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Universal Studios Marketing Plan

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by

Delia Figura

on 3 December 2013

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Transcript of Universal Studios Marketing Plan

Universal Studios Marketing Plan
By: Delia Figura, Aaron Pfannenstiel, & Chelsea Patrick

Marketing Mix
Universal Studios' mission statement:
"As the premier product facility on the East Coast, our focus is on attention and integrity toward exemplary production services. We remain constant in our commitment to insure our reputation of extending Universal Orlando support, vendors and alliances to exceed any and every expectation our client may have."

Universal Studios' Company Philosophy is to bring entertainment to the public. They do so by bringing movies to life via rides, shows, and events such as Halloween Horror Nights.
Current Situation

Why would someone want to visit Universal Studios and Islands of Adventure?
Universal Studios' largest competitor is Disney World.
In 2012 Universal Studios 14 million guests while Magic Kingdom had 17.5 million guests (Bilbao).
One of the biggest things that Universal Studios and Islands of Adventure could do to increase attendance is advertising.
History

On June 7, 1990 NBC opened Universal Studios theme park in Orlando, Florida. The park was created by NBC to give guests in Orlando a place to literally "ride the movies." The rides vary from Revenge of the Mummy to Despicable Me: Minion Mayhem to Transformers: The Ride 3D.
On May 28, 1999 NBC opens a second park next to Universal Studios called Islands of Adventure which features rides and roller coasters geared more toward teenagers. On June 18, 2010 The Wizarding World of Harry Potter opens and hosted approximately 7.8 million guests in 2011, ranking it sixth among United States parks and tenth worldwide.
History

Marketing Mix
The tangible products in Universal Studios are the rides, food, entertainment, fireworks, and the park as a whole.
The service within the park is intangible.
Without the employees at the park to act as those in the movies and bring to life the rides and shows the park would lose its panache. Thus, the rides/shows and the employees are inseparable.
The food within the park is perishable.

Product/Service Life-Cycle
Universal Studios has gone through the product/service life-cycle a few times throughout the years, they have had their ups and downs as their rides came in and out of popularity. The park is currently in their growth stage. Within the past few years they have opened the Wizarding World of Harry Potter which has proved to be a huge success. The new land broke their box office records in the USA by raking in 92.1 million dollars on its opening day. In the first quarter following the Harry Potter opening their attendance rose 68% within three months per Best of Orlando's article "Universal Orlando Breaks Attendance Records."
Current Promotion and Place
The current slogan of Universal Studios is "Experience the Movies"
Universal starts it's delivery of the theme park via billboards and commercials within the Orlando area. Once in the park, the product is delivered by service and via the rides and shows.
Marketing Strategy
In order to make the Universal Studios theme park better we would focus in on the current product and make specific improvements that would drive business.
Market Analysis
When it comes to Market Segmentation they most likely target using demographic segmentation, more specifically by age and life cycle.
Walt Disney World is their largest competitor.
Universal Studios and Islands of Adventure are owned by Comcast.
SWOT Analysis- Strength: Wizarding World of Harry Potter. Weakness: lack of advertising and target audience. Opportunity: Upcoming attractions. Threats: Competition.
One of the biggest strategic alliances these parks have is with Nickelodeon.
Macro-Environment
The current Economy is an interesting state, due to the value of the dollar and the state of our government, foreign currency is more valuable here and the amount of international tourists has skyrocketed.
Domestic tourism is something we need to focus on and market more to the US residents. Most advertisement is based locally and targets only Americans in the California or Florida area.
Macro-Environment Continued...
Technology is becoming a huge key. Competitors such as Disney have begun implementing technology into the theme parks and differentiating themselves from Universal Studios.
Universal Studios has begun implementing technology in the parks, using the Photo Connect Cards, and picture kiosks, as well as adding free WiFi throughout the park. Many areas of the parks are seeing face lifts with new digital formats to menus, signs, and interactive environments to keep them up to date.
Internal
Universal Studios is most definitely making a profit. The theme parks generated $712 Million in revenue for the company.
The company utilizes Universal Views by using students as guests to make sure team members are up to par. They also use Responsible Vending to help keep the parks safe, and knowledgeable.
Happy Workforce- Workers compensation and benefits are high.
Advertising
Currently, Universal Studios has limited commercials and billboards mostly throughout the Orlando area. In order to drive further business from other states we would increase the amount of national and worldwide commercials, billboards, and paper/web adds.
Once new areas and rides within the parks (Ex. new Wizarding World of Harry Potter ride) are announced to open we would start advertising right away in order to build hype amongst the customers.
Technology
In order to keep up with Disney World's new technology we would advise Universal Studios to invest more in kiosks at the entrance to the park in order to decrease entrance lines to buy tickets.
Wristbands would also be needed to stay in competition with Disney for guests saying at the surrounding Universal Loews resorts to make paying for items at the park easier.
Full transcript