Wedding planning business

Assessment Task 2: The Marketing& legal Plan

Name:

Student No.:

1 Summary:

My business idea is to work on a wedding planner business. The idea of a start-up business is to provide service to the people who need marriage arrangements in the form of food, decoration, couture, invites, transport services for the guests, etc. I would like to name my company as Wedding Squad which means that my team will engage together to accomplish the wedding planning opportunity with a creative process. The cost of a wedding in America is $29,000 while Indian wedding costs $65,000 as per the statistics. Wedding squad will make sure that weddings will be arranged as per the client’s budget and investment. This is an interesting and creative process to look forward to the best strategy and fascinate clients with different ideas and innovation to their big day. Thus, the idea of a wedding planner business will need investment but the profit realized are even huge.

Marketing Plan – Market Analysis

1. Source of information

2. Statement of research findings    

1. Primary Research

From the primary research data, Wedding squad will be the most amazing idea as it will help to ensure that the wedding preparations are up to the date for clients.

• Questionnaires were provided to respondents with random sampling method that included the importance of wedding planners.
• Asking respondents about choosing wedding planners for the wedding
• Having a conversation with friends and family to support the business idea
• Talking to a friend about the experience of wedding planner business

1. Secondary Research

Secondary research data includes external sources that are mentioned in detail

• Newspaper articles were reviewed in which wedding planner business was on the top
• From Australian Bureau statistics, the numbers reveal a positive business idea
• Business magazines mention the wedding planning business to be accepted by a major individual as it helps to keep away stress of managing several activities at a time

1. Conclusion

From the research analysis, the wedding planning business is the best idea that can be eventually planned with a success criterion. As per the market analysis, the wedding planner business will be profitable shortly with the brand image and profitability index ratio.

Marketing Plan – Market Details

Marketing Plan – Marketing Environment

3. External (macro) factors could impact the business

Economic Factors

Wedding squad may face serious problems in terms of the economic condition of the country. At the time of recession, issues in taxations, fulfilling customer’s need, etc. Increase in Australian dollar rate may negatively affect the business.

Cultural/Social

The socio-cultural factors such as trends in lifestyle, workforce trend, social media websites, brand, the reputation of company, consumer preferences, media representation, etc can impact the business.

Technology

Using advanced technology such as tools that work as a surrogate decision for consumer decision and communication issue is resolved effectively. Website information can be an added advantage for clients to directly contact the organization.

Political/Legal

The rules and regulations that shall be adhered are based on wedding planning association of Australia 2008 and code of practices are mentioned for the business planners. The members should abide by the standards mentioned in WPPA, certified wedding planner certificate must be recognized by wedding planner in Australia, transparent and truthful business dealings should be taken place between client and organization, etc.

Seasonal/Climatic

Wedding planning business is seasonal in nature such as in summer holidays, weddings are in the boom period.

Environmental

Waste disposals, the arrangement of green environment and open wedding venues must be selected by wedding planners to protect the environment.

4. Internal (Micro) factors could impact the business.  

Production facilities

Use of raw materials in event decorations, arranging lunch and dinner for the occasion, huge machines for organizing the event play an important role in the wedding planner business. Thus, it is necessary to ensure business success when the services and products of the business satisfy the client needs.

Financial resources

Huge investment is needed in the business which will assure business success. Client needs is fulfilled while managing financial resources. Profit is realized after the events and the next wedding planning is based on profit and savings. Cost is the major factor wherein flexibility is important while working on several areas of business.

Human resources

Human resources department is the main department that handles all the services to be provided to the clients. Work is carried on with team spirit and thereby employees in the organization need to work in harmony and trust each in this business. Arranging food services, event organizing, decoration, transportation, etc are the services that need to be handled by the HR department. Staff will be divided as per the services required.

Location

Wedding squad will have its head office in Sydney, Australia. The location will be based primarily in Sydney but weddings can be organized in different places in Australia. This will be a benefit for the organization as there are immense numbers of client all over the country who may need the service. With the help of the internet, distant clients can be acquired and an increasing number of clients can work as a brand image for wedding squad. Website information will connect clients to gain information related to wedding planning and the services provided at different places in Australia.

