Royal Ontario Museum: Friday Night Live
Located in Toronto, Ontario, the Royal Ontario Museum features the event “Friday Night Live” (FNL), run by Carrie Martin, vice president of programs, events and commercial services. Martin is responsible for creating a marketing plan that advertises this event in a distinctive, unique and profitable way. The overall increase in competition within the Greater Toronto Area (GTA) has generated concern as to whether the ROM night event can sustain their popularity. Their objective is to attract at least 3,500 visitors with the goal to increase revenues and profits by the grand opening date on October 9, 2015. The new marketing plan made by Martin will be put into effect to accomplish these goals and ensure …show more content…
Individuals are looking for a fun night out, but do not want to spend substantial amounts to do so. Examining the other competition, such as the Art Gallery of Ontario, their additional $10.00 fee to enter the featured exhibit may be unattractive for consumers, thus luring their business to FNL’s event. They offer art-making classes and live music, but because it is held on a Thursday night it may be unattractive to certain consumers due to their school or work schedules. Additionally, reviewing Ripley’s Aquarium prices, they are substantially higher than FNL’s prices. As well, they only offer Jazz music, which may not be attractive to many consumers. Allowing younger patrons to enter the aquarium may not be attractive to the older audience, due to wanting a more grown up interactive environment. Similarly, the Ontario Science Centre offers their night life event to teenagers, although at a free of cost. Even though their prices are substantially better, they are not attracting the same target market as FNL, thus not affecting consumer attendance and profits. Lastly, the entertainment district offers many entertaining shows and events. However, these tickets to night shows are more often than not extensively higher than FNL’s prices. FNL provides live music, theme nights, fun food and drinks, and a great social environment for many consumers. …show more content…
Their average purchases of two ROM bucks per visit are not enough to sustain high profitability. Due to FNL being a night event, less than half the tourist population stays over night, which may cause a low visitation rate to the FNL event. Both of these factors may cause a decrease in profitability, weakening the chances of meeting the goals of the FNL event. Additionally, examining students, they show price-sensitive actions which result in purchasing one ROM buck per visit. Focusing on this demographic would not be beneficial in order to meet FNL’s goals due to their lack of disposable income and willingness to spend money on ROM bucks. As well, their decline in enrolment projected in 2015 will generate a higher risk to obtain the goal of attracting 3,500 visitors because the overall amount of students will
Located in Toronto, Ontario, the Royal Ontario Museum features the event “Friday Night Live” (FNL), run by Carrie Martin, vice president of programs, events and commercial services. Martin is responsible for creating a marketing plan that advertises this event in a distinctive, unique and profitable way. The overall increase in competition within the Greater Toronto Area (GTA) has generated concern as to whether the ROM night event can sustain their popularity. Their objective is to attract at least 3,500 visitors with the goal to increase revenues and profits by the grand opening date on October 9, 2015. The new marketing plan made by Martin will be put into effect to accomplish these goals and ensure …show more content…
Individuals are looking for a fun night out, but do not want to spend substantial amounts to do so. Examining the other competition, such as the Art Gallery of Ontario, their additional $10.00 fee to enter the featured exhibit may be unattractive for consumers, thus luring their business to FNL’s event. They offer art-making classes and live music, but because it is held on a Thursday night it may be unattractive to certain consumers due to their school or work schedules. Additionally, reviewing Ripley’s Aquarium prices, they are substantially higher than FNL’s prices. As well, they only offer Jazz music, which may not be attractive to many consumers. Allowing younger patrons to enter the aquarium may not be attractive to the older audience, due to wanting a more grown up interactive environment. Similarly, the Ontario Science Centre offers their night life event to teenagers, although at a free of cost. Even though their prices are substantially better, they are not attracting the same target market as FNL, thus not affecting consumer attendance and profits. Lastly, the entertainment district offers many entertaining shows and events. However, these tickets to night shows are more often than not extensively higher than FNL’s prices. FNL provides live music, theme nights, fun food and drinks, and a great social environment for many consumers. …show more content…
Their average purchases of two ROM bucks per visit are not enough to sustain high profitability. Due to FNL being a night event, less than half the tourist population stays over night, which may cause a low visitation rate to the FNL event. Both of these factors may cause a decrease in profitability, weakening the chances of meeting the goals of the FNL event. Additionally, examining students, they show price-sensitive actions which result in purchasing one ROM buck per visit. Focusing on this demographic would not be beneficial in order to meet FNL’s goals due to their lack of disposable income and willingness to spend money on ROM bucks. As well, their decline in enrolment projected in 2015 will generate a higher risk to obtain the goal of attracting 3,500 visitors because the overall amount of students will