New Business Marketing Plan Assignment

New Business Marketing Plan Assignment Words: 2522

1. Executive Summary2 2. Introduction3 3. Current Market Situation4 3. 1Marketing Description 3. 2 Benefits and product features 3. 3 Product Review 3. 4 Competitive Review 3. 5 Channels and logistics Review 4. Marketing Analysis (SWOT Analysis)6 4. 1 Strengths 4. 2 Weaknesses 4. 3 Opportunities 4. 4 Threats 5. Objective and Issues8 5. 1 First-year Objectives 5. 2 Second-year Objectives 5. 3 Issues 6. Marketing Strategy (by the marketing Mix 7 Ps)10 6. 1 Positioning 6. 2 Product Strategy 6. 3 Pricing Strategy 6. 4 Distribution Strategy 6. 5 Marketing Communications 6. 6 Marketing Research 6. 7 Marketing Organization . Action Programs11 8. Budgets12 9. Controls13 10. Conclusion14 Appendix 1. Executive Summary This is a syndication report of Group 4 for the subject of marketing management. The marketing plan of our group is preparing to launch a new wedding event service in Hong Kong. This service we call Double Click eWedding event services (“Double Click”). Our services offer a tailor made or flexible services for using internet even in the networking media (for example facebook or twister…etc) and the efficient time process with affordable price. Our slogan is “Plan your OWN wedding just easy like a double click”.

We are targeting specific segments in post 80s population, they are ‘rebels’ or much more open-minded and usually don’t want to be a follower. They have the needs to do things differently and happy to challenge existing system (including wedding traditions and typical Hong Kong-style weddings). They have dreams and hopes like everyone else??and also including to the desire to get married, to have a family or home of their own, as well as have a wedding. Taking advantage of the opportunities for the demand of post 80s population of their wedding. The marketing objective is to achieve first-year for 00 pair of couples.

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The financial objectives are to achieve first-year breakeven or revenues of HKD,000. In the next year will have 15% growth in revenue to HKD,000. [pic] 2. Introduction Double Click eWedding event services, the new idea and the new e-wedding event services in Hong Kong. The market did not have exactly the same services idea provided in Hong Kong yet. Satisfy our target customers needs by: – Offering a different and new wedding experience which is not a typical wedding banquet at a hotel or Chinese restaurant which emphasize on their individualism and their ‘braveness’ and dare to be different than others. Offering low cost wedding events which emphasize on smart spending. Spend less or spend a reasonable amount of money on the wedding ceremony to save the cash for the real future that actually begins after the wedding (for example: buy a flat, healthcare or have a baby …etc). Our Services Features: Homepage:Online application via our homepage www. doubleclickewedding. com. hk to click our menu for your wedding day. Flexible:Offering a different and new wedding experience – not a typical wedding banquet at a hotel or Chinese restaurant. Time process:Your wedding ceremony can ready in ten days instead of one to two years preparation.

The wedding planner or DIY planning which usually take a very long time process. Normally they will take one year or sometimes even longer than two years process. Price:Offering low cost wedding events Competition in Hong Kong, the wedding services Wedding planner – DIY planning – Wedding aboard – Double Click – The couples plan a wedding just easy like a double click. To gain market share in this wedding event market, Double Click target specific segments with post 80s population. They have their way of thinking and their way of doing. 3. Current Market Situation Marketing Description

Double Click eWedding event services’ market consists of new ideas or cost concern couples who prefer to Specific segments being targeted during the first year include. Table shows how According to ESDlife Wedding Spending Survey 2009, the wedding expense of our respondents averaged HK$226,352. Based on 47,331 wedding couples registered in Hong Kong last year, the total market expense of wedding industry is estimated at HK$10. 71 billion, |Targeted Segment (Wedding spending) |Customer need |Corresponding services | |Below HKD50,000. |Save money |Wedding abroad | |HKD50,000 to HKD100,000 | | | |HKD100,000. – above |Family request |A typical wedding banquet at a hotel or Chinese | | | |restaurant | Table 3. 1 Segment Needs and Corresponding services of Double Click Benefits and product features The website www. oubleclickewedding. com. hk provide the wedding menu MUST have – Banquet (Hotel, Chinese Restaurant) – Others: Invitation card (Modern, Chinese, Western), Car Rental (brands) and Florist The couples plan a wedding just easy like a double click. Product Review Double Click eWedding event services, offers the following services: . Website www. doubleclickewedding. com. hk . Tailor made- not a traditional . Flexible . Efficient time process . Affordable or reasonable price Competitive Review The wedding plan market, including Wedding Planner, DIY Planning, Wedding abroad services and Double Click The competitors include the following: ? |Price |Flexible |Time process | |Wedding Planner |High |High |Long | |DIY Planning |Low to High |High |Very Long | |Wedding abroad services |Medium to High |Low |Short | |Double Click |Low to Medium |High |Short to Medium |

