Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Bethesda blues and jazz supper club parking

07/12/2021 Client: muhammad11 Deadline: 2 Day

Financial Analysis

Anonymous 1

1. The cost of a ticket to my jazz party is $59.99. I came up with this price using two pricing strategies. First I used the competitive pricing strategy, which is defined as reducing “the emphasis on price competition by matching other firms’ prices” (Boone, p. 417). Second, I used the odd pricing strategy which is defined as a “pricing method using uneven amounts,” (Boone, p. 419) so that consumers would be more likely to purchase a ticket because the cost seems less than it actually is (Boone, p. 419). In benchmarking the ticket prices of competitors, there are several competitors to for this jazz party. One competitor would be the Bethesda Blues and Jazz Supper Club which charges $20 to $50 depending on the musician for admission (“Music Calendar”, n.d., p. 1). For the purposes of this paper, I will assume the average cost is $35 for admission by taking the average of those two prices ($20+$50= $70/2= $35). It is important to note that the admissions ticket does not include food or drink costs. Based on the menu available on their website, Bethesda Blues and Jazz Supper Club charges approximately $11 for appetizers, $28 for a main course and $10 for dessert (“Dining”, n.d., pp. 1-4). Drink prices were unavailable. Another competitor would be the Blues Alley D.C. Jazz Club which charges $25 to $45 depending on the musician for admission (“Events”, n.d., p. 1). For the purposes of this paper, I will assume the average cost is $35 for admission by taking the average of those two prices ($25+$45=$70/2=$35). Food and drink are not included in that price. Based on the menu available on their website, Blues Alley D.C. charges roughly $9.50 for appetizers, $22 for a main course and $7 for dessert (“Menu”, n.d., pp. 1-6). Drink pricing is not available. A third competitor would be the Bohemian Caverns Jazz Club in D.C. which charges a standard $20 admission fee (“Tickets”, n.d., p. 1). Food and drink are not included in the admissions cost. Based on the menu available on their site, they charge $8 for appetizers, $16 for main courses and $5 for sides (“Menu”, n.d., pp. 1-5). Pricing for desserts and drinks were not available. We have several distinct competitive advantages that separate us from the competition (Boone, p. 8). One competitive advantage is that we include food and a drink in our ticket price. You don’t have to worry about additional expenses just pay your admission fee at the front door, and you are all set for a great evening. Our second competitive advantage is that we are competitively priced when you factor in both the cost of food and admission. Our three competitors charge roughly $35, $35 and $20 for admission which averages out to $30 for admission ($35+$35+$20=$90/3= $30). In addition, they charge extra for food including a main course and a dessert which averages out to $33.50 ($22+$7=29 (Bethesda Blues and Jazz Supper Club). $28+10=$38 (Blues Alley D.C. Jazz Club). So, $38+$29=$67. 67/2= $33.50). I did not include Bohemian Caverns Jazz Club for comparative food pricing since dessert pricing was not available. I assumed that a non-alcoholic beverage would cost about $3 at these competitors. All in all, $30 admissions + $3 non-alcoholic beverage + $33.50 including main course and dessert = $66.50. So $59.99, our price, is $6 less than theirs so we are competitively priced since we cost less than our competitors when you factor in food and beverages costs in addition to the admissions price. Our third competitive advantage is where we are located. We are 1 block from the Bethesda Metro Station, and there are 2 large parking garages within 1 block as well making it extremely convenient for people to come. 2. My fixed costs are those costs that remain constant regardless of the number of people who attend (Boone, p. 415). An example would be the facility I am renting the Bethesda Round House Theatre which is $350 an hour (“Facility Use”, n.d., p. 1). I plan for the jazz party to be from 7-11 p.m. with the jazz band playing from 7:30-9 p.m. Then dinner from 9-10:30 p.m. and

