Session 2010 – 2014

Semester 3 rd

Section A

Project principal of marketing

Submission date 20-12-2011

Submitted to mam bushra

Group name shinning pearls

Members

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Table of contents

Introduction

Competitive Advantage

DEVELOPMENT PROGRESS

Market segmentation:

Local Market Area

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Acknowledgement

This special thanks goes to my helpful supervisor mam bushra I would like to express my special thanks of gratitude to my mam bushra who gave me the golden opportunity to do this wonderful project on the topic marketing analysis which also helped me in doing a lot of research and we came to knoe about so many new things.we really thankful to them.

We make this project not only for marks but also to increase my knowledge as well as experience how to run a business with limited amount.

Thanks again to all who helped us in doing this project.

Banquet hall

Introduction

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A banquet hall is used for many different types of functions including wedding receptions, anniversaries, retirement parties, birthdays and corporate events. They are often booked months in advance, and can be a very profitable business if you decide to start one. Keep in mind, there are many factors to consider when starting a banquet hall. Following the proper steps is crucial to opening a successful new business.

Before you start banquet hall business explore feasibility in your area. It will bring great prospects for you in the areas where social events are common. Opening banquet halls in these places would be rewarding. Usually high profile social events are held in the banquet halls equipped with best facilities.

Make sure that your banquet hall too offers major and minor needs. Some specification of yours would yield fruitful outcome.

Self employment has its own advantages and disadvantages. When you plan your banquet hall business do thorough research of requirements and level of demand from public. Once you understand such needs go ahead to formulate your idea in practicality with your team. Workforce arranged should be competent. Your banquet hall would be booked for different events including wedding reception, birthday party, corporate events and et al. Planning is crucial for smooth run of this business. Your marketing team books clients months in advance and keeps tallying dates. All arrangements should be there as per the needs of individual clients.

Business idea

• The main idea is provide a friendly, clean environment for guests and diners.

• Rooms and meals will be affordable.• Staff will focus on providing a romantic and enjoyable atmosphere to its

guests and diners. • Concierge will offer local maps and suggestions on where to shop, dine,

and site-see.

What Is The Competitive Advantage?

• Many Room Options• Dining area on the premises

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• Convenient Dining Hours• Great Tourism Location• Close to Airport• Access to city attractions and town attractions

Competition

Doing best research before consulting local real estate agents to purchase or hire a place for settling business is most important factor. Assess the competition you have and maintain best service that plays pivotal role. As banquet halls are booked advance you have to ensure your clients don’t deviate mind at the eleventh hour and approaches your competitor even after paying you booking fee.

Business Operation

There is no dearth of banquet halls. You have to chalk out the plan to make your business different from others. Your specialization would of great help for perfect business operation. It is more important particularly if you are new entrant in this business. It is therefore mandatory to buy or hire suitable property and find out how it would be feasible to spread your banquet hall business in cutthroat competition. Your halls must be larger enough to accommodate at least 250 guests comfortably with best catering arrangement and parking facility.

Facilities

Best banquet halls also remain equipped with restroom facilities. Choose location of banquet hall with least traffic and provide sufficient parking area. Arrange plenty of folding chairs and tables of different sizes which your clients would require while partying. You must fulfilling specific needs of all clients. Accessories like supply of matched glasses, goblets, dinnerware, flatware and table linens, cloths, table runners and napkins are most important.

Develop Strategy

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Do comparative study of other banquet halls of your area and develop strategy accordingly. Compare event packages, room setups, hospitality amenities and auxiliary facilities including powder rooms, offices and small meeting areas. Keep your banquet hall stand apart from the rest.

Estimate the expenses including rents or mortgages, expenses in utilities, taxes, insurance, equipment, supplies, provisions, staff, advertising and maintenance etc. Although decoration is individual choice but your team must assist clients in fulfilling individual demands.

DEVELOPMENT PROGRESS

November: In light of the economic downturn experienced in the last several years, the City Commission approved an extension to the Town Center’s development schedule.  In turn, Rock-Kim agreed to immediately undertake several beautification improvements to help mitigate for the additional time that it would take to complete the project.  The improvements included the painting of the Block 3 Garage; installation of landscape buffers on Blocks 5 & 6; and installation of monument signage at Red Rd/Miramar Blvd and Miramar Blvd/Hiatus Rd intersections, as well as a pedestrian wayfinding sign at City Hall Plaza. July: The interior buildout of 17 residential units and approximately 5,000 square feet of retail on Block 4B is completed.        April: Rock-Kim Miramar, LLC completed the interior buildout of Block 4B’s office building second floor.  February: Rock-Kim Miramar, LLC was awarded a long-term lease with the United States government.  Under the lease with the General Services Administration (GSA), the United States Customs and Border Protection, a division of the Department of Homeland Security (DHS), will occupy the entire fourth floor of the office portion of the first privately developed office-retail-residential phase of the Town Center campus (Block 4B).  DHS plans to employ 70 people, with secured parking in the building’s 565-space garage.  The interior buildout of the space is expected to meet Leadership in Environmental & Energy Design (LEED) silver certification green building standard

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Who Is The Target Customer?

• Couples looking for a romantic weekend.

• Potential customers can be of any social status; however, due to room rates, the customer will probably be middle class to upper middle class.

