Zuhura Wedding Planners Business Plan

Executive Summary Zuhura Wedding Planners is company that will be providing wedding planning services in Kenya and will be launched in year 2012. The company will position itself as a wedding planner that offers professional services that have a personal touch according to customers’ preferences and desires.Advertising We will write a custom essay sample on Zuhura Wedding Planners Business Plan specifically for you for only $16.05 $11/page Learn More The business management anticipates to create an awareness in the market secure strategic partnerships with ancillary service providers that will enable the to have inputs at relatively lower prices hence cut on cost while also providing professional touch to its services. Our Mission statement will be: To provide customers with high quality professional wedding services, by offering over-whelming hospitality to our customers and using innovation to provide unique wedding experience that make our cust omers’ wedding to be the most treasured memory for life. Background and business concept For many years Kenyan couples intending to have weddings formed committees comprising family and friends from both sides of the couple, and the committee was mandated with the task of raising funds and to run the wedding. However the economy has experienced increase in income for both the middle and upper class coupled with lack time due career commitments which has led the society to embrace the idea of professional weddings. In addition, weddings are used as opportunities for families to show off their financial might as well as declare their social class; therefore the couples and their families have been spending large budgets to ensure that their dream weddings come to pass. Though the market has seen an increase in service providers most of them do not focus on strict professionalism and also they lack personal touch in their offerings (Covello Hazelgren, 2005). Therefore Zuhura we dding planners have identified a need that it can satisfy and hence have a cutting edge above the rest. The company’s target market will basically be the upper class and lower class economy which will be determined according to their financial incomes. The target was chosen due to their willingness to spend to achieve their dream weddings (Covello Hazelgren, 2005).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Objectives The company has short term objectives which include; becoming a market leader in terms of brand strength and market share 3 years after introduction, attaining 90% customer satisfaction as a strategy for differentiation and capitalizing on referrals and word of mouth marketing. The long term objectives include launching branches in the neighboring East African countries within five years. Market strategy In the first year the company will focus on aggressive marke ting to create awareness of its brand and unique services. At the same time the company will heavily invest in employees to have dedicated and effective professionals who will provide meticulous services in momentous wedding events hence ensure that services offered by Zuhura are clearly distinctive and surpass customer expectation. In addition the company will offer a variety of accompanying products that as opposed to other competitors hence enhancing differentiation of its services. These products will include transport, floral dà ©cor, video and still photography, catering and securing of venue. The business will ensure that its partners offer up to standard qualities which are in line with the company’s strategy. The business will be owned as a partnership and management also done with the three partners who will share responsibilities of running the firm as well employing other professionals to work under them. The partners have relevant qualifications which are approp riate for that nature of business which include event organization, eco-tourism and business management. Capital to start the business will be contributed equally by partners to a total $200,000 and the remaining $50,000 will loaned from a bank and the business will repay within three years (Covello Hazelgren, 2005). Business Description This business plan is for wedding planning business in Kenya which is a country in East Africa. The business will concern itself with all activities and events that are associated with a successful wedding and they include budgeting for the wedding, grooming the groom his bride and their entourage. The business will be a partnership of three, an event organizer, an eco-tourism professional and a management graduate. Situation Analysis Market Characteristics and Trends The Kenyan wedding market is steadily growing whereby the cost of a wedding of a middle-class or upper class is $18,750 and a research carried out in 2009 by Samantha Bridal, a weddin g planning company showed that there are an average of 28,000 couples in that category who get married every year.Advertising We will write a custom essay sample on Zuhura Wedding Planners Business Plan specifically for you for only $16.05 $11/page Learn More This therefore translates to $525 million a year. In addition, the market is experiencing rapid growth based on the number of service providers and landmark expenditures that clients are willing to spend. Though in the past weddings in Kenya used to be planned and run by committees whose membership was drawn from families and friends of both couples, most people especially the upper and middle class are currently embracing the professional touch at a fee (Jambonewspot, 2010). Market Needs and Potential The market needs of wedding services are largely driven by the desire to have an efficiently planned as well as a perfectly executed wedding ceremony. Most Kenyans value marriage as a sanctified inst itution and a very important stage in life, therefore people always work round the clock to ensure that that day is a success. In addition the current generation of couples have large access to television and internet hence most couples want to have wedding ceremonies like those they see with celebrities. The market also has a lot of potential as both the upper and middle class members seek to outdo each other by taking the wedding as an ample opportunity to show off their financial might and clout of wealth. In fact wealthy families are willing to spend as much as over $625,000 to make a statement whereby they can treat their guests by taking them to a cruise before they are flown to some exotic location for their honeymoon (Njung’e, 2009). Competitive analysis Competition has been growing steadily in the Kenyan market with the entry of more wedding planning service providers and other related services whereby the last five years has seen an increase of the service providers to 150. There are key players in this industry who include Samantha Bridal and WaridiKenya wedding planners. Some of the strengths of wedding planners in the market are that they have been in the market long enough and so are established and have secured a client base. However they have a shortcoming in that much of their services are not personalized and are also quite high. Competition can also come from the people, who choose to run their own weddings, and their strength is that they will incorporate some personal touch that is liked by the couple and their families and friends. However their weakness is that due to lack of expertise much of time that would otherwise be committed to other things will be spent and comparatively more costs will be incurred due to lack of information on better prices. SWOT Analysis StrengthsAdvertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More – strong potential of customer base -Huge profit margin -Strong funding -outstanding communication systems and infrastructure Weaknesses – Lack of experience in the business – Demand that is seasonal. Opportunities – Gradually improving business – Increasing income amongst middle and upper class