HFT 3271 FIU Beverage Actions Taken to Improve Security Paper: Business & Finance Answers 2021

HFT 3271 FIU Beverage Actions Taken to Improve Security Paper: Business & Finance Answers 2021

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HFT 3271 FIU Beverage Actions Taken to Improve Security Paper

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Running Head: CONCEPT DEVELOPMENT
Concept Development
Jason Bartfield
HFT 3271
1/28/2020
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CONCEPT DEVELOPMENT
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Concept Development
People
Great businesses that succeed in the midst of competition result from having positive
employees. When employees are positive about their tasks, they become more efficient and
productivity increases. To have positive employees in my nightclub, I will be required to motivate
them to develop good morale. This means that I will start by hiring the right people in the first
place. After that, I will train them on how to perform their roles, their effect on customer service,
and the value they can add or demise from the business.
Other factors that I will look upon include setting high standards and commitment,
especially when it comes o customer service. Employees should respect both customers and other
employees. Nightclub business?s target audience is young people aged between 20 ? 35 years.
These people are the generation that likes socialization and music. To make sure people join my
nightclub frequently, I will have to promote it by hosting bigger events to catch attention, advertise
my events locally in social media and magazines, and develop other business profiles to make my
business famous.
Products
In any business, the price factor is the one that results in many objections to products. In
my nightclub, the major commodity will be alcoholic drinks. People will fear to buy expensive
drinks because they think they can afford such an amount. To make sure guests feel they deserve
whatever they pay for, I will introduce new ways like dividing drinks for a larger fee into small
affordable quantities, increasing the perceptions of cheaper products, introduce amounts without
currency signs ? only numbers. On the side of music, call experienced singers and deejays. To
CONCEPT DEVELOPMENT
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avoid being conned or scammed, I will introduce CCTV securities, electronic means of payments,
security personnel, and the Nightclub management system. Studying the customer purchase and
their influences will help determine which products I will sell in my Nightclub/Bar. Also, I will
inquire about information from other nightclubs and friends.
Profits
The economy is not always stable; it keeps shifting from time to time depending on
different factors. After paying all expenses, rent, salaries, and other costs, profits may become
almost zero in business. Therefore, I will implement other ways and strategies to improve profits.
Getting new customers, increasing prices and providing discounts will increase the revenue.
Benchmarking my financials, reducing indirect costs and reducing inventories will reduce average
costs. Once I prioritize these strategies, I will be getting profits despite other fair costs incurred.
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A successful business should design a suitable marketing strategy to reach adequate
customers for its products and services. Thus, my business plan would comprise a nightclub
business targeting young people aged 20 to 35 years. The audience would be suitable since they
are the people likely to be present in clubs at night. The marketing strategies utilized would be
social media, television, and promotions. This paper critically outlines the target demographic
and the marketing strategies to come up with sound arguments.
Social media advertising is one of the main strategies that I will use to invite people to
my event. Studies show that social media advertising is one of the most effective ways to reach
youths in contemporary society. It mainly relies on the use of smartphones and internet services
(Timke, 2017). Hence, it fits this purpose because the target group comprises the internet
services? primary users ? youths. The social media platforms that will be used for this purpose
are Facebook, Instagram, and Twitter.
In today?s world, having a digital footprint is a nonnegotiable. To heighten my event?s
awareness to my youth clientele social media promotional efforts coupled with giveaways on all
social channels will allow for an interactive experience. Leading up to launch, the giveaways will
invite my audience to not only interact with my brand but then spread that message to their
network as well. This is a vital tactic in my marketing plan as it increases reach and engagement.
In order for my giveaways to be successful, I will be partnering up with other brands
whose brand messaging is in line with mine. To take it a step further each giveaway will have its
own unique identity or theme to capture the attention and spirit of different audience members.
With that being said, the target audience I am capturing has a deep appreciation for music, is
refined in their alcohol preferences and are style gurus by nature. To hone in on these aspects, I
will strategically partner up with brands such as Spotify, Rolling Loud, Soundcloud, Casamigos,
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Espolon, Moet, Redbull, Kith, Playstation, Complex, Dover Street Market, etc. Collaborative
giveaways will be posted to social weekly leading up to launch and will vary in form keeping
target audience members enticed and engaged.
Other marketing strategies to engage my audience members will include interactive
contest ideas in the form of Instagram polls. This allows for a visual, experience-based social
contest that boosts brand awareness. Followers have a chance to vote on entertaining, engaging
content which is an effortless way to gather customer feedback that will further enhance my
