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Introduction to Business - Unique Weddings

University: Angila Ruskin University

  • Unit No: 7
  • Level: Post Graduate/University
  • Pages: 10
  • Words: 2500
  • Paper Type: Business Plan
  • Course Code:

    BAA749

  • Country: UK
  • Downloads: 0
Question :

This project focuses on drafting a business plan for a wedding planner by the name of  Unique Wedding.

  • Outlining the new business venture of Unique Wedding focusing on nature and USP.
  • Describing a business plan emphasizing on products/services, employees and customers.
  • Explaining the future expansion plans for Unique Weddings.
Answer :
Organization Selected : Unique Weddings

1. INTRODUCTION

There are many business which run in society. It is essential to deliver goods as per requirement of consumer. Wedding is one of the biggest occasion in one's life. So everyone wants to make in memorable. In UK marriages are done by analysing different factors which can be performed with the help of wedding planners. Unique Weddings is the company which runs business of wedding planning (Bryman and Bell, 2015). Unique Weddings in New Orleans is identify as one of the most well-respected and established design and planning organisation. It specializing in creator design concepts, executing and organising perfect celebrations while staying loyalty to our customers. They wants to make memorable activities and make them cherishing for life time.

1.1 New business venture

Nature of business and what service or product it provides:

There are many activities which help them to give satisfaction to workers. It is essential that organisation has to make policies which are competent to external factors. Nature of business are-

  • Business runs to earn profits. It is essential that organisation has to make policies which helps in achieving this target.
  • Business runs in society and it is essential to perform activities in way which is fruitful in achieving targets. There is risk and uncertainty in performing business.
  • There are difference in working style and thought of consumer. It is essential that company has to plan activities in way which is effective in expansion of business.

Unique Weddings deals in providing best services to family members of bride and groom. They plan all the activities from initial start of marriage to honeymoon package (Demil and et. al., 2015). They suggests gifts for guest, colour combination and dress code of dresses for different function.

USP and explantation of business would have a competitive benefits:

USP of Unique Weddings are they provide services as per budget of customer. They analyse need and budget of consumer and it creates good relations with customer. Consumer feel familiar while dealing with mangers of Unique Wedding.

1.2 Business type

It is a private organisation registered at the company house. It is a separate legal entity, as manager, they will not be responsible for any debts the business goes into. Unique Weddings is a partnership firm which was established by 4 partners. They have equal ratio of expense, capital and revenue. Partnership firm is suitable as there is support from peer members and there is use of private funds (Doh, McGuire and Ozaki, 2015). There is spare plot which is used as office so there is no cost of rent. In partnership there is no need of much workers. So in initial days of company it is beneficial for achieving targets.

1.3 Research

There is less competition in wedding plan, so this business plan proves successful. This business is seasonal so people take less interest in this (Findlay-Thompson and Mombourquette, 2014). It is essential that company has to provide best services and at appropriate time, there is requirement of change in policies as per demand of customer. There are varieties of customers, so it is essential to perform services as per need. In UK these days couples are more curious about their wedding so they want to plan everything in best way which gives them long and happy memories. In this Unique Weddings choose a better and attractive place where large number of the customers are come up and provided entire responsibility of event to the company. Main reason for choosing attractive place is to gain large number of the profit and sales. It also help them to gain maximum competitive edge as compared to their other challengers.

2. Business plan

2.1 McCarthy's 4P's

McCarthy’s 4Ps: McCarthy's was an American marketing author and professor. It is one of the best and essential method which is used by the each and every organisation in order to introduced their new products and services in marketplace. This approach assist the Unique Weddings which is a suggested wedding planner business, they use this method for providing basic information and data about the services, products and many other aspects of event in an effective and efficient manner. This approach is beneficial and valuable for the organisation to maintain their long lasting relationship and loyalty with customers. Thus it assist to improve business performance and profitability (Galí, 2015). It is very important in different ways such as it assist in a clear mix development, it support in new product and service development, support to maximise the product portfolio, helps in differentiation, assist the company in being dynamic and guide to enhance business operations and activities in international and different level in successful manner. This tool includes 4p's such as place, promotion, price and product or services. These are determined as below:

