Marketing paper

Marketing Plan: Suite Lounge

Name

School

Suite Lounge has been evaluated as not having a target market or our target market is very board. Given the current stat of the economy, having a well-defined target market is more important than ever (Porta, ). From the recent feedback Suit Lounge will focus on age and stage in the household. People that populate the area of Sugar Land are from the ages of 18 to 64 which is 65% of the population. Alcohol will be served the establishment will only allow people 21 years old and up inside, so this is the perfect age demographic to target. Suite Lounge is in the hospitality and entertainment field which will require people to make a certain amount of money that can be used to spend on food, drinks and entertainment. Personal belongings often hold emotional attachment for people. In the Sugar Land area the median household income is $108,994 during 2013-2017 and per capita income in the past 12 month is $51,204 and only 6% are living in poverty. This master planned community has achieved its sustainable, strong local economy through a strategically focused and aggressive economic development program creating new wealth and jobs( Census). The people are employed and living above poverty which is another demographic that we need to target to stay in business.

Knowing the stage of the household lifecycle in the area is also a good target because this analyzes a person’s family size along with age and professional status. The young and single demographic is mostly interested in into spending. They spend on things that they need and a lot on their wants like shopping, fashionable clothing and entertainment and they fit perfectly into our target market. Couples that are newly married with no children are in a better financial shape and are looking to keep their potentially growing family financially safe (King, 2019). They will be more frugal with their funds but with their proper budgeting I’m sure they will visit Suite Lounge occasionally. Families in the full nest classification 1 are those who have several young children living at home which might make it financially difficult for the parents to get away for some Adult time. But on the other hand Suite Lounge will be a good fit for them as well for their “date night” because we are located within the Sugar Land area. Classification 2 for full nest are those people whose children are a little older, but they have more control over finances and they may be able to get out to enjoy some adult entertainment on a regular basis. Full nest classification 3 are those that have older children that may be living with them but have jobs or are in college. These people have more leisure time but still may have to help support the young adult children. Lastly are the empty nester who do not have any children in the home and are finically stable and are able to spend on entertainment as much as they want and Suite Lounge will target the group as well.

Our target market are those people that want to stay locally, have a great meal and drinks without being overpriced, socialize and enjoy listening to some music all while being our VIP. There aren’t many places in the Sugar Land area that offer what Suite Lounge offers. We feel that our large red clef note is very eye catching and memorable that symbolized that music will be played. The oval shape represents community, friendship, love, relationships, unity, perfection and attention (Sukhraj, 2017). These are the emotions and feelings that we want our customers to have after visiting us.

A brand name cannot stand alone as compressed communication to speak for the brand. The brand slogan have a key role in communicating the essence of a brand (Hemani, 2012). We want people to “Unwind with Us” by leaving the children at home and allowing themselves to focus on unwinding with the atmosphere that Suite Lounge will create without being overpriced. We are telling our customers that they are entering a stress-free atmosphere and though our outstanding customer service Suite Lounge will give them the VIP treatment each time. Unwind with Us is the center piece of our company’s identity. Developing an effective slogan helps businesses cut through the chatter and get consumer attention quickly (Hamlin, 2019).

Pricing

Suite Lounge will be new to the area so we will use the market penetration pricing strategy. This will allow Suite Lounge to set attract new customers based on the low price and discourage our competition. Penetration pricing is most appropriate when demand for a new product is expected to be high and the product can be easily copied by many competitors. Setting the price low initially discourages completion from entering the market. It is also an appropriate strategy to use when you intend to become the market standard, marginalizing the completion (Watkins, 2019). Our service will be unmatched and everyone will want to take advantage of it. There will be no cover charge to enter and we will reduce pricing on our menu for the small plated items as well as most of the selections of wines and spirts.

In order to making our prices look very attractive we will get p

Suite Lounge wants to grab the customer’s attention with the low price but when they come in give them the WOW factor with our suburb customer service that will leave them wanting more. Joern Meissner states, “A penetration strategy is the price war, this strategy goes for the deepest price cuts drives at every moment to have your price be the lowest in the market.” People will and can switch their loyalty from one company to another if they are enticed with lower prices. This strategy works best during a product’s growth phase (Griffin, 2019). There may be an initial loss of income but this will increase in the awareness of Suite Lounge and help make us standout and in time increase our profits. Our customer service will be what keeps people coming back.

Integrated Marketing Communications Plan

We want to communicate to the people in the area between the ages of 21 to 65 and we will use a marketing communication mix to reach out to our target audience. Advertising

Public Relations, Promotions and Selling Plan

Online and Direct Marketing Plan

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References Porta, M. (2019). How to Define Your Target Market. Retrieved https://www.inc.com/guides/2010/06/defining-your-target-market.html U.S. Census Census Reporter (2019). Sugar Land, TX.  Retrieved https://censusreporter.org/profiles/16000US4870808-sugar-land-tx/ City of Sugar Land (2019). Economic Development. Retrieved http://www.sugarlandecodev.com/Quality-of-Life.aspx King, T. (2019). The Stages of Family Life Cycle Marketing. Retrieved https://smallbusiness.chron.com/stages-family-life-cycle-marketing-61214.html Pondent, C. (2017). The Stages of Family Life Cycle Marketing. Retrieved https://bizfluent.com/info-8485784-stages-family-life-cycle-marketing.html Sukhrai, R (2017). The Psychological Meaning of Shapes in Logo Design. Retrieved https://www.impactbnd.com/blog/psychological-meaning-of-shapes-in-logos Hemani, K.(2012) Impact of Slogans and Branding. Retrieved https://www.socialmediatoday.com/content/impact-slogans-branding Watkins, D. (2019). What Is Market Penetration Pricing? Retrieved from https://smallbusiness.chron.com/market-penetration-pricing-20346.html Griffin, D. (2019) Penetration Pricing Strategy. Retrieved https://smallbusiness.chron.com/penetration-pricing-strategy-2723.html