Anonymous 2

the jazz band finale from 10:30-11 p.m. I believe I would need to rent the facility for at least 1 hour before and after the show to allow people to set up and cleanup. So my total cost would be $350x6 hours which equals $2,100. In addition, I would need to buy a couple of cash registers to process people’s payments at the door. I would have 3 cash registers to process people quickly. 3 registers at $59.99 each would cost me a total of $179.97 (Staples, n.d., p. 1). I would pay 3 people minimum wage, which is $8.40 an hour in Montgomery County according to the state of Maryland’s DLLR, to man the registers for 1.5 hours (“Minimum Wage”, 2015, p. 1). I don’t believe I would have much difficulty finding three people who would work for 1.5 hours at $8.40 an hour because of the location of my party. Bethesda Round House Theatre is located 1 block from the Bethesda-Chevy Chase High School, and I think three high school students would eagerly work 1.5 hours to earn some money. They could take that money to go to a movie in downtown Bethesda or go out to Chipotle for dinner afterwards. I would also hire 3 off duty Montgomery County Police Officers to watch the cash registers, but also to act as security if need be. Based on my personal knowledge, I know officers make time and a half for off-duty work so given that an officer makes $48,981 a year and then divide that by 52 weeks in a year and then divide that by 40 hours a week you get a hourly rate of $23.55 (Montgomery County Police, n.d., p. 1). At time and a half it would cost $35.33 an hour per officer. I would hire 3 officers for 5 hours each so my cost would be $529.95 ($35.33x5x3=$529.99). A band costs approximately $750-$1500 for a four hour time slot (Sam Hill Entertainment, n.d., p. 1) For the purposes of this paper, I will assume the average cost is $1,125 for the band by taking the average of those two prices ($750+$1500=$2,250/2=$1,125). I am also allocating $1,000 for various types of advertisements and decorations. Table 1:

Fixed Costs Hourly Rate/Cost

Quantity (how many people)

Duration (hours)

Total Cost

Rent Facility $350.00 1 6 $2,100.00

Off-duty Police Officers

$35.33 3 5 $529.95

Cashiers $8.40 3 1.5 $37.80

Cash Register $59.99 3 N/A $179.97

Band $1,125.00 1 4(contract min) $1,125.00

Advertising and Decorations

$1,000.00 1 N/A $1,000.00

Total Fixed Costs:

4,972.72

Anonymous 3

My variable costs are those cost that vary depending on the number of people that attend (Boone, p. 415). I would use Gist Family Catering which charges $18.50-$20 per person so I will assume the average cost per person would be $19.25 ($18.50+$20=$38.50/2=$19.25) (“Lunch and Dinner Menu,” n.d., pp.1-3). So assuming I sell 400 tickets, $19.25x400 would be $7,700. This per person price includes a drink (punch), several main courses to choose from along with several sides, dessert and paperware (“Lunch and Dinner Menu,” n.d., pp.1-3). Each server is $110.00 for up to 5 hours (“Lunch and Dinner Menu,” n.d., pp.1-3). Based on internet research, you generally need 1 server per 20 people (A Tasteful Affair, n.d., p. 1). So if I have 400 people attending, I need 20 servers which would cost $2,200 (400/20=20) ($110x20=$2,200). I would also need tables and chairs. A 72” round table sits approximately 11 people and costs $14.20 to rent each table, and each chair costs $1.45 (A to Z Party Rental, n.d., p. 1). So assuming 400 guests, 400 chairs would cost me $580.00 and since a table costs $1.29 per person it would cost me $516.00 ($1.45x400=$580. $14.20/11=$1.29 per person for a table. $1.29x400=$516) Table 2: Variable Costs Per person

Cost Quantity Total Cost

Food and Drink

$19.25 400 $7,700.00

Servers $110.00 20 $2,200.00 Chairs $1.45 400 $580.00 Round Tables $1.29 400 $516.00 Total Variable Costs

