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Tying the Knot Tying the Knot Productions Productions Capturing memories Capturing memories for a lifetime for a lifetime

Tying the Knot Productions

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Tying the Knot Productions. Capturing memories for a lifetime. Strengths. Competitive prices Low overhead Professional. Weaknesses. New business Low brand awareness Older equipment. Opportunities. Montana Number of marriages (2004) 6,946 Population926,865 Wyoming - PowerPoint PPT Presentation

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Page 1: Tying the Knot Productions

Tying the Knot ProductionsTying the Knot Productions

Capturing memories Capturing memories

for a lifetimefor a lifetime

Page 2: Tying the Knot Productions

StrengthsStrengths

• Competitive pricesCompetitive prices

• Low overheadLow overhead

• Professional Professional

Page 3: Tying the Knot Productions

WeaknessesWeaknesses

• New businessNew business

• Low brand awarenessLow brand awareness

• Older equipmentOlder equipment

Page 4: Tying the Knot Productions

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

Page 5: Tying the Knot Productions

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

Page 6: Tying the Knot Productions

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

Page 7: Tying the Knot Productions

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

Page 8: Tying the Knot Productions

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_____________________________________________________

Page 9: Tying the Knot Productions

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

Page 10: Tying the Knot Productions

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

Page 11: Tying the Knot Productions

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

Page 12: Tying the Knot Productions

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

Page 13: Tying the Knot Productions

Tying the Knot ProductionsTying the Knot Productions

Capturing memories Capturing memories

for a lifetimefor a lifetime

Page 14: Tying the Knot Productions

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

Page 15: Tying the Knot Productions

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

Page 16: Tying the Knot Productions

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”

Page 17: Tying the Knot Productions

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

Page 18: Tying the Knot Productions

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

Page 19: Tying the Knot Productions

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.

Page 20: Tying the Knot Productions

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)

Page 21: Tying the Knot Productions

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.

Page 22: Tying the Knot Productions

Tying the Knot ProductionsTying the Knot Productions

Capturing memories Capturing memories

for a lifetimefor a lifetime

Page 23: Tying the Knot Productions

Marketing MixMarketing Mix

1.1. ProductProduct

2.2. PlacePlace

3.3. Promotion Promotion

4.4. PricePrice

Page 24: Tying the Knot Productions

ProductProduct

Page 25: Tying the Knot Productions

Means End ChainMeans End Chain• ProductProduct

– Videography serviceVideography service

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

Page 26: Tying the Knot Productions

Means End Chain Means End Chain

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

Page 27: Tying the Knot Productions

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

Page 28: Tying the Knot Productions

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

Page 29: Tying the Knot Productions

Perceptual MapPerceptual Map

Page 30: Tying the Knot Productions

Brand Positioning StatementBrand Positioning Statement

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

Page 31: Tying the Knot Productions

PlacePlace

Page 32: Tying the Knot Productions

Place ObjectivePlace Objective

•Home-basedHome-based businessbusiness−No middlemenNo middlemen

Page 33: Tying the Knot Productions

PromotionPromotion

Page 34: Tying the Knot Productions

AIDAAIDA

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

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

Page 35: Tying the Knot Productions

AIDAAIDA

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

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

Page 36: Tying the Knot Productions

PricePrice

Page 37: Tying the Knot Productions

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.

Page 38: Tying the Knot Productions

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

Page 39: Tying the Knot Productions

Price StrategyPrice Strategy

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

Page 40: Tying the Knot Productions

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