SWOT Analysis of Wonderlust - Assignment
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Added on 2021-06-17
SWOT Analysis of Wonderlust - Assignment
Added on 2021-06-17
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SWOT ANALYSISAs an entertainment business, establishment of wonderlust has to put into consideration many of the strengths, weaknesses opportunities and threats that it’s likely to encounter as it grows its roots in Lebanon (Campbell, 2017).StrengthsLocation-wonderlust is located in a serene environment away from the hustles and bustles of a busy town and thus attractive to revelers who would like a get away to a quiet place to relieve their daily stressesTransportation-the club offers transport and standby taxis for customers who would like to be transported back to their homes r any destination regardless of the time of the nightAppearance-the club is attractive and very classic and this sets it apart from other competitors in the industrySafety/security-this will be enforced strongly for both clients and staff with a 24 hour CCTV surveillance cameras and security guards on standbySize-wonderlust has spacious rooms which are not uncomfortable neither are they crammed. The club also offers function rooms for any hires with a lot of dance floorsEntertainment-with a good disco jockey, revelers should expect to be well entertained with the best DJs and VJs in Lebanon. A good collection of music well mixed to suit all group of customers the whole night long will also be availableAffordable drinks-the prices for drinks will be affordable with no drink being sold at more than 35% the purchase price. These are costs lower than the competitors’ prices. This means wanderlust will entice a huge number of potential customers. Advertisement- advertisement opportunities shall be utilized to promote the club and these include use of social media platforms such as face book, twitter and even instagram postings. In addition wanderlustwill put up billboards to advertise live performances by invited musicians and other live bands.Drinks/services-a large variety of refreshments and alcohols for the customers will always be available with experienced mixologists and this comes with excellent customer service from our staffsThe club will also be launched using a highly publicized grand opening event probably during summer seasons which is full of festive seasons like Christmas. This will ensure wanderlust gains quick customer base across LebanonStrong image and business name-‘wanderlust’ is a perfect name to attract customers. It’s actually the biggest strength for the club. At wanderlust customer comes first and our main objective is to meet the needs of staff and customer while offering good quality foods and drinks. Wanderlust aims at making people feel like they are at their own club with a lot of comfort and safety. It’s all about the people in it, it’s personal. 1
Quality food-the menu might be simple but the food offered is of high quality similar to what is found at premier venues. The ‘bar’ appetizers which are traditional will be on standby for revelers to have a taste of what is on the menu for the night.On days that are less popular such as mid weeks, alternative entertainment will be provided such as dancers, DSTV for football lovers, competitions such as pool games, photographers on standby, pole dance classes, show men and hired comedians. All these are aimed at keeping the club tempo high throughout the week.Bar staffs that are personalized-this sets wanderlust apart from other competitors. Staff will be hired and get allocated to their ‘staff personality’. The staff will be well trained, skilled and highly professional.Long opening hours-wanderlust will be opened all night long and this implies more time for customers to come in and leave in the morning. This sets it apart from their competitors who close business by midnightWeaknessesMarketing-being an unfamiliar club and out of town location, marketing could be hard because wanderlust will be unrecognized and unknown by the target market. There is need to promote the club in a creative manner so as to achieve the exposure needed. Failure to use strong marketing strategies, the attention of the target may not be gotten.Security issues-a number of antisocial behaviors often come with a night club business considering it’s an alcoholic environment people may get out of control and so security is paramount. This explains the reason as to why wanderlust has well trained security men.Consumer demands-the consumers are likely to be many, with different demands, wants, needs and even expectations and this comes with changes in preferences and tastes. Wanderlust will have to figureout the main wants of their target market so as to meet their expectations and succeed in the business.Finances-being a new business, it won’t be easy financially for wanderlust and this is attributed to the many payments and all the upfront costs that come with putting up a new business.Insurance- this is most likely to be expensive since damage of property is something common in a night club and this means there will be constant claiming which is likely to escalate the premiums to a maximumWorking hours that are long and difficult-staff will be forced to work for long hours especially on Friday and Saturdays and this is likely to be tolling hence affect their ability to work effectively. The hours are also costly for the club because they come with penalty ratesOpportunitiesCelebrity promotions and appearances-wanderlust aims at having celebrities invited to the club occasionally and this attracts more people and hence increased revenueLocal artists-they will be given chances to perform at the club. This saves money on hiring big artists to come and entertain revelers. It’s an opportunity for the artist and also saves money for the club2
Employment opportunities-being a new club, it will create job opportunities for people in entertainment, security, food and beverage industry and even casuals such as cleaners. This lowers the unemployment rates in Lebanon and helps to grow the economy. This counteracts the threat of a slow economyCost-wanderlust will engage developed local wineries for the provision of inexpensive liquor that is of high quality. This means wanderlust will supply its products to other people in the business at lower pricesHigh profits-after carrying out cost benefit analysis it’s clear that wanderlust will make high profits once the business picks up well because the cub is located at a good serene placeHigh revenues from food sales-the foods that will be sold to customers alongside alcohol will definitely generate money that will contribute to our profit marginsNew business opportunities- wanderlust looks into expanding its business by purchasing some other associated business like opening up new branches of the club in other areas of LebanonThreatsCompetitors-this is always a threat to any business and wanderlust is not an exception. Competitors maycome up with clever ways of bringing in more customers and considering they already have an existing customer base it makes t worse for wanderlust club which is newRegulatory institutions-these always have problems they include council and the licensing and permit bodies. They may constantly change regulations which may not work for the good of wanderlustComplaints-when people complain about something that is not right with wanderlust, such complaints are likely to deter prospective customers from coming inLiabilities-being club business things such as accidents are likely to occur and the club could be sued or even be forced to shut downThe economy-incase the economy in Lebanon takes a down turn, customers are likely to save more and spend less(considering this is a luxury activity) and this means less people coming in to drink and eatIncreasing of supplier prices-the suppliers may decide to raise alcohol, equipment and food product prices. This will result to high costs and reduced profitabilityDeclining size of the projected segment-the targeted segment may decrease as a result of economic issues, population reduction or growth (families may relocate for reasons best known to themselves), this means the club will focus on the new segment in spreading its portfolioIncreased competition-wanderlust may have to come up with new innovative features in the future since competition often increases with time opening more room for more clubs to be set up, it should beready to compete with any additional businesses in this industry which is likely to lower revenue.MARKETING PLAN 3
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