tying the knot productions

Tying the Knot ProductionsTying the Knot Productions

Capturing memories Capturing memories

for a lifetimefor a lifetime

StrengthsStrengths

• Competitive pricesCompetitive prices

• Low overheadLow overhead

• Professional Professional

WeaknessesWeaknesses

• New businessNew business

• Low brand awarenessLow brand awareness

• Older equipmentOlder equipment

OpportunitiesOpportunities

• MontanaMontana– Number of marriages (2004) Number of marriages (2004) 6,9466,946– PopulationPopulation 926,865926,865

• WyomingWyoming– Number of marriages (2004)Number of marriages (2004) 4,7404,740– PopulationPopulation 506,529506,529

OpportunitiesOpportunitiesMontanaMontana

CityCity PopulationPopulation Percent of Percent of Montana Montana

PopulationPopulation

Number of Number of MarriagesMarriages

AbsorkeeAbsorkee 1,2341,234 0.13%0.13% 99

BillingsBillings 96,97796,977 10.46%10.46% 727727

BozemanBozeman 32,41432,414 3.50%3.50% 243243

LaurelLaurel 6,3396,339 0.68%0.68% 4848

Red LodgeRed Lodge 2,3282,328 0.25%0.25% 1717

RoundupRoundup 1,9331,933 0.21%0.21% 1414

TotalTotal 10581058

OpportunitiesOpportunitiesWyomingWyoming

CityCity PopulationPopulation Percentage Percentage of Wyoming of Wyoming PopulationsPopulations

Number of Number of MarriagesMarriages

BuffaloBuffalo 4,2564,256 0.84%0.84% 4040

CodyCody 9,0509,050 1.79%1.79% 8585

GilletteGillette 22,26022,260 4.39%4.39% 208208

LovellLovell 2,3102,310 0.46%0.46% 2222

PowellPowell 5,2505,250 1.04%1.04% 4949

SheridanSheridan 16,11816,118 3.18%3.18% 151151

TotalTotal 554554

OpportunitiesOpportunities

• Total number of weddings in our Total number of weddings in our geographic target:geographic target:

MontanaMontana WyomingWyoming

1,0581,058 + + 554 = 554 = 1,6131,613

SurveySurvey

1. Would you like your wedding filmed by a professional? 1. Would you like your wedding filmed by a professional? Definitely_______Definitely_______ Maybe________Maybe________ No________No________

2. If yes, would you also like to have reception filmed?2. If yes, would you also like to have reception filmed?Definitely_______Definitely_______ Maybe________Maybe________ No________No________

3. If no, why not?3. If no, why not?

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. How much would you be willing to pay to have your wedding filmed and edited 4. How much would you be willing to pay to have your wedding filmed and edited by a professional?by a professional?

$___________.____$___________.____5. When are you planning to get married?5. When are you planning to get married?

__________________________________6. Would you like to be contacted about this service?6. Would you like to be contacted about this service?

Name_____________________________________________________________Name_____________________________________________________________Address___________________________________________________________Address___________________________________________________________Phone Number_____________________________________________________Phone Number_____________________________________________________E-Mail Address_____________________________________________________E-Mail Address_____________________________________________________

OpportunitiesOpportunitiesSurvey ResultsSurvey Results

Number of Number of surveyssurveys

5555 100.00%100.00%

DefinitelyDefinitely 1717 30.91%30.91%

MaybeMaybe 3030 54.55%54.55%

NoNo 88 14.55%14.55%Total number of weddings being videotaped include 100% of the definite and 50% of the maybe:

1,613 * 30.91% * (.5*54.55%) = 938

ThreatsThreats

• Competition Competition – The Video Recorder The Video Recorder – Michael May ProductionsMichael May Productions– InfocusInfocus– JW Video ServicesJW Video Services– Sunlight PhotographicSunlight Photographic– Right Angle CommunicationsRight Angle Communications

ThreatsThreats

• Number of competitors: 6Number of competitors: 6– Assuming equal shares of the market Assuming equal shares of the market

our goal is:our goal is:

938/6 = 156 weddings per year938/6 = 156 weddings per year

SourcesSources

• National Vital Statistics ReportsNational Vital Statistics Reports Number of marriages in Montana and Number of marriages in Montana and

WyomingWyoming

• www.city-data.com www.city-data.com City populationsCity populations

• Quick facts from the US Census BureauQuick facts from the US Census BureauState populationsState populations

• SurveysSurveys

Tying the Knot ProductionsTying the Knot Productions

Capturing memories Capturing memories

for a lifetimefor a lifetime

Geographic and Demographic Geographic and Demographic DimensionsDimensions

• Southern Montana and Northern WyomingSouthern Montana and Northern Wyoming

• Primarily female, 18 and olderPrimarily female, 18 and older

• Upper-lower to upper-middle classUpper-lower to upper-middle class

• Single, but about to be marriedSingle, but about to be married

Behavioral DimensionsBehavioral Dimensions

• Social needs are fulfilledSocial needs are fulfilled– Love, friendship and interaction with Love, friendship and interaction with

othersothers

• Benefits are situation specificBenefits are situation specific– Weddings ceremony and reception Weddings ceremony and reception

• Favorable attitudeFavorable attitude– Video preserves this important eventVideo preserves this important event

Behavioral DimensionsBehavioral Dimensions

• One time relationship with individualsOne time relationship with individuals– Hopefully, a wedding is a one time eventHopefully, a wedding is a one time event

• Ongoing relationship through referralsOngoing relationship through referrals– If customer is satisfied, they will “spread If customer is satisfied, they will “spread

the word”the word”

Behavioral DimensionsBehavioral Dimensions

• Heterogeneous comparison shoppingHeterogeneous comparison shopping– Consumer wants to compare for price, Consumer wants to compare for price,

quality and suitability.quality and suitability.

