Business Plan
Wedding management and planning will comprise the primary objective of the company. Ideally, wedding organization and management occupies a significant percentage of the events services market. The company will engage in all organization work, which will include scouting for viable wedding locations, providing services such as photography, transport, décor, and establishing original and unique concepts for the wedding. There are numerous opportunities in the wedding management and planning industry. Specifically, most individuals are opting to hire professional event planners for their day-to-day events as well as weddings. As a result, the wedding planners are getting more jobs, irrespective of the relatively high completion that characterises the industry.
There are numerous opportunities that that can benefit the day to day operations of the company. Indeed, wedding planning and management entails the process of connecting with other service providers so as to acquire materials as well as products that are needed for a successful wedding. Therefore, the business will be able to partner with other vendors, especially those that provide décor and sound equipment, and other service providers such as videographers, photographers, card designers, and transporters. Such partnerships will enable it to access the knowledge and competencies that are required for mitigating risk and reducing mistakes as most of the partners will have a greater understanding of the operational contexts related to the services that they provide.
Moreover, technological advancements, which include the proliferation of social media platforms, will present the business with the opportunity to market and connect with clients from different regions of the globe. Furthermore, the company will have a relatively affordable and reliable way of marketing its services, which may translate into more sales and increased profits. Internet technology will also enable the company to focus on online bookings that will reduce the challenges related to taking physical customer records as well as cumbersome paperwork. There is no doubt that economic conditions have also been improving in the past few years. Individuals are earning more money; therefore, they have adequate disposable incomes that they can use to hire event planners instead of planning their events by themselves. Therefore, the business will definitely get more clients who will be willing and able to pay handsomely for some of the planning and management services that it will be offering. Finally, wedding trade shows and magazines will also present numerous opportunities for the business. Particularly, wedding shows are events for future grooms and brides to find all their wedding needs in a central location. Such events normally attract numerous vendors including as caterers, photographers, decorators, makeup artists, among others. During such events, vendors can showcase their products and create brand awareness. Ideally, such events will provide a remarkable platform for the business to expand its customer bases by capturing new customers.
Marketing Strategy and Plan
The company will employ a strategy that will aggressively court potential companies and clients to win future business contacts. It will start by offering quality and superior services at a relatively lower cost to attract and retain clients. The company will also focus on different service areas that are connected to the wedding industry. The company will strive to increase its visibility through social media and website, networking at the local Chamber of Commerce, and active participation in trade shows in various regions of the nation. Social media platforms, such as Facebook and Twitter, will be used to market some of the new offers as well as the new prices for different services. Besides, they will play a crucial role in highlighting some of the successful events that the company has handled in the past by posting reviews from happy clients as well as pictures and videos of wedding setups. On the other hand, the website will be very detailed, and it will provide relevant information regarding the services that the company provides, the corresponding quality levels of different services, and the advantages of benefits that customers can achieve by using the company’s services.
Marketing Objectives
Some of the marketing objectives include
Decreasing the costs related to customer acquisition by about 10% every year
Create reasonable awareness about the services that the company offers, which will be quantified by a 3% quarterly increase in service requests
Target Market
The company will target customers from all walks of life, irrespective of their economic status. Even though the company will focus primarily on planning and managing weddings, it will not turn down the possibility of planning other events that are within the “social event market.” The customers will be expected to sign contracts indicating that they have contracted the company to plan and host a particular event for them. In regards to positioning, the company will position itself as a niche event managing service across the nation. It will gain it competitive advantage based on the use of strategic relationships. The company’s management recognises the fact that it cannot excel in all areas; therefore, it will focus on the services that it can offer optimally and form strategic partnerships with other service providers that are capable of offering excellent services in areas that it does not have specialised personnel.
