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The Knitting Factory Barcelona. ... The Knitting Factory Barcelona (KF BCN) It is not
Michael Dorf’s intention to duplicate the first Knitting Factory. ...
Knitting Factory Barcelona. Strategic Plan For Knitting Factory Barcelona This
paper sets out a strategic plan for Knitting Factory Barcelona. ...
... knowledge and a heritage of spinning, knitting or weaving. ... city like London, Paris,
Hong Kong, Barcelona, Boston, Los ... a town with shops or factory outlet shops ...
Submitted by sunshine84 on March 21, 2008
Category: Business
Words: 2757 | Pages: 12
Views: 33
Popularity Rank: 99,434
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Strategic Plan For Knitting Factory Barcelona
This paper sets out a strategic plan for Knitting Factory Barcelona. It reviews Porter’s five forces model; presents a series of statements relating to Knitting Factory’s Barcelona vision, mission, values and objectives; and sets out its proposed strategies and goals.
Five Forces:
1. Threat of Substitute Products-
Opening up a club like Knitting Factory poses a huge threat for substitute products. There is a very high elasticity of demand, meaning as prices go up, consumers will generally find somewhere else to go and there are plenty of places to do that. The buyer switching costs associated with this issue is generally not monetary but more mental. For example lets say our club must raise its drink prices and entry fee. This may cause one of our customers to become disgruntled and want to go somewhere else. However, if our venue is popular enough we will have a huge and loyal crowd so if this customer wants to go someplace else because of the price issue, his switching cost would be the effort of telling all of his friends who frequent our bar to go somewhere else, which may not be easy as price increases effect all consumers differently. Some have higher thresholds for increases than others do. Our company can mitigate these circumstances by distinguishing our product and focusing on a target market, this would be known as product differentiation. By engaging in this we may avoid the loss of customers by price increases because the product we offer is so superior that it would offset any minor price increase we will inevitably have to do. Our distinguished product would be the use of record labels, a comfortable environment that many find familiar, and being that unique sort of club like the Knitting Factory.
2. Threat of New Entrants -
The threat of new entrants in the Barcelona nightlife industry is always a very real threat that...
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