Analyzing The New V5 Group Company at Its Digital Marketing Intern

The New V5 Group
Digital Marketing Intern
Name
MKT 393
July 1, 2021
The New V5 Group
The nightlife industry is one of the largest industries globally due to the generational transformation to event marketing. One of the main disadvantages of social media is learning the algorithm and working with it as it constantly evolves, but due to the well-established framework of the company, this has successfully been addressed. All social media platforms evolve and update as the digital age does, so V5 rides the wave, so to speak. There is such a wide variety of nightlife in Chicago that it may be impossible to target every niche making it necessary to focus on the most effective measures for high expansion and development. Chicago is one of the popular states with a large number of nightlife companies. A high number of the companies are promoted by the fact it is centrally located, accessible, and has unique features which can easily be accessed by different individuals in different geographical areas.
I. Background
Introduction to Company/Organization
V5 is one of the known companies which strongly falls under the industry. V5 is a marketing and Promotion Company based out of Chicago specializing in event marketing, branding, and concerts. This large team of experts markets mainly in the entertainment or nightlife industry. They market to thousands of people per day in order to invite them out to join their Latin-based events. Any top-rated Latin night in Chicago that you've ever heard of in the past 20 years, V5, may have had something to do with that. Some of the examples that the companies that V5 outcompete include Spy and PYRSM Chicago. The music that they play at their events ranges from reggaeton, bachata, hip-hop, top '40s, and sometimes an EDM-reggaeton mix. V5 partners with venues to be able to host their nights that include V5 DJs, bartenders, hosts, a manager, and someone to charge a cover at the door. V5 does not own any venue but works with them to host the best night(s) at the owner's venue. These locations run across the city and are starting to expand. Some locations are in River North, Wrigleyville, Skokie, and even Indiana. V5 is working to move its barriers beyond the Midwest, but for now, they are mostly located in and around the Chicagoland area.
II. Environments
a. Competition:
Competition is an essential issue in the nightlife industry. It determines the specific actions that other companies conduct. In the Nightlife industry, the increasing competition rate is attributed to new entrants in the market due to the belief that there is higher profit in the industry (Ferguson, 2021). V5 offers a wide variety of music at the events they host, but the company knows that they cater to a niche of people. Knowing this, some of V5's top competitors may include locations that play other types of music. This type of music may include country, all hip-hop, all top 40's, and EDM (Electric Dance Music). Some locations may even be more upscale than V5 offers, which may include TAO, Tree House, LondonHouse, Joy District, Untitled, Clutch, and many more! These are just a few of the most popular clubs in Chicago. The location was picked as some of the most popular in Chicago and can be used to identify...