Introduction:
This report is prepared by Sudhanshu Gupta as Managing Director of "Cherish Weddings'" for the branch manager of ANZ Bank with the goal of seeking loan to initiate the marriage planner business in Auckland. Cherish Weddings' is a wedding planning company based in Auckland, the multi-ethnic city of New Zealand, which presents a superfluity of ultimate wedding destinations. Auckland is also well-known as 'City of 100 lovers' in Maori language as 'Tamaki Makau Rau'. Cherish Weddings' is assisting the couples of New Zealand in planning the marriage of the dreams. It also assists the couples from around the globe who dream and plan their wedding and honeymoon in New Zealand.
Weddings are always special and Cherish Weddings' presents a range of wedding services that are appropriate for every occasion. We've expertise in organizing either a ceremonial and traditional Church wedding or a dreamy ceremonial on the golden sands of the secluded New Zealand beach. Cherish Weddings' is dedicated to plan the whole wedding as hassle and stress free and most essentially, with lots of joy and fun. Were committed to look after every single small need of the couples and their own families, creating the wedding of their dreams and making them totally undisturbed to get pleasure from each magical moment of the marriage.
New Zealand is an excellent wedding destination and hence, Cherish Weddings' is liasioning with wedding and tourism industry of Auckland and also other key cities to ensure that New Zealand will certainly become the never-to-be-forgotten wedding place for most young families.
"So take advantage of the expertise of Cherish Weddings' to organize the main day you will ever have in one of the most beautiful wedding destination on the planet - New Zealand. "
This report is structured in 4 main parts which highlights the Vision, Mission and Goals of Cherish Weddings', accompanied by an in-depth macro scan of the environment affecting the function management industry and the marriage planner in specific. Further, the report focuses on the micro scan analysis of the marriage planning industry utilizing the PORTER five forces model and concluding by emphasizing on the main element success factors for the Cherish Weddings', which it must get to be successful and competitive on the market.
Strategic Foundations:
Vision:
By 2016, Cherish Weddings' is the pacesetter in wedding industry of New Zealand by exceeding customer expectations through innovation and creativity. As wedding planner, Cherish Weddings' gets the expertise in designing the dream weddings into reality with an unforgettable experience that could be relish for lifetime. Cherish Weddings' is the greatest industry resource for wedding professionals and having the right amount of clients to increase opportunities for his or her success.
Mission
"Marriages are made in Heaven, and on earth, made heavenly by us, by giving utmost customer delight through teamwork and creativity".
Cherish Weddings' being a result-oriented organization, we always believes in utmost customer delight. We always consider building long-term relationships with all our clients giving them committed service through value creation and reliability. We are a small team of well-trained, determined and rewarded band of wedding professionals that have the capability to provide cost-effective services at any stage.
Core Values:
We are ethical and persistent and our aim is to demonstrate uniformity, candour, integrity, innovation and also to offer expert, incomparable services to your clients and their guests.
Cherish Weddings' design the marriages of the clients are per their needs and budget and present an end result, which is beyond their expectations.
Goals - "We stay in an age when people want experience"
Our goals is to give our client's a memorable lifetime experience because of their most significant event of life by saving time of the couples and their families, helping those who dont have much experience in organizing weddings, saving their money with effective planning, also to let the couple enjoy their day, and spend time with their guests, rather than bothering about the flowers or the meals.
Our motto is "Your entire day, our formation". It is your wedding, which is planned within an innovative and creative manner as per your desired budget and valuable suggestions.
Cherish Weddings' will personalize your wedding which means you can have an eternity of wonderful memories. We focus on making your personal day someone to remember for a lifetime.
Macro Scan:
PESTLE Analysis - PESTEL analysis is employed to research the vital factors, which impacts a business and the influence they have on a particular company or companies operating for the reason that particular industry.
