Justine Ness



Garden Valley Wedding Barn228600130810Table of ContentsSituational Analysis…………………………………………………………………………………………………..……..3-11Business Environment…………………………………………………………………………………………………3-4Industry Characteristics...................................................................................................4-5Competitor Analysis…………………………………………………………………………………………………….6-8Customer Analysis……………………………………………………………………………………………….…….9-10Summary…………………………………………………………………………………………………………….……10-11Marketing Strategies……………………………………………………………………………………………………….11-18Positioning…………………………………………………………………………………………………………………..…11Marketing Segmentation……………………………………………………………………………………..……….11Product/Service Strategy………………………………………………………………………………………….12-16Price Strategy……………………………………………………………………………………………………………16-17Promotion Strategy………………………………………………………………………………………………..…17-19Distribution Strategy………………………………………………………………………………………………………19Situation AnalysisBusiness EnvironmentSocial:Economic uncertainty and an increasing acceptance of cohabitation caused→ Couples to postpone their nuptials over the past five years, posing a challenge to the Wedding Services industry. The high rate of unemployment caused people to delay spending on industry services. This resulted in a 0.6% revenue decline in 2010. Meanwhile, slowly changing social norms have dragged down the marriage rate over the past several decades; in the five years to 2014, it is estimated to decline at an annualized 0.3%. During this time, industry revenue is anticipated to increase at an average annual rate of 0.6% to $52.4 billion, including a 0.8% expected rise in 2014, thanks to rising consumer spending.Faster internet connections over the past five years have enabled industry operators to reach out to potential clients at a lower cost. In addition, social-networking platform developments have shifted vendors' marketing strategies toward communicating a unique vision to consumers. Less expensive and more effective online communication has also increased competition by enabling new industry entrants to market to the same demographics as established businesses. Such improved marketing channels are expected to drive enterprise growth at an annualized 4.9% to 522,847 firms in the five years to 2014. As a result, industry profit is also estimated to increase from 3.5% of revenue in 2009 to 4.1% in 2014.The marriage rate is forecast to continue declining 1.2% per year on average during the five years to 2019, though this is not expected to dramatically impact industry performance. The amount spent on weddings is estimated to grow during the next five years, as higher disposable income increases the demand for large, costly weddings. A slow but steady 2.6% annualized increase in consumer spending is projected to support revenue growth, as unemployment falls at an average annual rate of 3.5% during the next five years. In addition, as the average age of marriage and length of engagement further increase, couples will have more time to plan and save money for their ceremonies. As a result, industry revenue is projected to rise at an annualized 2.1% to $58.0 billion in the five years to 2019.Legal:Although each state regulates marriage, there are no other regulations that apply specifically to wedding service providers. Most state laws dictate that officiates must be registered in the state or have state approval by holding a recognized position in the community, such as that of a judge, priest or rabbi, in order to perform a legal ceremony. For our wedding barn, we will have to apply for our zoning permit, allowing our business’s land to be considered a business, not residential. Another legal issue our business would need to take care of is applying for a liquor license, if we plan on selling alcoholic beverages at any point. Our wedding business would also need to fit all the criteria of a business, including handicap accessible areas, emergency exit signs, plumbing, and other things needed for running a successful and legal operation.Technology:The software, machinery, equipment and intellectual property of most wedding services professionals have not changed greatly during the past few decades. Venues and clothing retailers are much the same, as is the job of caterers, florists, entertainers, coordinators and hair, nail and makeup artists.More competition because of online resources for advertisingHowever, an abundance of online resources for consumers has boosted the competition between vendors. Likewise, the internet has facilitated price comparison and customization. Online services, such as The Knot or Style Me Pretty, share information from and about wedding vendors, making it easier for consumers to learn about the variety of options available to them. More intense competition, in turn encourages vendors to set themselves apart by catering to a niche audience or offering discounts or unique services. As a result, many vendors are transitioning their marketing strategies toward communicating a unique vision to clients through social networking, blogging and wedding websites. Effective online communications have also lowered the barriers to entry for wedding services providers by enabling anyone to market to the same demographics as established businesses.Photography is highly impacted by technologyOne segment of the industry that has benefited greatly from technological change is the photography segment. Digital photography has revolutionized wedding photography businesses. Digital technology also allows photographers to easily edit and touch up images without the need for