Marketing plan for the wedding planner company master project in business and marketing management

TRƯỜNG ĐẠI HỌC MỞ TP.HCM UNIVERSITÉ LIBRE DE BRUXELLES HO CHI MINH CITY OPEN UNIVERSITY SOLVAY BRUSSELS SCHOOL MBMM VO THI THO     MARKETING PLAN FOR THE WEDDING PLANNER COMPANY       MASTER PROJECT MASTER IN BUSINESS & MARKETING MANAGEMENT Tutor’s Name: Dr Trần Hà Minh Quân Ho Chi Minh City (2010)     I DECLARATION I declare that this final project contains no material that has been accepted for the award of any other degree of diploma in any university or other institution and contains no material previously published or written by another person, except where due reference is made This final project contains a survey that is primarily conducted by myself under guidance and support of the tutor Therefore it has high level of trust, confidence and agreement Signed: Vo Thi Tho Master of Business and Marketing Management 15-Dec-10   II ACKNOWLEDGEMENT First of all, I would like to express my deepest gratitude and great appreciation to Dr Trần Hà Minh Quân, my tutor, for his guidance, valuable advices and great support in developing my thesis Secondly, I would like to express my sincere thankfulness all professors, program coordinators, alumni community members, and my classmates for devoting me their inspiration, support and sharing their valuable knowledge during my time studying at the MBMM program of the Solvay Brussels Schools and Ho Chi Minh City Open University Finally, I would like to thank my beloved ones for their love and continuous encouragement to me during my study   III TUTOR’S COMMENTS Ms Vo Thi Tho tries her best to make the final project with the topic of “Marketing Plan For The Wedding Planner Company” The author has made a lot of efforts to gather information as well as to conduct a survey to understand the consumer behavior and attitude towards using wedding planner services The recommended marketing plan in this project is practical and useful The thesis meets the requirements for the final project of MBMM4 program I suggest the committee should allow the author to present it to your kind perusal and consideration Signed: Dr Ha Tran Minh Quan 15-Dec-10   IV TABLES OF CONTENTS I EXECUTIVE SUMMARY II 2.1 2.2 2.3 COMPANY INTRODUCTION Our services Our mission Our business objectives 2 3 III 3.1 3.2 3.3 3.4 3.4.1 3.4.2 3.4.3 4 6 3.4.5 3.4.6 3.4.7 3.4.8 3.4.9 3.4.10 3.4.11 3.4.12 MARKET RESEARCH Research objectives Sampling method and research method Research scope and limitation Research analysis Respondent profile Which way consumers usually choose to arrange a wedding Type of wedding planner services consumers have used or intend to use Source of awareness and source of information for wedding planner Decision of using wedding planner services Perceived advantages of wedding planner Perceived disadvantages of wedding planner Important factors of choosing a wedding planner Brand awareness of key competitors Brand leverage of key competitors Brand association Satisfaction with the wedding planner ever used 10 11 12 13 14 15 16 IV 4.1 4.1.1 4.1.2 4.2 4.2.1 4.2.2 4.2.3 MARKET ANALYSIS Market attractiveness Market needs Trends and drivers Competitive analysis Competitive landscape Key competitor analysis Our competitive edge 17 17 17 18 19 19 19 21 V MARKETING STRATEGY 21 3.4.4   V 5.1 5.2 Market segmentation and targeting Positioning 21 22 VI 6.1 6.2 6.2.1 6.2.2 6.2.3 6.2.4 MARKETING PLAN Marketing objectives Marketing mix Service Price Place Communication 23 23 23 23 23 25 25 6.2.4.1 6.2.4.2 6.2.4.3 6.2.4.4 6.2.4.5 Advertising Public relations and commercial events Windows or POS Direct marketing Marketing budget 25 25 26 26 26 6.3 Monitoring and evaluation tools 26 REFERENCE 28 APPENDICES APPENDIX A Questions for in-depth interview APPENDIX B Survey questionnaires 29 29 30   VI LIST OF FIGURES Figures Pages Figure 3.1 Age distribution Figure 3.2 Marital status Figure 3.3 Economic class Figure 3.4 Ways of arranging wedding Figure 3.5 Type of wedding planner services have used or intend to use Figure 3.6 Source of awareness and source of information Figure 3.7 Decision of using wedding planner 10 Figure 3.8 Perceived advantage of using wedding planner 11 Figure 3.9 Perceived disadvantage of wedding planner 12 Figure 3.10 Important factors of choice 13 Figure 3.11 Brand awareness of key competitors 14 Figure 3.12 Brand leverage of key competitors 15 Figure 3.13 Brand image of key competitors 16 Figure 3.14 Satisfaction with the