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Tying the Knot Productions

Tying the Knot Productions

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Tying the Knot Productions

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  1. Tying the Knot Productions Capturing memories for a lifetime

  2. Strengths • Competitive prices • Low overhead • Professional

  3. Weaknesses • New business • Low brand awareness • Older equipment

  4. Opportunities • Montana • Number of marriages (2004) 6,946 • Population 926,865 • Wyoming • Number of marriages (2004) 4,740 • Population 506,529

  5. OpportunitiesMontana

  6. OpportunitiesWyoming

  7. Opportunities • Total number of weddings in our geographic target: Montana Wyoming 1,058 + 554 = 1,613

  8. Survey 1. Would you like your wedding filmed by a professional? Definitely_______ Maybe________ No________ 2. If yes, would you also like to have reception filmed? Definitely_______ Maybe________ No________ 3. If no, why not? ______________________________________________________________________________________________________________________________________________________________________________________________________ 4. How much would you be willing to pay to have your wedding filmed and edited by a professional? $___________.____ 5. When are you planning to get married? _________________ 6. Would you like to be contacted about this service? Name_____________________________________________________________ Address___________________________________________________________ Phone Number_____________________________________________________ E-Mail Address_____________________________________________________

  9. OpportunitiesSurvey Results Total number of weddings being videotaped include 100% of the definite and 50% of the maybe: 1,613 * 30.91% * (.5*54.55%) = 938

  10. Threats • Competition • The Video Recorder • Michael May Productions • Infocus • JW Video Services • Sunlight Photographic • Right Angle Communications

  11. Threats • Number of competitors: 6 • Assuming equal shares of the market our goal is: 938/6 = 156 weddings per year

  12. Sources • National Vital Statistics Reports Number of marriages in Montana and Wyoming • www.city-data.com City populations • Quick facts from the US Census Bureau State populations • Surveys

  13. Tying the Knot Productions Capturing memories for a lifetime

  14. Geographic and Demographic Dimensions • Southern Montana and Northern Wyoming • Primarily female, 18 and older • Upper-lower to upper-middle class • Single, but about to be married

  15. Behavioral Dimensions • Social needs are fulfilled • Love, friendship and interaction with others • Benefits are situation specific • Weddings ceremony and reception • Favorable attitude • Video preserves this important event

  16. Behavioral Dimensions • One time relationship with individuals • Hopefully, a wedding is a one time event • Ongoing relationship through referrals • If customer is satisfied, they will “spread the word”

  17. Behavioral Dimensions • Heterogeneous comparison shopping • Consumer wants to compare for price, quality and suitability. • Consumer wants individual consultation • Advertisement needs to be in close proximity to similar products

  18. Behavioral Dimensions • Medium to high information required for extensive problem solving • Identify Problem • Gather Information • Evaluate Alternatives • Make Decision • Evaluate the Decision

  19. Decision Making Process • Identify the Problem • Consumer needs to capture and preserve their wedding in the best way possible. • Gather Information • Consumer will gather information by word of mouth, yellow pages, newspaper, internet, bridal magazines, bridal shops.

  20. Decision Making Process • Evaluate Alternatives • Consumer’s alternatives are: no video (low cost), still pictures (high cost), amateur video (low cost), professional video produced by us (intermediate cost) or one of our competitors (high cost)

  21. Decision Making Process • Make Decision • Consumers will choose Tying the Knot Productions because they will get more for their money. • Evaluate the Decision • Consumers will know they made the right decision because we will go above and beyond their expectations. We will know that we have succeeded if our referral system creates more business.

  22. Tying the Knot Productions Capturing memories for a lifetime

  23. Marketing Mix • Product • Place • Promotion • Price

  24. Product

  25. Means End Chain • Product • Videography service • Attributes • Video (DVD or VHS) • Professional • Flexible • Lower price • Guarantee

  26. Means End Chain • Physical Consequences • Long lasting • Tangible • High quality • Attractive packaging

  27. Means End Chain • Psychological Consequences • Excitement of reliving the event • Less stress • Trust • Done right the first time

  28. Means End Chain • Value • Affordability • No sacrifice • More for your money • Get everything you want

  29. Perceptual Map

  30. Brand Positioning Statement Providing affordable, professional videography.

  31. Place

  32. Place Objective • Home-basedbusiness • No middlemen

  33. Promotion

  34. AIDA • Attention • Yellow pages • direct mail • fliers • Interest • Yellow pages • Direct mail • Website • Brochure

  35. AIDA • Desire • Yellow pages • Direct mail • Brochure • Presentation • Action • Yellow pages • Direct mail • Professional Selling

  36. Price

  37. Price Objective • Sales oriented • Growth in market share By providing affordable videography service, we make it possible for more consumers to have their wedding video taped.

  38. Price Strategy • Penetration • Demand is elastic • Elite market- few are willing to pay high price • Sell to whole market at one low price

  39. Price Strategy • Average Competition Price • Ceremony $500 • Reception $300 • Ceremony and reception $800

  40. Price Discount • Quantity discount • Ceremony $300 • Reception $250 • Ceremony and reception $450 ***Savings of $100*** • Referral incentive • $25 for all referrals that use our service