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Mission statement: The mission statement of the company is to provide the best
integrated wedding memory experiences for couples and families.
Company vision: The vision for the company is to launch new innovative services in the wedding market and be the leader in delivering great wedding experiences.
Business goals and objectives: The wedding market has undergone changes.
New technology has enabled businesses to innovate and deliver engaging and new experiences at weddings. Our goal is to target the wedding market by enhancing the traditional and delivering the contemporary. We will use many different ways to stay relevant and modern. We will employ new digital technology and skills to augment the services and seek a premium from customers.
Industry and Market: The wedding industry has been serviced by photographers who are in the photography business and not by someone who loves socializing and event management. Most wedding photographers are engaging with customers on a session or fee basis and restrict themselves to taking photos and videos of the event. There is no value addition to the activity. That is the market we would like to capture. Our business will run on innovation and cater to the young premium segments of the population.
Target Market: Typically we will target young urban professionals who are keen to get married and need special event services. This group is ambitious and desirous of spending a premium on the overall wedding experience. They work with reputed wedding planning organizations and are keen to ensure that all the guests have a great wedding experience and go back with fond memories.
Services: Our range of wedding services will help us differentiate from others in the market. Instead of offering session based fee or people based hourly fees we will offer to design a full wedding experience. It will begin with understanding the key need of the bride and groom and families. Based on the location, number of wedding days, the company will offer specialized and customized packages.
The basic package will involve the use of a technician and team to help with pre-wedding events or activities like shopping, wedding location, romantic dinners and so on. This will be followed by the full coverage of the wedding with photography and video. Customers can get copies of all the photos with a customized album and CD/DVD pack with photos and edited video of the event. This will be priced at $5000 for an 8-hour session.
In the premium package the customer can add many other features to the basic package. This includes creation of a Facebook page and event calendar, photo and video invitations and pre-wedding curtain raiser. We will use content from pre-wedding activities to share with friends and family on social media. The wedding will have more features with respect to technology – we will use drone photography, digital video editing and scripting, social media sharing and a photo gift to all the guests. These packages are meant to provide a very strong differentiator against our competitors. This package will be priced at $8,000 for a 6-hour session.
Marketing: We will promote our business in many different ways – partner tie-ups with hotels, event locations, event planners, car rentals, vacation/honeymoon planners, bridal stores, cake decorators, florists and so on. We will use social media to create wedding photography related content and share our innovative services.
Estimated start-up costs: Technology – Drone - $1000, PC and camera gear - $5000, 2 technicians – $65,000 (annually), Office and incidentals - $50,000 (annually).