wedding planner ever used 17   VII LIST OF TABLES Tables Pages Table 4.1 Brief description of key competitors in HCM City 20 Table 5.1 Segment of wedding planners 22 Table 6.1 Price list 24 Table 6.2 Marketing budget 26 I EXECUTIVE SUMMARY Wedding planner service is quite new to Vietnamese Consumers still don’t get familiar with hiring wedding planner They prefer to arrange the wedding on their own even though it’s time-consuming and stressful Couples and their family’s members desire to have a perfectly planned and executed wedding ceremony Usually they need to prepare and complete a lot of work at least one year before the wedding date These things leave them a sheer of exhaustion by the time the ceremony has ended They also realize that they don’t have enough time and energy to make all the necessary preparation in a cost effective manner Finally, the professional advice to ensure every aspect of the wedding meet expectations should be considered For most couples, their wedding day will be the most expensive important day of their life and they might need professional advice when spending such a lot of money People pay an expert for advice when buying a house or a vacation, why not the most important day of their life – their dream wedding The problems are supposed to come from consumer behavior toward using wedding planner Consumer behavior reflects why and how people make a purchase decision A thoroughly understanding of this will help a marketer to formulate appropriate marketing stimuli that will result in increasing sales and brand loyalty As The Wedding Planner is a new player in the wedding planner market, it is essential to know how to evaluate and influence consumer behavior The research about consumer behavior towards using wedding planner service will be conducted in order to determine which marketing efforts should be used and when As using wedding planner service is new to Vietnamese, communication is extremely important to educate consumers and to make them familiar with it Finally, this drives them to adventure to use wedding planner service and then make a transition to hiring a wedding planner instead of self-preparing their   wedding By offering a full range of wedding services with efficiency and professionalism, The Wedding Planner will create a totally new experience for consumers who strive for a dream wedding II COMPANY INTRODUCTION 2.1 Our services The Wedding Planner is a start-up company that provides wedding consulting services to brides, grooms and their family members Nowadays people are too busy to plan their important individual events They even get overly stressed and frustrated when having to prepare the event as far as one year in advance We are a full-service wedding consultant company who help to create a memorable and stress-free wedding for our consumers We provide a wide range of wedding services from wedding scheduling to day-of-wedding organization We also design a wedding suited to the couple’s unique style as a true expression of their relationship and personality They just need to sit back and enjoy their event Our core services include: The whole wedding planner packages Partial wedding planner packages, including:  Pre-wedding:  Consulting service for weddings, honeymoons, receptions, and anniversary    Wedding event scheduling, and budget planning   22 Table 5.1 Segmentation of wedding planners Citizen Brides and groom Ho Chi Minh citizens and migrants who are living and working in Ho Chi Minh city Family members Ho Chi Minh citizens and family members from other provinces whose couples are living and working in Ho Chi Minh city 20-60 Male, female A, B Guests attending weddings Guests attend wedding ceremony Age Sex Economic class Occupation Lifestyle 20-40 Male, female A, B Buying behaviour People who like to pioneer are the most important as wedding planner service is looked as the modern lifestyle 5.2 20-60 Male, female A, B Any Any Any Be busy and willing to pay for perfectly planned and executed, stressfree wedding Positioning The Wedding Planner will position itself as a premier wedding planner who provides its consumers with a wide range of services custom tailored to their individual needs Our key successful factors will be as follows: ‐ Offer a full range of wedding planner services ‐ Provide high-quality customized services ‐ Build up a wide network and close relationships with wedding suppliers (outsourcing) such as florists, hair salons, bridal shops, restaurants, hotels … ‐   