2.PRICING STRATEGIES - However if the event is karaoke...

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Price Strategy Pricing will be one of the most difficult aspects of operating Modern Speakeasy due the wide variety of entertainment and alcohol that will be offered to our patrons. Pricing out different packages will have to happen on a daily basis and will require a whole team of employees to calculate on a full time basis. Due to the fact that each unique event will require tons of work, the nominal fees for the entertainment could potentially become high for specific events. For example, if a mini carnival is set up with several different games and booths, each with its own employee running it, the charge could be high.
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Unformatted text preview: However, if the event is karaoke night, the nominal fee will be much lower. It will be very important to make sure that each night we offer affordable entertainment, as our main guest base will likely be college students living on tight budgets. Premium entertainment will take place on the weekends for the most part, as that is when people are more likely to spend more money. Nominal charges for entertainment could range anywhere from $5 for just the karaoke room to $40 for a four room package if there is some more expensive entertainment taking place....
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