quatitiy_analysis_of_karaoke.xlsx | |
File Size: | 10 kb |
File Type: | xlsx |
quantitive ANALYSIS
These three digrams indicate that our business average scores is low than median which signifies our business belonging in left-skewed distribution. So, it means that the business need do some adjustments to make the scores equally or more than median. The problems are pointed by other classmates' evaluations. The most obvious problem is that trading time is quiet long. The soluation is to reduce time, such as from 12:00 pm to 2:00 am. Moreover, we have recommoanded self-service mode to reduce labour cost. The other important problem is that smoking inside is illegal in Western Australia. So, to deal with this problem we have setted up smoking area outside. The last problem is revernue and cost. Most students have wodered the net profit result is not corret. However, we should explain here, that the business totally investment around $500,000-$800,000, and the expected revenue are calulated on maxmum confine. Eventhought, we ignored the negitive effects from off business time and lower season, considering the less of similar product and service in Perth region lead to the business will create lot value for investors.
Our target market is 18 – 45 year olds, average income of $50,000 - $70,000 per year. They could have a variety of occupational statuses, such as working full time for Optus as a phone operator. Burswood is famous for its entertainment complex, including the Burswood Casino, Dome and various restaurants. Our target market, 18 - 25 year olds, already has a large presence in Burswood. This is proven by the large amount of people that visit the Burswood Casino and Dome every week. Hopefully the large influx of customers to the Casino and Dome will affect our karaoke bar in a positive way as customers will take note of the karaoke bar. Our target market will continue visiting Burswood, as Burswood Casino is the only casino in Perth. This will allow the target market to continue visiting our karaoke bar and increase the amount of customers.
According to octaval, the average age of people living in Burswood is 38 years old. This fits in well with our target market. The gross average income is $581 a week, which is just under our target market. However, if necessary, we could change our target market so people with roughly that amount of income are included. This information is just for the suburb of Burswood, including all of the other customers that come from different locations in Perth.
http://www.oktravel.com.au/au/wa/victoria-park/burswood/stats/
There are a small number of karaoke bars currently open in Perth. Seizan Karaoke Bar would provide the most competition. It is a Japanese restaurant and karaoke bar that is known for its great song list and the Seizan Japanese restaurant, which is located next door. We plan to compete with Seizan as our prices are considerably lower and we are going to offer an excellent song list, as well as snacks and small meals available. Dreamland International Karaoke Restaurant is our other biggest competitor. It is well known for the large variety of food and the VIP rooms. It is also known for its deal: if you dine in the restaurant, you get free karaoke all night. Our karaoke bar offers private VIP rooms for customers to use if they wish to do so. We will also offer deals, such as if a customer sings five songs they get a free drink.