Week 8 BOC: Progress on my final project

The Soshel Lounge located 4275 N. Rancho Dr. Las Vegas, NV that offers a upscale environment cocktail lounge and music. Open through out the week Wednesday through Sunday, evening and nights set in a casual setting. Age group will be females 21 and over and males 25 and up age. Place were everyone gets in for free excluding live entertainment nights.

    

Price

All cost-base pricing is on drinks. Beer, mix drinks, cocktails, wine and champagne.
*These are full price drinks*
Beers: Domestic • $5.50  Premium • $6.25 Mix drinks: $7 - $8 Cocktails: $8 
Wine: Glass • $6 - $8 Bottle • $12 - $48  Champagne: Glass • $7 - $9 Bottle • $50 - $200
**Price change on select days (ie...ladies night when drinks are half price)

 "A small percentage improvement in price can generate a large percentage in profitability. More importantly, as a part of a company’s overall value proposition, price plays a key role in creating customer value and building customer relationships."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing
(see chapter 9 pg.275)   

"Companies today face a fierce and fast-changing pricing environment. Value-seeking customers have put increased pricing pressure on many companies."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing
(see chapter 9 pg.275)   

"Although costs are an important consideration in setting prices, cost-based pricing is often product driven. The company designs what it considers to be a good product, adds up the costs of making the product, and sets a price that covers costs plus a target profit."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing  
(see chapter 9 pg.276)   

Promotion

The Soshel Lounge open Wednesday thru Sunday 9pm-4am. Serves a range of bottled beers,wine, champagne and hand-crafted cocktails. Wednesday nite is always ladies nite out, with half off all drinks. Super A-list every Saturday with half off all specialty drinks 9pm-11pm. The "Soshel Life VIP" is a program designed to save our guests money with every visit to The Soshel Lounge. This is available through a free mobile app devices, The Soshel Life VIP is your ticket to discounts, rewards, in an interactive world with other Soshel Life VIP’s.

"It must communicate with target customers about the offering and persuade them of its merits."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing  
(see chapter 1 pg.13)

"The company designs promotion programs that communicate the value proposition to target consumers and persuade them to act on the market offering."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing  
(see chapter 1 pg.31)

How are going to use social media for promotion?
The Soshel Life VIP app for your smart phone.  The Soshel Life VIP is your ticket to discounts, rewards, in an interactive world with other Soshel Life VIP’s.
Facebook page for promoting up and coming events (White party).
Twitter so staff and guess can keep a up to the min what is going on in the lounge
#its going to be a full lounge to night make your way to the Soshel Lounge before we meet the capacity  limit.  

Distribution

Providing a upscale environment The Soshel lounge, has a Exclusive distribution on Ciroc liquor and Clicquot champagne. A top shelf brand vodka and brand Champagne.     
     
"Multichannel distribution systems offer many advantages to companies facing large and complex markets. With each new channel, the company expands its sales and market coverage and gains opportunities to tailor its products and services to the specific needs of diverse customer segments."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing 
(see chapter 10 pg. 320)

"Many producers and wholesalers like to develop exclusive channels for their products. When the seller allows only certain outlets to carry its products, this strategy is called exclusive distribution."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing 
(see chapter 10 pg. 328) 

                                                   

Product

The Soshel Lounge is set in a upscale environment with no cover charge. Serving every customer with the A-list treatment. From plush leather couches in divider sections couple and group table seating. Live DJ every nite, special held events by the lounge time to time (ie...all white parties, comedy nite, live entertainment). These events are held with a cover charge.        

 "Include more than just tangible objects, such as cars, computers, or cell phones. Broadly defined, “products” also include services, events, persons, places, organizations, ideas, or mixes of these."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing      
(see chapter 7 pg.209)

"New products are important-to both customers and the marketers who serve them. For customers, they bring new solutions and variety to their lives."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing      
(see chapter 7 pg.245)

"A company, especially the market pioneer, must choose a launch strategy that is consistent with the intended product positioning. It should realize that the initial strategy is just the first step in a grander marketing plan for the product’s entire life cycle."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing      
(see chapter 8 pg.259)

Target Market Strategy

The age group for the Soshel Lounge is set to bring in the females ages 21 and up and the males 25 and up. Its set in this life-cycle to generate a more older and mature crowd. Each customer car is valet park. Enter the lounge, a coat check is available along with being usher to your seating area. Once seated there is a complementary glass of champagne or wine for every female.
    
“Smart marketers look beyond the attributes of the products and services they sell. By orchestrating several services and products, they create brand experiences for consumers.”

Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing   (see chapter 1 pg.7)

 "Consumers needs and wants change with age. Some companies use age and life-cycle segmentation, offering different marketing approaches for different age and life-cycle groups."

Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing   (see chapter 6 pg.178)

SWOT Analysis

Soshel Lounge guaranteed to excite your taste buds and elevate your spirit. Listen or dance to the live DJ while enjoying the perfect complements of our fine wine and spirits selection. Dress code is always casual and the dance floor and bar is the heart of the party. If you would rather keep an eye on everything while maintaining an aura. Lounge in the plush lather couches spread throughout the building.  

 "The company should analyze its markets and marketing environment to find attractive opportunities and identify environmental threats. It should analyze company strengths and weaknesses as well as current and possible marketing actions to determine which opportunities it can best pursue."
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing   
(see chapter 2 pg. 56)

"The goal is to match the company’s strengths to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats." 
Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing   
(see chapter 2 pg. 56)