studio technology or manual airbrushing. Programs such as Adobe Photoshop make these editing capabilities commercially available. Such advancements and other features, such as online album design, have enabled photographers to provide more add-on services. As a result, photographers now deliver more personalized, unique products to clients, increasing their revenue per wedding and their share of the industry. This change has also benefited other vendors because photographers often provide the pictures or videos they then use for marketing.Industry CharacteristicsAll wedding venues are independently run, meaning there is no huge franchise or line of wedding venue locations. Some of these businesses operate like businesses while others run their business as a hobby. Each venue is unique and has different characteristics that set them aside from the others. This could be their buildings, the landscape, location, features in the area, or even their reputation of previous weddings or events. One of the key factors of a successful owner is the owner being able to communicate to the benefit of the bride and their mother. When planning a wedding, there are many people to please in the planning process and if the planner or venue owner is able to properly communicate and please everyone, it will keep their reputation going. If someone is able to keep peace between the bride, their mother, and the mother-in-law, things should go well for the business. Competitors are able to successfully please their brides and keep a good reputation. Giving what the bride wants is key to success because each bride wants something different. Wedding barn venues are able to bring something unique and different to a wedding compared to supper clubs, gardens, churches, and ballrooms. Churches have always been a common place for people to get married in, but with time people are wanting to become more original with their wedding venues. Many forces are driving change with wedding venues:Fewer formal weddingsDifferent views in religion causing people to not use church as venueBrides are more willing to be different and uniqueChange in lifestyle causing brides to get married at a later ageIncrease in destination weddingsGreater importance of social media and technologyRivals are becoming much more flexible with their wedding venues, fitting a variety of “themes” to please their brides. Technology and social media is becoming of huge importance to businesses. Brides find their information for their weddings on the Internet now, also many different trade magazines. Trade magazines serve more for deciding on themes and decorations, but when it comes to deciding on a wedding venue, it is usually found by word of mouth or searched on the internet. Marketing and advertising the business is of such importance because of all the choices brides have. The profit of the wedding venue business really varies across the spectrum, depending on people and business savviness of the owner. With the increase number of states allowing gay marriage, wedding numbers are increasing. Ferguson’s Orchard, Eau Claire, WIWhat makes Ferguson’s Orchard so unique is they are an apple orchard, with a barn venue that they use to host weddings at. The beautiful landscape of the 100 acre orchard gives it a strength this venue has over many others. The way their weddings are set up isn’t always the same. They allow weddings to be held inside the barn or outside in the lawn, both set up very beautifully. The themes could range from rustic/country to very classy and elegant, depending on what the bride and groom want. This venue has a lot to offer with the venue and set up of activities given such a big area.452945512700Another unique resources that Ferguson’s has to offer is being located only an hour or so away from the city, yet managing to pick up customers from rural towns in Wisconsin. Being located just outside of Eau Claire, there are plenty of hotels for visitors to stay at. Being that they are a very well-known apple orchard in the Midwest, owning three different locations, they are able to advertise their wedding venue to a variety of people and locations. At the Eau Claire orchard, they have farm animals?and other fun activities to entertain the youth at wedding events.0737362Even though Ferguson’s doesn't quite offer the ability to be as elegant and fancy as some other venues, it offers what a lot of people are looking for: originality and uniqueness.Green Acres (listed below) is a much more elegant and fancy wedding barn venue while Garden Valley Barn and Ferguson’s barn are more moderate and rustic, with the ability to be somewhat elaborate. 3383280264160Pros: Rustic/country theme availableGood location out of Eau Claire (city)Apple orchardLots of land for photosCons:Not very elegant, but still very classyDestination WeddingsDestination weddings are able to give the bride and groom a gorgeous and unique place to exchange vows. The point of a destination wedding goes with the idea that people should be able to say “I do” anywhere. Resorts offer free planning help to couples which puts a lot less stress on planning for the bride. With a destination wedding, if the bride knows what she wants for her backdrop, a castle, mountains, a vineyard, or an ocean, it doesn’t take much to dress the rest up. This allows for a lot of money saved on decor. Of all the weddings in the US in a year, only 25% are destination weddings. 