- INDUSTRY ANALYSIS AND COMPETITION ANALYSIS Learn as much as possible about the industry that Lady Bay Resort operates in. Be explicit on how you define their market recognizing that your challenge is about attracting customers from outside of Australia, thus, their ‘market’ and ‘competitors’ are not just other resorts and attractions located between Adelaide and Melbourne. This is a multi-level business and marketing exercise spanning Australia (versus other country destinations), the Great Ocean Road region (vs. other regions in Australia), and Lady Bay Resort (versus other venues). What are the strengths to accentuate and weaknesses to minimize relative to the international market in question (a SWOT or 5 Forces analysis may be helpful)? What are the value propositions provided to individual tourists, groups (can be affiliated on many dimensions), and corporate events at each level? Consider consumer tastes, culture, economic, and political factors that must be taken into account. Which countries could have the consumers that would be attracted by the service proposition offered by Lady Bay Resort and its region (which existing markets should greater effort be applied towards, or new country markets be developed)? Describe the market positioning that Lady Bay Resort should adopt with respect to the market(s) and buyer segments. Can you size the opportunity of a specific international market, either in absolute numbers or relative to alternative markets (to help with prioritization)? Try to interview 2-3 potential customers of Lady Bay Resort (individual tourist, group, corporate) to better understand how they make purchasing decisions, and if (and why) they would choose Lady Bay Resort over the competing destinations.
Sample Solution