MARKETING OF PLAZA SINGAPURA

Abstract

The retail industry is well-known for being dynamic and highly susceptible to change - the changing needs as well as tastes of the people. Each decade sees a burst of new aspirations, new perceptions of the myriad of lifestyles depicting that particular generation, be it the Retro-80s, or the Techno-90s. Retail buildings have long reflected the trends and fashions of each decade, and retail developers translate these perceptions into tangible elements such as design, facilities, and amenities. With each new phase grows a new building different in form and concept. What retail developers have to do is to be able to anticipate changes in the lifestyle of people, and constantly update their buildings to suit the needs of shoppers. The failure to do so results in a building's functional obsolescence. Therefore, to prevent that from happening, a pro-active approach must be taken, to come up with a good marketing plan for the building. The author attempts to do this with a building that has recently lost its functionality due to changing societal aspirations - Plaza Singapura. Because of this, the building has undergone a major refurbishment, and new tenants are sought after to suit the wants of the 1990s. The methodology employed is a market survey and a consumer survey. The purpose of the market survey is to determine the competitiveness of Plaza Singapura relative to its competitors. The aim of consumer survey is to investigate consumers' tastes and preferences. The main finding of the study is that a good marketing plan is integral to the ^success of retail developments. The elements of a good marketing plan include the five Ps, product, price, place, promotion and people. The limitations of the study include the possible bias of the result due to the lack of considerations like the difference in nationality of tourists in the survey. A limitation of a quota sample is that it may not be representative of the population. It was also difficult for the respondents to assess the attractiveness of Plaza Singapura due to the refurbishment programme. Another limitation is the omission of the tenants' perspective in the marketing plan. To keep up with the keen competition, Plaza Singapura needs to constantly review its marketing strategy to remain as a major shopping choice for shoppers of Orchard Road.