Business image

The business image will be the main factor that clients will be attracted for. Thereby I will work on the best ideas to ensure that the business image is created with transparency and trust for clients. Customer satisfaction rate ensures the business image thereby I will try to maximize the quality of the services and ensure that there are regular updates provided to the clients via social media websites which will bring a positive image.

Marketing Plan – SWOT Analysis

5. Business SWOT Analysis – (S) Strengths (W) Weaknesses (O) Opportunities (T) Threats

Marketing Plan – Market Segmentation

6. Target markets

Target Market One

Australia location

Target Market Two

Marketing Plan – Competitor Analysis

7. Major Competitors

Using the above graphic for reference identifies 3 major competitors to your business and provide a summary of their operations following the numbered steps below.

1. Identify 3 Competitors
2. Pink Caviar Events
3. Love 2 Love Events
4. Symphony Events Pty Ltd
5. AnalysisProvide an overview of your competitor’s products or service streams they offer to their customers.

The competitors provide world-class service with personalized event and management services This includes food service, decorations, guest lists, transportation service, parking, etc.

3. Type of Competitor (Direct, Indirect or Emerging)
   Pink Caviar Events: Direct
   b. Love2 Love: Direct
   c. Symphony: Indirect
4. Unique value to customers
   Service quality
   b. World-class cuisines
   c. Stylish decorations
5. Ranking of Competitors to your business
   Pink Caviar Events- 3
   b. Love 2 Love- 2
   c. Symphony Events- 1

8. Competitor SWOT Analysis

Collate an overview of all of your competitors’ major strengths and weaknesses in the table.

9. Area of Differentiation/Market Niche

Based on your analysis of your market and competitors, describe your competitive advantage and/or your market niche. What is your area of differentiation?

Quality service, presence of traditional cultures and online market presence are of differentiation.

Marketing Plan – Marketing Mix

10. Marketing Mix

• Price
• Product
• Place
• Promotion
• People
• Process
• Physical evidence

11. Product/Service Mix

12. Pricing Strategy

Methods of Pricing

1. Competition based: Competition based marketing method can be used to work on effective price strategy while viewing the competitors pricing strategy. This will help to cater to the market.

13. Using the strategies identified

14. Place/Location

1. Describe the location selected for your business
   The business will be located in Sydney but the client service will be provided all over Australia.

b. Distribution/Sales

Direct distribution method and one level channel will be adopted

c. Communication Channels

• Social media websites
• Company website
• Direct contact via telephone and email.

15. Branding

• Quality service
• Brand image
• Logo of the company

16. Methods of Promotion

17. Customer Service Areas and Provision 

18. Position Statement

Wedding squad is a wedding planning business located in Sydney, Australia. We provide the best service in terms of wedding planning services. The location of the business is easily identified and is as per the client need. We work for precious days and provide a full range of services including consulting, logistics, food catering, entertainment, and well-organized weddings.

19. Branded publication

Rework this marketing plan from a workbook into an Enterprise branded publication. Make use of the infographic visual data you have and integrate your Position Statement. Think about the journey you are taking your audience through and what is important to them? Are they clients, investors, partners or other? Find images that make clear each element of your marketing plan and publish your marketing plan as a branded publication (not school assignment).

The wedding planning business will be a hit in the next 12 months as it needs more clients and resources to work on the activities mentioned. The audience will be satisfied with various activities.

Legal Plan

Business Name and Structure

1. Choice of Business Name / Rationale

The name that I picked for my wedding planning business is Wedding Squad which is suitable for my company. Squad means the team and team performance is necessary for the wedding business. The business name is creative and will help people to find it easily on a social media website. It will help in fulfilling the dreams of couples when we provide the services to make their big day. The business is demanding, thereby it needs the best companies to deal in the Australian market.

