Small business management
a group assignment. Also go down you will see someone of the group members part which are introduction and four ps.
Students must submit one business plan update highlighting the progress they are making towards their final business plan. The update must consist of:
Introduction –> Introduce and describe your idea;
Detailed Marketing Mix (four Ps);
Timeline and budget for promotional plan for year 1;
Specific evidence (with examples) that the idea meets the criterion outlined in class:
market size/potential; market structure; market growth rates; and market share attainable;
5. Analysis of external environment.
Your update and business plan must contain appropriate data with source(s).
Introduction:
The idea for this business came from both an interest in the electronic industry, and the emergence of the Bar/Arcade style businesses that have become successful in the past decade. The most popular being the Franchise Barcade. The goal of this business is to draw multiple types of individuals to our establishment. This may include people in their late 20’s and up who have a Nostalgic feeling for the arcade businesses of old, which have for the most part disappeared from the North American market. This factor can also go to younger individuals who have never went to an arcade before and want to experience it for the first time. While these are the types of people who may be drawn to the arcade side of the business their will also be the consumers who simply want a destination in which to grab a drink with friends and use it as a regular bar.
With this business the main competitive advantage is the focus on the arcade machines that will be usable in the establishment. However, the main source of revenue will be the selling of alcoholic beverages. While arcade machines can provide revenue it is not enough to sustain a whole business. This was the driving factor that resulted in the closing of multiple arcades in the early 2000’s.
When researching this idea, the market for arcades in both North America and Japan were looked at. determine the major differences and what made them successful. The research helped prove that this style of business can be profitable.
4 P’s:
Product:
• Traditional beers such as: Budweiser, Coors Light, Bud Light, etc.
• Drinks from Micro breweries which have been seeing a growth in demand the past few years.
• Access to an array of arcade machines ranging in types and price. This can range from classic arcade machines like Pac-Man to pinball machines, dancing machines, and shooters.
• As the business goes on the types of beverages on games made available in the establishment can change or have new ones be introduced.
Price:
• Average price per play being around $0.25-$1 depending on the arcade machine.
• Typically, the more modern of the arcade machine the higher the price will be per play.
• $6-12 per drink depending on the brand or type.
Promotion:
• Social media: specifically, Facebook and Twitter to promote as well have a direct line of commutations to consumers. This page can be continuously updated starting even before the official opening. It can start to be posted on looking at the progress leading up to the grand opening of the establishment.
• Due to the high amount of competition on the bar side of the business ensuring that consumers are simply aware that our business is a choice will be essential.
• One a few selected radio stations that would appeal to the broad demographic of people in their twenties and up.
• The central theme of the promotion will be based around nostalgia. Using nostalgia, it will give those wanting to experience a kind of business they have not been to in a long time.
• With the nostalgia comes the marketing to show that this is not a niche store the arcade machines are only one aspect of the business, and bar goers of all kinds can come and enjoy this our goods and services.
• We can also promote the business through having prizes such as winning a set amount of plays or free drinks at the bar.
Place:
• One set location.
• Will keep supplies on site.
• The beer will be bought from suppliers than delivered to the business.