Student: Ebony Muldrow
Professor: Dr. Karen Mountain
Course: Marketing Management (MKT 500)
Date: February 2, 2015
Write an introduction to your company. Describe your company, its location, and the product it makes or the service it provides.
Company Introduction
Welcome to Snaps! Where all can come and show case their talent. Based in Washington DC, “Snaps” provides a place where adults can come, be entertained and showcase what there working with! We are a poetry café and lounge located in the heart of Georgetown. We believe in allowing our patrons the freedom of expression through spoken work, dance, rap, song and even portrait. Each night is a different occasion to celebrate the artist in each of you! Located 525 Old Georgetown Rd, Washington DC 20085, cover is 5 dollar to enter 10, to perform.
Monday nights starts our sultry night, providing an atmosphere of peace and tranquilly. Allowing you to start your work week off right! Tuesday we come to watch poetry thought the eye of portraits. Wednesday, is dance that hump out your week Wednesdays, where we let loose and move our bodies to the rhythm of the beat. Thursday, we host our amateur rap battle night, (if you got rhymes, we let you shine). Friday is spoken word night. Come relax and tell us what’s on your mind. Saturday night, is come choose your poison night. We open up all art forms to be displayed. Would you like to sing, dance or just play and instrument? Choose wisely because after Ten (10pm), we began to open up the dance floor until 2am.
Outside of our poetry café, “Snaps” is known for its delicious food items such as its club sandwiches, burger, wings, seafood, and appetizers. In addition Snaps has been known to provide the best in beverages. Our wine list is extensive serves some of the best vies to come from it lay and France. Our liquor selection is affordable from mid-grade to top shelf. We employ 15 staff members, three (3) cooks, seven (7) waiters/waitresses, three (3) bus boys and two (2) bar tenders all of which hare full time except for 3 of the 7 waiters/waitresses.
Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
Competitive Forces
The Washington DC area has a few small poetry lounges and café that brings a nice crowd. Dc is known more for its night life so poetry café aren’t in high demand like a single night club is. However, there is one poetry lounge and café that poses major completion, Bus Boys and Poets. Bus Boys and poets has been around since 2005 and has made quite a name from them self, “Busboys and Poets is now located in four distinctive neighborhoods in the Washington Metropolitan area (About Us, 2015)”. They have over 5 locations in Maryland Dc, and Virginia. However, “Snaps” id offering more than just spoken words, but an opportunity to express you in many different forms.
Economic Forces
The cost of entertaining your self has as of 2013 646,449 people populated Washington DC. Out of that only 315,177 people are employed. “The median house hold income is 65,830 (Economic Characteristics, 215)”. Between 2012 and 2013, entertainment cost has dropped 3.4 percent. With the rising of prices in all departs such as food, transportation and healthcare, there just aren’t enough money left over for entertainment purposes. This business tends to target an audience ranging from 18 to 35 in age. Patrons are making the money to go out, but rising prices are a hindrance.
Political Forces
Washington DC is the Nation’s capital for politics. They are always in motion moving and bring forth change. That being said, we try to offer Snaps as a place to share community and culture. Most Politian’s who are looking for a thumbs up in the community on the creative side, makes public appetences here to show support of art intertwining together for the cultural good. Snap’s is a place to see and be seen, the entire local talents are here, and many people of influence as well.
Legal Forces
Running such an establishment that offers a verity of food and beverages including alcohol warrants a liquor licenses and permit. In Washington DC there are “eight (8) alcoholic beverage license types (Alcoholic Beverage Regulation Administration , 2015). For the purposes of my establishment I would need to obtain an “On-premise retailers: Establishments where alcoholic beverages may be consumed on the licensed premises. On-premises retailers include restaurants, taverns, nightclubs, hotels, theaters, museums, sports facilities, passenger-carrying ships and trains (Alcoholic Beverage Regulation Administration , 2015)”. Securing this permit and licenses will be essential to my business success especially during happy hour.
Technological Forces
Snaps is a cafe and lounge, like most other café, we will offer Wi-Fi, this allow patrons to come in and sit on their lap tops and do work, while drinking coffee and tea during the day. This will tend to allow college kids to come a relax and write paper as well, as Georgetown University is the major University in the area, and all college kids are looking for that cool café to sit in or meet up at. Providing kiosk to order food or scan books and music will make Snaps more desired. When owing a business you must not for get to advertise. Technology is great in this case. The cost to advertise can be costly, so social media will be the best way for Snaps. Majority of our client will be college aged kids, because Georgetown is a college town, so Facebook, Tweeter, and IG is the technology Snaps will use.
Sociocultural Forces
With a target audience of ages 18-35, we must understand who we are entertaining. Keeping that in mind we have to gear what we do to suit all clients. Meeting in the middle with hip and mellow atmosphere that draws in people from all walks of life, backgrounds, beliefs and cultures can keep us steady. Ensuring that we stay In touch with who we are and what we represent will reward us with success.