3470275106680142875Although destination weddings have many pros for the bride and groom, it can cut their guest list down quite a lot. Only people that are extremely important to the couple or people that are able to afford the vacation would be able to attend. Having a wedding in the Bahamas or Hawaii can also be less personal to the couple and their family. If a couple wants their wedding to be more of a personal experience rather than a huge celebration with tons of people, then a destination wedding is perfect for them. 05080Pros:Unique, beautiful venueGreat photos and memoriesCombines honeymoon with weddingLess planningLess guests (cheaper)Cons:Difficult for family to attend (and afford)Won’t celebrate with many family and friendsMore difficult to get wedding licenseGreen Acres Event Center, Eden Prairie, MN???????1459233302Green Acres Event Center is a tough competitor. It is close to the cities and not to mention it is located in the #1 best place to live in America according to MONEY Magazine (2010). 337693012700What makes it so unique is that it was a barn built in 1942 and a man named Steven Schussler, creator of Rainforest Café, decided to restore it. This barn was not your typical old fashion simple barn; Schussler added a nice kind of spice to the atmosphere. Still having the normal barn feel with some rustic elegance to it, he also has jukeboxes and paintings of cows resembling Picasso. The venue is very elegant in style and the way it is set up. ?Furniture, lighting, and decor resemble a classy theme. They do indeed have land which comes in hand; you can have the ceremony inside or outside, and it works great for taking pictures.31902401351280010795Pros:Very elegant themed and decoratedNear the Twin Cities locationMany rooms/buildings--more peopleCons:Somewhat stuck with a elegant themed weddingLocated near cities, far away from Garden ValleyCustomer Analysis2013 Wedding Statistics Summary for Wisconsin - (State)Number of Weddings (in 2013): 33,260Eau Claire County-- 655Trempleau County-- 280Jackson County--203Lacrosse County-- 738Monroe County--425Juneau County--245Wood County--426Clark County--303Chippewa County--366Vernon County--263Total= 3,904 in our areaAverage Wedding Cost: $24,354In Pierce County: $ 20,390 - $ 33,983 Most couples spend less than $ 10,000 (Cost) Average cost of venue $ 12,250 (Cost)Market Value-- $810 Million3050159175387Average number of guests:Average Number of Guests 150 - 160In Pierce County: 181 – 201 (Cost)Months to marry2013 August is the busiest months to marry, followed by July and September (Dhs)2013 January is the least busiest month (Dhs)Marriage statistics???- ?Number of weddings in 2013 was 29,979 (Dhs)a) ???Median age in 2013 was 26.4 for women (Dhs)b) ???Median age in 2013 was 28 for men (Dhs)What Do They Buy?WEDDING GIFTS:* Couples spend $582 on gifts for each other. The #1 gift from bride to groom is a watch; the #1 gift from groom to bride is jewelry.* They’ll also spend an additional $760 on gifts for parents ($254), bridesmaids ($268) and groomsmen ($238).* #1 gift for bridesmaids is jewelry; #1 gift for groomsmen is liquor related (flasks, shot glasses, steins or premium liquor).The customer analysis identifies 33,260 weddings in Wisconsin, and none located in the Black River Falls area that a wedding venue would be needed and able to earn a profit.Analysis of customer behavior is important and can be used for market segmentation to understand what a customer is looking for when searching for a venue. It is important to understand what type of venue couples are looking for, how couples begin to look and what will get a couple to make a down payment on a venue.There are three parts, Market Segmentation:Identify customer group - which in this case is the bride and groom or a couple; Customer motivation - what are the customer’s needs and how do you get them to consider your wedding venueWhat are the unmet needs? - which in this case there are no venues in River Falls, if there are then how this venue is different than the othersThe target customer is women and men in their upper 20’s as those are the average age couples get married. It will be those demographics that the venue will spend money advertising for their business, the venue will be available to other clients for specials events such as anniversaries or corporate needs.The key economic drivers for the success of a wedding venue is consumer spending, marriage rate, population, the national unemployment rate and the number of college students (Ibis). Weddings are down due to cohabitation and the high rate of unemployment and has declined at an estimated rate of .3% (Ibis). Although there is a decline people are still getting married and celebrating successful marriages and entertainer at venues for other reasons. Due to rising consumer spending there is an expected rise of revenue of .8% (Ibis).SummaryImportance of Customer ServiceWedding service providers are competing with each other in terms of quality, price, customer service and marketing. Because services make up the majority of industry revenue, the primary basis of competition is customer service. No matter how couples find a business, it is imperative for the representatives to be friendly and informative in order to book that wedding. Yet customer service only goes so far because the price and (perceived) quality of vendors' goods and services determines their appeal to the engaged couple. Many vendors choose to provide a wide range of quality and pricing options in order to expand their consumer base.Improvement of Technology (marketing and advertising)Technology has drastically increased the competition between businesses in the industry over the past five years. Social media, blogs, online