Table 3. 5 Comparison Wedding Double click which is No such services in the market at this moment The major competitor Wedding abroad services Channels and logistics Review Double Click eWedding event services will be distributed through the e-channel and the wedding planning media. Among the most important channel are follow: Homepage www. doubleclickewedding. com. hk

The website ad in facebook, twister, google and yahoo Magazines Wedding expo Suppliers 4. Marketing Analysis (SWOT Analysis) Strengths Strengths can relate to the group, No such services provided yet in the market to the environment, post 80s generation, new generation new ideas and new attitude to perceptions, e-channel, Plan your OWN wedding just easy like a double click to people, make your own wedding in your own way Strengths |Weaknesses | |Shorter time process |Supplier | |New ideas |Hire right people | |Lower cost |?? | | | | |Opportunities |Threats | |The traditions wedding are boring |?? | |The wedding plans are long time process | | | | | Table 4. Double Click’s Strengths, Weaknesses, Opportunities, and Threats Weaknesses Suppliers relationship – We are the new services and new company, Also the contingence suppliers Hire a right people It is not unusual for “People” problems – poor communication, inadequate leadership, lack of motivation, too little delegation and no trust – to feature among the major weaknesses. Opportunities Designed to assess the socio-economic, environmental and demographic factors, among others, to evaluate the benefits. Examples include: The wedding market trend is changing ??? New generation new thinking, new idea and new attitude This few year, wedding aboard was popular

The people in Hong Kong are willing to spend in their Wedding, however, the wedding planning need to be take a year or even longer. Threats The opposite of Opportunities -, with a shift of emphasis or perception, have an adverse impact. Weighing threats against opportunities is not a reason to indulge in pessimism; it is rather a question of considering how possible negative experience may be limited or eliminated. The same factors may emerge as both a threat and an opportunity, for example, Information Technology. Most external factors are in fact challenges, and whether the groups perceives them as opportunities or threats is often a valuable indicator of morale.

The major competitors in the market – Wedding abroad services 5. Objective and Issues For the first and second years of market entry, we have set the achievable objectives. First-year Objectives Spending HKD226,000 ??? 12% Honey Moon ??? 8% Photography ??? 6% Jewelry = HKD167,240. – No. of couples = 47,331 pairs (plan wedding but do not want to spend time on wedding) 1% to10% = average 5% ATAR AW = 5% explain T = 10% explain why willing to try (accept e-services) A = 10% explain why they ready use the service (ready to use e-services) R = not applicable Number of couple = 47,331 pairs x 5% x 10% x 10% = 24 pairs Total income = 24 pairs x HKD167,240. HKD4,013,760. Second-year Objectives Maintained year 2010 expected number of wedding, Depend on the local GDP growth 5% -explain Business growth 10% – explain Business growth = HKD4,013,760. x 5% x 10% = HKD602,064. Total income = HKD4,013,760. + HKD602,064 = HKD4,615,824. Need more resource: like manpower, computer … etc Issues Our major issue in relation to launch the services is the ability to establish a well-known wedding event services company linked to a good positioning. We will put more afford in marketing to to provide the best services We also must measure awareness and response so we can adjust our marketing efforts as necessary. . Marketing Strategy (by the Marketing Mix – 7 Ps) Double Click’s marketing strategy us based on a positioning Positioning Double click’s marketing strategy is based on a positioning of services. Post 80s generation They want marriage as the basic need but not the traditional wedding. Our marketing will focus on Product Strategy New idea Wedding abroad is not accept by the parents Pricing Strategy Much lower cost that wedding in tradition wedding Lower cost than wedding abroad Not too much budget Distribution Strategy Our channel strategy is to use e-channel Magazines Wedding expo Marketing Communications Strategy Suppliers Marketing Research

Using our e-Survey ??? name “Your Wedding” via a survey website (address: www. surveygizmo. com/s3/381682/Your-wedding), we are identifying Post 80s generation Marketing Organization Double Click company structure is a simple structure. One full time Marketing manage and four part time 7. Action Programs HOW? How to sell our services direct to the “target” customers Due to the niche marketing, have to have target the right make segment in right target customers Set up an office Set up a homepage Homepage www. doubleclickewedding. com. hk Ad in facebook, Google and Yahoo Magazines Wedding expo Promotion First quarter, Second quarter, Third quarter, Fourth quarter, 8. Budgets Income

