Team Marketing Plan Final Paper

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Marketing

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Jan 9, 2024

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Infinite Destinations Marketing Plan MKT-300-B Group 2 4/23/2023 Situational Analysis

Company Overview The purpose of our application is to provide users with the ability to easily manage their travel and vacation plans. This includes, but is not limited to: Finding potential destinations, planning stays, and sharing past experiences. Our mission is to make travel accessible and easy. The company’s goals and objectives are to launch both an application and a website, partner with three (3) major companies, and have 200 users within the first year from the launch date. Industry statistics show that the global revenue from travel apps in 2022 was around 390 million US dollars. The global revenue is projected to increase throughout the next few years (Statista). Along with this, the industry for travel apps is a monopolistic competition. This meaning that there are large brands that control a majority of the market, but there is still room for improvement and change. Along with this, there are large gaps within the industry that consumers need to be filled by a new brand. This is where Infinite Destinations comes into play and takes advantage of this need for change and innovation within the market. External Forces The Infinite Destinations travel app targets individuals within the United States, at least for the first year of business. We have chosen this target because it will give us a smaller set of individuals to focus on, and leave more room to focus on our success. Upon reaching our goals while appealing to this target market, the brand will reevaluate the target and consider expansion. In a social aspect, it has been shown that around 3 million citizens of the United States traveled abroad in March 2021(Silver). This number is important because it gives a good representation of the amount of individuals within the United States that potentially use travel based applications or websites each month to plan their trips.

In the United States, the average household income was between $70,000 and $71,000 annually in 2021(Semega). Following that, it was found that the cost of a vacation for a family of four was $4,850 during the same year (Erb). Based on these two sources of information, it can be assumed that around half of United States families take a vacation each year. This data gives a general idea of how many people might use either our application or our website any given year. Both technological and regulatory factors are important to take into consideration while preparing to launch a new brand. Technologically, our brand plans to work closely with professionals within the travel and technology industries to meet the needs of the company. We expect to have both an application and a website accessible for users, with little to no flaws in the system. Infinite Destinations will regularly perform maintenance on the website to ensure the best quality for users, as well as keep up with legal requirements. Along with this, Infinite Destinations will maintain legal status in regards to local, state, and federal laws and regulations. This includes filing for patent, trademark, business licenses and permits, and other documentation as necessary. In order to succeed as a new brand, Infinite Destinations needs to comply with all laws and regulations. Competitor Analysis As a new travel-based application, Infinite Destinations is working through a competitive marketplace. Knowing this, we need to be aware of our competitors and keep up with their statistics. Through the use of that data, we could set goals for our own brand and make our name known within the industry. Our largest competitors are Travelocity, Booking.com, Expedia, and TripAdvisor. A large brand goal of ours is to fill the gaps that these brands have left in the market and meet the unmet needs of consumers.

The most downloaded competing brand in 2022 was Booking.com (Statista). While this brand contains a lot of similar aspects to our own, they do not have trustworthy consumer reviews. Our app will have direct opinions, ratings, and reviews from users that have actually traveled to and experienced the places that they are sharing about. This is where our brand, Infinite Destinations, plans to fill gaps within the industry to fulfill the needs and wants of consumers. SWOT Analysis Our brand, much like every other brand, has strong and weak points. Our strongest point being our willingness to fill gaps within the industry. Our brand was created to fill gaps in the travel industry, and we only plan to keep adding to and expanding our brand. Infinite Destinations will evolve and expand with the industry by continuing to fill gaps as they are created. Another strength within our brand is our innovation. Our brand plans to take a social media style application, and combine that with travel agent abilities to provide users with the ability to plan their trips to their own liking. Our greatest weakness is that we are a startup brand in a somewhat claimed industry with leading companies. While the industry is projected to grow in coming years, it is still difficult to grow in such a competitive environment. However, we plan to use our strengths to outweigh our weakness. Along with strengths and weaknesses comes opportunities and threats. The best opportunity for Infinite Destinations is the ability to create a better alternative and make improvements where consumers are seeking change. Using consumer based information, our brand has the opportunity to add features and services within our own application, as well as the entire industry. Another opportunity for our brand is partnerships. We plan to create partnerships within the Infinite Destinations brand that will provide benefits to the partner, our own brand,

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