5+ $50 10%24+ $39 29.1% 10+ $45 18% 20+ $39 29.1%In third degree of price discrimination there are several strategies: customer-segment,product-form, image, channel, location, and time/season pricing21. For Swan Jet, customer-segment and time/season pricing would be the most beneficial strategy.Customer-segment pricing is a strategy that uses different customer groups to pay a differentprice for the same product or service and time/season is a strategy that varies „by season, dayor hour‟ 35. The table below represents current third degree price discrimination for Swan Jetalong with some recommendations for Swan Jet to implement. Customer Segment Pricing (Current) Customer Segment Pricing (Recommended) Price Discount Price DiscountChildren $35 36% Children $35 36% Student $50 10% Time/Season Pricing (Current) Time/Season Pricing (Recommended) Morning $50 10% NONE WinterWinter season is the least profitable season for Swan Jet. We therefore recommendintroducing „Black to School Week‟ promotion during winter to increase customer volume. Inthe morning, Swan Jet is also not attracting too much customers as they would have liked.Hence, we recommend during low traffic period to noon where traffic is more substantial,Swan Jet should discount their price to $50 to increase volume.PEOPLEIn the service industry often customers perceive the employees as the service and that to addvalue in the mind of the consumer it is through personalization and active participation ofemployees that creates value36. Thus appearance, attitude and manner of employees canimpact on the customers‟ perception of the quality of service that Swan Jet offers. As theservice that Swan Jet offers to customers is an experience, the way customers perceive the Page 22
    • Swan Jet staff can impact on their sense of value for money as well as overall enjoyment. It isrecommended that Swan Jet implements staff training that includes sales training, customerservice with emphasis on staff attitudes and energy levels when dealing with customers andhow staff should assess the quality of service they have given37. Office staff should also begiven an authorised allocated amount of budget, for them to utilise during a customer criticalincident.PROCESSProcess involves the systems utilised by employees to deliver the service to customers andoften increases in effectiveness can occur as a result of reviewing and implementing changesto the process management systems16. A standardised customer relationship managementsystem (CRM) for in store and online sales should be implemented to ensure that Swan Jethas easy access to rich customer data that can be utilised for future promotions. It isrecommended that the wavier form is modified to gather relevant customer demographics inorder to monitor KPI‟s as well as changes in target market segments. Standardise the type ofinformation that is given to customers by the jet boat skippers, however allowing for theskippers to deliver the information in their own unique style.PHYSICAL EVIDENCEThe environment setting can influence the reality of the service in the mind of the customer,thus environment and physical evidence aspect can impact the perceived value and experiencethe customer has 22. Swan Jet‟s servicescape needs to emit a professional yet adventurous andexciting vibe at the office which is the first point of customer contact, as well as at thecustomer preparation area and in the jet boat itself. It is recommended that all jackets thatcustomers wear for the ride have the Swan Jet logo in large print on the back of the jackets, tohelp with Swan Jet brand recognition by passing traffic going by the preparation area. SwanJet already uses monitors to display customer photos but they should develop a Swan Jetvideo which shows the Jet boat in action, as well as customer testimonials to promote theexperience. Displaying merchandise in the office window and having a standardised uniformpolicy will help build brand recognition and increase the corporate image. The literatureidentifies that for a service that people are unfamiliar with, the presence of a long single linecan actually maximise consumer perceived value of the service or product being offered 38.Thus as Swan Jet currently has low brand awareness, Swan Jet has two opportunities to utilisequeue infrastructure, when clients are checking in and wait to suit up for the ride. It issuggested to redesign the company´s web pages to make it easier to search information, lessvisually confronting and to include a register link to capture potential customers´ information.This is due to research which indicates customers respond more positively to low feature Page 23