Political & Legal: Political factors involve the government procedures, from the business industries, which includes rules, convention, laws, tax, tariffs, restrictions etc. Every business has to deal with political interventions that are practised by the government. Alternatively, legal factors involve the guidelines of law within which the business operates. Every business has to follow the legal rules of the country it exists in order to keep from any disagreement which in the end results success of the business. Both political and legal factors must be studied in detail before initiating the business.
For all the couples who are residing in other countries and looking New Zealand as their dream wedding destination, it is very important that political structure of New Zealand should be stable in order to attract more and more couples to the united states.
New Zealand law and the federal government policies states that in a relationship both parties should agree to where in fact the marriage would happen and along recover the correct consent of both the parties are required to agree for the area. Also they need to register themselves with the marriage registrar to make the marriage legal under the Marriage Registration Act of 1995. (INTEXT). This law gives the company an advantage for the business enterprise, as most of the people choose a certain place or their own destination to get married and usually they want to make it a special occasion by inviting people who will also be subject to as evidence that the marriage has occurred.
This law provides company the provision to approach people where in fact the dates are registered with the marriage registrar and therefore the company can approach either parties for managing the wedding function.
New Zealand government also made the overall flexibility of making the country as a destination for couples who wish to get married here. (INTEXT). This gives the company a wide arena to market the specified services to all or any the people around the globe who would like to get married in New Zealand.
http://www. legislation. govt. nz/act/public/1955/0092/latest/DLM292097. html
Economic - Economical factors involves with financial forces that exists in a country. "The economic factors are the wider economic performance for example financial growth, exchange rates, interest levels and inflation".
It is not really a compulsion to have a wedding planner for coordinating a relationship. There are many people round the world who get married even without doing any consultation with any wedding planner. Last year, many parts of world faced with recession and with the problem of inflation. Folks have lost job and money. And in such situations, it is a hard time for the marriage planners to attract clients for managing their weddings. Because of this, we would focus our services to provide increasingly more convenience and flexibility to our clients for every single and every aspect of their marriage, which would make our requirement as irresistible to potential brides and grooms.
http://www. entrepreneur. com/article/41348-2
Social: Social factors has are also important for each and every businesses to be considered before preparing the marketing plan that happen to be related to the society facets. "Forces within the society such as religion, family, social structure and education, health, population growth, demographics, changes in consumer behaviours and other aspects may influence positively or negatively".
Wedding industry is bound to have social influences as marriage alone is one of the most auspicious social occasions for each couple. Hence, they would always seek ideas and suggestions from their families, friends, and relatives to improve the look of the wedding celebration. Further, especially brides also look for bridal magazines, bridal Television shows, reading the wedding suggestions website online, etc, which highlights the effect on the business enterprise of wedding planners. This suggests that consumer's behaviour is ever-changing for the marriage planners plus they have to plan their marketing strategies considering the probability of such social influences on the actual consumers.
Technological - In today's scenario, advent of new technology is critical for the success of any business. As the world is moving towards globalization, there is increase in the use of internet and e-commerce in each and every aspect of business. Customers demands are changing over time and every business seek to meet their demand by adopting the most advanced technology available in the market.
Technological advancements had made life possible for lots of the working professionals not only in the service industry, but many other businesses as well. Using the introduction to internet and different software's, operational planning has turned into a quite easy task for the marriage planners. Cherish Weddings' is using the latest software available in the market to design its operational plan and offer customer's precisely what they require within the given timeframe and according to their budget. There are several internet savvy customers across the world who would be using our website in order to gain access to various information like our background and the services we offer, our associations, testimonials, contact information etc. An example is listed below. Upgrading with the most advanced technology helps us to serve and stay static in touch with our clients in a highly effective manner.
Environmental:
New Zealand is one of such countries in the world, which gives special and unique location to celebrate the main occasion of life - marriage. Whether a tradition church wedding, or a ceremonial wedding near the top of mountain or on the beach or garden, New Zealand is beautiful atlanta divorce attorneys single aspect. It has one of the very most attractive landscapes in the world which would provide unforgettable experience for the big day.
