In general, the paper "Challenges That Steriline Racing Faces" is a great example of a marketing case study. Businesses all around the world are looking towards increasing their reach by having businesses abroad so that the business is able to have a route through which it can earn continuous revenues. Steriline Racing which performs in the service sector has looked towards ensuring that they develop their business through a process which helps them to earn a regular income. This report looks into the market segment and target audience being eyed by Steriline Racing.
The report also presents the manner in which the company looks to expand its market by having business overseas and identifying the potential market. The report also looks to identify the mode of entry and the challenges that will face and the manner in which Steriline Racing will be able to deal with it to ensure effective results. About Steriline Racing Steriline Racing is one of the renowned and well-known racecourses in the world which has its establishment in Australia (Steriline Racing, 2011). Steriline Racing is an establishment of small regional clubs which looks to enhance the pleasure for people by having them provides an opportunity to bid on horses (Steriline Racing, 2011).
Steriline Racing has a presence in over 47 countries and has been able to sustain its business by ensuring safety, and quality in service. Market Segment Steriline Racing has looked towards identifying the market segment based on various parameters that the company is eying at. Understanding the market segmentation helps to identify the target market better and the marketing strategy that the business intends to use so that they are able to ensure higher customer satisfaction.
The market segmentation for Steriline Racing based on geographic, social-economic status, demographic and psychographic is as follows (Fletcher & Crawford, 2011) Geographic Urban Demographics The rich business class having a high social position in society Social Economic Status Aimed at the upper segment of the society Psychographics Providing enhanced services which look to enhance the pleasure for customers Steriline Racing thereby has been able to segment the market properly which will help to develop marketing strategies based on their target market. Target Market Steriline Racing looks towards eyeing people from all segment of the society but they mainly aim at people belonging to the upper class of the society.
The prime reason for doing so is that it is considered as an activity of the rich and looking towards the upper segment as they have a higher purchasing power and are willing to spend more on leisure activities. This helps to identify the target market as Customer Aimed at Age Classification of purchaser Purchaser requirements Business Class 18-70 Both international and domestic business houses Having a high purchasing power and willingness to spend time and money on leisure activities Households 18 - 80 Married and single households Having a high purchasing power and willingness to spend time and money on leisure activities The above target market of Steriline Racing is thus aimed towards the higher section of the society and being able to target the correct market has helped Steriline Racing to ensure growth in its business. PESTEL Analysis The PESTEL Analysis will help to understand the manner in which the environmental factors have an effect on Steriline Racing and being able to deal with it effectively will ensure better achievement of the goals. Political The political instability, especially after the September 11 terrorist attacks, has made millions of dollars to be spent on security thereby increasing the pressure on the Steriline Racing to match with the set security standards (Mullins, 2009) as increasing customer base and more customers coming at the horse racing tracks makes it important to have appropriate strategies (Shostack, 2009).
The manner in which the political situation and increase in security have transformed the way the Steriline Racing performs has ensured maximum advantage to the company from it (Mullins, 2009).
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