The demographics of our target audience is within the 21-25 age group. This can skew a little bit older at times, but not younger for legal reasons. We expect YOLO to draw from a 20-mile radius or so. The extent of our drawing power will be related to the quality of the nightclub – the better it is the further it will draw from. This is New York, so competition is intense. The demographic will be mixed, reflecting the population of New York. Young people of all demographics enjoy the nightclub experience, and we aim to be a safe and open space for all to have fun, so we are not specifically targeting white, black, Latin, Asian or Middle Eastern in particular. As such, we expect the demographic to be predominantly white, but maybe only 60% so, and it could end up being less.The nightclub will draw from the community of middle class and upper middle class in the area. These will be both college students and those who have recently left college. YOLO will focus on drawing in a crowd that is wealthier and therefore more likely to have obtained a college education. That said, anyone of equivalent status is going to be attracted to the club – if you have good taste, you are going to want to come to YOLO.
While the club will cater to both genders equally, the reality is that the marketing needs to be focused largely on the female audience. Bringing in females to the club is what will bring in the males. This is the nature of the nightclub business – the men will go where they ladies are, so marketing efforts have to be focused on what will bring in a high percentage of young and eligible females. Groups of people in mixed gender are definitely going to be encouraged in the marketing, as such large groups are perfect for creating an energetic vibe. The club will not discriminate on the basis of sexual orientation, and will be a safe space for all, but this will be a hetero club in general.
The psychographic characteristics are the young, energetic who are looking to have fun. The psychographic profile is basically a subset of the demographics – there are other entertainment options for this demographic but on club night the energy and desire to have fun are the most important attributes.
The New York City market is massive, with around 20 million people in the metropolitan area. It is believed that the population within our age target is around 600,000-700,000, roughly 51% female.
The nightclub industry is an attractive industry to enter right now for a couple of reasons. First, there is high turnover of businesses in the industry, and customer tastes are quite changeable. This, combined with low barriers to entry, means that...
YOLO Concepts Introduction A majority of businesses prefer to maintain the same status quo and they prefer not to make any drastic changes that would result in changes in the way they conduct their operations. This holds true in the entertainment industry where revelers frequent the same spots every other day and they only get to experience the same thing as they had last time. This becomes monotonous and customers will begin
Because the busboy in the Cocoanut Grove fire lit a match in the basement area of the nightclub, the code changes also called for the prohibition on using basement areas for assembly. When firemen did get into the building, they were impeded again by overturned tables. The new code addressed that by ordering that tables be secured to the floor. Limitations were placed on materials that could be used in furnishings to
Business Proposal YOLO Marketing Plan YOLO will use social media to address the 4 P’s. Since YOLO’s business strategy is all about differentiating itself from other club competitors by being a “pop-up” night club that sets up shop in a new venue every time, social media is the perfect marketing tool to alert patrons of where the party is getting started. The party, of course, is the product. The place is new every
Financial Plan and Conclusion 1. Financial Plan A total of 39,500 will be committed in startup costs. The specific startup items have been described in table 1. Essentially, the flagship startup components are: lighting and studio/sound equipment, opening inventory, operating capital, fees and permits, and FFE. Lighting and studio/sound equipment are inclusive of 8 speakers, 2 amplifiers, 2 cd decks, 2 microphones, 2 switchers, 3 wash moving head lights, 1 LED DJ
Terrorist Attacks on New York City Consumer Behavior and Risk Terrorism and Consumerism in the Melting Pot How has September 11 Impacted Americans Economic Impact of terrorism Outlook for the New York Economy Examination of the Effects on Business Regaining Consumer Confidence Sampling Procedures Survey Construction Survey results Recommendations for Further Studies Survey of Consumer Patterns After The September 11 attacks on the World Trade Towers Survey Results presented Graphically Store Owner Interviews The Impact of the Terrorist Attacks on New York City: One
We wish to outscore our competitors on customer satisfaction with all of these key demand drivers. The second reason to adopt a premium position is because we believe our target market is willing to pay extra for a premium experience. We have established that our target market loves the casual dining concept. Indeed, our market may be hesitant to move beyond this into the fine dining segment. We feel that
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