The purpose of my independent study is to develop a better understanding of the beverage industry, specifically bar/lounges in New York City. My interest stems from my desire to open my own bar/lounge in New York City in the near future and I feel that researching this market more in depth would help me in my future endeavor. Oftentimes those who embark upon opening their own business do not fully utilize the tools of marketing including research and segmentation.
The two key objectives of my independent study are to (a) identify demographics, target markets and unmet needs of potential and current bar patrons and (b) to create a marketing plan for a fictitious bar concept to effectively reach a clearly defined target audience identified in part (a).
The hypothesis is that despite the highly saturated beverages industry of New York City, because of the highly diverse population, there are key areas of unmet needs that can be identified and targeted as a new niche market.
For the purposes of this study, I will only be looking at bars in New York City because it is the market I am primarily concerned with. Additionally, the bulk of respondents to various questionnaires I will distribute will primarily be NYU community members including students, faculty and administration. In my research, I will also conduct informal exploratory research with bar patrons in the New York City area.