10,996.00

3. A breakeven analysis is used “to determine the minimum sales volume a product must generate at a certain price level to cover all costs” (Boone, p. 415). Break even= fixed costs/(avg sale price per unit- avg variable cost). My fixed costs are $4,972 please see table 1 and table 2 at above for a detailed break down. My avg sale price per unit is the price I am charging for a ticket $59.99. The avg variable cost is $27.49 based on dividing my total variable costs $10,996 by the number of people attending, 400. So $10,996/400= $27.49. Please see table 2 for a detailed break down. Therefore, I need to sell 154 tickets to breakeven. 4,972.72/ (59.99-27.49)= 153.006→ 154 tickets to break-even. Since I need to sell 154 tickets, I need $9,238.46 in revenue to breakeven (154x$59.99= $9,238.46). 4. I would use the Bethesda Round House Theatre as the venue for my jazz party because it has a state of the art theater that seats up to 400 people (“Facility Use”, n.d., p. 1). It is also located 1 block from the Bethesda Metro Station, and there are 2 large parking garages within 1 block as well making it convenient for people all over the D.C. metro area to come. According to a study, higher education and income levels are strongly linked to those who listen to jazz; in fact, “nearly half of those attending jazz performances, for example, are college graduates; over three-quarters have had some college education. Those earning more than $50,000 a year are more than twice as likely to attend performances as those earning less than $25,000” (DeVeaux, 1995, p. 3) According to the U.S. Census Bureau, Bethesda has a population of 60,858 where 98.2% of people age 25 and older have a high school degree or higher compared to 88.7% in the state of Maryland (2015, p. 1). In addition, 82.4% of people age 25 and older in Bethesda have a bachelor’s degree or higher compared to 36.8% in the state of Maryland (U.S. Census Bureau, p.

Anonymous 4

1). Also the per capita money income, also known as income per person, in Bethesda was $85,442 compared to $36,354 in the state of Maryland (U.S. Census Bureau, p. 1). Therefore because Bethesda is highly educated and has a greater income compared to the rest of Maryland, this makes the Bethesda Round House Theatre a great venue for my jazz party. 5. Regarding the potential sales (revenue) for this party, I am limited to selling 400 tickets because of the maximum capacity of the space I am renting. Therefore, my maximum revenue would be $23,996 (400x$59.99=$23,996) which would exceed my break-even point. Please see Table 3 below for more details. I believe selling 400 tickets is an attainable goal considering “About one-third of American adults reported that they ‘liked jazz.’ In addition, ‘25 percent of adult Americans expressed a desire to attend a jazz performance”’ (DeVeaux, 1995, p. 1). Using the Build Up Approach, which is estimating “the number of potential buyers in a geographic area,” (Weiser, 2015, slide #25) I would expect there to be 15,214 potential buyers in Bethesda for my jazz party given that Bethesda has a population of 60,858 and that “25% of adult Americans expressed a desire to attend a jazz performance” (DeVeaux, 1995, p. 1) (60,858x.25= 15,214) (U.S. Census Bureau, p. 1). Furthermore because the Bethesda Round House Theatre is located 1 block from the Metro, people all over the Washington region could come to my party. According to the Washington Post, the population of the Washington region is more than 5.8 million people (Mellnik & Morello, 2013, p. 1). Thus, I would estimate there to be 1.45 million potential buyers in the Washington region for my jazz party given that the population is more than 5.8 million and that “25% of adult Americans expressed a desire to attend a jazz performance” (DeVeaux, 1995, p. 1) (5.8 million x.25= 1.45 million). Table 3:

Price Each Ticket

Number of Tickets of Sold

Projected Revenue

Potential Sales $59.99 400 23,996.00

6. Please see the income statement (Table 4) below. Table 4:

Income Statement

Revenue/Sales $23,996.00

Cost of Goods Sold (Total Variable Expenses)

$10,996.00

Operating Expenses (Total Fixed Costs)

