Marketing Children’s Party Services|Essay guru

 In Chapter 11 of your textbook, read the case study, “Marketing Children’s Party Services: Rugged Earth Adventures.” After reading the case study, address the questions and prompts below.

• Identify two strategic initiatives that you believe will result in growth and increased profits based on this case scenario.
• Create a condensed marketing plan for this children’s party company that aligns with your two identified strategic initiatives.
• Using informed estimates to fill in the missing data from the  case, formulate a financial summary of the business in its current form.  Include this financial summary as an appendix to the paper. Hint:  Conduct research if you are not sure how to complete a sales forecast.  There are a lot of videos and articles on this topic. You can convert  the financial information in the case to U.S. dollars by going to the OANDA Currency Converter website.
• Forecast what these might look like in a year or two, assuming  your two strategic initiatives were implemented. Include this  information in the appendix.
• Conclude your case study by answering the two questions listed below.
  • Would you invest in a business like this? Why, or why not?
  • Are there efficiencies of scale for this type of business?
• Support your responses with content from the reading, lesson, and at least one outside, scholarly resource.

SOLUTION

1. Strategic initiatives:

• Expansion into new geographic markets: The company can explore new cities and towns to offer its services and increase its customer base.
• Diversification of product offerings: The company can add new party themes and activities to attract a wider range of customers and increase repeat business.

2. Condensed marketing plan:

• Objective: To increase profits and grow the business by expanding into new geographic markets and diversifying product offerings.
• Target market: Children aged 5-12 and their parents in new cities and towns.
• Marketing mix:
  • Product: Offer new party themes and activities, such as science experiments, magic shows, and crafts.
  • Price: Maintain competitive pricing for the new offerings.
  • Place: Expand into new geographic markets through online marketing and partnerships with local community organizations.
  • Promotion: Use social media, email marketing, and targeted online ads to reach new customers and promote the new offerings.