Bisney Cards are the membership cards that we have introduced in Pricing Strategy
Spartans sonam.duhan round1
Team Name: Spartans Team members:• Sonam Duhan • Manish Chadha firstname.lastname@example.org email@example.com 996258293 8098663746• Great Lakes Institute of Management • Great Lakes Institute of Management Registration-id : 4eb103780d2e28.04687380
• While preparing the presentation we have tried our best to pay heed to the minutest details. The report has been made keeping the following in mind: a. Customer is God b. Cult Bisney intends to sell value and not product c. It aims is to build long term relation with the customer. d. The target is Indian Customer• To understand the customer better we did a small Market Research with a sample size of 100 to understand the customer better. The findings have been used across the report at relevant places.
1. POTENTIAL MARKET Since Cult Bisney has decided to launch in India we assume the following: a) The Company perceives India amusement industry as Attractive. b) Low in market Risk. c) It possesses a competitive advantage. Parameters Value AssumptionsSize of the Amusement Industry Rs 5000 cr GivenCurrent market size: Rs 3500 cr Assuming that the people from people from medium middle class and higher contribute 70% to the revenue of the amusement industry.Size of the potential market for Rs 7000 cr The market grows by 10 % for the next 7 yearsBisney Land
ANSOFF MATRIX:The Ansoff Growth matrix is a tool that helps businesses decidetheir product and market growth strategy. Focus AreaWe have used Ansoff Matrix to understand where this offeringof Cult Bisney would fit in the Indian Origin.As per the Ansoff matrix we see that the Product is new and themarket that it is targeting is the existing Amusement industry.Hence the need of the hour is Product Development. Theproduct has to be conceptualized well to understand the marketshare. The target market belongs to people from mediummiddle and higher.
2. IDENTIFYING LOCATION• The minimum area that we require for opening Bisneyland in India is around 500 Acres (approximated based on data from Internet)• The key criteria for choosing a place are: Near to the Airport, Railway Station etc. so that Foreign and national tourists can be entertained The expected cost in buying land and infrastructure In the suburbs near populous place so as to attract maximum crowd Keeping in mind the targeted segment
• Areas under consideration- Most famous Metropolitan Cities – Mumbai, Delhi, Bangalore• Within the heart of any city will need huge costs hence considering the outskirts• Delhi has space constraint as even Appu Ghar has been closed down and around Delhi i.e. the NCR region has been largely occupied by industries.• Bangalore is far towards South and we will not be able to attract foreign tourists• Hence our choice is Mumbai – Lot of Tourists, nice weather, high visibility.
• The following matrix gives us insight as to how and where we should focus or Marketing efforts. Also the area of influence is marked in green. Standard Customized product: High product: High Customer Customer Information Information Customized Standard product: product: Low Low Customer Customer Information Information
• Based on the metrics we see that our Marketing strategy should be one that focuses on Mass Marketing: Marketing Based on Strategy SignificanceMarket Share Follower Since the company plans to launch the product by 2017, by that time the industry would be approximately Rs 7000 cr and there would be many players in the industry. Hence, initially the company may have to follow the strategy of a follower and once it has established sufficient Brand equity it can surge ahead to be the Leader. The company would have to follow the Strategy of Product Generic Product differentiation because by 2017 there might be many players in Strategy Differentiation the industry who would be fighting for the market share. Hence if the company intends to build a strong brand it should not involve itself in the price-wars instead focus on product differentiation. The company has a background in the Amusement park industry Innovation Pioneers and are pioneers in the business with the cutting edge technology strategy and are able to differentiate their offerings successfully in which ever place they have established the park.
The key segments identified based on three demographicsare as below: Age <15 15-24 24-35 >35 Monthly Income <15000 15-30000 >30000 Family Structure Joint Nuclear
• Survey results show no particular decision maker at Customer end• We will target all the age groups wherein segmenting based on the income and family structure• Hence the most potential Customers of Bisneyland are the:Nuclear Families in Income group of Rs 30000+pm
Position Statement Target Market Value Proposition segment a. In the modern scenario, the consumer is so cramped for time, hence he does not have time to travel to different locations to unwind. Hence our Amusement park is a Theme Amusement park which will serve asPotential Customers the one-stop park to satisfy the consumer. The theme park will have of Bisneyland are places which will be specially designed to cater to the needs of thethe Nuclear Families ladies, kids and Male. The customer will look at the Theme park as a in Income group of place to unwind, hangout with family and friends with the state of art 30000+. facilities at his disposal. This will be positioned as THE PLACE to hangout. b. Schools can organize trips @ Bisney Land c. Companies can host their Town halls @ Bisney Land for Employees and their families d. This place will be positioned in the mind of customers as a place to build/ nurture relationships, where they can spend quality time with their loved ones and cherish the moments.
