Tuesday, March 8, 2011

Waldo's Campus Tavern - A Popular Spot for College Students

I conducted a survey with the purpose of finding enough statistical evidence to help Waldo's Campus Tavern improve its business by helping it recognize different target markets it should look at when advertising and marketing to the public. The final results showed several trends that relate specific demographic groups to the attendance and expenditures at the local bar. The percent of full time college students at Waldo's on an average Thursday night is about 87% (plus or minus 8%), this is due to its prime location in between the WMU and K-College campuses. This tells us that Waldo's is particularly popular among college students. However, there was a clear positive relation between income and expenditure at the bar. Meaning that, as we could have predicted, people with higher income, spend more money at the bar. This is relevant because the results show that the average income of non students was much greater than that of full time students, and therefore Waldo's might want to attract full time employees rather than full time students. I also found a positive relation between a customer's age and their income, therefore the older people at the bar were, the higher their income was, and the more likely they were to spend more money.
A last interesting fact found is that women spend, on average, much less than men at the bar. This, however, was expected because in this society it's usually the men buying drinks for the women.
Finally, I came to the conclusion that because of its location, and low priced goods, Waldo's should continue business as is on Thursday nights, but should add a day or two sometime in the week in which it targets an older crowd. This might decrease the number of customers overall, but will most likely increase the profits per customer the bar receives.

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