My target market is broad. It includes tourists, both men and women, who are between the ages of 21 and 41. The same demographic as those people who come to Las Vegas to party and are willing to spend large sums of money doing so.
The first P of marketing: product. Let's be clear, marijuana is not the product I am selling. It is not new, as anyone under the age of 70 can attest. As with Las Vegas in general, my product is not marijuana in and of itself, but the experience of legally hanging out in a club, smoking some weed, eating, enjoying live entertainment and leaving Las Vegas having spent too much money and eaten too much and saying, "Damn, that was worth it."
The second P of marketing: price. As this is a new market with little formal competition, I will use skimming price strategy until the market becomes saturated. The skimming pricing strategy seeks to charge high prices during a product’s introductory stage, to take early profits when the product is novel and has few competitors, and then to reduce prices to more competitive levels.
The third P of marketing: Place. Or, location, location, location. Not on Las Vegas Blvd. within proximity. Like the Hooter's or Hard Rock Hotel's. I believe this will be successful because it meets the following:
Key Factors in Deciding on a Location
The key factors in deciding on a location are dependent upon the nature of the business and its customers. Considerations include the following:
- access for customers
- access to suppliers
- climate and geography
- convenience
- cost of facilities (rent, construction, and the like)
- demographics
- economic conditions and business incentives
- governmental regulations and laws, including environmental impact
- labor pool
- proximity to competitors
- visibility
The fourth P of marketing: Promotion. OK, the LVCVA has already done part of my promotion, "What happens in Vegas Stays in Vegas". Next, what to name this marijuana restaurant. A couple names come to mind. Half Baked, High Times, 420.
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