Business Process in The Wedding Planning

Business Process in The Wedding Planning Introduction: The report focuses on the business process associated with the wedding planning which ultimately proves to be very helpful in establishing the business in this field. Wedding planning is considered as the emerging business area due to the busy lifestyles of people; people themselves have limited time due to their vocations and thus require an institution which can manage all the activities associated with the wedding event. The report thoroughly identifies the information regarding the wedding planning and its functions, business description of the wedding planning, requirements of customers regarding wedding event, scope of business, targeted customers, market analysis, porters 5 forces model, marketing strategies, and financial feasibility associated with the business of wedding event. The report proves to be very helpful in identifying and implementing the strategies for the commencement of wedding planning business. Wedding Planning: Wedding planning may be regarded as formulating plans associated with the wedding for their effective implementation in the event so as to ensure its success. The business pertaining to the wedding planning includes: Conducting the interview of the couple and their family in order to recognize their requirements regarding wedding event. Preparation of budget for the wedding related expenses. Formulating the elaborated checklist near about one year before the event. Preparation of the guest list. Recognizing various venues for the event like hotels, marriage gardens, wedding manor etc. Planning associated with the decoration as per the customers requirement. Recognizing and recruiting various wedding service providers and professionals like photographers, videographers, caterers, florists, decorators, beauticians, musicians, bakers etc. Preparing and executing various contracts with all the parties. Management of various services and deliveries on the day of wedding event. Preparation of a alternative back up plan in case of any emergency or disaster. Managing the schedule of wedding with the help of software. Preparation of legal translations and documentations for the destinations of the event. Planning associated with the gift distribution to the guests. Providing various honeymoon packages to the couple (Lets Get Planning !). Business Description: Wedding Planning business in the recent time is considered as the most innovative and growing business in the world. In todays scenario, due to busy nature of engaged people no one is able to plan marriage in systematic manner. For overcoming this problem the business of wedding planner came into light. The United Arab Emirates is the place where people are rushed for marriage purpose and for these emirates has become a world class destination for tourists (UAE Customs and Traditions). Requirements: The United Arab Emirates is the best place for tourism. This country is a corporate hub in the world. As a tradition in the UAE, the beginning of wedding starts with the setting of wedding date. This event requires lots of preparations and planning and for this purpose Wedding Planning business facilitates means to the groom and bride to make their marriage memorable (UAE Customs and Traditions). Scope of Business: The wedding planning business has enormous scope in the todays existing world similarly it also plays significant role in the UAE economy. The scopes of wedding planning business in the UAE are as follows: One of the advantages of having wedding planner is, it facilitates everything that we want for wedding. It organizes and plan wedding in accordance to clients desire. It facilitates best deal with money because they are experienced in the searching of best wedding deals and also easily deal with vendors. Although wedding planners are also able to handle emergencies in the wedding. The main advantage of having wedding planner is it saves lot of time. They are responsible for each planning such as contacting vendors, budget, selection of wedding items etc (Wedding Planning Scope Statement ; Benefits of having a Wedding Planner). Target Consumers: The target customers of wedding planner are people who are living in United Arab Emirates. Wedding planning business is aimed for facilitating services to the consumers by offering various facilities at optimum cost and time. The targeted group of customers is between the age group of 18 to 40 years. Market Analysis: A thorough market analysis and research is required for the establishment of wedding planning business, market research will helpful in the systematic identification of customers need and requirement associated with the wedding event compliance with the latest market trends. Market analysis helps the business in following ways: Identification of tastes and preferences of customers regarding the wedding event so as to provide customized services. It helps in deliverance of augmented services as per the latest market trends. It helps in gathering the information associated with the competitors in the same business field and which ultimately assist in having competitive advantage over others. It helps in formulation of various marketing strategies associated with the business like pricing, promotion, location, enhancement of services etc. It helps in expanding the market intermediaries of the business. It helps in target market, market positioning and market segmentation of the business. 5 Forces Model: Porters five forces are applied to business strategy and then analyzed the needs of indusial sectors. These forces are competitive factors and comprises of suppliers, substitute products, rivalry within an industry, customers or buyers, and new entrants. These forces have significant effects on the wedding business. The model of five forces is shown below: http://www.smartkpis.com/blog/wp-content/uploads/5-Forces-Model1.png Source: http://www.smartkpis.com/blog/wp-content/uploads/5-Forces-Model1.png Industry Competitors: Rivalries strategies in the market have significant impact. They use means such as advertising, more attractive customer service, prices competition, introduction of new products etc. before establishing wedding business there is need to analyze industry competitors. Pressure from Substitute Products: Substitute products are the results of industry competition and involve identification of other products that can perform same function. Bargaining Power of Suppliers: Suppliers have a significant influence over an industry because they influence the product quality and prices also. Bargaining Power of Buyers: The bargaining power of buyers forces for prices down with the demand of high quality services and products and that resulted as loss of business. There is need to set prices of services by keeping in mind about the price strategy according to the buyers bargaining power. Potential Entrants: The existing entrepreneurs are responsible for the new entrants and it depends on the barriers to entry. If the existing businesses are not satisfying their consumers need and with this they are not updating according to the market needs then there is possibility of entering new entrants (Porters 5-Forces Model). Marketing Strategies: Marketing strategy ensure the marketing activities remain associated with the business goal and maximizing the returns through the marketing efforts. http://www.easy-marketing-strategies.com/images/Mktg-Strategy-Process.jpg Source: (The Marketing Strategy Process) The marketing strategy of wedding associated with the understanding of customers needs and on the basis of these needs market and competitors analysis are performed. Marketing strategies in wedding planning business comprises of several strategies such as bridal segmentation, competitor research strategies, market research for bridal wedding, development of new business, planning for wedding media, strategies for networking etc (Wedding Marketing Unveiled; The Marketing Strategy Process). Financial Feasibility: The financial plan for a business comprises of estimated sales forecasting in order to evaluate estimated pricing, sales and menu etc. This financial plan gives ray for establishing business by arranging all expenses within budget. Financial plan for a business comprises of following heads: Summarize the financial needs. Forecasting sales through the analysis of market. Specify profit margin. Plan for income statement. Balance sheet Forecasting for flow of cash. Planning for capital spending (Weinberg). Conclusion: Wedding planning business is the emerging field, due to the time constraints. In todays era people are too busy in their vocations and business and thus could not get time to plan and execute the wedding event. This leads to creation of wedding planning business. Wedding planning includes the identifying and formulating the strategies associated with the event as per the requirement of the customers. It covers arrangements of all the activities along with the market and financial aspect. Wedding planners are very helpful in making the event successful and memorable.