An important element in the development of a marketing plan is the identification of a company, product, or service's strengths and weaknesses. Also, it is vital to determine how the market is with regard to a certain product's potential to prosper. Thus, the development of a marketing plan for Far Horizon requires SWOT analysis, which entails determining the strengths and weaknesses that a product possesses as well as the opportunities and threats that prevail in the product's market.
One of Far Horizon's strengths is that it has the most complete range of services to offer clients looking for venues to hold special events. These services include a bigger venue to accommodate larger groups of people as well as all the services necessary for functions such as banquet facilities, audio-visual equipment, and catering services. All of its competitors lack at least one of the services mentioned. Thus, this gives Far Horizon the advantage in this department.
Another is Far Horizon's management. Since the members of the company's management are well-versed in terms of the services that Far Horizon aims to provide, they would know how to successfully manage the convention center. Furthermore, the said managers have numerous years of experience in the field and thus possess the know-how in their field of expertise.
Lastly, Far Horizon is financially stable. The firm has little, if no, debt. Only the land on which the facility is erected is on mortgage. With such a financial standing, Far Horizon will be able to concentrate on the progress of the company and not merely on recovery from serious debt.
Based on the recommendations made, Far Horizon possesses weaknesses particularly in the operation of its restaurant and bar. For one, the menu of the restaurant and the manner by which the acquisition of ingredients is accomplished weakens the company. Wastage and spoilage are currently a weakness of the restaurant, which creates losses that must be attended to at the earliest possible time.
Secondly, a weak point of Far Horizon is the lack of advertising and marketing. Far Horizon must be able to establish itself in the market in order to attract a larger customer base. Very little has been done in terms of promotion. This must be addressed in order to make the market knowledgeable that such a facility exists.
Lastly, Far Horizon must reorganize its staff setup. Staff members of the restaurant have too much idle time. With such a scenario, Far Horizon is not able to maximize its employees and ends up paying for unused hours. Reorganization of the shifts must be accomplished to prevent losses in terms of employee wages.
The market that Far Horizon aims to penetrate possesses great potential. For one, the local economy is on the rise. This means that people have a large disposable income that they can spend on holding special events. This means that more people will be looking for venues to hold such special events.
Secondly, since the competition in Far Horizon's market cannot offer customers complete services, there is an opportunity for Far Horizon to grab a bigger market share. Far Horizon is the only venue that can offer a complete range of services as well as larger capacity. This means it has the potential to grab majority of the market share.
Lastly, with the expansion of the local economy and the expansion of the state economy, Far Horizon has the chance to widen its client base. It can target customers on a statewide level. This means that it will be able to target bigger businesses and organizations that can hold more events.
One threat in the industry is the competition, specifically Holiday Inn. Since Far Horizon cannot presently offer accommodation facilities, customers who require such services might prefer Holiday Inn.
Also, since the main competitors of Far Horizon are public facilities, these competitors may be able to offer lower prices, which some of the clients may prefer. Far Horizon cannot compete with lower prices because it is currently building and establishing its identity.
Finally, a threat that Far Horizon faces is that its location may be in conflict with all the services required of a convention center. Without its motel, Far Horizon cannot offer accommodation facilities. Since it is not located near hotels, motels, and other accommodation facilities, customers may turn away from it and look for venues that are more accessible.
In the next five years, the Far Horizon Convention Center aims to generate increases in sales volume primarily by following the recommendations made in the consultancy report. This includes bigger sales for the restaurant by redesigning the menu to meet the wants of the market better. Also, a constant increase in sales is aimed for as Far Horizon slowly establishes itself as a full-service convention center. The biggest increase in sales volume is seen as Far Horizon makes itself known on a statewide level.
Far Horizon aims to grab a majority of the local market. Since it is the most complete venue for special occasions, it aims to grab the majority of the market segments such as individual, business, and other organizations.
Lastly, in five years' time, Far Horizon aims to establish itself on a statewide level and grab a significant portion of the said market.
The goal of Far Horizon is to become financially self-sufficient in the next five years. This will start when the convention center becomes fully operational. Currently, there are instances when Far Horizon has negative cash flow. Thus, its goal is to become self-sufficient and be able generate profits within five years' time.
The primary goal of Far Horizon in 10 years' time is to be able to construct and operate the 100-room motel. This will enable Far Horizon to offer customers a full and complete line of services necessary when holding events, functions, and conferences.