Identify pricing objectives and constraints. 2. Estimate demand and revenue. 3. Determine cost, volume, and profit relationships. 4. Select an approximate price level.
Marketing Plan for Event Planning
REFER TO TOPIC PROPOSAL BELOW
A Touch of Elegance is an event planning company specializing in providing event management solutions for social and corporate occasions. The company is to be located at 19285 Civic Center Drive and is registered as a private company in the State of Michigan. The company will exclusively deal in the delivery of event management services both in the domestic and international markets. Notably, however the company intends to focus on the domestic market in order to get a target market’s response regarding the quality of our services. Later, A Touch of Elegance will expand and open up branches in different states and nations in a bid to expand our market share and match up to the competition. The company’s founder will automatically become its chief executive. Besides the chief executive, the management will comprise of chief financial officer, marketing president, two directors and about 50 employees for a start.
The company’s range of products will include but will not be limited to event planning and management. Event planning refers to the process of strategizing and determining how a given festival or ceremony is to run. The event planning process is a complex activity that pools activities such as budgeting for the event, determining the dates, acquiring the necessary licenses and permits, liaising and booking venues, developing the event’s topic and themes, and coordinating all other activities occurring at the happening of the event. Apparently, due to the complexity of some of these processes, event owners find it convenient and economically sound to outsource for the additional event services from company’s specializing in the field. A Touch of Elegance will bring together individuals with prior knowledge in planning and managing events from different market segments in order to offer superior quality services that will ultimately give the company a competitive edge in the market. Furthermore, all the company’s employees are to undergo a pre-job training in service management and marketing in order to ensure that delivery meets the market’s expectations.
The target market will comprise of both social and corporate markets. The social market refers to such events as birthday parties, anniversaries, weddings, child’s parties and reunions. At present, this market is on the boom, considering the changing market demographics such as population increase. We are projecting that an increase in population will translate to an increase in the organization’s sales revenues. The corporate market includes both for profits and not for profit organizations. In this market, A Touch of Elegance intends to cover events such as company picnics, tradeshows, staff meetings and holiday getaways. Expectations for this market, as well, are positive given that the company’s feasibility studies have established that at least two companies will be established every week implying that the industry is yet to be saturated.
A Touch of Elegance’s mission is to become the company of choice in the event planning industry, by offering customers quality and customized services. The company’s vision is to become a global leader in the provision of event planning services. The company’s mission and vision will be guided by the following marketing goals:
Goal 1: To attain a 70+% product awareness level in the target market through advertising campaigns
Goal 2: To attain a 25% market share within the first six months of operation by engaging in extensive promotional activities.
Goal 3: To be among the key industry players in the event management industry by leveraging on the superiority of our service quality and exceptional leadership capabilities
One of the most challenging decisions faced by marketers is setting the price for their products and services. In order to select the right price, you need to ensure that you’ll be able to cover your costs and meet customers’ needs at a price that they are willing to pay. You will need to perform a breakeven analysis to determine the best price. Follow these six steps to set prices for your product or service and perform a breakeven analysis.
The six steps in setting price.
1. Identify pricing objectives and constraints.
2. Estimate demand and revenue.
3. Determine cost, volume, and profit relationships.
4. Select an approximate price level.
5. Set list or quoted price.
6. Make special adjustments to list or quoted price.
USE MARKETING PLAN OUTLINE BELOW
A. Cover Page
1. Marketing Plan for Organization/Company name:
2. Proposed by:
3. Submitted to:
B. Table of Contents Pages
1. Executive Summary 1.0
2. Company Description 0.5
3. Strategic Focus and Plan 1.0
a. Mission/Vision Statements
c. Core Competency and Sustainable Competitive Advantage
4. Situation Analysis 1.0
a. SWOT analysis
• Internal Strengths and Weaknesses: Management, Offerings, Marketing, Personnel, Finance, Manufacturing, and Research and Development (R & D)
• External Opportunities and Threats: Consumer/Social, Economic, Technological, Competitive, and Legal/Regulatory
b. Industry Analysis
c. Competitor Analysis
d. Company Analysis
e. Customer Analysis
5. Market-Product Focus 2.0
a. Marketing and Product Objectives
b. Target Markets
c. Points of Difference
6. Marketing Program 2.0
a. Product Strategy
b. Price Strategy
(i) Breakeven Analysis
c. Promotion Strategy
d. Place (Distribution) Strategy
7. Financial Data and Projections 1.0
a. Past Sales Revenues
b. Five-Year Projections
8. Organizational Structure 0.5
9. Implementation 1.0
10. Evaluation and Control 0.5
No. Of Words: 4479
Marketing Plan xxxxxx Event Planning Company: A Touch of Glance
TABLE OF CONTENTS
- Executive Summary 4
- Company Description 5
- Stxxxxxxgic Focus xxxxxx Plan 6
- Mission/Vision Statements 6
- Goals 6
- Core Competency xxxxxx Sustainxxxxxx Competitive Advantage 7
- Situation Analysis 8
- SWOT analysis 8
- Internal Strengths xxxxxx Weaknesses: Management, Offerings, Marketing, Personnel, Finance, Manuxxxxxxuring xxxxxx Research xxxxxx Development (R & D)
- External Opportunities xxxxxx Threats: Consumer/Social, Economic, Technological, Competitive xxxxxx Legal/Regulatory
- Industry Analysis 10
- Competitor Analysis 10
- Company Analysis 11
- Customer Analysis 12
- SWOT analysis 8
- Market-Product Focus 12
- Marketing xxxxxx Product Objectives 12
- Target Markets 12
- Points of Difference 13
- Positioning 15
- Marketing Program 15
- Product Stxxxxxxgy 16
- Price Stxxxxxxgy 16
6.2.2 Breakeven Analysis 16