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Requirement
Question: REPORT ON MARKETING PLAN OF A PUB IN SYDNEY
Solution
EXECUTIVE SUMMARY
The report covers the marketing plan of a pub (Playhouse club) in Sydney with an assessment of the Australian pub and the drinking environment. And also contains the situational factors which are studied thoroughly while developing a plan. The marketing strategies are made, and the objective is being decided, and the opportunities and threats are also identified for this business plan. The purpose of this marketing plan is to see that what makes the pub great, customers happy and what makes them come back and what are their requirements for entertainment and enjoyment in a pub.
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INTRODUCTION
The pub and night club life is becoming an important aspect of the youth’s life in Australia and other parts of the world. But the nightlife doesn't get any attention from the researchers. The purpose of writing this document is to pay attention towards the night life of people and what they want for an entertainment and what all things required to open a pub in Sydney. This document will give a clear picture of how to open a pub in Sydney like what are the situational analysis, what are the strengths, weakness, opportunities and threats for a pub, marketing strategy and the role of social media in promoting a pub and creating a brand image.
SITUATION ANALYSIS
The situational analysis is very important to study while starting a new business. (Feinberg, Kinnear and Taylor, 2013)
1. Political and legal factors-
These factors include rules and regulations which an organization has to follow in order to sustain in a business environment. Political and legal factors are very important as they cover the major attributes of an organization's policy. In the case of opening a new pub, it is essential to get a business license from the government. The government of Australia is very strict when to come to deliver food and beverages to customers and in that case, one has to get notified from the senior authority. The states of Australia has classified food business into various categories.
2. Environmental factors-
The environmental factors are essential to open a new pub in Sydney. Before entering into a new business, it is very important to have an overview of the environmental factors. The atmosphere of a pub should be environmentally friendly as there should not be humidity in the pub because of the crowd and people should not feel suffocated. The pub should keep the climate of Australia in mind while creating a soothing atmosphere in a pub.
3. Competitors-
The competitors of this new pub are impact bar, air night club, etc. these are the biggest competitors as they remain open for more than 12 hours, and they cost beer for $1 and they are very spacious as they have the capacity of 400 seats and know exactly that what is required to attract new customers and how to satisfy them. They already have a great brand image to attract customers.
4. Technological factors-
Technological factors include new opportunities in business. The competitors have used the new technology for the safety of customers and staff and because of this customers are able to enjoy more freely. Therefore, our pub also requires to have a new technology in providing training to the staff and ensures the safety of customers in order to build a relationship with them.
5. Socio-cultural factors-
While opening a new pub, it is our responsibility to create an environment which doesn't affect the sentiments of local residents and should not be based on any type of discrimination and racism, and we will observe the atmosphere of other pubs of our competitors in order to create customer loyalty.
6. Customers-
Customers of night clubs in Australia want a loud music so that they can dance and enjoy, they should get a date so that they can make new friends, they want a good quality of food and alcohol and a spacious sitting area. Therefore, as we are entering into this business, we will keep all the demands of the customers in mind.
OPPORTUNITIES AND ISSUES STATEMENT
1. Strengths-
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Transportation facilities will be provided to the employees who will be working in the pub for their safety.
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We will be located in an area where more young adults stay because we are targeting the young adults.
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Our pub will be more fascinating and refined from the other nightclubs or pubs.
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Our pub will be more spacious and more dance floors and the comfortable couches for our customers.
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We will be offering a large variety of alcohol and food beverages to our customers at an affordable price and will also be offering some games for entertainment with a loud and soothing music.
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We will utilize all the advertisement opportunity and will promote through banners, Facebook, Twitter, etc. and will be inaugurating on an Australia Day or on Christmas because at this time people tend to celebrate more.
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We will also provide specialized training to our staff.
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On the weekends, the pub will be open for long hours so that customers can enjoy.
2. Weaknesses-
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As we are starting a new business, we will be facing a hard time for the few months.
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As we are not familiar with the location and the target group which we have selected and because of this we need to promote our pub more creatively in order to attract them and stay unique from our competitors.
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As people have different desires and needs, so we need to understand that in order to satisfy them.
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Property can be easily damaged in a pub so the insurance of that will be a costly affair for us.
