Applied Activity #$3$: Concept Development and Market Analysis

Objective: Develop a proposal on the initial stages of creating a successful bar business. This is to be completed individually.

Instructions for Applied Activity DRAFT PROPOSAL: Concept Development and Market Analysis

Submit a draft proposal for starting a successful bar business.

Your draft proposal should include the following:

Introduction and Concept Development.

Write a brief paragraph introducing the assignment, emphasizing why a unique bar concept is crucial.

Clearly define your chosen bar concept $($theme$)$ and explain why it's unique and appealing.

Mention one successful, real$-$world example for your inspiration.

Market Study and Location Selection

Define your target market, covering the four factors of market segmentation: demographics, behaviour, geographic, and psychographics.

Explain how you chose your bar's location, considering foot traffic, competition, and the overall$-$business environment in the area $($Eg$.$ Is your proposed location near the college? Are there other businesses close by$?)$

Give a quick overview of your budget. How much money do you think you'll need to get started? Justify your response.

Atmosphere, D$$cor$,$ and Efficient Space Use

Describe your ber's planned atmosphere. You should provide inspirational photos in your presentation.

Share strategies for optimizing space, considering both looks and functionality.