marketing strategy. For example, users can vote on if they would rather party poolside or in an
indoor nightclub, or vote on their favorite drink preference, or pick their favorite DJ amongst a
list, etc. This uncomplicated tactic is a great way to connect with my target audience, it is free to
participate and makes the user feel like their opinion is valued. And, most importantly it delivers
invaluable customer insights.
I will also use promotional offers to influence the target demographic group to come to
my event. Instead of just informing the public about the nightclub, I will also use discounted
prices and free-gifts as an introductory deal. I will offer the drinks at relatively lower prices than
the usual prices. Additionally, free-gifts will get given to individuals for every successful
referral. However, I will emphasize to the target group that the two promotions will not last
forever through the communication strategies.
Television would be an effective way of marketing the business in various ways. First,
multiple television programs inform the target customers of the promotions in my business.
Besides, televisions would allow me to convey my message with sight, motion, and sound. Also,
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the repeat customers may effectively get informed on reducing the prices of the products in the
business. Any occasion to be held in the company would be conveyed to the target group at ease.
Thus, television would be an effective means of reaching my target customers.
In conclusion, it is correct to say my business would become effective and profitgenerating by utilizing the youths and various marketing strategies. The strategies comprise
television, promotions, and social media. Thus, at last, the business becomes very successful
with adequate profit generation. Also, the business becomes very stable in its operations.
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References
Timke, E. (2017). Social media and advertising. Advertising & Society Quarterly, 18(2).
https://doi.org/10.1353/asr.2017.0019
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Vendors are parties in the supply chain paid to deliver goods or services to companies or
consumers. Other than food and beverage vendors, there are other types of vendors that bars
utilize to operate effectively. Some of these vendors include musicians, DJs, and artists who
offer music and entertainment to the customers at bars. They keep customers at the bars
entertained and are therefore very important in the business; hence, maintaining a good
relationship with them is essential. To maintain a good relationship with the music and
entertainment suppliers, bar owners and managers need effectively choose the right vendors and
communicate what they expect from them beforehand. Paying them well goes a long way in
maintaining a good relationship with them. It motivates them to offer quality services to the
customers and decreases conflicts between bar owners or managers and these vendors.
Electricians offer electronics maintenance services in bars. They design, install and repair
damaged electrical power systems ranging from lighting, communications, and control towers in
the bars. To maintain a good relationship with them, the bar owner needs to choose well-licensed
electricians who are readily available to avoid future conflicts. Making timely payments with
these vendors would go a long way in fostering a good relationship with them. It will motivate
them to offer good services.
Social media influencers and promoters have a big following on their social media
accounts. Therefore, they can reach a large number of potential clients at once and at a very low
cost. They can help advertise the bars? products to many people, thus attracting more customers
to the bars, which leads to an increase in sales. Bars can offer coupons and subsidized products
to promoters to foster a good relationship with them. Bar managers and owners can offer a
commission to social media influencers based on the increase in sales. This will motivate them to
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promote the products offered by these bars more. To have a good relationship and avoid
conflicts, bar owners need to communicate what they expect from the promoters and how much
they are willing to pay them beforehand (procurement cloud, 2021)
Some bars have guests? rooms, and hence the services of laundry attendants are crucial.
Laundry attendants make sure that the linen in bars is cleaned ready to be used by the hotel
guests. They are also responsible for delivering all guests? items accurately, punctually, and in a
professional way according to the bar?s policies and standards. Offering good services to the
guests helps attract more customers to the bars. Offering good salaries and paying on time helps
keep them motivated and fosters a good relationship between the bar owners, managers, and
laundry attendants.
Bars use computer systems to key in customers? orders, order goods and services, manage
their operations, among other things. These systems help bar owners to save time, offer better
customer services, and minimize costs. Computer technicians help to ensure that the computers
in the bars are operational at all times. They help monitor computer systems and in case of any
problem they are always there to fix it. This ensures the smooth running of the business. Clear
and timely communication with these technicians helps them deliver good services as they know
what is expected of them. Offering them good salaries drives them to offer good services.
Creating a good working environment goes a long way in fostering a good relationship with the
technicians, thus increasing the quality of their services.
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References
Vendor Relationship Management | Strategy and Best Practices [2021]. Kissflow. (2021).
Retrieved 4 April 2021, from https://kissflow.com/procurement/vendormanagement/vendor-relationship-management/.

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