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Marketing plan/Feasibility Study on Japanese tourists coming to Australia, Queensland.Segmentation, Target market strategy (10%)Segmentation, target market strategy; needs to be specific and quantifiable. The target market/s size needs to be established in both numbers and dollars where possible.Our basic assignmentThe main criteria of this report are focusing on the current economic, political, legal and cultural environment of Australia. The purpose of this research is to shape the growth of Japanese tourists, by presenting a tourist package directly targeted at young to middle-aged (ages 20-30) consumers who decide to travel to a tourist destination within Australia.The planned location is Gold Coast, Queensland. The Japanese consumer will enjoy 7 day trip through destinations like the Great Barrier Reef, Gold Coast, and Australian Zoo, various theme parks, national parks and Port Douglas would appeal to our target segment. Giving a broad mixture of ventures within the island, it can be customized to suit all consumer needs, from couple situated dinners to luxurious getaways for two. This package will be a self-conducted tour of surroundings and scenery that the Japanese consumers have never encountered before.Example of last year’s Vietnam feasibility report that got HD.Segmentation and Target Market strategy Segmentation of our target audience has been attributed to demographic variables. As this is quite an easily obtained variable, as information regarding population levels and characteristics are accurate and readily available. Establishing our segment within the Vietnamese population as being the age group of the 40-49 year old presented an approximate 12.3 million consumers within this age group (IndexMundi, 2014). Further more to this, in order to achieve a viable target consumer for the luxury travel, segmenting the target market through socio-economic channels provided a basis for potential consumer interest. Social class A equates for 9.3% of the population, in which they earn over an average of US$150,000, and as of such the age demographic of 40-49 presented as the highest concentration within this segment. As of such these consumers are the more affluent earners within Vietnam and have higher level of consumer expenditure towards luxurious items such as travel. As indicated in table and statistics taken from hoangle.com and Index Mundi as well as CIA World Factbook, it can ascertained from approximately from our target audience of social class A aged 40-49, of the total Vietnamese population 2,887,000 fall within our specific target market. (refer to table 1)CharacteristicFigureTarget marketPopulation93,421,83593,421,835Male 40-443.2 million (approx.)Female 40-443.3 million (approx.)Male 45-492.9 million (approx.)Female 45-492.9 million (approx.)40-446.5 million (approx.)6,500,00045-495.8 million (approx.)5,800,000Social Class A9.3% total population8,688,230 approxSocial Class A 40-4423% of 6.5 million1,495,000Social Class A 45-4924% of 5.8 million1,392,0002,887,000 ApproxLikely to travel2%3%4%5%57,74086,610115,480144,350Likely to travel2%-5%101,045 approxTable 1: Approx. segmentation for expected target market strategy. As established prior, it has been estimated that between 2%-5% of consumers are going to purchase and travel to our designated tourism destination. Of that an average has been taken which equated to 101,045 who are likely to be interested in our offering. If we are to take into account the buying behavior bell curve, as shown below (chart 1), such figures can be obtained of those innovators, early adopters early majority, late majority and laggards of our potential target audience to partake in the offering of the tourism destination. The graph below indicates the buying behaviour of those who are potentially interested in our offering. 010668000Chart 1 An increase in outbound tourism departures from Vietnam for leisure purposes and a projected forecast in tourism growth, has shown that there has been an increase in couples travelling from Vietnam to outbound international tourism destinations. While it still may be a small percentage of overall departures (1.4% Euromonitor GMID 2014), this figure has grown since earlier stages and there is still an unaccounted departure type of 8.5% of total departures. (refer to Appendix) The table below states the percentage breakdown of outbound tourist from Vietnam in age bracket form. It can be stated that our target market fall within the bracket of which the most travellers fall into. This age demographic has experienced an increase trend due to factors such as a greater purchasing power, access to larger incomes and their increasing interest in “Westernization”.Holiday Takers by Age: % Breakdown 2007-20122007200820092010201120120-141.01.10.90.90.80.815-247.37.47.47.27.27.225-3430.830.931.031.131.231.235-4947.547.547.547.548.148.350-6412.312.012.112.211.711.7Over 651.11.11.11.11.01.9Total100100100100100100Source: Euromonitor International from official Statistics, trade associations, trade press, trade interviews. Eurominitor: Passport, Travel and Tourism in Vietnam, 2013.A concentrated targeting strategy focused on the particular marketing niche market of the affluent earners of Vietnam living in urbanized areas on Hanoi and Ho Chi Minh city between the ages of 40-49. This targeting approach will allow us to focus our efforts on “understanding the needs and wants of our target consumer” (Toolkit.smallbix.nsw.gov.au, 2014) and thus being able to understand the specifics of what the target consumer is looking for out of a tourist destination. This targeting strategy will allow DriveAustralia to compete more effectively against larger firms either offering the same destination or targeted towards our similar audience. Expected Revenue In order for DriveAustralia to establish if creating and offering such service to the Vietnamese consumer will present as a viable option, attempting to create a estimation of revenue will give an insight into the potential success of the venture. To ascertain the potential minimum amount of revenue, a portion of our target audience who are likely to be interested in our offering, 101,045 (refer to table) of social class A, were then put through the adoption lifecycle curve in which we have taken the figure of early adopters (2526 Vietnamese). This figure was then multiplied by the lowest single person service fee ($628). It can then be obtained that these two statistics will bring in an estimated revenue of $1,586,328. This amount will then be attributed towards to future long term goal of setting up a global office within Vietnam in Hanoi and Ho Chi Minh city, as well as innovative improvements towards the DriveAustralia application, website, increased advertising (potentially globally) and cost associated with the business venture.
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