Marketing plan of a wedding reception venue business

Marketing plan of a wedding reception venue business Joanne is Looking to start up a wedding reception venue, she would like to open up a small business, as a sole trader. A business plan is one of the most important aspects when starting up a business, The business plan will make sure that Joannes wedding reception will be run successfully, organised and to the best of its ability. It will help the business significantly with time management, as it will help both the business and staff manage their time and stay organised in order to keep the business running efficiently. The plan will explain all the strategies and objectives of the business, this give Joanne a huge understanding on what she will be expecting and how she will go about in order to help the business successfully achieve its goals. The Business plan will give Joanne an in depth understanding on what is going on and what will happen within her business, some of the things it will provide include a description of the services that will be provided, the personal requirements and skills needed for the staff, a clear outline on the description and ownership of the business, and much more. A business that fails to plan, Plans to Fail. SWOT analysis is a strategic method used to evaluate and state the strengths, weaknesses, opportunities and threats involved in the business, within both the internal and external. Every business needs a SWOT analysis in order for it to be prepared for the present and the future. Joannes wedding reception has many Strengths, weaknesses, opportunities, and threats which are listed in the report. Each business aims to achieve specific objectives and strategies, an objective is a measurable statement of what has to be achieved, where a strategy is a way in which the business aims to achieve its objective. Joannes wedding reception is a business which aims to accomplish both its objectives and strategies to the best of its ability. Joannes wedding reception aims to achieve its ultimate goal of success through its five main objectives and strategies. These objectives and strategies are also listed in the report. Business Description and Ownership Joannes wedding reception is a business that will cater to all needs of couples who are looking to get married and would like to celebrate with loved ones afterwards. Jay Harbour is the name chosen for the business, it is a brand new function centre located at 150 Day Street, Darling Harbour; it is very spacious and has a spectacular water view and view of the entire harbour, it will deliver delicious food, great service and unforgettable entertainment and music. The legal structure of this business is registered as a sole trader; Joanne will be running an unincorporated business which has unlimited liability. She will take full responsibility for all debts incurred by the business, and will be personally liable for the financial obligations of the business. There will be fewer than 20 employees hired, as it is only a small business. The target market of this business is obviously people of all ages who are looking to celebrate their marriage. The prime function of the business is to make sure that all special occasion are just the way couples want it-elegant, memorable, and effortless, also that the business is a very successful business and advertised as best as possible, not only in the media, but also in words of mouth. The business hopes to achieve all its goals profitably and successfully in order to satisfy all guarantees and pledges to stakeholders. Purpose Of plan A business plan is as important for starting a business as a key is to a car. A business plan will provide the firm with a clear direction for the future, and will organise the business. It sets out goals for the business that want to be achieved in both the long term and in the short term. It will help the business organise its three main aspects, these are, marketing, production and management finance. The business plan will make sure that Joannes wedding reception will be run successfully, organised and to the best of its ability. It will help the business significantly with time management, as it will help both the business and staff manage their time and stay organised in order to keep the business running efficiently. The plan will explain all the strategies and objectives of the business, this give Joanne a huge understanding on what she will be expecting and how she will go about in order to help the business successfully achieve its goals. The Business plan will give Joanne an in depth understanding on what is going on and what will happen within her business, some of the things it will provide include a description of the services that will be provided, the personal requirements and skills needed for the staff, a clear outline on the description and ownership of the business, and much more. The business plan is very important and of great significance of any business, whether it is for future expansion of a business or the development of a new business, a business plan must be written. A business that fails to plan, plans to fail. Situational Analysis SWOT analysis SWOT analysis is a strategic method used to evaluate and state the strengths, weaknesses, opportunities and threats involved in the business, within both the internal and external. Every business needs a SWOT analysis in order for it to be prepared for the present and the future, the SWOT analysis for Jay Harbour is listed below. Strengths Preferred location of the majority of the public New and Spacious Caters to all needs of couples Catchy name Overlooks Harbour Delicious food Great Service Good music and entertainment Spectacular Water view Target market for all ages Unique Selling points Weakness Small Business New Business Joanne hasnt opened up a business before Not familiar with the industry Unlimited Liability Sole trader business meaning Joanne is personally responsible for all financial obligations Limited Funds Limited Reputation Opportunities Increasing number of couples moving to the area Geographical Location Well established position Huge amount of couples looking to get married In the city of Sydney Social Interests Threats Other more experienced businesses in the area Large amount of competitors Stronger promotions by competitors Competitors have advertised their business and have been running for a longer period of time Market Demand Economic Conditions Business Objectives and Strategies Each business aims to achieve specific objectives and strategies, an objective is a measurable statement of what has to be achieved, where a strategy is a way in which the business aims to achieve its objective. Joannes wedding reception is a business which aims to accomplish both its objectives and strategies to the best of its ability. Joannes wedding reception aims to achieve its ultimate goal of success through its five main objectives and strategies. Good Reputation is the first main