Determine the primary and secondary target markets for your company. Next, analyze the primary and secondary target markets that you identified for your company. Be sure to cover the 4Ps, 5Cs and STP.
Washington DC is a huge place to live. Owning a business here provides an opportunity to grow. As of now Snaps primary target market is the Georgetown University college kids. There looking for a place to go and hang out which is great because Snaps is located in the heart of Georgetown. The secondary target market would be those working in the surrounding office building looking for lite entertainment and cocktails after work.
5Cs
Considering the 5Cs, customer, company, context, collaborators, and competition our customers are mainly college ages students between the ages of 18-25. As a company we provide place of peace and freedom of expression (strength) on the other hand we could be seen as a college hangout, which isn’t attractive to mature adults (weakness). With the world changing as it is, people are looking for ways to express their individuality and Snaps provides that safe environment. Competing with Busboys and poet on the level that they have established a loyal based in 6 different location maybe thought o compete with.
STP
STP, segmentation, targeting, and positioning are targeting both our primary and secondary market targets. First during the day people are attracted to free Wi-Fi, coffee and tea. Second, the fact that live entertainment is provide at a low cost. This company has mastered that not everyone is the same and took that and embraced it, to allow you to be you. This business is for the business meeting you want during the day or the study group needed to ace a test. Then it becomes a stress reliever and a place to let your hair down and embrace difference.
4Ps
The 4Ps product, price, place, and promotion are just what the doctor order. Everyone needs that “Cheers: kind of atmosphere, where everyone knows your name. That hangs out spot that feels like home. Snaps produce something for everyone. We are located in college town, so price are very inexpensive which is great for both students and the working adult. Because everything is so mobile, “Snaps” have design an app that can be downloaded to access discounts, coupons and special offers. Consumer may also purchase Tee-Shirts, mugs etc. to show their support of the café of their favorite artist.
Decide the main goals that you would like to achieve within the next year (short term) and the mains goals that you would like to achieve within the next five (5) years (long term). Determine the most appropriate ways to measure both short- and long-term goals. Note: Consider the following metrics: tracking downloads of Website content, Website visitors, increases in market share, customer value, new product adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.
Short and long term goals
With business booming and completion right around the corner, I would like to set a few short and long term goals for my business. Looking at short term goals I’d like to achieve by next year is a steady customer based of loyal customer along with a steady flow of new customer as well. My longer term goal, which should be attained in the next 5 years, would be to open a second and third location in the Maryland, DC, and Virginia area. Measure these goal could be quite simple. First I would track my success by the number of visits to my website. Second I would offer a tell all section of the site to what the latest buzz is on Snaps, do people like it, do they wish there was one back home. Checking my financial stamen to see if an increase in sales went up would help solidify that business is booming and expansion is possible
There are a number of other measuring tools to gear weather these goals are on track. One main component is looking in the business, are my employees happy? Are retention rates low? Are customers complaining? Is there room for growth? Is my industry growing? Checking on entertain statistics to see what the masses want is help gear where I ’am with my short and long term goals.
Develop both a SWOT analysis and needs analysis for your product. Each analysis should examine four (4) strengths, weaknesses, opportunities, and threats for your company.
SWOT Analysis
Strengths
* We offer a verity of artistic expression each night, catering to a wide verity of patrons. * Snaps provide a downloadable app that gives you unlimited access to souvenirs, promotion, discount, and special offers. * Location, where in the heart of Georgetown, walking distance from the college campus and the surrounding office buildings. * We provide low prices for the best food and entertainment in Georgetown. Nothing on our menu is over 20.00 dollar.
Weakness
* We close early during the week, Business hours are from 9-10 Monday – Wednesday, 10-11 on Thursdays and 10-2am on Friday and Saturday, closed on Sunday. * Our day shift only has one cook, so on days where there is a rush, patrons have to wait a little longer for food. * Our restrooms hold only two stalls so on the weekends, bathroom lines are pretty long. * Newer business, we don’t have a loyal following yet.
Opportunities
* To build loyal customer, with patrons who want to be a part of the neighbor handout. * New business grants * Gaining new customer by offering grand opening sales and discounts * A partnership with Georgetown University’s art department to have showcases.
Threats
* Competition- Bus boys and poets, they have been around for an extra 10 years. * Economic factors such as Business taxes or additional permits * Unforeseen instincts - underprepared or over prepared for business * Lack of business, people hate our products and services and go else wear.
Reference
About Us. (2015, January 30). Retrieved from Busboys and poets: http://www.busboysandpoets.com/about/about-us-2
Alcoholic Beverage Regulation Administration . (2015, february 1). Retrieved from ABC License Types and Classes : http://abra.dc.gov/page/abc-license-types-and-classes
Economic Characteristics. (215, February 1). Retrieved from United States Census: http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?src=bkmk
Economics News Release. (2015, february 1). Retrieved from Bureau of Labor Statistics: http://www.bls.gov/news.release/cesan.nr0.htm