    • complexity of colour and detail39. Other re-branding activities include logo adjustment andaddition of company slogan “cool your thirst for excitement”. Also there are two differentinternet domains that are communicated to customers, so it is vital that that these are merged.BUDGETThe current marketing budget of Swan Jet Adventure is $72000 constituting 25.71% ofrevenue (YR08-YR09). In order to break even, according to the owner of Swan JetAdventures, 4000 customers is needed. In the last few months, Swan Jet has purchased a newlocation that would attract more foot traffic. With more traffic and marketing strategy, SwanJet Adventure is expecting an increase of 40% in its sales revenue. Expenses are expected toincrease by a substantial amount because of purchase of new jetty, more fuel consumptionand hiring a sales person. The forecasted revenue and cost can be seen in the table below. YR 08- 09 Current Cost StructureSales Revenue $280,003 $392,004 Insurance $20,000Cost w/o marketing expense $178,249 $273,656 Jetty Purchase $44,000 Jetty Rent $20,000Activities Before Current Staff $78,000Tourist Magazines $2,640 $3,000 Workers Comp $4,000Experience Perth $900 $1,200 Phone Bill $7,200West Australian $11,400 $0 Office $4,800Brochures $6,000 $6,500 Boat Maintenance $6,000Posters $2,000 Loan $30,000Newsletters, Direct Mail $4,000 Fuel (Estimated) $22,656Yellow pages $8,660 $0 Staff Training $5,000Internet marketing $8,500 Uniforms $2,000Online booking $300 Extra Sales Person $30,000Web site and Logo $1,000 Total Cost $273,656Aerial Advertising $0 $4,000Sponsorship (include charities) $6,000 Fuel calculationsPromotional Products $2,500 Total Rides required 755.2Radio $42,400 $5,000 30 Liters Per Ride 22656Video Production $2,500 $1 a liter $22,656Retail Outlets $6,300Reserve $2,300Total cost strategies $72,000 $55,100Total Cost $250,249 $328,756Net profit $29,754 $63,248We have also recommended reducing our marketing budget by $16900 because of thefollowing reasons. First, Swan Jet can reduce its marketing budget for radio as they were onlygetting a response rate of 3.7%. Second, Swan Jet can eliminate Yellow Pages listings off-lineand online (0.2 % response rate) and continue utilizing the free listings on Google Places.Third, Swan Jet can use the proceeds from reduced marketing expense to partially fund theirpurchase of new jetty. Finally, we are allocating funds to a more targeted market therebyincreasing response rates of marketing campaigns.Return on Investment has been calculated to be 13.02%. This is more than achievable becausethey are currently experiencing higher foot traffic and customers since the purchase of the Page 24
    • new location. Cost includes the purchase of new location and marketing budget. This isbecause the purchase of new location and marketing expense is the main strategy thatincreases sales revenue by 40%. The combined cost of the two is $55,100+$44,000 =$99,100. The 40% increase in sales revenue accounts to $112,001.IMPLEMENTATION, EVALUATION & CONTROLACTION PLANQuarter two and three are the peak operating months for Swan Jet, consequently several of themarketing mix strategies will need to be implemented almost immediately to ensure that theyhave the maximum exposure to consumers. However once implemented a lot of thesestrategies can continue through the quarters as well as future years, with the majority ofpromotion occurring in quarters two and three. Swan Jet Adventures Implementation Plan Quarter Two 2010 – Quarter Two 2011Quarter: Marketing Mix Strategies: (Responsibility D=Director, OM=Office Manager) Q2 GENERIC: PROMOTION:(Nov – Dec  SEO & PPC (Dec - D)  Direct mailing to corporate social 2010)  Brand Ambassadors in shopping centres (Dec– clubs (Nov/Dec- OM) OM)  Target corporate HR managers  Charities (Dec - D) (Nov/Dec- OM)  Social media = Facebook/Twitter (Dec – OM)  Target Facebook adverts (Dec- OM)  Loyalty customer discounts  Re-branding and development of company logo, website & slogan (Dec-D) PLACE: PEOPLE:  Corporate HR distribution (Nov / Dec - OM)  Sales Training (Nov/Dec-D)  Onboard Rottnest Ferries (Dec – D) Customer Service Training (Nov/Dec-D) PROCESS: PRODUCT:  Wavier Modified (Nov - OM)  Partnership with Lucky Shag bar (Dec - D) PHYSICAL EVIDENCE: PRICE:  Uniform Policy (Dec – OM)  Tier corporate $‟s (Nov/Dec- OM) Q3 GENERIC: PROMOTION:(Jan - Mar  Ticket bundling (Jan-OM)  Photo gallery SJ Facebook (Jan-OM) 2011)  Commence monthly Email Newsletter (Jan-  Listings on trip advisor (Jan-D) OM)  PR in paper & magazines (Feb-D)  Outsource PR (Jan-D)  Posters in Bars & restaurants (Jan-D) PLACE: PHYSICAL EVIDENCE:  Distribution at Hillary‟s / Rottnest Island (Jan-  YouTube Swan Jet video (Jan-D) D)  Sightseeing Bus tours distribution (Feb-D) PROCESS:  Student flight centres (Feb-D)  Online booking System (Feb-D)  Tourist information centres (Jan-OM)  Uni guild and market stores (Feb/Mar-OM) Page 25
