Incredible Weddings
Incredible Weddings is a company that specializes in wedding event planning. The product offers customers a complete wedding package to couples in the U.S who are looking to have a great wedding without having to go through the demanding planning process.
The complete wedding package includes services such as location and venue, security, technical productions, food and beverage, theme and décor, entertainment, travel and hospitality and bridal luxury services. These services are offered comprehensively in the full package in partnership with other firms that specialize in each of the aforementioned services. Customers are also free to pick a specific service if they are not in a position to purchase the complete package.
Mission Statement
Market Research
The wedding events planning market in the United States is large and continues to experience growth. The industry is considered ‘recession-proof’. According to the National Mailing Order Marketing Association, averages of 2.4 million weddings occur in the U.S every year. The average amount spent on an average American traditional wedding is $22,000. The research shows heavy spending on wedding products and services.
Business Objectives
The product targets people between the age of 25 and 40 in the United States. This is the main group of people who are looking to get married.
SWOT analysis
Strengths
The company’s business strategy that offers an all-inclusive wedding package is attractive to clients who want a great wedding without having to go through the hectic process of planning.
The company arranges for meetings with clients to discuss the details of the exact service needed. Aligning the product to the needs of customers is the pillar of the business.
Weaknesses
The company still relies on outsourcing for 80 % the services available in its complete package. This increases costs and thus reduces profit. Its capacity is still very low.
Opportunities
The company has an opportunity to build capacity to offer more than 50% of the services without outsourcing. This can be achieved through specialization and hiring of highly experienced staff in each of the areas.
The company also has an opportunity to expand to the whole of America and globally in the long run.
Threats
Competition from large and well- established firms pose a threat to the business.
Marketing Mix
Product
The product is designed in such a way that it targets the needs of the customer directly. The customer is the focus of the business. The flexibility of this product ensures that clients get exactly what they want. Incredible Weddings customizes its services to suit the needs of customers. The client is the boss. In addition, the company invests in adding creativity and the latest innovations, fashion and trends to its products.
Promotion
In the first year, the company plans to concentrate on online marketing of its product. We plan to do this through the company’s website and social media. The company will launch a major marketing drive on social media through competitions and promotions targeting young people aged between 25 and 35. The aim is to popularize the company and get people to own up the idea. The company expects to create sales directly or indirectly through recommendations.
Place
Incredible Weddings targets couples from the whole of United States. A robust online platform will enable the company to communicate and arrange for discussions with clients wherever they are in the United States.
Price
The company will base the pricing strategy on the average amount of money that an individual would spend if they planned the wedding. The company has developed a guideline showing this amount depending on the economic status of a client. The company will then charge a slightly lower price or the same price depending on the costs incurred. Our target is to at least break –even in the first year and to increase the uptake if the product.