2. Business Name Availability

It is very important to use the business name and check the availability of the business name. The business name that I have selected is Wedding squad that represents the wedding planning business. To check the availability of the business name, it is important to work on company naming guidelines which ensures identical or similar names, trademark, constitution, regulatory approval, and authorized capital. These are the steps that are used in assuring that the business name is in response to the regulatory approval.

3. Business Structure

For choosing the best business structure for wedding squad, I would choose the company business. There is a separate legal entity in setting up a company which seems to be an advisable measure taken for business. There are legal obligations that need to be taken care of. I must protect the personal assets and ensure legal actions when business turns sour or there are legal debts. Several factors need to be taken care of while selecting the company as a business structure.

4. The rationale for Business Structure   

• Certain legal actions can be taken to protect the business and make sure that the business ensures profit, business name registration, business bank account, and ABN Australian Business number need to be organized.
• The higher annual cost is a complex situation that needs to be managed.
• As mentioned in the contract, the directors and senior-level executives are liable for the company as there is a larger number of shares that are invested by the director or a partner. Things will be already mentioned in the contract with legislation and rules.

Legal Plan – Licences, Regulations, and Compliance

5. Governmental Licences and Regulations

I would organize my business while fulfilling the governmental license and regulations

• ABN Number- Indicates Australian business registration
• Tax File Number TFN- for filing tax
• Business bank account- for working in partnership with several agents
• ASCI- Business name registered with ASIC
• Register for GST- Partnership income to be estimated
• Accountant- Accountancy help and reporting obligations

6. Australian Consumer Law (ACL)

The Australian consumer law indicates several key parts such as misleading conduct, misleading claims, unfair contract terms, consumer guarantees, and consumer agreements. The environmental merits need to be taken care of by the wedding business or else ACL will seek and review pricing claims.

The three guarantees that ACCC provides to the consumer under the Australian consumer law are canceling services, repair, and compensation for damages. There are other services such as warranties, services bought, etc.

7. Regulatory compliance procedures

Contracts

8. Contracts

1. Identify the type of contracts you would be entering into to conduct your business? List at least 3 different types of parties you will need to enter into contracts with and the purpose of the contract.

1. What would be the main rights and obligations under a contract you engage with a customer?

1. Advantages and disadvantages of having a contract in writing

Having a contract in writing may bound the contract and legal matters are applicable in terms of considering effective results. Neither party can break the contract as the written contracts are valid and are accepted by the law. The written contracts have disadvantages as it tends to ensure the bounding limits of exchange. The limitations are already mentioned in the contract while the advantages are critically analyzed.

1. Practical steps can you take, in designing a contract with your customers, to mitigate the risk of non-payment by a customer?

In designing the contract with the customers, there must be a mutual agreement between the parties. First of all, there is a conversation about what the agreement will include in the contract, then the importance of pricing will be mentioned, thereafter the discussion of the contract will take place among the two parties. To mitigate the risk of non-payment, the contract must be in written format which will help to ensure that the customer would pay on the given date and time to the company as per the contract.

Negligence & Duty of Care

9. Negligence & Duty of Care

. Duty of care

Duty of care is about ensuring the safety of others in terms of contractual matters. To the best interest of individuals, a duty of care is mentioned in the contract.

1. The business will Owe a duty of care.

The duty of care will be towards Employees first as they help to focus on organizational objectives. Several services are provided to employees in terms of medical checks, incentives, promotions, etc.

1. Reasons

The business will owe the duty of care towards employees as the employees in the organization will work towards fulfilling the goals and objectives of the business. employees work as a team to consider a special event in the wedding planning business. Team performance is equally important thereby the business takes good care of its employees.

1. 3 steps

Insurance

10. Insurances

1. Types of insurance

Intellectual Property

11. Intellectual Property (IP)

Trademark, copyrights, and patent are the intellectual property that needs to be protected in the wedding planning business. It is really important to make sure to protect the trademarks as this is automatic protection while registering with IP Australia.

The IP Australia registration is very important to protect the business in Australia. The date of protection will be mentioned in the IP registration.