objective of Joannes business, Joanne aims to start up her business with a good reputation, and maintain and improve the reputation as the business grows. Joanne is aware that she is not able to manage her own reputation; however it is possible for her to strengthen it. Strategies that Joanne will take up in order to have good reputation include: Engaging and starting up appealing advertising campaigns Joanne will pay a few loyal people who she is on friendly terms with to write blog posts and advertise her wedding reception on facebook and myspace Joanne will pay to have her wedding reception advertised on radio stations Joanne will create a facebook page in the name of her business, and keep it updated with articles, pictures, and different ways to appeal to customers The second main objective is expansion, Joanne aims for her business to expand and hopefully one day turn into a larger business, she aims to create more function rooms in order to cater for other occasions, and also remarkable rooms in which photographs can take place. Joanne can only do this and expand her business if she is financially stable enough within the future years. Strategies that Joanne will carry out in order to expand her business in the future include: Not spending money on things that arent needed, money will be spent on what customers need not what Joanne needs, money will not be spent on things that make Joannes business look good such as a company car, or a fancy office, instead the money will be used on more important things Joanne will make sure that all customers are treated with care, and are satisfied, the happier the customers are, the bigger the business will become, as they will help promote by good words-of-mouth A good working environment is another objective, Joannes aim is not only to satisfy her customers, but also her employees. She needs to do this in order to keep them motivated and stay doing their jobs to the best of their ability Strategies that will be carried out include: Having a safe working environment Giving Suitable and fair wages and payments to employees Giving employees benefits Giving employees hours which are suitable to both Joanne as the Employer, and them Catering to a wide variety of cultures is another one of Joannes main objective. Joanne aims to cater to many different cultures in order to have a variety of different people using her wedding reception. The business will be a bigger success if it is for many cultures rather than just one or two. Strategies that will be carried out include: Hiring chefs that are able to cook spectacular multicultural food Being able to design the reception according to cultures of people Being able to design a whole wedding that includes the theme of the desired culture Being able to give customers long lasting memories is the last of the businesses objectives. Joanne aims to give customers a night they will never forget. The strategies that will be carried out include: Creating a dynamic atmosphere Offer great food Unforgettable entertainment Planning the wedding for the customers from beginning to end Leaving the customer stress free Operations Description of the product or service Joannes wedding reception is a wedding venue which aims to cater to all needs of couples who are looking to celebrate their marriage. Jay Harbour is the name given to the business; it is a brand new function centre which is located at 150 day street, Darling Harbour. Joanne is looking to cater for any type of wedding, from the traditional wedding, to the modern wedding, she is willing to accommodate for small and intimate weddings with around 50 guests, to larger celebrations including up to 300 guests. Professional and friendly staff will be hired in order to ensure that every customer receives a day that they will remember. Joanne aims to take hold of all the stress which may be felt by the customers, she will leave them all free to relax and enjoy their special day at her venue, she will have a plan of approach which will help not only the customers, but also her, to organise a wedding that will remain in the hearts of the couples and their guests forever. Joanne will offer a great service, superb food, personalised service, divine wines and alcohol, and unforgettable entertainment in order to make the weddings a magical and flawless occasion. Joannes will provide easy access both in and out of the reception including both weal chair access and elevators. The venue will overlook darling harbour, and will also include a spectacular water view. A Valet entrance and a remarkable walk for the entrance of the bride and groom will be included in order to make the wedding feel more special and exceptional. Table setting wills be offered in numerous types, themes of the wedding are also able to be chosen according what the customers want, floral arrangements will all be made, and food and decorations will be offered in a variety of choices, and in many different cultures. Joannes Business will be run as a multicultural business, anyone no matter what culture they are a part of, will be able to experience the wedding of their dreams. A bar will be provided at the reception, a wide range of alcohol including many wines and champagnes will be provided. Couples have a choice between having their guest pay for the alcohol at the bar, or having an open bar, meaning the couple must pay a certain amount of money for the unlimited drinks that will be given to guests on the night. Personnel Requirements and Skills Joannes business is a small business, meaning under 20 employees will be hired, they will all go through the steps of the human resource cycle, including acquisition, development and maintenance. This is so that the people with the top skills will be hired, and so that they can continue developing their skills and knowledge, also so that the employees stay motivated and productive within the business. Waiters/Waitresses Twelve Needed Qualifications Must be neat and tidy polite, well-mannered and able to communicate well with people A good service attitude Able to work in a team A good memory in order to remember which customer ordered which dish Must have good physical health as the waiter spends most working hours on their feet Fast with serving customers Able to clean Qualification 16 years of age and over Experience Experience with customer service needed Bartenders Three Needed Qualifications knowledge of beer, wine and other alcoholic drinks drink preparation and drink service skills familiarity and awareness of liquor licensing rules and regulations good communication skills friendly and polite mature and honest adaptable and able to work well under pressure confident and considerate when dealing with customers able to use their initiative able to follow instructions. Qualification Alcohol Beverage Licence Experience Experience of 1-2 years within the alcohol industry required Chefs Four Needed Qualifications Leadership skill. Time management. Food preparation and presentation