Maintain a professional and trendy image at all times   23 VI MARKETING PLAN 6.1 Marketing objective As The Wedding Planner is a brand new player in this market, marketing plan is designed to give out solutions to: ‐ Direct company activities toward consumer satisfaction and needs ‐ Bring wedding service to target consumers ‐ Communicate with the consumers to set a trend toward using wedding planning services instead of preparing wedding themselves 6.2 Marketing Mix 6.2.1 Service The Wedding Planner focuses on partial planner services and custom tailored service We provide consumers with a wide selection Whether they require a complete range of service or simply a particular service, we can help We divide our services into categories including Economy Wedding Line and Premium Wedding Line as follows ‐ Economy Wedding Line: This is a customized package Consumers can select any service they need for saving cost The required minimum number of service is services ‐ Premium Wedding Line: This line has sets including: Silver, Gold, Ruby and Diamond 6.2.2 Price The price will be set at main levels corresponding to the two lines This will leverage The Wedding Planner to stay at customers’ decision round Pricing     24 scheme is based on each selected service and will be fixed for each partial service The prices will change accordingly due to the market competition The price list will be set as table 6.1 Table 6.1 Price list Price per line Silver USD 500 Premium Wedding Line Gold Ruby USD 650 USD 850 Services Wedding included planning consultation Wedding etiquette guidelines Wedding day organization and coordination Price Wedding planning consultancy Wedding etiquette guidelines Wedding scheduling Wedding budget planning Wedding day organization and coordination Wedding planning consultancy Wedding etiquette guidelines Wedding scheduling Wedding budget planning Referrals to and supervision of suppliers Theme design an customization Wedding day organization and coordination Diamond USD 1100 Full-suite wedding planning Economy Wedding Line USD 150 per service Services Upon consumers' request The required minimum number of service included per a wedding is services     25 6.2.3 Place Our office will locate in district 3, the so-called fashion hub of the city Consumers can also contact us via website www.theweddingplanner.com.vn We will design an interactive website where we can communicate with consumers and get earnings 6.2.4 Communication 6.2.4.1 Advertising Advertisements will be placed in the local Yellow Page and popular fashion or female magazines under the premium design offering special deals including: Dep, Sanh Dieu, Tiep Thi Gia Dinh, Phong Cach, Thoi Trang Tre and The Gioi Phu Nu Moreover, advertisements are also placed on popular websites of fashion This will be one of the key tools to expand The Wedding Planner awareness into targeted consumers’ mind We use the main website www.theweddingplanner.com.vn as the first and most effective information and transaction place for customers The web functions would be sufficient for any request The layout is redesigned sometimes on special vacations to create and enjoy the environment Online advertising goes with commercial events to contribute the whole great impact on customers 6.2.4.2 Public relations and commercial events Participation in annual wedding fair and press release on magazine, photo shooting activities, sponsorship music gala to make target customers know more about The Wedding Planner brand Developing affiliate relationships with other wedding suppliers such as florists, hair stylists, caterers, etc that would receive a percentage of sales to the referred customers Word of mouth referrals aim at generating sales leads in the local community through customer referrals     26 6.2.4.3 Windows or POS Colorful decorated boxes displaying The Wedding Planner brand will be set up in our office and the crowded shopping centers including Sai Gon Tax, Parkson and Vincom This is an effective way for drawing consumers’ attention & advertising 6.2.4.4 Direct Marketing Catalogues, mailers and leaflets support information for customers 6.2.5 Marketing Budget Table 6.2 Marketing budget Media Public relation Cost Percentage Budget 2011 Advertising 53% 20,000 Gifts and entertainment 8% 3,000 3% 1,000 26% 10,000 Cost related In-store catalogue and to POS advertising boxes Opening events & Commercial Events participating in annual wedding fair Direct Catalogues, mailers and Marketing leaflets 10% 