Marketing

Marketing Management

October 24, 2010

Marketing Plan

Assignment 1

Market Analysis

Nearly $35 billion are spent every year on weddings and receptions. Therefore, professional wedding consultants are a commodity, not a calamity. Signature Wedding Consultants are full-service wedding consultants that offer a variety of services to our clients. We pride ourselves on being professional and courteous at all times and we have packages to suit everyone's needs.

As previously stated, marriage is a billion dollar industry, therefore, just about everyone we meet is a potential client. However, we mostly advertise to brides, grooms, and family members.

Market Segmentation

Although the flash and excitement of impending nuptials can be intoxicating, it can also be overwhelming. Therefore, we primarily market our services to the people who need them most--brides and grooms. In 1997, 2.4 million marriages took place in the United States. According to the Encarta Encyclopedia, the current US marriage rate of nine marriages per 1,000 people is still the highest rate among the industrialized countries. This marriage rate is expected to remain at the same level in the near future. In the Savannah, GA area where Signature Wedding Consultants plans to operate their business, over 1,500 marriages are registered each year, which creates a sizable market potential for this line of business. Another customer segment is represented by the numerous family members and guests attending weddings, anniversaries, and similar events. This segment requires event preparation services like gift ideas, etiquette tips, etc. Besides the wedding arrangements, which Signature Wedding Consultants believe to be their major client assignments, other events the company will provide services to include corporate retreats, etiquette training, etc. This customer segment is estimated to have the annual volume of 1,000 orders in the Savannah, GA area.

Target Market

Age is the most significant...