In the modern world, events such as weddings, graduation ceremonies, birthday parties, baby showers, corporate meetings, award ceremonies, auditions, etc., have become a significant part of human life. However, these moments are quickly forgotten, and eventually, people can no longer connect with their past or are disappointed due to poor planning and coordination of these events. It is a service business that looks to solve these problems by enhancing a smooth flow of the event procedures. The firm also focuses on helping our consumers; build a connection with these incredible experiences that will evoke emotions and aid them to self-reflect, communicate, and document them for future review. The business will have three roles to play in the market. First, the firm understands that sufficient planning is vital for the success of an event and the reputation of the owner. Therefore, it will be involved in the initial idea generation of the event and the timetable to be followed for our clients. Secondly, the firm will be responsible for oversight the operations involved during the event, such as vendors, decorations, etc., to ensure that it is a success and safeguard the reputation of our consumers. Lastly, the firm’s team will take professional photography for these personal and public events. It will also exploit other business opportunities, including inventory photography, branding photos on mugs and plates, portrait photography, and finally, provide services for real estate advertisement.
SWOT Analysis (Strength, Weaknesses, Opportunity, Threats)
Phadermrod et al. (2019) state that SWOT analysis fosters a better comprehension of the internal (Micro) and external (Macro) business environment, which aids the firm in making better decisions that will impact its market performance and improve its position. The firm’s strengths include the diversification of services; they include planning and coordinating event services professional photography at different levels of the market niche. Additionally, the firm possesses a strong, innovative, highly adaptable, and decisive leadership that will propel its sales and reputation in the industry to higher levels. Further, the ability of the firm to scale its sustainability in the market by aligning its resources to last longer in the market is a strength. On the other hand, the firm lacks adequate capital, which will help purchase company assets such as quality cameras and renting strategic space for business operations. Business opportunities allow the firm to grow and expand its consumer base faster, thus boosting its productivity. The firm’s opportunity is presented by the increased real estate advertisement and social events in the United States that require competent event planners and coordinators alongside professional photographers for quality images. The firm is faced with a threat from competitors of the existing brands with an established consumer base, such as Augusta Cole and David Stark, which are well-known brands across the U.S.
According to Loredana (2017), this matrix presents an opportunity for new firms to analyze the strategies that benefit them to reduce their business risks in the market, also known as an expansion grid. The matrix comprises of market penetration, product development, market development, and diversification. The management will maximize social media strategy to increase the firm’s sales, using influencer marketing and micro-influencer, such as Zendaya, and viral marketing as market penetration strategies. To introduce the firm’s product in the market, the firm focuses on providing differentiated quality services for our consumers at a low cost, personal selling, exhibitions, and free shows. For market development, the firm has leveraged market segmentation and PEST analysis to identify the various geographical locations and markets in the U.S., presenting the best opportunity to start and run. Using the eCommerce platform direct sales, the firm will develop its consumer base and market share. Florida presents an excellent geographical market that the firm can enter. Finally, the firm has ventured into different and related streams of services to offer to the consumers. They include event planning and coordination, real estate advertisements services, branding of utensils and designing, inventory photography, etc. The firm understands that diversification will allow multiple revenue streams and a channel to build a tremendous brand image in the industry.
Ideal Marketing Mix
This service firm provides intangible valuable products to the consumers in the general public and private businesses. Services are produced and consumed at the same time. Lahtinen et al. (2020) mention that for a service industry, the ideal marketing mix consists of 7Ps because it bears distinct features from a tangible product industry. The 7Ps include price, place, promotion, process, physical evidence, people, and product. The enterprise will be dealing with images for commercial sale under inventory photography. These images are meant to take our consumers on a visual journey with quality photos to inspire and engage our audience.
Additionally, the firm will be providing event planning and coordination services for handling the entire scope of an event. This service includes conducting research, designing the event, finding the venue, food arrangement, decorations, entertainment planning, transportation, and sending invitation cards to the attendees. The firm will provide value for our consumer’s money by producing quality service. Our pricing policy will be transparent based on the quality and the effort applied in delivering the service. The firm values its consumers, and they have placed its interests at the center of its operations; therefore, in promoting the firm’s products, the following procedures are used, advertisements, sales promotions, eCommerce channels, and word of mouth. For product distribution, unlike goods, services cannot be stored or transported; however, the firm will use electronic media such as smartphone devices, social media marketing, business cards, magazines to target more specific audience, promotional gifts such as free event planning and coordination to our first five clients to invite referrals and build a brand image. People are significant in marketing mix strategy. The firm plans to put the right people in the right job. The firm’s service team will include; technical support, consumer service, event coordinator, and professional photographers. Our physical evidence will incorporate the branded utensils, the real estate advertisement videos, the stock inventory, and the consumer’s referrals. Lastly, the firm will repeatedly deliver high-quality services to our consumers through processes that will save time and capital by increasing or improving efficiency.
Lahtinen, V., Dietrich, T., & Rundle-Thiele, S. (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing.
Loredana, E. M. (2017). The use of Ansoff matrix in the field of business. Annals-Economy Series, 2, 141-149.
Phadermrod, B., Crowder, R. M., & Wills, G. B. (2019). Importance-performance analysis based SWOT analysis. International Journal of Information Management, 44, 194-203.