Singapore Flyer Marketing
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Segmentation of market
Using demographic and behavioral segmentation Singapore flyer can segment its market. Using demographic segmentation, we have targeted the age group and the income group factor. Firstly, for the age group, Singapore flyer should segment the market into four different age groups. They are the children, youths, adults and elderly. We have chosen to target the youths and adults (age 13 to 45), mainly because they are the ones who are willing to spend their money for entertainment and experience. Our survey has proven that youths and adults are the ones who are willing to spend. To add on, we believe that these age groups are the ones who are more active than others. In addition adults and youth have the purchasing power. Thus we felt that it is best to target these age group people.
Secondly, we have targeted the income group factor. We have divided them into three income groups. They are the high income group, middle income group and low income. In this factor, we have chosen the elimination method. We felt that we should not target the low income group as they would look after their needs first before even thinking of their wants. The low income group might feel that Singapore flyer is too costly and does not sees the need in any way. Most importantly, the experience does not benefit them much as compared to solving their own needs. They will rather spend their money on their needs than to wants. Thus we have eliminated the low income group. Thus we are left with the middle and the high income group. These groups of people are the ones who can afford going on the Singapore flyer.
Next, we move on to behavioral segmentation. In this segmentation, we have targeted the occasions and the user status factor. Firstly, for the occasions, we have divided them into three different occasions, namely holidays, family days and events. We strongly feel that these occasions should be targeted, as it will draw crowd. In addition, people would be in a festive mood and thus are willing to spend their money on Singapore flyer. For example, on National day, people would able to view the national day parade and the fireworks on Singapore flyer. This is the first year that citizens are able to view the parade and the fireworks on Singapore flyer, and would be able to give the citizen a wonderful experience. Another example would be the Formula 1 (F1); people would be also able to view the race on Singapore flyer. Even though they are not able to purchase the tickets for the F1, they can consider viewing the race on Singapore flyer.
Lastly, for the user’s status, we have divided them into three different user status, who are the regular users (the users who goes every year), the first-time users and potential users (the tourist). The users that we have targeted are the first-time and the potential users. We felt that these people would want to experience something unique such as the Singapore flyer. Thus we strongly feel that they should be targeted. Also, we felt that the nature of Singapore Flyer is for relaxation (recreational facility). Therefore, it looks like a hot attraction for the tourists which are the potential users.
Target Marketing Strategy
Our group has decided that the target marketing strategy that Singapore Flyer has adopted is differentiated. Being differentiated means that a particular organisation uses different marketing mix to satisfy or cater different groups of customers. With different segments of the market having different sets of needs and wants, Singapore Flyer has catered to it. We believe Singapore Flyer has set aside different pricing plans for different purposes so that they can reach out to the