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Market Plaza Showplace

Market Analysis Summary

Family Fair will focus on families and music lovers within the community who frequent such entertainment and also on large businesses to host their special corporate functions. Our most important potential customers are families and young adults who would rather frequent productions in the community than travel several miles for similar entertainment. The numerous “guest home” residences for elderly citizens will be solicited for inclusion on their preferred list of organized entertainment activities for their residents.

4.1 Market Segmentation

  1. Families and young adults: Our most important market segment is citizens who desire quality and affordable entertainment in the community. These citizens will be frequenting the regularly scheduled entertainment (primarily music showcases) in Market Plaza to avert driving on freeways to other venues or in downtown traffic with difficult (and generally unsafe) parking conditions.
  2. Large businesses and corporations: Our second most important segment is businesses, particularly those who frequently choose outside facilities for special events and celebrations. Family Fair will offer custom entertainment and food service for special events.
Music theater business plan, market analysis summary chart image

Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Community Population 2% 363,837 371,114 378,536 386,107 393,829 2.00%
Large Business 10% 500 550 605 666 733 10.04%
Total 2.01% 364,337 371,664 379,141 386,773 394,562 2.01%

4.2 Target Market Segment Strategy

The Showplace cannot survive just waiting for the customer to come to us. Instead, the executive staff must become experts at focusing on the specific market segments whose needs match our offerings. Focusing on targeted segments is the key to our future.

Therefore, we need to focus on our marketing message and entertainment offerings. We must develop our message, communicate it, and make good on it.

Trinity and the surrounding areas have produced several super-star recording artists in the last few years. Most of these acts got their amateur start and professional development by performing in area events like those offered by the Showplace. Having witnessed the good fortune of these artists, potential customers are aware that it could happen again at any time, and that the area is blessed with great talent. They are eager to frequent events where a potential super-star artist performs because it is so much easier to become personal acquaintances with them now than when they move up in their career. The keys to success are to communicate the message that the best of talent will be included in each event and make sure to do so.

4.2.2 Market Growth

The population of the Market Plaza community is expected to remain constant with modest growth due to multi-family development activity. The Showplace expects market growth to occur from outlying suburbs when the word of quality entertainment spreads. Market growth is also expected through solicitation of tour agencies bringing groups through Trinity on senior or institutional tours. Trinity is noted for its business attractions and the addition of large business relocations to the area continues in a big way. Additional large businesses will add to the potential customers for special corporate events.

4.2.3 Market Needs

The Market Plaza community in Trinity, Texas is a densely and diversely populated urban area. Currently, there is not a live performance center in the community for public attendance or private use. The Market Plaza Theater is strategically located in a thriving business center amid numerous popular restaurants and shops. Patrons of this center love its quaintness, physical appeal, and convenience within their community. Personal interviews with patrons of the center indicate a strong desire to see the vacant theater restored for local entertainment offerings.

4.3 Service Business Analysis

Live entertainment available to the community consists of numerous offerings, from broadcast media to high profile concerts in the region. One of Family Fair’s challenges will be establishing our venue as the premier entertainment in the community, offering consistent, high quality entertainment in a clean and appealing facility, and making each event one to remember and frequent. Another challenge will be to attract clients to the facility for scheduling special corporate and private events.

4.3.1 Competition and Buying Patterns

The key element in purchase decisions made by Showplace clients is knowledge that the modest cost of a night of quality entertainment at a location near home is ideal.

Pricing of this type of entertainment varies from $10 to more than $100 in the region. A number of families and individuals are usually willing to pay the ticket price, but the drive to events out of the community and difficult parking accommodations take some of the enjoyment out of the whole affair.

Potential customers currently travel well outside the community to enjoy this style of entertainment. After the Showplace grand opening event, word of mouth recommendations will fill each show from the community, almost immediately. They will select our venue to avoid the drive to other similar events in the region.

4.3.2 Main Competitors

The following is a list of main competitors offering productions similar to the Showplace.

  1. Local night clubs: Strengths–serve alcohol for those inclined. Weaknesses–limited seating capacity, limited age groups, dangerous environment.
  2. Major artist concerts: Strengths–live performances by major artists. Weaknesses–high ticket costs, excessive travel, unsecure parking accommodations, and infrequent events.
  3. Johnny Good’s Music Revue and Grapefield Opry: Strengths–age of business and good quality entertainment at a reasonable cost. Weaknesses–35 miles from the Market Plaza community, limited parking, constant country music theme, average musicians, and ticket availability concerns.

4.3.3 Business Participants

Some communities in the Trinity suburbs have successful weekend venues similar to the Showplace. Live entertainment in urban Trinity, particularly for this community, comes in the form of costly concerts that are either inconvenient or in local nightclubs. The wholesome, family-oriented offering of the Market Plaza Showplace will be welcomed in the community by those who would not frequent night clubs and major artist concerts, and would also be frequented by others because of the reasonable cost and level of talent.