Place: It is one of the best and essential part of the marketing mix which support new venture in order to select a best place where they provide their services to the customers. It is identify as a role and responsibility of business manager is to conduct research in which they identify basic needs and wants of the customers (Gattorna, 2017). It will help to increase customer base and maximise their profitability and effectiveness in marketplace. It is more attractive part which help to increase their turnover and profitability in allotted time duration. In this they apply online business place where they easily attract large number of the customers business services and products. In this Unique Weddings should try to expand their business operation in Dublin, it is more attractive city where large number of the population are lived.

Price: It is another important and significant part of the 4P's, it is the role and duty of marketing manager is to set their prices as per the occasion of event. Unique Weddings use penetration pricing strategy, it help wedding planner to attract large number of the customers towards business services. This pricing strategy also support to maximise their sales and revenues in limited time duration. This price includes operating expanses, consulting fees, contingencies, challengers' service pricing and event costing. So it is essential for them to attract large number of clients for the business and its functions.

Promotion: In order to promote business services, new manager is responsible for using different promotion channels such as online and internet promotion, Printed media, word-of mouth and many other. In this apply press release, Award certificates, event partners, sponsors, clients, partners and many other. It is one of the best and valuable approach which assist to maximise customer base in the organisation (Hair and et. al., 2015). Further, it will support to maximise sales and revenues in an essential and effective manner. An effective promotion support, the organisation to increase their sales and revenues as well as maximise customer base. It is valuable strategy which help to gain competitive edge in limited time duration. Unique Weddings adopt marketing strategies in this they use social media which help to attract large number of the clients towards events services. There are another essential approach such as Media, social media, avert in advertising the business process and services. It will not highly affect the costs of the Unique Weddings company. Because these are available as cheaper rate.

Product or services: In wedding planner business, products and services are luxurious, good security and higher hospitality services. It is also essential and beneficial for the organisation to provide better services and products to the customers systematically. It is also identify as a role of wedding planner in order to plan an effective services, multimedia production, restaurant and many other. There are different kind of services which are provided by the Unique Weddings to their customers such as event scheduling, etiquette advice, discounted invitations and products, rehearsal attendance, vendor confirmation, supervision of both ceremony, budget planning and reception setup (Johnson, 2016). So it is one of the better and necessary part of the 4P's which assist to accomplish their long term goals and targets in given time period. Further, it will help to improve their market goodwill and reputation.

This plan is made for 150 guests.

Items

Description cost (£)

Estimated cost (£)

Catering

Vegetarian food - 25

Non-Veg food - 50

Salary to waiters - 20

Drinks - 30

Dessert - 25

25*150 = 3750

Decoration

Stage decoration - 150

Lighting - 300

Carpet - 50

500

Rent of Venue place

-

1500

Clothing

Bride's dress – 200

Groom's dress - 100

300

Music

Instrumental – 50

DJ - 150

200

Photographers

Video maker – 200

Video Editor - 150

350

Jewellery

Rings – 200

Necklace - 100

300

Total

 

6900

This means that the budget per person will be £46 .

2.2 Employees/Staff

In Unique Weddings, around 20 employees will be recruited while taking assistance of HR consultancy firm. Motive and aim of employees is to maximise business sales and revenues in limited time duration. In the organisation, manager play vital and essential role in recruiting and selecting knowledgeable and talented candidates who can easily accomplish long term objectives and targets of company (Maylor, Blackmon and Huemann, 2016). There are different roles of the employers and employees which are determined as below:

Explain the job roles assigned to the business employees & role of the manager/s:

Role of manager: There are various roles and responsibility of managers which are determined as below:

Provide training and development to the staff members: It is one of the main role of the manager is to render training and development to the staff members. Further, they are trained and help business organisation to deal with difficult situation and attract million number of customers towards business services and products.

