MKT 500 Week 3 Assignment
Food’n’Fun is a new, innovative experience for dining and entertainment for people of all ages. People from each age group will have no problems engaging in the various forms of entertainment provided. Billiards, video games, and darts will be offered. Also, fun-houses, ride-on games, and slides will be available for the younger ages. For “kids” of all ages I will include Wii games. Karaoke will be a mainstay and live bands will be featured periodically. Lunch, dinner, and appetizers will be served with a variety of enticing foods on the menu.
Market Analysis Summary
Food’n’Fun will be opened in Jacksonville, Alabama. Jacksonville has a population of 40,000 people and over half of that population is under the age of 40 (Area Connect, 2008). While Food’n’Fun will have something for every age group, its primary target market will be 40 years of age and under, specifically targeting families with children. The average household income in Jacksonville is approximately $33,000 annually (Area Connect, 2008). While income levels are on the lower end, Food’n’Fun will be a one-of-a-kind within the community. The need and desire of a family entertainment and dining experience within the community will ensure sales and profitability of Food’n’Fun.
Currently, Jacksonville has very little to offer families for entertainment. There is one Roma’s and one Scooter’s family playground. Jacksonville’s youth and families do not have a fun place to dine, mingle, and be entertained. This market has already been tried and tested for Food’n’Fun through Scooter’s and Roma’s. Scooter’s is outdated; run-down and the menu and game selection is very limited. A small amount of customer participation has been observed at Scooter’s while Roma’s attracts larger crowds. Often on the weekends it is hard to find seating as Roma’s’s business is steady.... [continues]
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"Market Segmentation and Product Positioning." StudyMode.com. 11, 2010. Accessed 11, 2010. http://www.studymode.com/essays/Market-Segmentation-And-Product-Positioning-476654.html.