– Consumer wants individual consultation Consumer wants individual consultation

– Advertisement needs to be in close Advertisement needs to be in close proximity to similar productsproximity to similar products

Behavioral DimensionsBehavioral Dimensions

• Medium to high information required Medium to high information required for extensive problem solving for extensive problem solving – Identify ProblemIdentify Problem– Gather InformationGather Information– Evaluate AlternativesEvaluate Alternatives– Make DecisionMake Decision– Evaluate the DecisionEvaluate the Decision

Decision Making ProcessDecision Making Process

• Identify the ProblemIdentify the Problem– Consumer needs to capture and preserve Consumer needs to capture and preserve

their wedding in the best way possible.their wedding in the best way possible.

• Gather InformationGather Information– Consumer will gather information by word Consumer will gather information by word

of mouth, yellow pages, newspaper, of mouth, yellow pages, newspaper, internet, bridal magazines, bridal shops.internet, bridal magazines, bridal shops.

Decision Making ProcessDecision Making Process

• Evaluate AlternativesEvaluate Alternatives– Consumer’s alternatives are: Consumer’s alternatives are:

no video (low cost), still pictures (high no video (low cost), still pictures (high cost), amateur video (low cost), cost), amateur video (low cost), professional video produced by us professional video produced by us (intermediate cost) or one of our (intermediate cost) or one of our competitors (high cost) competitors (high cost)

Decision Making ProcessDecision Making Process

• Make DecisionMake Decision – Consumers will choose Tying the Knot Consumers will choose Tying the Knot

Productions because they will get more for Productions because they will get more for their money. their money.

• Evaluate the DecisionEvaluate the Decision– Consumers will know they made the right Consumers will know they made the right

decision because we will go above and decision because we will go above and beyond their expectations. We will know beyond their expectations. We will know that we have succeeded if our referral that we have succeeded if our referral system creates more business. system creates more business.

Tying the Knot ProductionsTying the Knot Productions

Capturing memories Capturing memories

for a lifetimefor a lifetime

Marketing MixMarketing Mix

1.1. ProductProduct

2.2. PlacePlace

3.3. Promotion Promotion

4.4. PricePrice

ProductProduct

Means End ChainMeans End Chain• ProductProduct

– Videography serviceVideography service

• AttributesAttributes– Video (DVD or VHS)Video (DVD or VHS)– ProfessionalProfessional– FlexibleFlexible– Lower priceLower price– GuaranteeGuarantee

Means End Chain Means End Chain

• Physical ConsequencesPhysical Consequences– Long lastingLong lasting– TangibleTangible– High qualityHigh quality– Attractive packaging Attractive packaging

Means End ChainMeans End Chain

• Psychological ConsequencesPsychological Consequences– Excitement of reliving the eventExcitement of reliving the event– Less stress Less stress – TrustTrust– Done right the first timeDone right the first time

Means End ChainMeans End Chain

• ValueValue– Affordability Affordability

•No sacrifice No sacrifice

•More for your moneyMore for your money

•Get everything you wantGet everything you want

Perceptual MapPerceptual Map

Brand Positioning StatementBrand Positioning Statement

Providing affordable, professional Providing affordable, professional videography.videography.

PlacePlace

Place ObjectivePlace Objective

•Home-basedHome-based businessbusiness−No middlemenNo middlemen

PromotionPromotion

AIDAAIDA

• AttentionAttention– Yellow pages Yellow pages – direct mail direct mail – fliers fliers

• InterestInterest– Yellow pagesYellow pages– Direct mailDirect mail– WebsiteWebsite– BrochureBrochure

AIDAAIDA

• DesireDesire– YellowYellow pages pages– Direct mailDirect mail– BrochureBrochure– PresentationPresentation

• ActionAction– Yellow pagesYellow pages– Direct mailDirect mail– Professional SellingProfessional Selling

PricePrice

Price ObjectivePrice Objective

• Sales oriented Sales oriented – Growth in market shareGrowth in market share

By providing affordable By providing affordable videography service, we make it videography service, we make it possible for more consumers to possible for more consumers to have their wedding video taped.have their wedding video taped.

Price Strategy Price Strategy

• PenetrationPenetration– Demand is elastic Demand is elastic – Elite market- few are willing to pay Elite market- few are willing to pay

high pricehigh price– Sell to whole market at one low Sell to whole market at one low

priceprice

Price StrategyPrice Strategy

• Average Competition PriceAverage Competition Price– Ceremony Ceremony $500$500– Reception Reception $300$300– Ceremony and reception Ceremony and reception $800$800

Price DiscountPrice Discount

• Quantity discountQuantity discount– Ceremony Ceremony $300$300– Reception Reception $250$250– Ceremony and reception Ceremony and reception $450$450

***Savings of $100******Savings of $100***

• Referral incentiveReferral incentive– $25 for all referrals that use our service$25 for all referrals that use our service