The Far Horizon convention centre

1.0 IntroductionThe 4 Ps of marketing ar in more than hotshot way interdependent. They together help customers in making purchase decisions. If planned properly, 4Ps can also help companies identify the right segment of customers.A product must satisfy a consumers need. It comes with a cost. Production costs must be kept in check and at the same time graphic symbol should not be compromised on. A brand must keep its consumers interest in mind always.Price is next. Price escalation piles place when a product moves by the distribution channel. A manufacturers selling price becomes a distributors cost price. This hurts dealers who end up paying more to the distributor. Ultimately, this affects competition and sales. This escalation in prices forces umteen consumers to look elsewhere. in that location are many strategies employed by companies to beat competition. thither are some who find it hard to offer at reduced price because of brand. There are others who reduce their price in the face of stiff competition. Then there are those who, while retaining their image, launch products that are branded but return a different segment of demographic. Thus, price plays an important role in a consumers behaviour. Place can also determine price. Factors like who the concluding consumer pull up stakes be and what he or she looks for must be considered. Where does a consumer look for in a convention centre? Are the major involve of the client met by the infrastructure available? Distance is also considered to be an issue that determines choice. No client would think of going beyond his/her convenience to guard a hall. Distances also determine transportation costs, which could cause price escalation for the client. Distribution gets affected, and time and money is lost. So, choice of place is also important.Promotion relates to publicity. Promotion can take many forms advertising in various media, events, press releases, trade shows, brochures, flyers, internet an d so on. This is where a company focuses on projecting itself and its product. Promotion creates awareness, the first quantity to sales.Thus, branding and 4Ps play a vital role in consumer buying rationale (Volker.M, 1998).2.0 AnalysisIn any business the marketing environment, production costs, logistics, distributor/dealer brink and the manufacturers margin are considered before a product is priced to the consumer. All these are directly bendd by the 4 Ps of marketing. out-of-the-way(prenominal) Horizon, a well structured organisation is in the process of expanding its activities to incorporate a convention hall that can accommodate 850 people in a bingle sitting a first of its kind in that community.Far Horizon already has a full-fledged catering wing that is operational and serves breakfast, lunch and dinner to the local anesthetic inhabitants. The idea of the proprietorship organisation is to project Far Horizon as a one-stop solution for any activity like weddings, busines s meetings, conferences, trade shows and so on. Once the convention centre becomes fully operational, it will enjoy complete ascendancy in business against a rather tame competition. However, there are factors that can determine the success of a business in any environment the factor of the 4 Ps.Product StrategyIdentify three factors that influence product strategy decisions Size, Facilities, and Availability. The sizing of the convention centre will be bigger than any existing hall available in the community, and can cater to any kind of programme. The approachability of a full-fledged restaurant and bar makes food and beverage ordering convenient, without requiring external catering servicings. The hall is large enough to accommodate any outcome of people in one sitting and its availability round the year will make it a in truth attractive proposition to time-conscious customers.Place StrategyIdentify three factors that influence place strategy decisions Proximity, Location, an d Connectivity. Far Horizon is located close to the airport and is thus a little far from the commercial hub of the community. However, because of its existing restaurant and bar, it has its shell out of regular customers, for whom distance may not be an issue. The idea to tie-up with the local transport authorities may be short-sighted, but customers who require large halls with more facilities will be inclined to travel a little more to minimize responsibilities.Promotion StrategyIdentify three factors that influence promotion strategy decisions Word-of-mouth communication, events and media presentations. Far Horizon will get that distinct advantage that its competitors lacked from their regular customers. Customers feedback is a sound way to project an organisation for its products or service. How many times have one seen friends influence the buying behaviour of others. The same principle applies in this case too. Events taking place at such venues as Far Horizon will attract immediate attention, because it is located close to the airport for one, and because many people visit this place for refreshments or drinks frequently. Media advertisements are very convenient to attract those people who have never ventured to Far Horizon previously. The sparsely populated community will get to know a freshet more through media coverage.Pricing StrategyIdentify three factors that influence pricing strategy decisions Logistics, Quality and Quantity. Far Horizon will beat competition through its sheer size of it and facilities. None of its competitors come close enough to even challenge it for its facilities. Because it is close to the airport, the convention centre can attract outsiders to it instantly. The price for organizing shows, events, weddings, conferences are minimized because of its tidy sum of intake. The logic behind such a move to make a big hall is to minimize prices through volume sales. Catering costs will come down drastically as well, and so too would the cost of beverages. Far Horizon will be able to capitalise on the service of space, food and beverages. The client will benefit immensely enjoy better facilities at lower costs and maintenance.3.0 ReferenceVolker.M, Business basics for Engineers, Marketing & 4Ps of Marketing, www.sfu.ca, Referenced on 09.05.2007