directories and search engines have facilitated couples' research about wedding vendors. It also allows word of mouth to travel further and faster than it used to. Easier communication between vendors and potential clients has facilitated the availability of information as well. In response to this market opening up, many new operators are starting businesses in the industry. As the number of vendors rises, competition intensifies. Additionally, the fast-growing destination weddings segment is relying on these technologies as couples increasingly book services from online information. The large amount of information about vendors allows couples to better judge the quality and price of many services and to choose one to their liking. As a result of these new technologies, wedding services providers are increasingly competing based on marketing.Brides want to be original and unique to stand out from othersBecause most operators in this industry generate a majority of revenue outside of the industry, external competition is limited. However, the negative financial impact of the economic downturn caused many couples to reconsider their spending. Many concluded that they could provide themselves with services or products for their own wedding and many also asked friends and family to pitch in and help out. This do-it-yourself (DIY) trend took off and became a popular way for couples to save, but also to personalize their weddings. As consumer spending revives, the influence of consumer competition on the industry is projected to decline; however, the DIY segment will continue as a way for couples to customize their weddings.In Wisconsin and especially in the area where we are located, many people come from a rural background. Garden Valley Wedding Barn offers the perfect venue for rural families to share their wedding day. It is the perfect opportunity for the bride and groom to remember where they came from. Marketing StrategiesPositioning:Garden Valley Wedding Barn will position itself in the consumers’ mind by differentiating it from the competitors. Our venue includes a small rustic barn, a house, and the ability to hold events outside, or on the grounds of the venue. Our venue also offers special features, listed below, and different from our main competitors at the same or lower price.Garden Valley Wedding Barn gives the bride or planner the ability to choose what they want. Given the venue, the theme gives off a rustic elegance them but the ability to be more rustic or be more elegant is possible. We would call the possibilities rustic elegance and rustic casual, depending on what the bride and groom prefer or decide to go with. Marketing Segmentation:Our customer:Young couple around the age of 25 but can vary a lotPeople that are interested in a local and small wedding or eventCouple that is interested in having their wedding at a unique and different venueRustic themed weddingWants good planning and easy to communicate with people to work withOur customer will want many things from us, the most important being service and giving them what they want. The ability to communicate and please the bride and groom, more the bride than the groom, in the planning of their wedding is vital because the venue is one of the most important things in the process. Reaching them will start with attending bridal shows and having a booth set up. This will get word of mouth going as we have people book at our venue. Once our businesses starts hosting events, we will be able to pick up more business because of people who either attended those weddings or by word of mouth. People will start to look at our website, “Like” us on Facebook, and receive other ways of advertising. Most of the people that will be interested in our venue or schedule appointments will be in the areas in and around Jackson County, as shown in the map below:18288005715000Income Segmentation: Garden Valley Wedding Barn doesn't appeal to people that only want to have a $50 wedding or to people who want to spend $50,000.Our venue is not extremely price sensitive giving that weddings are a once in a lifetime opportunity and people are willing to spend more on the event location. Product/service Strategy:BrandingOur name, Garden Valley Wedding Barn, comes from the township that it is located it. The township of Garden Valley is located in the country of Alma Center, WI, which is near Black River Falls. The landscape includes rolling hills of beautiful crops and farms scattered around the countryside. This is truly the perfect area for a wedding venue. We will have our logo printed on our advertisements and on very few things on the actual venue, possibly a sign out front. Inside the barn, we don’t want to take away from the overall decor and layout of the wedding. We would potentially ask for our logo or name in the wedding invitations or agendas at 3429000102870000the wedding.Features include: Old, rustic barn2057400328930000-45720032893000001600200004457700390525Pond with animal pasture on the venue propery Farm house342900045720000-11430015240003543300297180000-114300465455Table Rock down the roadBeautiful areas to take photos2743200106680-1143004572000297180068580-4572001016000Service LevelGarden Valley Wedding Barn understands the importance of communication and pleasing the customer. When it comes to planning a wedding, it becomes even more important as the potential for dealing with a highly stressed individual is greater. As planners, we will have the ability to communicate extremely well with our customers, giving them what they want, as well as giving them as much attention as need be.QualityThe quality of service our venue includes is the perfect amount for a couple planning their wedding. We offer a place for the wedding to be held outside on the lawn or inside the barn. The reception can be held in the barn or outside as well, depending on the number of people present. The theme of our venue is very universal and able to be changed around. We have a sole focus on communication with the planning of the wedding because as a wedding venue, we want the bride’s day to be as perfect as it can be. Product LineAlthough we do not offer certain products, we offer a certain variety of “bundles” or items on the property that can be used, listed above under “features.” These include the barn, a lean-two, farm house, a pond, and locations for photo taking. 