Threats -Increasing competition from already established providers. Marketing Objectives Short Term Objectives Creating and increasing brand awareness particularly because our company will be introducing new services into the market and in order to differentiate ourselves. It will also be essential to be able to have an awareness of 50% by the following year after introduction. We also intend to have attained a market share of 30% by the same year and strive to achieve 90% customer satisfaction which will help in referrals and word of mouth marketing. Long Term Objectives To be the market leader within four years of launching in market share as well as stre ngth of brand. To be able to enter into profitable partnerships within three years with major ventures offering ancillary services like car hire, hotels and jewelers. Launch our services in at least one neighboring East African country. Marketing Strategies Segmentation The market will be divided into two basic categories based on economic status; that is upper and middle class. Particularly because we will be a flexible market provider whereby some services will be common across the segments such as providing the venue, invitation cards among others. That means that there will be some optional offerings available to some segments according to their choice. For example, organizing for honeymoon, grooming the bride, his groom and their families and arranging for the bachelors’ party. Religion will also be a key factor in serving our customers for Muslims will receive different offerings from Christians as well as traditional weddings will also be different. Target Market On ou r introduction we will put our main operations in three cities, which are Nairobi, Mombasa and Kisumu, particularly because most of our target customers who are upper and middle class live in urban areas and mostly the cities. This group represents the category that is ready to splash out cash in order to state their status. At the same time they mainly consist of professionals who are held up in their careers and therefore have no adequate time to plan for such events. Another reason is that services of our business partners are easily accessible in cities and also the population of these cities is dense hence a larger potential clientele base is available. The age to be targeted will be singles who are 25 years and above because the Kenyan working class makes plans of settling down in their thirties because most of them want to first accumulate wealth to cater for the expenses of their dream wedding. Married couples of any age will also be in our target because they also do celebr ate anniversaries for their marriages (Mercer, 1998). Product Development Weddings in Kenya are a glamorous event with picturesque wedding venues financed by grand budgets. Everyone aspires to have a momentous occasion and our wedding planners will help couples achieve that dream. Therefore Zuhura wedding planners will offer the overwhelming hospitality and any necessary support required during and before the wedding to its clientele. We will also invest in our work force to ensure that they are efficient and dedicated professionals who will work painstakingly to ensure customer satisfaction. Innovation will be part and parcel of our routine whereby new ideas will be developed to provide exclusive wedding experience while giving priority to customer inputs and desires. Therefore the services to be provided will include: Wedding Venue: This is important because it offers the base for an authentic theme of a wedding. Factors to be put into consideration when choosing a venue include t he customer’s budget, practicability of guest reaching the venue, how secure the place is, conformation with the theme, and availability of parking space. The various choices that will be made available for selection include: the picturesque beaches of Mombasa, Game reserves such as the Maasai Mara and marriage halls. Wedding Theme: To add flavor to a wedding, developing a theme is a way of having an illustrious event, therefore a perfect theme can be picked in line with the client’s preferences after consultation. For instance, a royal theme which will be accompanied by specific colors that gives it a unique touch will be available. Transportation: Zuhura shall provide transport for the wedding couples, their guests which include family and friends, to the venue and all through their stay. This will include royal rides used during the grand entrance where our company will avail horses and high class vehicle like limousines. Catering: A variety of sumptuous delicacies will be made available consisting of exotic meals blended with Kenyan and foreign cuisines. The client will be required to decide the contents of the menu and hence the caterers will take it upon themselves to provide the clients’ selection based on the budget and preference and guests served as agreed. Cultural Programmes: Kenyan marriages of all cultures and religions are characterized with song and dance. This forms an integral part hence those without are always viewed as incomplete. Therefore with the customer’s consent we shall organize for native/folk dancers or even bands to perform. Floral Dà ©cor, Video and Still Photography To enhance the overall appearance and promote the wedding theme, fresh flowers shall be provided such as roses and marigold (Mercer, 1998). Organization and Management descriptions The ownership of the business will be in partnership of three who will also double as the management. There is an eco-tourism professional, Event organizer an d a management graduate. The eco-tourism professional will deal with organizing for wedding venues, honeymoon destinations and catering services. The event organizer will be concerned with availing any materials required like flowers wedding gowns photographer and organizing for entertainment. The management graduate will deal with all office matters like keeping financial records and ensuring the comfort of the couple and their guests. The three will have employees assigned to work under them who will help in ensuring that our key objective of providing a high level of satisfaction to 90% of our clients is attained. Two of the partners, that is the event organizer and the eco-tourism partner are natives of Kenya and hence this would help in easing the legal process of registering the business. Financial Management Each of the three of us will contribute a third of the budget needed to kick start the business, estimated at $250,000. However because we will collectively get $200,000 members agreed to get a loan of $50,000 from bank to top up on the amount incase it is necessary and the loan will be repaid within three years. Members will share profit equally after deducting all the expenses. Conclusion The Kenyan market has experienced rapid growth in demand which has seen increase in providers of wedding services. However from our research we found out that most of the providers offer replicated services or even unprofessional services. In addition, those offering professional services have no objective of customer satisfaction but prioritize on profit objective. In view of these facts coupled with the moneys splashed in this market, Zuhura Wedding Planners is sure of meeting their objectives and surpassing their targets. References Covello, J. A. and Hazelgren, B. J. (2005). Your first business plan: a simple question-and-answer format designed to help you write your own plan. Naperville, Illinois: Sourcebooks Inc. Jambonewspot, (2010). Wedding planners back on growth path. Web. Mercer, D (1998). Marketing strategy: the challenge of the external environment. London: SAGE. Njung’e, C. (2009, October 24). Wealthy citizens sink sh40 billion into weddings. Daily Nation. Retrieved From https://allafrica.com/stories/200910260092.html This essay on Zuhura Wedding Planners Business Plan was written and submitted by user Lauren D. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.