Lounge 264 - Nightclub -Sample Restaurant Business Plan

28 © BPLANEXPERTS.COM Marketing Strategy While having a good product or service is mandatory for the success of a venture, equally important is the ability of an organisation to ensure that it can identify and satisfy customer needs at a profit. Therefore, the key essence of any marketing plan is to ensure that the product or service being offered has a need in the market, is sold at a profitable price, is distributed appropriately to reach its target customer and is marketed/promoted, so that the key aspects of the product or service are communicated accurately. The diagram below defines the marketing mix for the services that the company will provide to its target audience. Service Offered – As a top end lounge, Lounge 264 will provide a platform from where likeminded members can interact with each other, attend events and parties and also conduct business Pricing Model – The pricing will be against two activities, Entrance fee (for non ‐ members) and Membership fee. In addition, advertisements on the website may generate additional revenues The above are exclusive of the transactional activity that a guest may incur at the lounge Target Market – The target audience for the lounge is the high end big spending business executive or celebrity. Travelling executives and walk ‐ in individuals will also be part of the target markets segment. Services Pricing Target Engagement