3441529147263Our venue is able to host:WeddingsBirthdaysAnniversariesGraduations parties and much more!PackagingThe only packaging that our businesses offers is the ability for us to help plan the decorations for the wedding or event that will be hosted at our venue. We would not only help you pick a layout, but also help deal with the table decorations, color themes, and decorations around the venue site. 4577715752803Price Strategy:Projected VolumeDue to the size, the barn would only be able to hold 150 people for the reception or the wedding ceremony. For a gathering or dance area, it is able to hold more. There is also a downstairs area for more gathering or reception area. List PriceBarn→ $2,000--Bridal party will be responsible for liability insurance which is approximately $500.00Farm House→ $350 per nightDecorating→ $10.00 per hour + expensesBundling - At this point, we aren’t sure how or if we will bundle. Terms and Financing- We require a $500 down payment when scheduling and fully paid 30 days before event date. Promotional StrategyAdvertising: ?Since Alma Center is a smaller town advertising out of the town is a must to reach our target audience. Public Relations:Making a website to promote our business will be one of the first things we do. Brides are going directly to the computer these days to research florists, photographers, venues, and caterers. Selling our concept to the world by showing all the best features and attributes. Posting beautiful photos of the venue and all that it has to offer. It is an inexpensive thing to do unless you pay for a web designer, depending on who you have hired, wedding web designers make a range of 30K-70K yearly. As owners, we can learn to create the web page on our own so that it can be free of cost but lots of time have someone update it for us for webpages need to be kept up with and updated daily. 30257759525Promoting strategy:An open house would be our best option for promoting ourselves. We are able to show everyone around; giving them the face to face experience they need to gain trust and prove that we will do whatever it takes to give them their dream wedding.Advertising:Bridal shows- We would like to be around our targeted audience. Our company would set up a booth at a bridal show. The booth would be approximately a 10x10 booth and it would contain brochures and a setting that gives you a?sense of what our barn venue has to offer. We will have a drawing that will draw them in to win a prize. This way we will gain contacts and get the consumer involved with us. We would also have an e-mail contact list to create subscribers. Brochure: We would have three different types of brochures. One would be a tri-fold brochure (shown below) and would give pictures of what our barn looks like empty and some that have tables and chairs to give the wedding feeling a visual. It would have descriptive paragraphs of all of the things we have to offer. Second brochure would be more formal and look like a wedding invitation with thicker paper. It would attract the brides because invitations are something that will be on their minds. It will feel more personal for them in a way. The third one we have is a tiny bag that has pictures and behind each picture is a descriptive paragraph or bullet points that explain the picture and the special offers we have. Each brochure will also point out our differences from other venues and a map of where we are located. We will not list prices in order to keep the bride dreaming about her ideal wedding without putting a price on it quite yet. 635001877060413639026517600020574002222500015240Facebook Page/ Website:2971800396240We would have a Facebook Page that will be a part of our “Word of mouth.” This generation is the generation of likes and many companies thrive off the likes of their page. We would post many photos of our venue and make it look as exciting as possible. We would also work with several photographers to get our venue on their photography pages with our Facebook link and website connected with the photos. Networking in social media and keeping a good brand image is vital to our growing business.Having the brochure, website, Facebook page, and all other ads all keep the same “theme” and colors, including the logo, is important as it will create our brand and continue to be remembered by the customer. Distribution (place) Strategy:We are working with individuals that have different types of taste so we will be working with different companies that go from food, decorations, photography, furniture, lights and other things that the bride would like to have as part of her wedding. All of these things will come together in a well-organized way to give the bride her dream wedding. ................
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