Planet Hollywood
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In the early 1990s, a handful of Hollywood celebrities combined with strong restaurant professionals to form Planet Hollywood, a restaurant that combined casual food (burgers and chili) with props and costumes from Hollywood. Opening first in New York and then in Southern California, the restaurants are notable for their ability to attract famous actors and actresses to their openings and for surrounding diners with the trappings of the entertainment industry. The effort has proven extraordinarily successful: in less than ten years, the company has entered the international market and is now traded on the New York stock exchange. It has expanded operations to include a sports-themed restaurant chain and has entered into agreements with ITT Sheraton and Disney to expand its markets. Planet Hollywood merchandise, including shirts and jackets, and even a Planet Hollywood credit card, are all available to consumers, and the company continues to expand its marketing efforts. This research explores the company's success and considers its future marketing direction.Planet Hollywood combines merchandising with traditional restaurants in such a way that customers can purchase items ranging in price from $3.50 (for pins) to more than $325 (for leather jackets). In 1995, merchandise accounted for as much as 40 percent of the company's revenues, which, in turn, contributed significantly to the company's profitability since merchandise has a higher profi
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non-bank entity to use this marketing strategy; other companies have also worked with MasterCard and VISA to develop their own credit cards. However, the marketing strategies that it offers are significant, and the cost to the company relatively small. The goal, of course, is to encourage customers to use the VISA card for purchases at the various Planet Hollywood locations, but the goal extends beyond that. Planet Hollywood gains access to a direct marketing list which is highly valuable since everyone on the list is already positively inclined toward Planet Hollywood. Since lists are considered the most important aspect of direct marketing campaigns, access to a list such as this gives Planet Hollywood a considerable competitive advantage over the competition.
In exchange for card privileges, consumers receive a one year membership in the Planet Hollywood Express Club. This entitles members to immediate first-available seating, a limited-edition anniversary T-shirt, and discounts on food, beverage and merchandise at the various Planet Hollywood outlets. Although the program has not been in place long enough to determine whether the company will achieve its marketing goals, this demonstrates how a company can use creative
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Some common words found in the essay are:
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Approximate Word count = 1401
Approximate Pages = 6 (250 words per page)
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