Improve productivity and profitability: It is another role and duty of manager is improve profitability and productivity of the organisation in limited time period (Orlov, 2016). It is one of the main responsibility of administrator is to provide quality products and services to the clients which turn to enhance effectiveness and profit of organisation.

Satisfy customers needs and wants: It is another important and beneficial role of the manager is to give quality goods and services to the clients in an effective and efficient manner. It will support them to satisfy wants and needs of the clients effectively.

Role of employees: In the business entity, employees also play vital and significant role in accomplishing long term objectives and goals of organisation. There are some roles of employees which are determined as below:

  • Arrange transport for different supplies and many other equipments for wedding venue.
  • Coordinate with clients and vendors and recommend proper wedding theme.
  • Handle finalization of contract and venue for space booking.
  • Evaluate customers needs and perform decorations.
  • Collect require data for project and see proper achievements of entire production.
  • Render innovative and new plan for wedding ceremony.
  • Manager collection of payment in time to time from bridegroom and bride and make proper payments to suitable vendors.
  • Monitor and control entire site of production activities and handle cleaning process for location.
  • Prepare checklist for entire process and see completion for same.

Business management is a pyramid hierarchical or flat structure:

Flat Structure: It is identify as a business structure of the Happy moments, there are few and no level of administration between staff and management. In this manager not guide appropriately while encouraging their maximised participation in the process of decision making. It is apply when:

  • Fewer level of administration promote an easier decision making activity among workers.
  • Eliminating the wages of middle administration reduce an enterprise' budget costs.

Hierarchical Structure: It follow the pyramid of layout (Peirson and et. al., 2014). Each and every workers in the enterprise, except one, mainly the CEO which is subordinate to all employees within the enterprise. This layout includes multiple entities that locomote into the form of workers who work at the lower level of the pyramid. This structure follow when:

  • Motivating and encouraging the employees to perform well.
  • It is apply when business motive is to providing motivation to the employees in a systematic manner.


(Source: Hierarchical Structure of Unique Weddings, 2018)

2.3 Customers/Clients

Customers are one of the main and important part of the external factor of the company. With the help of this factor an organisation easily increase their sales and revenues in limited time duration. It is the role and responsibility of the manager is to satisfy basic needs and wants of the customers by providing quality products and services to them. Further it also essential in improving image and goodwill in marketplace (Ragsdale, 2014). In order to attract large number of the customers for the wedding services and products, manager apply different aspects which are determined as below:

Actively participate in Facebook groups: It is one of the best and important way to attract large number of the customers towards different wedding event services and products in an effective and systematic manner. It is more essential for the new venture to attract more and improve their image and goodwill in marketplace.

Develop blog content that is written with ideal client in mind: It is another important and useful way for attracting maximum number of the audience towards business services. It is the role of manager is to create an effective blog content which help to easily deal with customers without any difficulties (Ross, 2016).

Perfect actual client process or activity to acquire more referrals: Under this way, manager of new venture play vital and critical role in maximising customer base in the organisation. In order to provide necessary and valuable information to the customers about discounts and many other offers, company is capable to apply appropriate process of providing services to the clients.

Make an active social media presence: It is another beneficial way for the new venture to take their more time in social media. So in this they promote their all plans and strategy regarding wedding event on social media (Sekaran and Bougie, 2016). It help large number of customers because today's most of the population spend their more time period on social media. So it is essential and important for the Unique Weddings to maximise customer base easily.

Try Facebook ads: Another important and beneficial part of attracting customer is to providing ads for the business services and products to the customers in an effective and efficient manner. So it is good for the Unique Weddings to increase their sales and revenues in limited time duration.

In order to maximise customer base in the organisation and new online business, Unique Weddings Arranging for show rounds and many other aspects. In this they organise different programs which help customers to easily understand about business services.

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