MARKETING

Marketing Strategy for setting up a Wine Bar

Marketing Strategy for setting up a Wine Bar

Introduction

“The Potteries” with a population of over 249,000 residents, has a modern town; Hanley. This developed place has become main hub of the city with famous museum & art gallery, library, shopping centre, potteries, hotels & pubs and well built houses. A definite demand has aroused for opening a first class wine bar in Hanley. Although, most restaurants and hotels serve wines and beers, but serving only beverages with a tranquil environment and soothing ambiance would be represent this trendy wine bar (www.stoke.gov.uk). According to a research, the regular drinkers made up 3.2m consumers. They act as the majority of UK wine customers and consume wine twice and thrice a week. Out of which 80% are parents, these habitual drinkers are forced to have GBP 4 per bottle, its dubious that they would spend more than GBP5. An effective and realistic marketing plan should be developed for these traditional drinker group and to attract more consumers from the current market via opening a new wine bar (Wearing, 2006, www.just-drinks.com)

Discussion

In today's fast growing economy world, it is imperative to create a good marketing strategy that works as a critical part of the newest business success. An effective marketing strategy will increase sales; keep the product and company sustain for a longer time period in the market and ultimately boost up profits (Cardell, www.cardellmedia.com). The marketing strategy for setting up a wine bar includes these steps; Research and market analysis, Competitor analysis, Target customers, marketing mix (4Ps) and Advertising. We would also analyse and forecast projected sales. A complete marketing plan would be developed by studying all the steps in depth.

Research and Market Analysis

Current research and market analysis show that population, property and retail market is growing, thus starting a new business in this market seems to be a great future success. Pubs and bars are less according to the population and land specification. This contemporary wine bar will provide an enhancement in urban leisure, living style of the people and economic growth (www.stoke.gov.uk). According to GLF survey report conducted in England, 68% of men and 54% of women drinks at least once a week before the interview. Usually, men are more habitual as compare to women. Interview conducted in 2010, also reported that average drinking of men was higher than that of women; men drank over 50 units and women over 35 units in an average week (Eastwood, 2012, pp. 15-17). Purchasing of alcoholic drinks has also increased in UK per person, per week and, it was at peak particularly in 2003 and 2004. Prices of alcohol have also increased. This research also indicated that beers were the most demanding and favourite drinks in men. In adults, boys and girls had equal routine and consumption of alcohol (Eastwood, 2012, pp. 17-24).

Competitor Analysis

Although there are few restaurants pubs and bars are located in Hanley, but a unique wine bar with its speciality of serving different kind of beverages ...