$4,972.72

Profit $8,027.28

Anonymous 5

7. In sum, yes this jazz party should be thrown because the facility selected has an ideal location with convenient parking and is in very close proximity to a Metro station. In addition, the population of Bethesda is an ideal target market that has both a high income and is highly educated both of which are strongly correlated with people who listen to jazz. Ultimately, we should throw this jazz party because selling 400 tickets should be easy and with a profit of $8,027.28, it is a no brainer! References Bethesda Blues & Jazz Supper Club. (n.d.). Music Calendar. Retrieved June 17, 2015, from

http://www.bethesdabluesjazz.com/events.cfm Bethesda Blues & Jazz Supper Club. (n.d.). Dining. Retrieved June 17, 2015, from

http://www.bethesdabluesjazz.com/docs/2014_Dinner_Menu.pdf Blues Alley. (n.d.). Events. Retrieved June 17, 2015, from http://www.bluesalley.com/events.cfm Blues Alley. (n.d.). Menu. Retrieved June 17, 2015, from http://www.bluesalley.com/menu.cfm Bohemian Caverns. (n.d.). Tickets. Retrieved June 17, 2015, from http://www.bohemiancaverns.com/tickets/ Bohemian Caverns. (n.d.). Meny. Retrieved June 17, 2015, from http://www.bohemiancaverns.com/menu/ DeVeaux, S. (1995). Jazz in America: Who’s Listening? [PDF]. Retrieved from

http://arts.gov/sites/default/files/NEA-Research-Report-31.pdf Gist Family Catering. (n.d.). Lunch & Dinner Menu. Retrieved June 17, 2015, from

http://www.gistfamilycatering.com/ordereze/Pages/Menu.aspx?DeptID=4 Maryland DLLR. (2015, March). Minimum Wage and Overtime Law in Montgomery County [PDF]. Retrieved from

http://www.dllr.state.md.us/labor/wages/minimumwagelawmont.pdf Mellnik, T., & Morello, C. (2013, March 14). D.C. Metro Area Population Growth Slows. The Washington Post.

Retrieved June 19, 2015, from http://www.washingtonpost.com/local/dc-metro-area-population-growth- slows/2013/03/13/145ffc66-8c09-11e2-9f54-f3fdd70acad2_story.html

Montgomery County Police. (n.d.). Police Officer Requirements and Benefits. Retrieved June 17, 2015, from http://www.mymcpnews.com/jobs/police-officer-requirements-and-benefits-hidden/

Round House Theatre. (n.d.). Facility Use. Retrieved June 17, 2015, from http://www.roundhousetheatre.org/meet- us/facility-use/

Sam Hill Entertainment. (n.d.). FAQ- How to Book or Hire a Band, How Much Bands Cost and Prices, etc. Retrieved June 17, 2015, from http://samhillbands.com/faq.shtm

Staples. (n.d.). Casio SE-S700 Cash Register. Retrieved June 17, 2015, from http://www.staples.com/Casio-SE- S700-Cash-Register/product_311197

A Tasteful Affair. (n.d.). Catering FAQ's. Retrieved June 17, 2015, from http://www.atasteful- affair.com/resources/faqs.html

A to Z Party Rental. (n.d.). Chair Rental. Retrieved June 17, 2015, from http://www.atozpartyrental.net/banquet_chair_rental.htm

A to Z Party Rental. (n.d.). Table Rental. Retrieved June 17, 2015, from http://www.atozpartyrental.net/banquet_table_rental.htm

U.S. Census Bureau. (2015, May 29). Quickfacts: Bethesda, CDP, Maryland. Retrieved June 19, 2015, from http://quickfacts.census.gov/qfd/states/24/2407125.html

Weiser, H. (2015, June 16). Financial Statements and Analysis [Prezi]. Retrieved from https://prezi.com/qwfj0_v1i2i7/financial-statements-and- analysis/?utm_campaign=share&utm_medium=copy

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Accounting & Finance Master
Helping Hand
Financial Hub
Assignment Solver
Ideas & Innovations
Phd Writer
Writer Writer Name Offer Chat
Accounting & Finance Master

ONLINE

Accounting & Finance Master

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$26 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$29 Chat With Writer
Financial Hub

ONLINE

Financial Hub

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$46 Chat With Writer
Assignment Solver

ONLINE

Assignment Solver

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$45 Chat With Writer
Ideas & Innovations

ONLINE

Ideas & Innovations

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$44 Chat With Writer
Phd Writer

ONLINE

Phd Writer

I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects.

