Tower Of London: Marketing Management Case Study Solution
On the other hand, the increasing legal issues of the United States would have an impact on the tower due to the relation in the past. However, the government could pass the law to take the custody of the tower upon any related issue, which would affect the government. Apart from that, the government can also intervene to make the tower unavailable to the visitors due to its heritage, and reactionary Kingdom’s history.
Industry and Market Analysis
The market as whole is very competitive in terms of visiting sites since the United Kingdom is the one the largest market for the tourists around the world. It also attracts millions of the tourists from around the world that are continuously related to the mean to be, however, there are many other places in the Us that are most attractive to the tourists from around the world. Nonetheless, it is also important as to how many tourists have visited the heritage sites in the United Kingdom throughout the years. Meanwhile, the tourism industry is the one of the largest industries in the United Kingdom, which has brought billions of pounds to the country, which has significantly contributed to the GDP of the United Kingdom.
However, in terms of the marketing, the industry is full of customers, but it depends on the companies how they attract the customers, and what are their tools to manage the things and customers. The reason for this is because the market has many different customers having different characteristics, and needs, and wants behaving differently than the other customers.
Porter’s Five Forces
Power of supplier
The palace as visiting heritage site does not have any suppliers. However, the guides that are interlinked with the tourism in the industry have the medium power to divert the visitors from the site to another visiting site in the United Kingdom.
Power of Buyer
The buyers (in this case the visitors) do not have much power to create some pressure on the palace. The reason for this is because some visitors that intend to visit the place also want to know about the place irrespective of the time, cost, and energy concerned in the visiting the site.
Threat of substitute
The site is one of the historic sites in the United Kingdom having the most respect in the society due to its roots in the royal family of the United Kingdom. However, it has low power of substitute in the market, because people might construct buildings with the help of new technology, however they cannot even build single building as the London tower.
Threat of new entry & Competitive Rivalry
On the other hand, the increasing visitors do not depend on the buildings in the market, because no one is able to construct a single unit of the world heritage site of London tower. Another reason for this is that in the industry the competitor would only have a common understanding to come up with something modern.
The market is full of world heritage sites in the United States, however no competitors in the market could build such a historic site that would appeal the visitors as much as the London tower of the United Kingdom. The place is one of the largest visited places in the United States, however,competitors could make some attractive marketing tools to attract the visitors around the world. Similarly, London Tower should also have the most attractive marketing tools to manage the things in the market because there are many other competitors that are watching the market very close to taking advantage of.
7 P’s of Marketing Mix
The market of the palace is very important in terms of its connection to the tourism industry, however there should be techniques to attract the customers as it is very important since it could have a major impact on the site as awhile. The reason for this is because the visitors are the customers of the site who pay visit to the site with their interest in understanding the place as awhile. Similarly, the place of the site is central, and the price should be very reasonable along with the promotion of the site as well to attract the visitors. However, importance should be placed on the process and physical evidence of the product and the people visiting the heritage site in London. The market is very complex, containing various sites, which have unique characters that have some roots to the different histories of the United Kingdom.On the other hand, the visitors are the customers of the site, who have some characteristics, which could have been interlinked with the industry as a whole in the market to approach and attract the customers in the market. Apart from that, the competitors in the market are also very strong enough to divert the visitors to their increasingly famous site…….
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