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  • University : University of Wollongong
  • Subject Name : Marketing (Branding)

Underwater Submarine: A Hypothetical Product

Executive Summary

In this report, we have discussed about a hypothetical product i.e. underwater submarine. This product is designed to launch into the region of South East Pacific Countries to attain a wonderful response from the people who are very fond of using these types of utility for tourism purpose. In this paper, we have discussed about the market research of product in terms of hypothetical, key attributes of the product, value proposition, suitable price and gap map in relation to the position of company. Along with this, we have discussed about the development of the brand and methods of advertisement of the product within the market through the usage of social media platform and internet utility.

Table of Contents

1.PART A

1.1 Experience to be launched

1.2 Market Research

1.3 Competing Activities

1.4 Key Attributes

1.5 Value Proposition

1.6 Suitable Price

1.7 Multiple Positioning Map

2.PART B

2.1 Creation of Brand

2.2 Conduction of Informal Market Research

2.3 Report on behalf of outcomes

3.References

1.PART A

1.1 Experience to be launched

The specific task is related to the launched of a new tourist experience throughout the world. This experience is based upon an underwater submarine tour in which it would be to pull along with a boat to pull it across the reef. This is just like an adventure in the field of tourism industry which would be liked by every tourist and it could become the centre of attraction from the perspective of tour within the region of underwater.

1.2 Market Research

Beneath the sea is a world that is dreamlike and magical, filled with unexpected color, haunted by shadows of sound (Couto et al. 2017). The main target market of this product would be the organizations or companies which provide the services of tourism in relation to attract the tourists towards their services. These organizations or companies are the main centre through which the tourist contact to attain the services tourism like hotels, underwater hotels etc. They will purchase this product as it is very attractive and will also provide the utility of enjoyment throughout the water beneath the ocean level with beautiful scenes along with fishes. A customer profile tells you everything about the people you want to bring onto your customer list (Dopson, 2019).

The profile of the customer is very important as it provide the brief description about his interest which is helpful in thinking great ideas to enhance the quality of the product (Sguenfle and Sadki 2018). Within the region of target market, the profile of customers would belong to the level of such kind of people who are very fond to enjoy by taking a look over the sites which are full of adventures because these customers love to do the activities related to adventures.

1.3 Competing Activities

In the region of underwater tourism, the main competing activities are actions which are required to perform to enhance the working capacity of the company. Like many tourism operators in the area, Atlantis Submarines does not have an abundant supply of qualified workers to select from. Since this field of tourism required highly concerned towards the implementation of services related to personal requirements as the tourists prefer those services which are efficient to provide the basic requirements’ provision which are essential for the users (Peterson and Crittenden 2020). In the marketplace, these services are very closest to this tourism because customers need these essential services beneath the water level.

Positioning Map:

image shows Positioning Map

Source: Morgan (2019)

1.4 Key Attributes

The most important key attributes of the product are the facilities of taking the view of the region which is situated under the ocean that is completely full of the aquatic animals and plants; the product provides the feature of taking the advantage of rides with 4 people and the experience which is full of joy by the splashes of water with a range of 7 & ½ (20cm) inch.

1.5 Value Proposition

This product is beneficial for the underwater tourism industry in terms of attainment of more tourists. Therefore the strategy of provision benefits to the customer would be valuable for them (Wambui et al. 2018). The main problem of the customers would be the range of the prices of the services of this product. This is directly connected to the buyer of it because he is the mediator to provide the service to attain benefits for their business (Olson 2019). The value proposition would be in between the range which will be made after the calculation of expenditure of the product’s manufacturing along with additional 30% of that cost. This proposition would be helpful for the manufacturing through which it could attain benefits. This proposed value will be beneficial for the entire industry through which the business attain the growth level in terms of success through increment of users from those group of people who are very fond of tourism as well as adventure things.

1.6 Suitable Price

The price of the product must be fixed at such level through which it could be achieved by the industries at affordable prices along with the benefits in relation to the manufacturing unit of the product (Morgan 2019). The suitable price for the product is near about 2.5 million dollar per unit. This is the reasonable price as it is affordable for the companies which deal into the underwater tourism because these industries invest this cost only one time and then they attain benefits in terms of providing the tourists services underwater.

1.7 Multiple Positioning Map

The launch of this product is beneficial for those people who do not have the experience of various activities such as swimming, snorkel, scuba diving because these activities are performed with complete knowledge of these activities. On the basis of above work, the multiple positioning map is given below.

image shows multiple positioning map

2.PART B

2.1 Creation of Brand

“The Underwater Ride” is the proposed brand name with a description of “a special type of ride with emerging technology of submarine” through the latest technology which is an essential description that helps to understand the utility of the product as indicated in the picture below. Since, the name is the medium through which a person thought about the image of the product just by keeping the name into his mind (Prodan 2018). This brand name suggested the methods of attaining the knowledge about some work of the whole image.

image shows The Underwater Ride

“Interesting Museum beneath Ocean” this tagline that would accompany the brand name in the field of advertisement; this tagline would be beneficial for the tourism industry as it is creating an image of the beautiful scene beneath the ocean or near about the bed of ocean which is full of aquatic plants and animals.

