Song Box Family KTV

Song Box Family KTV

EXECUTIVE SUMMARY & INTRODUCTION

Executive Summary

This report provides an outline of the business plan of a new type of karaoke in the region of Essex, United Kingdom. The name of the business is Song Box Family Karaoke which intends to provide private karaoke lounge services to the customers. A detailed account of the external and internal environments of the business are discussed in the paper along with the SWOT analysis of the business leading towards the determination of the feasibility of the business in the region. The sources of finance and marketing strategy are also described for the business of karaoke. The initial source of funding would be acquired through the debt and the differentiation strategy will be acquired for providing the services to the consumers. Since, the industry of operation is leisure and entertainment, therefore, a premium price will be charged form the customers.

Introduction

Karaoke is a popular feature of the British pub and club in the form of a pre-recorded popular music track devoid of the vocal part, allowing a person to sing along with it and, record the resulting performance on tape or video, as desired. The system derives from Japan (the word means literally 'empty orchestra'; the -oke comes from a Japanese version of English 'orchestra'), and it became popular among business people in that country visiting clubs and bars on their way home from work (Karaoke, 2009). Karaoke is one of the most popular kinds of entertainment that is being used in restaurants, barns and parties. Usually someone sings in the karaoke to entertain the audiences while using music and microphone and the songs might be already recorded. The singers in the karaoke choose songs from a wide range of well known pop songs or rock music that is available at the place and they tend to sing the songs along with the machine that plays those songs. The concept of karaoke bars is increasing all over the world in order to provide entertainment to the people after their busy work schedules. The restaurants and bars also provide a facility of karaoke lounge to their customers as a value added service that could enhance their attractiveness in view of the customers and influence them to visit the place again. It has also been identified that business in the area of entertainment industry has a strong potential of development and growth. The increasing demand of public has made it even a more lucrative industry. The karaoke system along with lounges has become an integral part of entertainment in the recent years. Karaoke comes from two Japanese words - “kara” meaning empty, and “okesutora” which means orchestra. It is believed that it was first developed in Japan in the 1970's (Zhou & Tarocco, 2007). This paper discusses a business concept that includes a start up business of family karaoke and lounge for the entertainment of people in United Kingdom. The business opportunities associated with the introduction of karaoke lounges are described ...