Step How will it help Know your Benefits to customer Customer Value the snapshot Proposition customer Understand why a Try to get as much customer comes to an Information asValue account Amusement park possible plan Identify decision makerBuild Relation The best way to keep the customer coming is to build relationship. Don’t be eager to push your product rather pull the customer
• This question again was covered under the market research questionnaire where Samples rated the Theme parks in preference order on a 5 point Likert’s Scale.• Secondly we ourselves thought strategically keeping in mind the: Competitors – Existing Amusements parks Cost involved – For building a particular theme park Customers – Indian Population• The key to success here is having POPs (Points of Parity) i.e. Amusement Park as per the Competitors are but have PODs(Points of Differences) i.e. key differentiator being a Theme Park.
• As per the results and research the preference order of initial targeted theme parks is as mentioned below and we can target top 3 for opening of Bisneyland:1. Adventure land – This is the most appealing to Indian Market and has to be there2. Fantasy land – All kids can be attracted by this Theme Park but keep in mind it should include Indian Fairy Tales along with western so that Indian Customers feel connected.3. Holiday land - This is a must as it is there in all the existing Amusements parks hence it is like generic product4. Tomorrow land – It is exciting but opening it in initial stages will incur huge costs and less affability towards it may lead to losses5. Main Street India – This can be included later as only Ladies are attracted towards this and it may be disturbance in the fun in Theme parks as of now.
• . The promotion strategy for our Bisneyland would be totally different keeping in mind the Promotion Strategy “PENCILS” P - Publication E - Events N - News C – Community Initiation I - Image L – Lobbying S – Sponsorship• For us the important channels are top 3 i.e. PEN
• In Publication we need to cover all the major newspapers and web sites• News papers and magazines will have ads with big cartoons like Mickey Mouse and Disney with embedded Musical cards.• 3D billboards showing videos of fun inside Bisneyland• Simulators placed inside malls simulating the experience of Theme parks of Bisneyland• Organizing events where multiple fun competitions will be held and people will be getting free Bisney Cards .* The theme of the events should be in sync with Bisneyland.• The events should be held across multiple cities where school and College students should be invited for free. As children are the most powerful and most attracted towards the Theme Parks they will surely create awareness• Last mode through advertisements there should be videos of the fun theme parks given to all media channels which should be highly advertised
• Bisney Land can use benchmarking as one of the most effective strategies to position itself for growth.• Consumer will always compare Bisney land against the standards already in place within the industry. Those standards remain the norm until a competitor exhibits qualities that exceed the standard, and thus raise the benchmark for all other companies within the industry.• When used effectively, benchmarking can lead a company to become more innovative, think about their business model in new ways, and even identify new consumer markets that could be targeted, thus increasing the overall sales generated by the company.• Bisney Land can Benchmark itself in providing the following: a. Customer Centric b. State of the art facilities c. Best hospitality d. There something for every one in the park e. Best food(many varieties of food)
The pricing will be based on the following factors:• Value selling to the customer• Keeping in mind the supply and demand• Competitor indexing• Price Elasticity and Customer Sensitivity towards Amusement parks• Each Customer will be given a membership card on the first visit Price = Fixed Component + Variable Component• Fixed Component: This will be the charge for entering the park• Variable component: This will be charged as per the facilities or parks used/visited by the consumer.• Throughout the park there would be vending machines so that the customers can get their cards refilled and they will be rewarded points based on their visit frequency.• There will be three types of cards specifically customized for kids, males and females.
• Emphasize on Brand value chain• Use Brand Elements to create Brand awareness :Logo:Tagline :Come to get amusedURL: www.bisneyland.co.in (will be created later)Ambassador: Choose a brand ambassador who is a maverick /adventurous
• Social Media: Social Networking sites: Facebook, Twitter, Google +: These websites are a rage Bisneyland can also exchange its links( on the internet) with its partner sites to increase awareness Article Marketing: Have all the articles related to the product in one place so that any one who comes looking for the product can have a go at the articles and understand the service offerings and what the Experts think of it Auto Responder system• Print Media: Innovative Technology Advertisement: Design a 3-D page to be published in News papers and Magazines where in one screen you have the theme park photo and when the page is turned there is sound of water splashing Use of Newsletters: Use third party news letter which reach the qualified subscribers. This is better way than using spam emails which are deleted without paying a heed. Paper Inserts• Sponsors Events to gain popularity:• Canter activity• Themed Events