PEST Analysis: Trendy Jazz Bar
PEST ANALYSIS
Introduction
The business our team has chosen to analysis, set up and create is a trendy jazz bar, located in the heart of Sydney. In order to analyse and build our establishment, we must research a variety of aspects that can harm or affect our business in any way. This involves researching our external environment such as the political/legal, economical, social and technological issues that are current in today’s world. They will all help us to determine our goals and objectives throughout the business activities.
It is essential that we conduct our PEST Analysis to ensure that our marketing plan is effective and successful. XTC management has researched these topics by using relevant articles from various media outlets. …show more content…
It is vital that we keep up to date with what is going on around us. This means finding out the latest trends, discovering what people like and what makes them go back. We must find out what makes them ‘tick’ and what makes them excited. We must find out their values and what they believe in. For example in this point of time, our world is in the process of changing and helping out the environment, so people may choose to pick a particular bar to socialise for more of an eco friendly reason, if that is the case. However from the article chosen “Little smitten-small bars winning women over” by Rachel Olding, July 9, 2010, states that the social trends are now moving towards smaller bars instead of larger establishments such as the Ivy and the Establishment. There are a number of reasons for why this is happening. The article states that a majority of women enjoy a drink after work at the Grasshopper Bar on Temperance Lane (the bar which our company would like to take over) without being hassled by drunken men. Women are ditching pubs and night clubs for small bars. They state that they feel safer and more civilised. They also believed that smaller bars have a friendly vibe, and it should be more about the company you’re with, nice drinks and food without …show more content…
The social scene is extremely different in Melbourne then Sydney. Melbourne is more known to trendy intimate bars, restaurants and cafes, while Sydney provides a more upmarket, fast pace, and bigger establishments. Some research has been done to establish that the people in Sydney would like to see more of the Melbourne trend of small bars in small laneways, which are hidden and unique. This is why we are excited to create an intimate bar, that is hidden in a laneway in Sydney and to change the social scene of the bars in Sydney. From researching this particular social trend, XTC management realises that our business will relate well to the Small Bar trend, as we now understand that there is a large target market out there, for example women, business people, tourists, people who live in the city and like to go out. However to break it down even further, these particular people that enjoy this trend are also people that appreciate more private and intimate conversations and outings to catch up with friends or after work
Introduction
The business our team has chosen to analysis, set up and create is a trendy jazz bar, located in the heart of Sydney. In order to analyse and build our establishment, we must research a variety of aspects that can harm or affect our business in any way. This involves researching our external environment such as the political/legal, economical, social and technological issues that are current in today’s world. They will all help us to determine our goals and objectives throughout the business activities.
It is essential that we conduct our PEST Analysis to ensure that our marketing plan is effective and successful. XTC management has researched these topics by using relevant articles from various media outlets. …show more content…
It is vital that we keep up to date with what is going on around us. This means finding out the latest trends, discovering what people like and what makes them go back. We must find out what makes them ‘tick’ and what makes them excited. We must find out their values and what they believe in. For example in this point of time, our world is in the process of changing and helping out the environment, so people may choose to pick a particular bar to socialise for more of an eco friendly reason, if that is the case. However from the article chosen “Little smitten-small bars winning women over” by Rachel Olding, July 9, 2010, states that the social trends are now moving towards smaller bars instead of larger establishments such as the Ivy and the Establishment. There are a number of reasons for why this is happening. The article states that a majority of women enjoy a drink after work at the Grasshopper Bar on Temperance Lane (the bar which our company would like to take over) without being hassled by drunken men. Women are ditching pubs and night clubs for small bars. They state that they feel safer and more civilised. They also believed that smaller bars have a friendly vibe, and it should be more about the company you’re with, nice drinks and food without …show more content…
The social scene is extremely different in Melbourne then Sydney. Melbourne is more known to trendy intimate bars, restaurants and cafes, while Sydney provides a more upmarket, fast pace, and bigger establishments. Some research has been done to establish that the people in Sydney would like to see more of the Melbourne trend of small bars in small laneways, which are hidden and unique. This is why we are excited to create an intimate bar, that is hidden in a laneway in Sydney and to change the social scene of the bars in Sydney. From researching this particular social trend, XTC management realises that our business will relate well to the Small Bar trend, as we now understand that there is a large target market out there, for example women, business people, tourists, people who live in the city and like to go out. However to break it down even further, these particular people that enjoy this trend are also people that appreciate more private and intimate conversations and outings to catch up with friends or after work