Along with other parameters, the season and the environment also motivate couples and influence the business of wedding planners. Couples may choose to be married over a season when their preferred flowers are in full bloom to avoid further expenses that could arise from unavailability of flowers, especially if couples' preferred flowers for the wedding are seasonal.
Promoting Eco-Wedding: Weddings in New Zealand don't have the best reputation as it pertains to being friendly to the environment and so we would make a few suggestions to our potential clients as to how they can do your bit for the surroundings by causing their wedding a little bit more eco friendly. If every couple includes a couple of friendly to the environment options into their wedding, it'll go quite a distance towards helping out the environment. Beneath the banner "friendly to the environment" our company is including being carbon neutral, re-using, recycling, organic, supporting New Zealand businesses and using sustainable products. Few examples choosing a venue which has a good recycling program and that sources local suppliers, choosing local and or organic wines and beers, hiring a bus to move your guests to the wedding - this is often a good plan if your venue is out of town, and telling your guests about the friendly to the environment initiatives you have included in your wedding to raise more awareness, etc
Micro Scan:
Porter Five Forces:
Bargaining Power of Customers:
As the song says, "love makes the world go round, " this means there must be plenty of people who'll need our services, right? Theoretically, YES. But we'll be more successful if we study the demographics of the region we desire to do business in, and then tailor our services to a specific group within that market. http://www. entrepreneur. com/article/41348-2
For Cherish Weddings', customers are the wedding couples or their own families, who may not have an event in organizing weddings or who are looking for an unforgettable experience for the most important day with their life. THE BRAND NEW Zealand wedding industry has suffered a downturn in early 2009 due to recession hitting the markets and lots of the couples deciding to spend less on the weddings. (AUT Journal). Today as the economy keeps growing faster, people are becoming more focused. Also, people don't find any time from their busy job schedules to set up or plan wedding of themselves. Therefore our target consumers are mostly folks who are running in their busy schedules and couldn't be able to find the perfect time to plan a perfect wedding.
Customer's for Cherish Weddings' varies according to their financial status and their willing to spend on their special day - the wedding. As per their budget, their demands would vary and there would be many aspects where they won't be looking for just about any compromise like bridal dress, jewellery and photography/videography etc, but on other hand, they may look for some cheaper options for other facilities like flowers, cake, invitation cards etc. Cherish Weddings' is a tailored service as per the financial requirements and budget of the clients. For some clients, it is simply a matter of guiding them through the planning process, keeping them on track and being there on your day to ensure everything goes to plan. For other clients it is just a commence to finish process, where we manage every part of the marriage planning and your day itself (all with the bride and grooms input).
Competitive Rivalry within industry:
There is a very important factor in business which we can not neglect or remove is your competition. Competition is for certain in any industry and it quite definitely strongly exists in the marriage planning business as well in Auckland. The wedding planning industry is much unorganized in its nature. There are various players in the Auckland city itself. Major and famous of them include the Wedding coach, New Zealand Wedding Planners, Exquisite Weddings, Best 4 Less, Wonderful Weddings, and The Perfect Wedding, etc. Many of them are well-established in the Auckland city and are very famous. Cherish Weddings' could have direct competition with all of them and majorly with the marriage Coach, as their selection of services is more or less same like that of Cherish Weddings. The strength and weakness of competition in wedding industry is mentioned below:
Strengths: Have been around in the marketplace longer, have an established reputation and client base.
Weakness: No systems-based businesses designed to produce regular results, do not have the supporting products to market with, or rather than, wedding planning services.
Key Players Vs Cherish Weddings':
Name
Product/Service description
Location
Aggressiveness
Threat Level
The Wedding Coach
Wedding event management
Parnell, Auckland
High
High
Special Occasions
Weddings, Corporate events, Parties - Kids and Teenagers
Auckland
Medium
Low
Lavish Events
Weddings, Private Functions, Corporate Events
Auckland
Medium
Medium
The important standards which would distinguish us with other wedding planners are the creative management and professionals as well as liasioning with the marriage and tourism industry, to provide our client's the best wedding experience within their budget. Moreover, in the years ahead, we would be caring for our client other family events like anniversaries, funerals, special birthdays, bachelor parties, etc, thus, becoming a core part of their life.