• The Granite State Inn is surrounded by a romantic atmosphere it is aiming to bring in adults of both genders

Business in banquet hall provides better services

Agenda:

There are numerous preparations and arrangements to be made during a marriage ceremony moreover,choosing the best banquet hall is one of them.reception plays a huge part in a wedding ceremony and that is why a dazzling and exquisite hall is necessary.with out a warm reception the marriage will be incomplete.there are many halls available throughout the city.however not all will suit people’s budget and required facility in our area only one banquet hall providing its services to the people but so many people of our areas not fulfilled its expenses.its is quite expensive hall.as a room given to us is spacious and situated at the at the side where intrfarance from inmates is controllable and its door directly at the road where atleast two cars can be parked easily.so,we make this room as a banquet hall to provide services to our area people.our ratesor charges are quite cheap and people prefer or hired this hall for their wedding or party function.they easily afford to pay the rent of this hall.

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Services:

We provide a banquet hall for a group of upto 45 people. We provide high quality sounds for live music too. It provide services for 4 hours wedding programs. It’s a quite convinent room having a table arrangement with

45 chairs. We provide all other assecories like glasses,table

runners,napkins,dinner wares,lights,flower arrangement. The whole room furnished with a carpet and having heavy

curtains on the wall. Our team fulfilled all the demand of the people of our area. We provide low rent packages to the people day and night

wedding functions as compared to the other banquet hall in our area.

Market segmentation: Market targeting

Our main target to provide people best services of banquet hall at low rent rates as compared to the other banquet hall of our area. With all reqired facilities that people demanded.

Positioning:

The position of our banquet hall is at high level as compared to the competitive banquet in the area people attract towards it because it is newly introduce to the people and it is less expensive. It also meet the requirements of people and fulfilles their demands in a limited package .

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Growth rate

Differentiation:

This banquet hall is different from other banquet halls because we provide servies to the people according to their class level and demand and also because it is less expensive and is accessible to the people of our area for wedding functions.

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Prices

$50-$100 $100-$150$150-$200 $200-$250

Where to stay?

Hotel Motel Inn B&B

Segmentation:

Geographical segmentationWe segmented our service through geographic which shows that 20% off 20,000 population living in the city Lahore lie in cantt in a specific area that is in “ALI PARK” which we are going to start our business.

o Density Factor:

Our density is urban area.After geographic,we segmented a service through demographic.

Demographic segmentationo Income factor:

Abiout 70% people are those who easily afford the expenses and rent of the banquet hall based on their income.

o Gender factor:

Both male and female attract towards this banquet hall ecause of its low rents with all suitale facilities.they like it services for wedding functions.

Psychographic segmentation

this banquet hall is accessible for every type of class, lower ,middle or upper middle ,because it is too much expensive and it provide its best services in all

manners i.e best arrangement of sitting,recertion with tables,chairs and other decorations curtains

talble arrangement and all others.

Behavorial segmentation

We segmented or service through behavorial.

o Occasions:This banquet hall provide its services in special occasions like party or wedding occasion

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o Attitude towards hall servicesAbout 70 % people of our area have enthusiastic and positive response towards its services , environment and conveniency.

Eight Factors to consider:

Which skills do you want to use?

• What special knowledge do you have?

• What kind of people do you want to work with?

• What kind of work environment do you prefer?

• Where do you want your next job to be?

• How much money do you want to make?

• How much responsibility are you willing to accept?

• What things are important to you?

Local Market Area• Demographic and economic statistics will help you determine the restaurant sales potential of the

market

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• area you plan to serve. By comparing these statistics with those of other areas and the state, you will be

• able to evaluate the strength of your market area.• The first step in this analysis is to define the geographic size of your market area. Be reasonable

in• estimating how far people will travel to reach your site.• Once your geographic market area is defined, you should obtain demographic data that describes

the• people who live and work in the area. Are there many affluent singles? Elderly with discretionary• income? Families? Descriptions of the population's age, income, education and gender will help

you• understand the market area you plan to serve.

Existing market area restaurants can provide valuable information to help you analyze demand andmarket opportunities. You can assess their competitive strengths and weaknesses and learn from theirsuccesses and failures.First, identify how many restaurants are in your market area. Then, identify those restaurants that appealto the types of customers (market segments) that you plan to serve. You should also identify all otherrestaurants located in your immediate area because they can also influence your business. Considerincluding bar and grills, catering services, food delivery services, grocery stores with deli, etc. Refer tothe Yellow Pages and your local Chamber of Commerce for listings of area food-service operations.It is important to identify any market area restaurants that have closed, and for what reasons. Also, learnwhat new restaurants are planned for the market area and determine how they might affect yourproposed operation.After identifying your competition, visit and evaluate each restaurant. Speak with the manager of each

• operation if possible.

LocationLocation is a critical consideration because it affects your ability to draw customers. It is important thatyour site be visible, accessible, convenient and attractive to your market. How you evaluate your locationwill depend on the type of restaurant you are planning and the type of customers you hope to serve.Two major choices face prospective restaurateurs: What kind of restaurant should I open and whereshould I open it? Typically, you will have already selected either a location or a concept for yourrestaurant. It is important that your location and concept complement each other. It is critical that a site

• be chosen based on market factors, not because of a low price.

Concept Refinement and EvaluationAn effective concept establishes a restaurant's identity. It distinguishes the operation from others in themarket area and allows the restaurant to attract particular customer groups.Understanding customer preferences is essential in developing an appropriate concept. It is important torealize that concepts appropriate for one area may not be appropriate for another. Using data alreadygathered, this section will help you refine your concept and evaluate its suitability for your market are

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