Before the casino management team formulates the objectives, strategies, action plans and budgets that comprise the marketing plan, they must first take stock of what occurred in the market over the past year and attempt to predict its future direction. This is called the Situation Analysis. Only with this analysis can the team formulate realistic goals and objectives and devise appropriate strategies and action plans. At a minimum the Situation Analysis should examine four basic areas: market analysis, the competition, the customer, and the property.
What happened and what will occur in the markets that the casino serves? Without fully understanding the economic, demographic and gaining trends in the market, any prediction of the property’s revenue/gaming growth would be nothing more than a guess.View Full Article Read More