Branding elements are very essential for the advertisement because these help the industry to publicize the product throughout the market or across the world. According to our opinion, these elements must include these things –

Color – This should be selected on the basis of uniqueness look of the product i.e. dark yellow which would attract the customers to have a look of the product.

Elements of Logo – It is an essential element that must be considered a picture of an aquatic animal such as goldfish or star fish along with the bubbles that would attract the customers to check the logo of the brand name (Malakmazde 2020).

Staff Uniforms – The uniform of the staff must be elegant look through which the customers would engage with them and achieve the needed services as per their requirement.

Tone of Voice – Communication is very important to interact the customer. In this process, the tone of voice must be used with politeness through which the customers would become able to listen their thoughts as well as agree with them (Sulistyadi et al. 2018).

Method of Interaction – As we all know that the method of interaction is very important to engage the industry with the customers. Therefore, the industry must use the method of good communication with the customers through which they can interact with them (Zhu and Gao 2019).

The consideration of language and cultural beliefs are also very important for the target market because these help the industry to work with the implementation of those methods which are useful to engage with the customers as per their language and traditions (Malakmazde 2016). To implement this method, the company needs to focus on the recruitment of such employees who can serve the customers on the basis of their language and cultural beliefs that means they must have the skills in relation to interact with the people of different backgrounds.

In terms of determining the cultural suitability of our branding, we would like to use the method of using the form which must be filled through the customer in relation to provide his brief details as well as his family members who want to take the ride the of product and along with this, the form will be developed by the additional column of background and culture belonging details through which the industry would become able to acknowledge about their background as well as their culture (Lopez 2020). This method would be helpful in the attainment of brief knowledge about the customer. And the company would become able to focus on the provision of staff as per the need related to their background and culture.

2.2 Conduction of Informal Market Research

An informal interview was conducted with 15 respondents in order to understand the perceptions of the customers on which the purchasing decisions made by the customers are based. Convenient sampling method was adopted in order to save the time and effort involved in the research process. However, it was made sure that no significant error impacts the quality of the research findings.

2.3 Report on behalf of outcomes

On the basis of the outcomes, the most important thing which would be find out the price of the ride in relation to the affordability of the customers because this tourism service is very costly due to the investment of huge amount. That’s why we would like to change the price of the ride with a special offer for a limited time period through which the company would become able to attain more customers in terms of profit.

graph shows price factor

When asked the respondents about the impact of price on purchasing decisions, out of 15 respondents 11 respondents said that price factor has a significant impact on the purchasing decision made by a customer. While, 4 customers said that they gave preference to quality over the price of the product.

pie chart shows customer perception about the product

It was also asked to the respondents that whether the advertising efforts done by an organization impact the customer perception about the product. 5 out of 15 respondents stated that they highly agree with the fact that advertising efforts done by an organization impact the customer perception, 6 respondents agreed with the statement, 0 neither agreed or disagreed, 2 disagreed with the statement and 2 completely disagreed with the statement. Therefore, it can be evaluated that majority of the customers believed that marketing efforts are required in order to positively impact the perceptions of the customers.

We would like to develop two advertisement i.e. publicity through internet and magazine because these two mediums are used by every person to attain the knowledge about the different things into the world. These mediums are traditional because both mediums are related to the requirement of present era as well as creative too.

3.References

Couto, G., Pimentel, P. and Ponte, J.C.B.D., 2017. Tourism development potential in an insular territory: the case of Ribeira Grande in the Azores. CEEAplA-A-Working Paper Series, pp.1-23.

Lopez, S., 2020. Value-based Marketing Strategy: Pricing and Costs for Relationship Marketing. Vernon Press.

Malakmazde, K., 2016. The effect of culture in forming e-loyalty intentions in the toursim industry a cross-cultural analysis between Turkey and Russia (Doctoral dissertation, İstanbul Bilgi Üniversitesi).

Morgan, N.A., Whitler, K.A., Feng, H. and Chari, S., 2019. Research in marketing strategy. Journal of the Academy of Marketing Science, 47(1), pp.4-29.

Olson, E.M., Slater, S.F., Hult, G.T.M. and Olson, K.M., 2018. The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, pp.62-73.

Peterson, R.A. and Crittenden, V.L., 2020. Exploring customer orientation as a marketing strategy of Mexican-American entrepreneurs. Journal of Business Research, 113, pp.139-148.

Prodan, M.P., 2018. Stakeholder collaboration: implications for improving tourist destination marketing activities. Economic and Social Development: Book of Proceedings, pp.436-444.

Sguenfle, M. and Sadki, A., 2018. The endemic argan tree as a tool for territorial marketing for tourism development in Souss Massa. International Journal of Scientific Management and Tourism, 4(2), pp.501-519.

Sulistyadi, Y. and Eddyono, F., 2016, May. Young Tourist Perspective on the Service Quality (Case Study: Star Hotel in Bogor Toursim Area-Indonesia). In Asia Tourism Forum 2016-the 12th Biennial Conference of Hospitality and Tourism Industry in Asia. Atlantis Press.

Wambui, W.A., Mwaura, P. and Tanui, J., 2019. An Examination of Influence of Competition on Destination Marketing Performance by Public Organizations in Kenya.

Zhu, G. and Gao, X., 2019. Precision retail marketing strategy based on digital marketing model. Science Journal of Business and Management, 7(1), pp.33-37.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Marketing Assignment Help

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