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This analytical treatise attempts to explicitly review the elements of customer segmentation and execution of the strategic 4Ps of marketing for the 2012 London Olympic Games.
Potential target markets for the 2012 London Olympic Games come from all parts of the UK. Based on the information provided in the case study, it is essential to review the unique traits of potential customers. The market indicators suggest that the middle-aged group forms the majority of games’ fanatics since they are easily swayed by advertisements and have a passion for sports. Moreover, this group forms the highest percentage of the general population who will strive to be part of the Olympic Games as fans. Since the 2012 London Olympic Games match well with this group, the probability of an instant boom in ticket sales is eminent.
The 2012 London Olympic Games target clients from across the globe. Specifically, an estimated 7.9 million tickets are to be sold. Specifically, 25% of the tickets are reserved for UK residents with the other parts of Europe and the world purchasing the remaining percentage of the tickets. It is necessary to review the geographic variables in the London resident customers segment. The English culture is the main customs in London and across the UK. Nearly 40% of the total population resides in rural areas. The climate of London is generally cold across the year. The city of London has excellent infrastructure in terms of transport, electricity, clean water, and communication.
Specifically, the main features that have been identified to attract customers to sports activities include age, economic position, race, and attitude. Reflectively, young adults and middle-aged consumers are likely to form the pinnacle of the ticket purchasing market. This is informed by the fact that these groups are more conversant with the different sports activities and would go the extra mile to buy the tickets. Besides, the two groups have relatively stable disposable income and are willing to attend the events even if they have to travel from the rural parts of the UK.
The city of London has a high number of literate youths, who are the main clients for the Olympic Games services. The London Organizing Committee for the Olympic Games (LOCOG) may take this as a business opportunity. The fact that the participants of the 2012 London Olympic Games share a common language will facilitate an easier market penetration when selling different services and products. Since English is the second most spoken language in the world, the city of London is well positioned to host the Olympics as the residents speak this language. The early adopters for the products and services associated with the 2012 London Olympic will include the UK politicians and youths, who are known to shape the general public opinion on events.
Most of the Olympic enthusiasts within the city of London and surrounding areas want affordable services, such as tickets, transportation, and refreshments during the games. The demand for services is determined by quality, affordability, and significance attached to them. This is common with the youth in London, who has minimal disposable income as compared to other age groups.
The London Olympic market segment is very profitable since it will consist of 25% of the total ticket sales. Besides, with the inclusion of the residents from rural areas, the segment has the potential for growth. Since the London resident customer segment is motivated by quality and affordable services, it fits within the goal of efficiency in service delivery within competitive pricing. The large population in the city of London and it’s surrounding makes the segment actionable.
Product positioning is directly linked to the success of business activity in short and the long run, especially for the case of the 2012 London Olympic Games. To achieve the desired goals, a business offering service has to position itself to emphasize the difference between its products and those of its competitors. To diversify market operations, it is necessary to create multiple brands to benefit from different customer segments. In this case, the positioning statement may be as follows:
We have what everyone wants and at considerable prices. The products are unique and of high quality. The prices are also significant; one will get anything they want at an affordable price.
Due to a fair pricing mechanism, competition factors will be positively placed to the advantage of a business. Through offering competitive prices for the services, such as ticketing, it will be within reach to win a high percentage of the 2012 London Olympic Games market share.
- The London Olympics’ market segment is very profitable since it will consist of 25% of the total ticket sales.
- The services will be positioned on the principles of affordability and quality.
- The customer segment is extensive, hence sustainable.
- The ticketing strategy should be customized to meet the demands of different customer segments.