skills Financial management Able to manage finances within the kitchen Able to cook a variety of multicultural foods Works well with others Adaptable and able to work well under pressure Good communication skills Qualification Certificate or college degree from a qualified cooking school. Experience 3-4 Years of experience within the chef industry required Marketing Market Analysis Customers The target market of this business is obviously people of all ages who are looking to celebrate their marriage. Joanne is looking to cater for any type of wedding, from the traditional wedding, to the modern wedding, she is willing to accommodate for small and intimate weddings with around 50 guests, to larger celebrations including up to 300 guests. Professional and friendly staff will be hired in order to ensure that every customer receives a day that they will remember. Joannes business is willing to cater to any customers wants and needs. The Choice of the venues was made between the areas listed in the table, in order to come to a final decision of where the business will get the most customers; population statistics of the areas was gathered. It was obvious that a larger population lives in darling harbour, also, the median age there is the youngest of all the median ages in the other areas, this another advantage as it is the younger people who usually want to get married. Market size and trends Joanne aims for her business to expand and hopefully one day turn into a larger business, she aims to create more function rooms in order to cater for other occasions, and also remarkable rooms in which photographs can take place. Joanne can only do this and expand her business if she is financially stable enough within the future years. Joanne will not spend money on things that arent needed, money will be spent on what customers need not what Joanne needs, money will not be spent on things that make Joannes business look good such as a company car, or a fancy office, instead the money will be used on more important things. Joanne will make sure that all customers are treated with care, and are satisfied, the happier the customers are, the bigger the business will become, as they will help promote by good words-of-mouth Competition There are many surrounding competitors within the market which have been running for a longer time, and some which are just beginning to start up, they offer many services, however none like Jay harbour. Joanne has come up with many strategies in which to compete with its many other competitors. Joanne offers multicultural services, from foods, to themes, music and much more, majority of the other venues offer a minimum amount of cultures. Jay Harbour, also has a view like no other, the amazing water view and view of the harbour will attract many customers. Joannes prices are also very affordable, and suitable for the amount of services one will receive if they decide to have their wedding at Jay Harbour. Easy access in and out of the venue is also an advantage, as many other competitor venues do not have these elevators and escalators. Marketing Strategies The marketing strategies include product, price, promotion and place. Price is one of the most important things when you have other competitors, by having cheaper prices customers will come to your reception rather then the competitors receptions, Low and affordable prices will be offered at Jay Harbour, packages will also be offered allowing customers to pay for many things at a smaller price. However, prices will increase and decrease according to the prices of competitors. Product refers to the service of the business and what the business has to offer, Jay harbour offers many services including entertainment, good music, open bar, great view, valet parking, and much more. Place refers to where the business is located, the area that jay Harbour is located in is Darling Harbour. With an amazing view of darling harbour and the water, and an alluring atmosphere and amazing breeze, it is very hard for Jay Harbour to NOT become the number one wedding reception in the area. Promotion refers to ways in which the business will promote itself, jay Harbour will maintain consumer awareness and interest towards Eternal Happiness. The business must keep advertising through media, suppliers, provide special offers and many more in order for it to stay competitive within the market. Finance Financial Forecasts Revenue Statement $ $ Sales revenue $460 000 COGS Opening stock 50 000 Purchases/income 250 000 300 000 Closing stock 80 000 $220 000 Gross profit $240 000 Expenses Advertising 5 000 Salaries and wages 150 000 Insurance 3000 Bank charges 400 Interest paid to banks 10 000 $168 400 net profit $71 600 This indicates that profit was made for jay Harbour, $240 000 was made, where as only $168 400 was lost, meaning a profit of $71 600 was made. Balance Sheet For Jay Harbour $ $ Current Assets Cash at Bank Accounts Receivable Stock $12 000 $14 000 $30 000 $56 000 Non-Current Assets Property Equipment 150 000 21 000 $171 000 Total Assets $227 000 Current Liabilities Bank Overdraft Accounts payable $22 000 $20 000 $42 000 Non-Current Liabilities Loan $92 000 $92 000 Total Liabilities $134 000 Owners Equity Capital Profit Retained $51 000 $42 000 $93 000 Total Liability and owners equity $227 000 The current ratio of this balance sheet is calculated by dividing the current assets by the current liabilities, this is equal to 1.3, meaning the ratio is 1:3:1 Critically review the plan and process I think that I did a great job in completing the assignment, I followed my plan of approach according to all the days up to the 26/7/10 and I had no problem to hand everything in that was due by that day. I was able to do all my research and gather all my statistics and information, and put them together before handing in my assignment, I did not stress, as everything was done according to plan until the due date. I think that the assignment being set out this way was to my advantage, as it helped me not leave everything to the last minute and procrastinate. One thing that I do regret doing is leaving my report to the last minute, I think that next time I should start my report as soon as the second part of the assignment was due, as it will make me stress much less, and I would be able to do the report to the best of my ability. I did try my hardest though, and I do believe that I deserve the best possible mark I can get. Overall I believed I achieved what I planned to and was glad that I was able to hand everything in on time, despite the fact of starting my report late, I think that doing everything else prior to the report such as objectives an strategies, SWOT analysis, and much more, was a great advantage to me as all I had to do was put them together within the report. I believe that my teacher done a great job of explaining my assignment as I was able to do it all with no problems, and I was able to fly through it as it was explained properly and in depth.