3. Opportunities-
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We will give a chance to local artists to perform in our pub, and this will save the money which can occur from hiring big artists and performers.
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We will invite TV stars to our pub which will fascinate more and more customers.
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We will purchase alcohol from the local beer shops in order to save money and generate profit.
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Our business will help in creating more employment opportunities for the local residents as we will be hiring people like our staff members.
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We will make more profit by providing good quality of beverages.
4. Threats-
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People can be unsatisfied from our services as we are new, and this can destroy our image even before creating it.
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Our competitors already know our customers so they can easily use new and innovative ways against us.
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The suppliers can increase the cost of products as we are new in the business.
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During the time of recession, people tend to spend less money and save more and more, and this may affect our business.
MARKETING OBJECTIVES
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To stay as a good, decent and reputed pub and continue offering a great quality of alcohol, beverages and entertainment to customers in order to satisfy them.
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The objective is to keep the cost of the food less than 40% of the revenues so that there is no wastage of food.
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The objective is to sustain an average sale between $260,000 to $370,000 in order to achieve the revenue goal.
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The objective is to create a renowned brand image of our business so that the customers will visit more frequently.
MARKETING STRATEGIES
We can divide our target market into different segments like college students who are between the age of 18-25 as they tend to enjoy more and hang out with friends and explore new places just for entertainment. Young business people who tend to spend more money on night clubs. Tourists from other countries who come and explore the new places just for entertainment and enjoyment. The competitive edge can be created easily by locating our pub in an area where people can easily reach. We will hire the managers who are experienced in this field and can handle the crowd with ease. We will pay more attention on the atmosphere of the pub so that more customers can be attracted towards it. (Ferrell and Hartline, 2014)
MARKETING MIX
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1. Product- in product, the pub will offer alcohol, wine and beverages with a good quality and the atmosphere with the friendly management staff.
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2. Pricing- the revenue starts at the entrance only as the customers have to pay for the parking and after entering also they have to pay for everything which they will order.
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3. Promotion- the pub will promote the business with the help of social media, banners, etc.
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4. Place- the pub will be placed near the target market so that the youth can reach the pub easily. (Lamb, Hair, and McDaniel, 2003)
ROLE OF SOCIAL MEDIA
Social media plays a very crucial role in promoting a business. The rating done by customers gives the feedback to the pub that what are the areas they need to work upon, what are the strong points and this will also help in attracting more people towards the pub because if the pub gets a good rating, then the customers can be made. Therefore, promoting a business on social media is a must nowadays. (Zarrella, 2010)
EXPECTED BUDGET/PROFITABILITY ANALYSIS
MONITORING AND CONTROL
We will get a feedback form filled by the customers when they will leave the pub in order to know that what are the areas where we lack behind and what are strong areas. By knowing this will work upon to make our services better and will achieve our objectives. We will also make sure that the alcohol and beverages which we will offer to our customers are of excellent quality so that this will help in developing customer loyalty relationship. And by keeping all these things in mind, the performance of our pub will be measured accordingly.
SUMMARY
In this report, the complete marketing plan is given of a new pub (Playhouse club) in Sydney with the assessment of other pubs of Australia. And for this, the situational factors were studied, and the marketing strategies are made in order to start a business and the objectives of a new business plan and the marketing mix and it is seen that how customers are satisfied and loyal relation is built with them.
CONCLUSION
It is concluded that a business can be easily started if we study all the important factors like situational factors, the market, know the competitors, marketing mix, strategies, etc. and keep a watch on our competitors to see how they satisfy the customers and provide services to them. The new pub (Playhouse club) done the SWOT and knows the strong and weak points of the business and is ready to give a tough competition to the competitors and is ready to create a brand image with the highest revenues.
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Place Your OrderREFERENCES
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Feinberg, F., Kinnear, T. and Taylor, J. (2013). Modern marketing research. Mason, OH: Cengage Learning.
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Ferrell, O. and Hartline, M. (2014). Marketing strategy. Mason, OH: South-Western/Cengage Learning.
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Lamb, C., Hair, J. and McDaniel, C. (2003). Essentials of marketing. Mason, Ohio: South-Western, Thomson Learning.
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Zarrella, D. (2010). The social media marketing book. Beijing: O'Reilly.
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