4,000 Total 100% 38,000 6.3 Monitoring and evaluation tools The importance of proper and timely evaluation cannot be overlooked Communication between the company and our consumers is essential for our     27 success, especially when The Wedding Planner is a grand new player Consumers can try a new supplier "one time." If they are not pleased with our service, they will look elsewhere A good evaluation system and prompt corrective actions, when required, can assist us in maintaining our individual market share Properly conducted, this step allows The Wedding Planner to evaluate what is right and wrong and to make corrective actions This step forces the company to consider how the results of each planning period's evaluation shall be used to improve performance in the next planning period Information gained in the control and evaluation analysis may be used to update objectives, to alter strategy approaches, and even change tactics to be used When this happens, the planning process has come full circle and the entire marketing planning process begins again The followings are measures of overall planning performance: The company’s market share will get 10% of the total wedding market in Ho Chi Minh City in 2011 Sales of Partial wedding planner packages will contain 70% of our annual sales Our primary consumers will be people in economic class A and B Customer satisfaction and other market feedback will yearly be checked and explored by surveys conducted by a professional market research company     28 REFERENCE Carolyn Boyce & Palena Neale (2006), Conducting In-Depth Interview: A Guide For Designing And Conducting In-Depth Interviews For Evaluation Input, Pathfinder International Richard L Sandhusen (2000), Marketing - A Practical Guide To Understanding, Assessing, And Implementing The Strategy That Yields Bottom-Line Success (Paperback), Pentland Press Limited Robert Y Cavana & Brian L.Delahaye & Uma Sekaran (2001), Applied Business Research: Qualitative And Quantitative Methods, John Wiley & Sons, Inc Neil J Salkind (2006), Exploring Research 6th Edition, Pearson Education International Philip Kotler & Kevin Lane Keller (2008), Marketing Management 13th Edition, Pearson One Leon G Schiffman and Leslie Lazar Kanuk (2004), Consumer Behavior 8th Edition, Pearson Education International     29 APPENDICES APPENDIX A QUESTIONS FOR IN-DEPTH INTERVIEW What wedding services you intend to use? Please list Which of these wedding services would you consider being key to make a perfectly executed wedding? Please explain What factors influence your choice of wedding suppliers? What you know about wedding planner? Do you consider using wedding planner services? If yes, explain why How can you tell the difference between a partial wedding supplier and wedding planner? What benefits will in your opinion wedding planners bring to you? Which wedding planner brands have you known? What factors decides your choice of a wedding planner? 10 How advertising affects your choice of wedding planner?     30 APPENDIX B SURVEY QUESTIONAIRES Customer Behavior & Attitude Towards Using Wedding Planner Services Respondent’s full name: Phone: Address: street _Ward _ Date: Contact with respondent age 20 -55 Hello We are from The Wedding Planner Company We are conducting a survey on wedding planner services We are very appreciate if you can spend sometime to give us your view in the above topic Please tick “X” after your answers SCREENING Q1 Could you please tell me which way you often use for arranging the wedding? Hire wedding planner services Do it on my own Q2 RECORD RESPONDENT’S GENDER Male Female Q3 Could you please tell me your age?     31 Under 20 years old 20 – 35 years old 35 – 55 years old Above 55 years old CLOSE CLOSE Q4 RECORD RESPONDENT’S MARITAL STATUS What is your marital status? Marriage Single Q5 When was the last time you used or intend to use a wedding service? In the past year More than year ago Q6 RECORD TYPE OF WEDDING SERVICES THAT RESPONDENT HAS JUST USED/INTEND TO USE Wedding couture Budget planning Wedding event scheduling Wedding day organization & coordination ATTITUDE & BEHAVIOR OF USING WEDDING PLANNER SERVICES Q7 a From which source that you know about wedding planners? b And you seek information for wedding planners from? Newspaper/magazine Advertising Internet Recommendations from relatives/friends   a know from b get info from 1 2 3 4   32 Q8 Which of the following statements best describes your decision of using wedding planner services I