$30 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Identifying data and reliability shadow health - 4 1/6 as an improper fraction - Informatics and nursing opportunities and challenges 6th edition pdf free - Individual proactiv products - What is organizational analysis in training need assessment - Youth worker cover letter - How to solve genetic problems - City of everett washington v mitchell - Unit 6 Discussion - Esol entry 3 writing exam past papers - Perpetual pure equity alpha - Guyuk khan letter to pope - Edu 599 Capstone Education - Natural and artificial sources of light - Excerpt from the jungle answers - Big little z what begins with - Epidemiology - Customer interviews - I am in awe of you oh god - Week 6 capstone journal - Bi assignment 9 - Blue card traffic control - Setting event antecedent behavior consequence - Hec montreal erp simulation game strategy - What should kimi ford recommend regarding an investment in nike - John monash science school practice test - Moodle koi edu au login - Julia gana más dinero que lorna. es porque julia trabaja - Risk and quality management manual hcs 451 - A 380 cubic centimeter sample of titanium - Cloud Computing - Discussion Board Replies - Taeass402 - 14 page essay on Efficiency Wage Theory - Theme 3 lesson 8.2 a managing your money answers - Med surg remediation - Properties of water test review worksheet answers - Observations in early childhood examples - Prepare journal entries for the following transactions - Shadow health abdominal questions - Ana scope and standards of practice apa citation - Part 2 project paper - Lesson 12.5 skills practice just watch that pumpkin fly answers - How To Find A Personal Statement Writing Service - How long did martha stewart go to jail for - 380 ft lbs to nm - Work force x distance - Researchers in cognitive psychology and sensation perception are sometimes called - Usda standardized recipe template - Snap fitness penn ave minneapolis - Mean 0 and standard deviation 1 - Through what potential difference must an electron be accelerated - Krug et al 2002 - Latin sayings about war - Arb canopy seal kit - Vtm coded value adder - Angles in real life - Essay - The hobbit teaching guide pdf - Assignment - Mini circuits mixer tutorial - Production cost analysis and estimation applied problems - Tim o brien author biography - WEEK 9 DISCUSSION HSA 551 - Discussion - Enterprise Risk Management (350 words) - Williams institute ethics awareness inventory - The next step costumes for sale - Legislation Comparison Grid and Testimony/Advocacy Statement - Pdp samples for teachers - Nature or Nurture - Peng robinson equation of state excel - Dominos japan menu english - Australian journal of environmental education - Css past papers of political science - Swot analysis diversity workplace - Why is breakfast the most important meal of the day speech - Shoretel phone system manual - Project management at arnold palmer hospital case study - Should students have to wear uniforms persuasive essay - Hill enterprises case study - The five ingredients of creativity are - What is a literary device - Bio rad image lab software - Which of the following is true of multiweighted scoring models - Week 2 co assessment political science - 51 headland road castle cove - Blazemaster cpvc cure times - 1000000 seconds into days - SOCW6111 - Shadow health tina jones musculoskeletal - Team charter - Writer federico garcia crossword clue - Los estudiantes de la universidad virtual estudian - Dgca cpl question bank - Principles,measurements & health development link - One Paragraph Each - Escoge la opción correcta para cada oración - Vce chemistry exam 2020 - Dom perignon 2009 costco price - 2 chloro 3 3 dimethylbutane