Product description
For the wedding planners who are interested in planning and designing elegant and unique wedding celebration, XYZ Company is the right place to be. We train individuals, professional and groups on how to plan and design wedding events. We offer training and advices to those who are willing and dedicated to become responsible for wedding planning that are exquisite and a perfect reflection for every couple. We also carry out regular workshops, seminars and mentoring programs and offer reliable references for the wedding planners. For outstanding and impressive learning and training for personal and scrupulous wedding planning services, XYZ offers luxurious and sophisticated solutions.
In order to thrive in the industry and protect the business from the competitors, the company offers substantial and quality services that give the company a competitive advantage. The company can offer affordable services by maintaining lower costs. We are committed to learning from our competitors and our customers by imitating competitor’s strength and taking advantage of their weaknesses (Lawler 14). The company also invests heavily on the development and research to invent new ways of doing business in the industry. We also consider customer knowledge as valuable information to the business. Through this knowledge, we are able to maximize potential revenue, induce customer retention and improve on prospective customers.
Our services help the bride and groom to make efficient wedding decisions in terms of locations, colors and themes, wedding party details, clothing, entertainment and catering, and flowers. The services also help the wedding planners to coordinate various wedding parties and organizing clergy among others. The wedding program helps the brides and grooms to have a cost effective budget on their wedding and to conduct their wedding without any stress.
Competitor analysis
The main two competitors in the wedding planning business occupy 40 and 30 percent of the market shares. The competitors are able to thrive in the market because they have established effective strategy. The two competitors aim at maximizing profit using skimming pricing strategy. In other words, they target a wealthy consumer group that can pay for higher charges in exchange of luxurious wedding services (Rebecca, 3). After examining the market, there are the majority of consumers from a socioeconomic group of low-income earners willing to pay for cheap wedding planning services. It is due to this reason that the company has adopted a penetrating pricing strategy to capture such consumers.
Barriers to entry include high startup capital and aggressive competitors who have extensive customer base and hence can be able to sell their wedding planning services without many struggles. The competitors have a good brand image and are well known by other wedding planning industry insiders such as vendors and banquet facility owners. Therefore, with the entry of the XYZ business the competitors are anticipated to enhance their relationship with these insiders so that they can refer customers to their businesses.
Investment proposal
Our business planning company will require about $15,000 for the startup investment. Some of the funds will be contributed for the owner’s personal savings. The fund will be used for research and development, equipment, marketing expenditures and insurance. Other expenses arising from the future growth will be catered by the expected positive cash flow.
The following table indicates cash out table after the anticipated net income of the business.
Implementation plan and business launch
There will be two types of services offered by the company: full service wedding planning services and “day of” wedding planner. The schedule for the two services is as follows
Works Cited
Lawler, Edward E. Talent: Making People Your Competitive Advantage. San Francisco: Jossey-Bass, 2008. Print.
Mead, Rebecca. One Perfect Day: The Selling of the American Wedding. New York: Penguin Press, 2007. Print.