    • Q4 GENERIC: PROMOTION: (Apr -  Continuance monthly email newsletter (OM)  Corporate employee discountJune 2011) programs (Apr – D)  Target Facebook advertising (Apr – D) Q1 PLACE: PROMOTION: (July -  Distribution Fremantle (Sept - D)  Advertisements WA Business newsSept 2011) (Aug / Sept - OM) PEOPLE:  Target HR managers (Aug –OM)  Sales & Customer service training (Sept-D)KEY PERFORMANCE INDICATORS (KPI)It is necessary for Swan Jet to implement strict record keeping in order to tract how successfuland effective marketing strategies are and how they have impacted on customer numbers.The KPI information can be recorded directly (customer) and indirectly (booking agents) andbe analysed monthly. Increase brand awareness by 30%. - How customers heard about Swan Jet. Evaluate their target market segments and monitor specific strategies to grow each. - Record which discount offer / promotion did they used. - Have they ridden with Swan Jet previously? - Where did they buy tickets from & did they buy a ticket bundle? - Record customer demographics. Increase customer numbers. - Use table below to monitor if company is on track to reach overall 50% increase in customer numbers. Target Customer Numbers Q2 – Q2Quarter: Past Numbers: 09/10 Target Numbers: 09/10Q2 1596 2358Q3 2241 3585Q4 826 1239Q1 306 370TOTAL: 5000 7552To evaluate people and process marketing initiatives, Swan Jet should on one day every weekoffer passengers a free photo if they complete a survey asking for customer feedback on theirexperience with Swan Jet. This information should be analysed monthly by the Director.RECOMMENDATIONS & CONCLUSIONThe 2011 Marketing Plan designed for Swan Jet Adventure was developed taking intoaccount that the company has been present in the market since only 2007, with no actualplanned marketing strategy and with a limited budget according to its market size. The plan Page 26
    • introduces new strategies that mainly focus on achieving the brand awareness, sales andgrowth from a generic focus as well as specific strategies to target corporations, universitystudents, young professionals and international visitors.Our recommendations focus on implementing targeted short-term strategies from Novemberto March 2010-2011 to meet company objectives, through a multi-channel communicationmix focusing on place, promotions and service marketing activities such as: Implement customer service training to increase customer service satisfaction, which can increase word of mouth referrals and customer loyalty Internet SEO and PPC Google Ad Words and sweepstakes campaigns to drive traffic Implement and regularly use social media marketing platforms effectively such as tagging photos and videos of all customers to increase awareness through news feeds and updates Complete re-branding effort of the website and logo including a new booking system, social media integration and company slogan “cool your thirst for excitement” Measure and evaluate the results and effectiveness of the marketing strategy plan on a monthly and quarterly basis through the use of KPI‟s Track all customers in a CRM database and receive feedback from customer experience questionnaires Increase distribution channels through retail outlets and higher traffic internet retailersThe seven P‟s of Service Marketing-Mix was used to identify the specific strategies to delivervalue to the customer. Short term strategies were established with the aim of fulfilling themarketing objectives of the company. Pricing discrimination strategy was used to enhancethe number of passengers through group special value packages, and special discount forstudents taking into account the growth potential of the segment. It is expected that for 2011Swan Jet would achieve the overall objective of increasing by 50% its number of passenger asa result of the new location in conjunction with the implementation of marketing plan. As asecond step, it is recommended to Swan Jet to implement additional marketing strategiesfocused on diversification and new product development as a way to increase profitability. Page 27
    • APPENDIX 7Appendix A – Recreational boats versus Population in PerthAppendix B 14 – WA Population 2006 versus 2025Appendix C- Social Media Stats of Australia Page 28
    • Appendix D–Internet Gift Retailer Process(Source: Data compiled by Redballon.com.au and modified by author) Page 29
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