Threat of Substitutes:
Occasions are in a unique position of competition. Cherish Weddings' is competing against hotels with banquet facilities, people in a organization who are assigned the duty of organizing an event, and people who wish to organize their own events minus the benefit of assistance as substitutes. The benefits and drawbacks of each of our substitutes, in comparison with the assistance you can expect, are hardly a match in quality and price.
Hotels along with other Banquet Halls:
Strengths: On-site facilities, equipment, and support staff. Ability to transport and house persons for overnight stays. Able to internalize costs of transportation and equipment
Weakness: Often very costly, impersonal, rely on unskilled labour for support staff. The error rate is high due to high volume and traffic from other events happening at exactly the same time.
Employees or Persons DESPERATE TO GET IT DONE Themselves:
Strengths: Internalized cost of planning the function; in a position to add tiny individualized touches that have meaning within the group or family.
Weakness: Consumes time that may be spent on other activities; may not get access to the best prices, services, and other needed resources available.
Threat of new entrants:
The prospect of new players is huge provided they render qualitative services. Entering available as wedding planners doesn't require much capital. It rather requires imagination and a good team who has the capability and capacity to liaison with various people associated with the industry.
Bargaining Power of Suppliers:
Suppliers are one of the most important parts of wedding planning business. Cherish Weddings' has ensure that it has a number of suppliers for every single and every service, who could supply the products and services as per the budget of the clients.
SWOT Analysis:
Strength
Strong potential of customer base
Less Investments
Huge Profit Margin
Excellent communication system
Proper and systematic advertisement
Good social contacts
Weakness
Seasonal demand
Less Experience in the business
Largely unorganized market
Opportunities
Change in social environment
Improving economy and business
Threats
Increasing competition
Increasing influence of regional, local players and substitutes in the industry
KEYS to SUCCESS:
Our success will be based upon the commitment to quality by everyone who's part of we. Other factors that can push our business to success include:
Able to fulfil client's dream and demand. As a service oriented business, our business will survive only if we're able to constantly meet our client's demands and expectations. To be able to deliver a sterling performance, we must first have the right skills expected of the planner. Our business will die if we lack sufficient knowledge and knowledge of our business. We must also have the commitment and dedication to visit a project through from begin to finish.
Control our costs. Controlling the spiralling costs of arranging marriages is critical to the success of our business. Lower costs could be healthier for our important thing, as customers often want to see value because of their money.
Competitive pricing for the grade of services offered. Our price should reflect the value in our services. But we have to careful though in setting our price too much or too low. A minimal price may undermine the quality of service we present once we may not be able to spend the money for best vendors and suppliers. We might also not have enough time for the project as we will have a tendency to have more projects to pay for the low income. If we overcharge, however, our clients may believe that they are being treated unfairly.
Significant profit made on each event planned. An enterprise needs to be financially sound to survive. Hence, it's important that each project we take on must yield healthy profits for all of us (unless of course the project is a volunteer work designed to create buzz for our business).
Extensive database of contacts, vendors and suppliers. We need to have - right at our fingertips - a set of reliable and trusted suppliers that we can rely on for our entire event's needs including food, flowers, and others. We ought to have good contacts with the hotel and travel industry to help our client's get great rates for the lodging and travel needs. .
Able to are a team. Our business is rarely a one-person operation. Hence, we may need to work well and lead our team members or employees in the efficient conduct of each task needed.
System for tracking events. The success of a planner lies in the ability to be together with all the arrangements. Hence, we need to have something that works for us to keep us up to date with all areas of the function. Such a system is often as simple as a big calendar, filofax, post-it notes, or as advanced as a project management tracking software. We should also use the right communications tools to coordinate with various associates and help ensure that we remain on top of each aspect of the event.