want to have a perfectly planned and executed wedding ceremony I want to release stress on preparing wedding I use wedding planner services because I don’t have time to prepare on my own I need a professional wedding planner to design my wedding theme Q9 Hereby are advantages of a wedding planner that other people talk about I would like to know how strongly you agree with these statements Please use the scale from – 5, where: 1= Strongly disagree; = Disagree; = Neutral/ Neither agree nor disagree; = Agree; = Strongly agree Wedding planner services… save your valuable time save your wedding budget deliver you a stress-free wedding recommend you the best wedding suppliers 1 5 5 Q10 Hereby are disadvantages of wedding planner that other people talk about I would like to know how strongly you agree with these statements Please use the scale from – 5, where: 1= Strongly disagree; = Disagree; = Neutral/ Neither agree nor disagree; =     33 Agree; = Strongly agree Wedding planner services … expensive push me into decisions I cannot afford force me to use a full package services 5 5 cannot fit the wedding in with my style & social status cannot harmonize with other family members in wedding day lack knowledge of traditional wedding etiquette Q11 To what extent are these factors/ statements important to you when choosing wedding planner? Please use this 5-point scales where = Not important at all; 2= Slightly unimportant; = Neutral; = Slightly important; = Very important     34 low price quick and efficient service provide a full range of wedding services give a wide selection of wedding suppliers you wish provide smart wedding event scheduling set a reasonable wedding budget 5 association have wide knowledge of wedding etiquette popular-is used by many people well-known brand entitle you to use your wedding suppliers if provide good referrals to bridal stylists, florists, studios… provide whole-hearted wedding date WEDDING PLANNER SERVICES AWARENESS & USAGE Q12 a Which brand comes to your mind when you think of wedding planner service? b Any others? [MA] a Top of mind (TOM) Vietnam Wedding Planner Confetti Wedding Planner Others: DK/ NA b Spontaneous 1 2 3 4 Q13 a Which of the below wedding planner brand have your known or heard of? b Which of them have you ever used? c If you had to recommend a wedding planner brand to somebody, which one would it be? d Which wedding planner brand would you say is your favorite one? Only     35 BRAND is chosen It may or may not be the one you use most often Vietnam Confetti Phu The Q Bridal Others: _ DK/ NA a.Aware b.Ever used c Recommend d.Favorite 1 2 3 4 5 6 Q14 ASK FOR BRANDS AWARED (Q13a) For each of these attributes, please tell me how it associates with wedding planner brands? (You can choose or more) Please note the code of brands as bellows: Vietnam Confetti Phu The Q Bridal low price 1 1 quick and efficient service 2 2 3 3 4 4 suppliers if you wish 5 5 provide smart wedding scheduling 6 6 set a reasonable wedding budget 7 7 8 8 9 9 etiquette 10 10 10 10 popular-is used by many people 11 11 11 11 well-known brand 12 12 12 12 provide a full range of wedding services give you a wide selection of wedding suppliers entitle you to use your wedding provide good referrals to bridal stylists, florists, studios provide whole-hearted wedding date association have a quite knowledge of wedding     36 Q15 ASK FOR THE WEDDING PLANNER BRANDS EVER USED (Q13b) To what extent you feel satisfied with the wedding planner brand you have ever used? 1= Strongly dissatisfied; = Dissatisfied; = Neutral; = Satisfied; = Very satisfied Vietnam Wedding Planner Confetti Wedding Planner Phu The Wedding Planner Q Bridal 5 Others : _ RECORD SOCIO-ECONOMIC CLASS Q16 RECORD SOCIO-ECONOMIC CLASS What is your monthly personal income? A B C D > 15,000,000 VND 7,500,000 -15,000,000 VND 4,500,000 - 7,499,999 VND 3,000,000 - 4,499,999VND THANK YOU   ... hiring a lot of small wedding suppliers in order to get all services they need for a wedding Hiring a wedding planner to take care of their wedding is still strange to them Therefore, The Wedding. .. Confetti wedding planner and Vietnam wedding planner are the two market leaders among wedding planners with significantly higher scoring than other players on most important factors for wedding planner. .. of awareness and source of information for wedding planner Decision of using wedding planner services Perceived advantages of wedding planner Perceived disadvantages of wedding planner Important