Therefore we conducted thorough competition research based on the geographic

Therefore we conducted thorough competition research

This preview shows page 13 - 16 out of 72 pages.

Therefore, we conducted thorough competition research based on the geographic area in Suzhou, where already many nightclub and bars exist today (Suzhoubaike, 2011). The competition in the bar industry is intense. 12
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After researching in the area, we find out that Speak Low bar is a direct competitor to our business, which also promotes the idea of the speakeasy bar and sells similar products to ours such as cocktail (Speak Low, 2018). Concerning the indirect competitors, Papaya and Haven Lounge is a famous bar known in Suzhou China. Tt provides substitute products and service with respect to our business (Papaya and Haven, 2018). In addition, there are many other potential competitors such as the well-known Pub Street “Shiquan Street”, or the famous bars attached to hotels (Suzhoubaike, 2011). According to the previous paragraph, to help people escape from the stressful life, the Déjà vu bar uses one of the strategies from Porter’s generic strategies, which is the differentiation strategy (Grant, Robert, 2008). As a speakeasy bar, it incorporates both a teahouse and a bar, and combines Mandarin and Western culture, creates differentiation and competition in the market (Darrel Suderman, 2014). The Déjà vu bar provides excellent privacy space which allows the customer to escape from their stressful life and provide unique cocktail drinks for the customer to have a relaxing experience. The idea of “Speakeasy” will be considered as the Unique Selling Point for our business. 4.2 Comparative product analysis Please see Appendix 7 and Appendix 8 for the Competitor data collection plan and Competitive Analysis, which helps to identify the competitiveness of the Déjà vu bar. Refer to Appendix 7-8 4.3 Commercial strategies and implemented resources Déjà vu bar has different approaches to promote the business to the niche market by several commercial strategies and implemented resources, which include a face-to-face presentation, customer loyalty benefits, websites and WeChat official account. Keeping in mind the main features of our bar (secret, speakeasy), we have the option to choose the type of customers we will accept. Before opening Déjà vu, proper public announcements and advertisement regarding the bar opening are one of the key strategies. Therefore, to create a membership application form and business card is the first step to start our marketing strategy. It will approximately cost $200 per month. Please see Appendix 9 and Appendix 10 for the membership application form and business card. Face-to-face presentation The strategy will be executed through the whole operating time. It will start three months before opening and about two to three times every day. After opening, the frequency could 13
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deduct to four times per month. For this strategy, the only cost will be the printing posts targeting the potential market. It will be $50 per month. By using this strategy, it could easily maintain the connections between potential customers and the bar (Eztalkes.com,n.d).
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