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Global Village is a unique project that offers an array of opportunities for entrepreneurs from different countries. At the moment it presents itself to a specific place where numerous entertainments for people are presented. It could be considered a unique seasonal and cultural event in the MENA region aimed at fostering international relations, improvement of cultural interchange, and the creation of new business and other links (About us n.d.). At the same time, it could be described as a successful business project that attracts investments from different countries of the world by suggesting unique conditions for running a new venture. However, there are still many directions that could be explored for its further rise. The investigation of the basic peculiarities of this very event could help to create an appropriate and efficient marketing plan needed to introduce new offerings, products, and enlarge the target audience.
When creating a strategy that will attract new individuals and result in increased incomes, it is crucial to address the most important spheres of Global Villages functioning. At the moment, it attracts people from different regions by providing opportunities for entertainment, tourism, and cultural exchange. There are such attractions as the Haunted House, the Heritage Village, an amusement park that brings stable incomes (About Us n.d.). However, the character of these entertainments presupposes a specific target audience which is either younger than 18 or older than 30. Besides, the young customer segment is almost disregarded as it is characterized by specific demands. For this reason, the further proposal is suggested to reorganize the functioning of Global Village and attract the above-mentioned category to gain extra incomes. Additionally, the given process should not exceed the budget which is AED 50000. In this regard, the following steps could be suggested.
First, to analyze the existing business environment and its peculiarities, it is possible to apply the Marketing Mix model that presupposes four Ps, which are Product, Price, Promotion, and Place.
Product refers to an object or services that satisfy the existing customers need. Investigating Global Villages functioning we could state that there are little items that could attract the young customer segment. The Heritage Village, attractions, the Haunted House, or different states pavilions might be interesting for other age groups when this very segment is characterized by a great need for socialization, communication, and other active kinds of entertainment that include dancing, singing, etc. (Clements 2014). For this reason, a completely new sort of product should be suggested to guarantee the increased level of interest to Global Village and the attraction of this very new segment. At the same time, it will not be too expensive as there is already a certain environment and facilities that could be explored to organize new attractions and interest individuals aged 18-30.
Price is related to the amount an individual should pay for one or another product. Speaking about this very case, we could admit that the price should not be very high. There are several reasons for this statement. First, very often representatives of this very age group do not have their source of income. They might be students, travelers, young specialists whose salary is not big, unemployed, etc. It other words, they do not have much money cause of the uncertainty peculiar to this period of life. In this regard, the price should be low enough to attract their attention and induce them to pay for some goods or services. At the same time, it could not also be too low as it will decrease the potential incomes and will undermine the whole project. For this reason, an affordable price should be introduced.
Place refers to specific areas where products or goods could be offered to the above-mentioned category. The given component of the Marketing Mix could be considered the strongest one as Global Village provides a perfect environment that is rather popular with the audience. Moreover, it is specific enough for organizers to emphasize its unique and unusual character. The project also offers numerous opportunities for businessmen as many facilities could be explored. Global Village has many pavilions where various services and goods are offered. For this reason, new products could be easily distributed using these selling spaces. This pattern could help to save costs as no extra spending will be needed for the creation of new shops, pavilions, clubs, etc. where representatives of this age group could gather and communicate.
Finally, promotion touches upon the use of marketing communications to attract attention to the suggested goods or services and make them popular with the target audience. Revolving around the given case, we could state that the given event is rather popular and people all over the world get to know about it using the Internet and other media sources. However, if to consider the peculiarities of the young customer segment, we should state that the given pattern is not the most efficient one. According to statistics, people belonging to this very age group are the most active users of social media (Clements 2014). For this reason, this very aspect should be taken into account when creating an advertising company that should increase the popularity of specific goods or services. Besides, the given aspect should be considered a key to the overall success of the suggested change strategy as it contributes to the increased number of customers and improved outcomes
Considering the above-mentioned peculiarities of the marketing mix, we could suggest the following products and services. First, Global Village has numerous pavilions representing different states. That is why traditional souvenirs peculiar to each culture could be offered to people. It will be not too costly; however, these goods will attract customers attention as at this period of their lives they are fond of knick-knackery. It might cost from AED 2000 to 3000 and will be compensated by sales. Furthermore, there is a great need for socialization. In this regard, thematic carnivals should be organized. It is possible to suggest a specific schedule with certain days devoted to certain cultures. Young people should dress in traditional clothes, consume traditional dishes and drinks, and communicate. The popularity of costume parties among young people could be taken as credible evidence of the success of the given issue. Additionally, it will not cost too high. For instance, the organization of one costume party might cost about AED 3000-5000. Moreover, specific costumes could be sold or suggested for hire. It will also bring extra income. Finally, customers will buy food and drinks.
Thus, as stated above, the popularity of the suggested services and goods and overall success will depend on the efficiency of the advertising company, PR, promotion, etc. As stated above, social media should be explored as its wide usage is one of the most important features of this consumer segment. Besides, Twitter and Facebook should be explored to spark an interest among young people. It is vital to organize communities devoted to costume parties where photos, video reports, and other visuals will be available for users. It will attract their attention and contribute to an increased level of interest. Additionally, guerilla marketing is also considered one of the efficient tools to attract young people. Graffito with a specific sign of this very festival or other drawings of this sort will be noticed by the representatives of this target audience and increase the level of interest.
Additionally, consumer engagement could also be exercised through these very channels. Social media could be explored to align a business communication connection between organizers of the project and consumers who enjoy the suggested services. This platform could be used to share feelings, emotions, experiences, and provide recommendations for further improvement.
Altogether, we could conclude that Global Village provides numerous opportunities for the organization of a new business venture in terms of the environment created by this very project. Aiming at the young customer segment, we should state that some new services should be suggested to attract its representatives attention and attain success. For this reason, the need for socialization, communication, and new experience could be satisfied by organizing costume parties and festivals, where many traditional dishes, drinks, and souvenirs will be offered to young people. This pattern will contribute to improved results and ensure stable incomes.
Reference List
About Us n.d. Web.
Clements, M 2014, Young adults and sages: Aspirational customer segment names get respect. Web.
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