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Title: Integrated Price Model for Tourism (IPMT)

Title: Integrated Price Model for Tourism (IPMT)

Executive Summary

The Integrated Price Model for Tourism (IPMT) is a marketing plan and business outline for a program that tailors its pricing model for tourists similar to that of Waikoloa, Hawaii. The IPMT aims to seamlessly integrate a new price increase through online-based software to cater to both tourist and local consumers’ needs. The program enables manual price changes within the store and assists with providing materials and AI-integrated retail software.

I. Situation Analysis

A. Market Analysis

  1. Target Market: Tourist and Local Consumers
  2. Market Size and Potential
  3. Industry Trends and Forecasts
  4. Competitor Analysis

B. SWOT Analysis

  1. Strengths: AI-integrated retail software, flexible pricing model for different customer segments
  2. Weaknesses: Manual price changes, potential perception issues
  3. Opportunities: Growing tourism market, local support and loyalty
  4. Threats: Competitors, resistance to price changes from certain customer segments

II. Objectives

A. Short-term Objectives (1-2 years)

  1. Establish a strong brand presence in the tourist market
  2. Develop stable and locally favored relationships with local businesses

B. Long-term Objectives (3-5 years)

  1. Achieving profitable and consistent revenue growth
  2. Expand geographic reach and enter new markets

III. Strategies

A. Market Penetration

  1. Offer competitive pricing for tourists while keeping locals satisfied with reduced prices
  2. Implement targeted marketing campaigns aimed at both customer segments

B. Product Development

  1. Integrate AI-operated retail software for seamless price modifications at point-of-sale
  2. Continuously improve and enhance the software and services based on user feedback and technology advancements

C. Strategic Partnerships

  1. Collaborate with local businesses to promote the IPMT and increase brand visibility
  2. Develop business relationships with tourist-centric businesses for referral incentives

IV. Marketing Mix

A. Product

  1. Online-based software for seamless price integration
  2. In-store materials for manual price modifications
  3. AI-integrated retail software for personalized consumer experience

B. Price

  1. Competitive pricing model for tourists and discounted prices for locals
  2. Periodic promotions and discounts for increased sales

C. Promotion

  1. Targeted online advertising for tourist clientele
  2. Local PR efforts within the community
  3. Partnerships with major tourist attractions and local businesses

D. Place

  1. Software accessible online for store integration
  2. Presence in local retail stores that cater to both tourists and local clientele

V. Implementation and Control

A. Timeline

  1. Product development and testing (3-6 months)
  2. Launch and promotion (6-12 months)
  3. Evaluation and optimization (12-18 months)

B. Monitoring and Control

  1. KPIs: Sales, revenue, tourist/local customer satisfaction, market share
  2. Periodic evaluation and adjustment of marketing campaigns
  3. Ongoing research and development for software enhancements