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Riverside Exec Summary.docx

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Michael Robertson

Executive Summary The Chapters Lounge is located in The Riverside Motor Inn in Bridgewater, Nova Scotia. They are a quiet comfortable bar with 30 seats and are open from Monday to Saturday from 4pm to 12:30am. With 95% of the Chapters Lounge’s sales being drinks, they only sell finger foods such as peanuts. The primary customers are overnight guests at Riverside, local groups and clubs, and couples. The competitive advantage for Chapters Lounge is the quiet and relaxing atmosphere compared to the loud bar scene. The name, size, decour and overall ambiance makes them unique in the area. The current financial situation is better this year than the past couple of years. The average revenue per month in 1997 is $3140. In 1996 the average was $5558(66700/12) and $6308(75700/12) in 1995. Chapters Lounge’s goal is to increase revenue to $100,000 within the next three years. The threats Chapters Lounge is facing are their competitors. These main competitors are Pirate’s Pub, Chevys and Len’s Place. Another threat is the prices at the competition during Happy hour. Beer is 5 cents less and liquor is 50 cents less at all three competitors during happy hour. The size of the competitors is also a major threat. The capacity at Len’s Place is 125, 200 at Chevy’s and 400 at Pirate’s Pub, compared to only 30 at Chapters Lounge. An opportunity is the number of tourists that visit between the months of May to October which is 500,000 annually. Another opportunity is the alcohol consumption in the surrounding counties. Bridgewater spends roughly $496,600(2600*191)on alcoholic beverages annually. Lunenburg County spends roughly $2,654,900(13900*191)on alcoholic beverages annually. The Bridgewater trading area spends about $3,953,700(20700*191)on alcoholic beverages annually. An opportunity is the major sporting events Bridgewater hosts. These events bring in groups as large as 2000 people. The weaknesses of Chapters Lounge include the loss of a long-time favourite bartender DJ which could count for a drop in sales. Another weakness is their marketing. There is little marketing done to promote the lounge. These include 200 flyers, signs in the hotel rooms and lobby, new happy hours
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