Total first-year sales revenue for Double Click is projected at From first year objective, Total income = 24 pairs x HKD167,240. = HKD4,013,760. Cost Set up cost Office rental HKD120,000. – (12 month Rental) Advertisement expense – e-channel (facebook, Google and Yahoo ) – Magazines – Wedding Expo 2010 = HKD20,000. Wedding expense HKD4,013,760. x 80% = HKD3,211,008. Wages HKD20,000 (1 full time + 3 part time) x 12month = HKD240,000. Total cost = HKD20,000 + HKD3,211,008 + HKD240,000 = HKD3,471,008. Profit = Income ??? Cost HKD867,192. = HKD4,339,200. ??? HKD3,471,008. 9. Controls We are planning Coordinator Wedding date is most important Suppliers – Business contingency plans to 10. Conclusion

Double Click is very new services in Hong Kong market. Due to Double Click is serving to the niche market. The market segmentation is The target customers are The competitors We also go through the new products process Idea Generation ; Idea screening ; Concept Development And Testing ; Marketing Strategy development ; Business Analysis ; Product Development ; Market Testing? ; Commercialization Finally, to build a strong relationship with chosen customers Create customer satisfaction Appendix Appendix 1 The Statistic of Number of Marriages in Hong Kong Census and Statistics Department, The Government of HKSAR: http://www. censtatd. gov. k/FileManager/EN/Content_1149/TABLE2. 03. pdf [pic] Appendix 2 ESDlife: http://www. esdlife. com/about_us/chi/press/press090810. asp Table I – married in 2009 the project is estimated at various |???? Project expenditures |??? (?? ) Average (HK) |??????? (?? ) Estimated |% % | | | |total cost of the market (HK) | | |???? Wedding banquet |$135,455 $ 135,455 |$64. 1?? $ 6. 41 billion |60% 60% | |???? Honeymoon |$27,261 $ 27,261 |$12. 9?? $ 1. 29 billion |12% 12% | |????

Wedding photography |$17,921 $ 17,921 |$8. 5?? $ 8. 5 billion |8% 8% | |??????? Wedding rings and jewelry |$14,670 $ 14,670 |$6. 9?? $ 690 million |6% 6% | |????????? Wedding dress purchase |$8,477 $ 8,477 |$4?? $ 400 million |4% 4% | |or lease | | | | |?? / ?????? Wedding / Wedding |$8,119 $ 8,119 |$3. 8?? $ 3. 8 billion |4% 4% | |Photographer | | | | |?????

Makeup & Hair |$5,049 $ 5,049 |$2. 4?? $ 240 million |2% 2% | |?? Other |$9,400 $ 9,400 |$4. 4?? $ 440 million |4% 4% | |?? Total |$226,352 $ 226,352 |$107. 1?? $ 10. 71 billion |100% 100% | * 2009????????????????????? 2008? 47,331???????? * 2009 total expenditure of the marriage is based on the average of all the wedding expenses and 2008 47,331 cases of marriage for the estimated number of ?? ??? 2008? 2009??????????? Table II – 2008 and 2009, expenditure in all kinds of wedding items |????

Project expenditures |2009? 2009 |2008? 2008 |?? | | | | |Increase | | |??? Average|??????? Estimated |??? |??????? Estimated | | | | |total cost of the |Average |total cost of the market( | | | |(?? ) (HK) |market(?? ) # (HK) # |(?? ) (HK) |?? ) ^ (HK) ^ | | |????

