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Bsbmkg401B - Profile the Market

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BSBMKG401B

PROFILE THE MARKET

ASSESSMENT 1

Siwaporn Upachar
BIC02565

Profiling the Market – Marketing Strategy

BASSTHEQUE NIGHTCLUB (MELBOURNE CBD, 3000)

Part 1 – Segmenting the Market

The concept and management of Basstheque Nightclub has been well received, and has been offered key placement at the center of Melbourne’s CBD. The Center's planners having met the Nightclub's management and have reviewed the concept. They have indicated that the Nightclub is "exactly" what they were looking for and wish to place it nearby the iconic Melbourne Central.
The Nightclub will be a 10,000 square foot unit, which will also house the company's corporate business office. The dance club and bar will accommodate 750 people. With Melbourne’s rapidly growing population, with an increasing plethora of international visitors and students, the variety of the Nightclub from across the country would create mass appeal for all of the Nightclub's customers. The store will be equipped with state- of-the-art audio and video systems like none other found in Melbourne. It will serve the need for a true nightclub in Melbourne’s CBD. The general appearance will be clean, open, and pleasing to the customer, with a concept of a Russian palace interior. The demographics are favorable, with minimal competition from other dance- themed venues and bars.

Part 2 – Identify your target market
We see the Nightclub as appealing to three major market segments. Fortunately, the long, late night hours of operation help the Nightclub lend itself to multiple segment appeal. Our market segmentation scheme allows some room for estimates and nonspecific definitions.
College Students: The closeness Basstheque to various colleges and universities will help the resort attract students in and around the Metropolis area. The students will utilize the facility to hang out, spend vacation

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...Appendix 1: Marketing Terms BSBMKG501B – Identify and Evaluate Marketing Opportunities 1. Marketing Terms: review the following terms; you can type directly onto this document and save your responses. Using the internet you can locate more terms from: 2. http://businessballs.com/market.htm 3. http://www.businessdictionary.com/terms-by-subject.php?subject=2 4. Rix, P. (2011). Marketing: A practical approach. 7th Ed. NSW: McGraw Hill Advertising Non-personal communications paid for by an identified sponsor, using mass media to persuade or inform. Advertising appeal The central idea or theme of an advertising message. Advertising exposure The degree to which the target market will see an advertising message placed in a specific vehicle. Affordability methods An advertising budget based on the residual funds remaining after all other activities are considered and accounted for. Ambush marketing The marketing of goods or services in a manner that gives an individual or a business the appearance of being officially associated with an event when it IS NOT. Approach The first step of the actual sales presentation in which the salesperson tries to learn more about the customer’s needs, create a good impression and build rapport. Attitude A learned way of responding well or not so good to stimuli, people, pictures, objects. Average fixed cost The fixed cost per unit produced, how much does it cost. Bait advertising Advertising a product or service at a special price, then...

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