Wedding banquet |$135,455 $ |$64. 1?? $ 6. 41 billion |$140,202 $ |$66. 4?? $ 6. 64 billion |-3. 4% -3. 4%| | |135,455 | |140,202 | | | |???? Honeymoon |$27,261 $ |$12. 9?? $ 1. 29 billion |$27,391 $ |$13?? $ 1. 3 billion |-0. 5% -0. 5%| | |27,261 | |27,391 | | | |???? Wedding photography |$17,921 $ |$8. 5?? $ 8. 5 billion |$18,236 $ |$8. 6?? $ 860 million |-1. 7% -1. %| | |17,921 | |18,236 | | | |??????? Wedding rings and jewelry |$14,670 $ |$6. 9?? $ 690 million |$17,502 $ |$8. 3?? $ 830 million |-16. 2% | | |14,670 | |17,502 | |-16. 2% | |????????? Wedding dress purchase |$8,477 $ 8,477|$4?? $ 400 million |$9,354 $ |$4. 4?? $ 440 million |-9. 4% -9. 4%| |or lease | | |9,354 | | | |?? ?????? Wedding / Wedding |$8,119 $ 8,119|$3. 8?? $ 3. 8 billion |$7,884 $ |$3. 7?? $ 370 million |3% 3% | |Photographer | | |7,884 | | | |????? Makeup & Hair |$5,049 $ 5,049|$2. 4?? $ 240 million |$5,143 $ |$2. 4?? $ 240 million |-1. 8% -1. 8%| | | | |5,143 | | | |?? Other |$9,400 $ 9,400|$4. 4?? $ 440 million |$8,463 $ |$4?? 400 million |11. 1% 11. 1%| | | | |8,463 | | | #2009????????????????????? 2008? 47,331???????? # 2009, total expenditure of the marriage is based on the average cost of the wedding and married in 2008 47,331 were estimated by the number of ^ 2008???????????? 2008?????????? ^ 2008 of the total project cost of marriage is based on 2008 revised estimate for the number of marriage Appendix 3 The Primary data collect from – The Questionnaire of Market Research Your wedding? Hi,we want to know your thoughts on the weddings nowadays.

Have you attended a friend’s wedding lately and what will you arrange for your own special day? 1. ) Are you a male or female? ( ) Male( ) Female 2. ) Your age group? ( ) under 18( ) 18 ??? 24( ) 25 ??? 30( ) 30+ (Sorry! This survey is only for people under 30 years old. ) 3. ) Your education? ( ) F1 – F5( ) F5 above / Diploma( ) Associate or Bachelor’s degree ( ) Post-graduate degree 4. ) Are you? ( ) married( ) in a relationship( ) single( ) others 5. ) My monthly income is ( ) under HK$8,000( ) HK$8,000 – 15,000( ) HK$15,001 – 22,000( ) HK$22,001 – 30,000 ( ) above HK$ 30,001( ) why do you care? 6. ) When you have your wedding, what are the items that are important toyou?

Please rank them from 1 to 9 (1: The Most Important 9: The least Important) _______a grand wedding dinner to have a lot of people, families, relatives, friends and etc. _______a wedding reception/party to include some families and good friends _______a nice wedding dressor suit _______a sweet honeymoon _______a wedding photo-shoot or album _______wedding rings _______the wedding makeup /hair stylist _______wedding decorations, eg. the flowers, wedding gifts for guest _______the things that arerequired after the wedding day such as an apartment to live 7. ) What are the things that might worry and frustrate you when you prepare your wedding (you can select more than one answer) ] taking up too much time [ ] how much will it cost you or spending too much money [ ] it’s too complicated -I don’t understand the wedding traditions and details [ ] trying to keep my family and friends happy about my decisions 8. ) If you have a choice, will you choose to have your wedding ceremony overseas such as Bali, and to avoid arranging the wedding dinner in Hong Kong ( ) Definitely, I don’t like the traditional Chinese / Western style wedding dinner in a hotel or restaurant anyway ( ) Yes, but I will still arrange a wedding dinner in Hong Kong ( ) No, I prefer the traditional style of wedding ( ) Not sure, because I don’t know how much will it cost ) Not sure, because I don’t know if some family or friends can attend or not 9. ) If you have HK$200,000 in your bank account, will you ( ) spend 100% of HK$200,000 on your wedding ( ) spend 50% or more on your wedding (HK$100,000 or more) ( ) spend less than 50% on your wedding (under HK$100,000) 10. ) If you can change the things of a wedding, what will you change? (You can select more than one answer) [ ] Nothing – why change? [ ] The place – why are they always at a hotel or at a Chinese restaurant? [ ] The traditions – why do we still have the wedding traditions in year 2010? [ ] The more the better -it is routine and boring, you already knew what to expect.

Can it be more creative and fun? 11. ) If you have hk$100,000 to spend on your wedding day, you will ( ) Save more money until I can afford a grand wedding and invite a lot of people ( ) Spend the money to have the wedding ceremony overseas ( ) Spend the money to arrange a small wedding party in Hong Kong as my family and friends can attend and share the experience together ( ) Want to spend less thanhk$100,000 on a wedding day! 12. ) Last question. How much do you save each month? ( ) HK$0 – 2,000( ) HK$2,000 – $5,000( ) HK$5,000 – 10,000( ) over HK$10,000 Thank You! Thank you for taking our survey. Your response is very important to us. [pic]

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