Read all the pdfs and complete the required questions.
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Business Report
Name
2018121344
BUSI 4046/4053 Final Business Plan
Professor
University
Location
Part 1A – Business ideas planning
Business description
Queen’s wedding is a well known company focusing on managing and designing wedding ceremonies located in Vancouver, Canada. The special thing regarding our company is that it is not only offering venue, menu planning, decoration, and entertainment and catering but also designing the special wedding dresses for bride and groom according to theme of their wedding and also doing alternations.
Services provided by Queen’s wedding
This company is going to provide multifarious services in the Canada. The purpose of starting our company is to compete with the largest competitors in the Wedding planners industry not only in Canada but also worldwide. The following services are offered by Queen’s wedding:
Menu planning
Venue planning
Catering
Decoration
Photography
Arranging transportation
Designing and arranging wedding dresses, jewelry and makeup as well.
Vision statement
Our vision statement to make the best professional wedding planner company in order to first choice of couples.
Mission Statement
Our mission statement is to make the wedding day special for couples by providing them trusted and unique services at low cost.
Target market
Our target market will be the engaged, young couples who want to spend extravagantly on their wedding day to make it special. Their desire is to have planned and professionally carried out wedding. They can be from different class from Canada and from other countries also. Another situation happens when couples want to have a destination wedding. It will also target families and friends of bride and groom to offer them high quality wedding services.
Benefits of getting services from Queen’s wedding
Our Company will provide various services at an affordable cost. It will provide standard wedding planner services at local, state, national and international level. Our customer is our god so when they are contracting wedding planning with us we will ensure that we are providing unique and personal wedding to our clients that assist them in achieving their dreams about their wedding day. Our weddings will be completely customized to reflect the personality of beautiful couples. Our designers are customizing dresses of bride and groom according to the theme of their wedding. . Also, the company is offering alternations services like if the outfit available does not fit the couple, the couples are at liberty to ask the team to offer new outfits, which will be provided at a higher cost, but funds will be given back once they return them to the organization.
Stakeholders
The stakeholders are bride and groom and their families. Others are wedding guests, decorators, photographers, musicians, suppliers, employees, catering and clothing planners.
Organizational structure
Initially, this business is founded by two people who will use legal partnership forms. This form is easy to establish and maintain and all founders can contribute to business decisions. After the expansion of the business, they hire honest, qualified and hard- working people to occupy the following positions:
Chief Executive officer - Recruiting and training managers, communicating and implementing vision and mission, evaluating the overall growth of the company.
Wedding planning consultant - Organizing all wedding events like catering, decoration and so on. Hiring vendors and handling any arising issues on the wedding day.
HR Manager – Responsible for administrative tasks such as arranging meeting with stakeholders, maintaining office supplies and training of employees.
Marketing Executive – Identifies new partners and business opportunities to increase sales of the company. Also responsible for handling business research.
Accountant - Preparing financial reports, income statement and balance sheet, performing cash management and administering payrolls.
Client Service Executive – Welcomes guests and clients, ensuring customer receive higher satisfaction, receiving mails for the company.
Concept Statement
The concept statement of the organization is taking advantage of new couples to give them an enhanced wedding experience, allowing them to enjoy their wedding ceremonies by offering them unique and special wedding moment. The concept statement will allow stakeholders to dedicate themselves to their activities, leading to business success. This will be an essential strategy to meet the goals of the organization.
Part 1B Concept Statement
The wedding planner industry is increasing at an alarming rate day by day. So, starting business of wedding planner, event planner, bridal store and so on is highly profitable. The services offering by our company are fair, flexible and friendly. This company allows customers to feel considered by the organization, thus allowing them to refer their friends to the organization, which helps it to generate more revenue. Furthermore, the services offered at cost-effective prices allowing the customers to get the best, thus increasing the company brand and reputation. It is offering high quality, reliability and eco- friendly services, thus enhancing customer experiences in the organization. Furthermore, in case of any dispute regarding the products rendered by the firm, customers will be free to communicate with the organization's customer care, thus allowing the problems to be solved on time. This will be essential to the organization as it will ensure that all conflicts have been solved on time to get higher customer satisfaction. (Broekhuizen et al, 2018)
When customers hold marriage celebrations, they always intend to get the best services and value for their money. The organization will meet the market's demands by offering customizable products and services at different prices allowing the customers to get the best experience for their special day. Furthermore, the management and the marketing teams will keep evaluating services offering to the customers.
It will be expensive to start the business as many things are required to make the wedding ceremony exciting. Due to the rapid growth and changing of wedding industry, the business will be required to purchase components regularly increasing the expenses of the organization. The business will need to get funds from creditors such as banks to keep it running effectively. Furthermore, new trends are emerging in the market, and the organization needs to blend the need to achieve customer satisfaction.
The financial strategy will be essential to achieve customer satisfaction and meet customer demands. The financial needs of the business will include paying rent, acquiring insurance of the business, paying the workers, maintaining the workers of the organization, and purchasing new components of the organization to meet the demands of the customers. This is an essential strategy for the business to meet the customers' needs and the organization's demands.
Before implementing any strategy, the management must evaluate it and monitor its impacts on the organization. If the risks of the strategy to be adopted by the business are high, the business will have to stop using the strategy. If a strategy has a limited number of risks, the business is likely to adopt using the strategy, thus leading to business development. These strategies are likely to do the business to success positively.
Part 1C – First Screen Analysis
Introduction
The proposed name for the business is Queen’s wedding. The business will be founded by Mr Marcus Watts and Susan Gillmor. The business will not only be entitled to offering wedding planning but also designing outfits for bride and groom to make their wedding day beautiful. This company is located in Vancouver, Canada. The engaged couples who want to have memorable wedding day and their families are the target customers of this company. The management of the business has set it to be launched three months after all preparations have been achieved.
Part 1: Product Feasibility
Product/service desirability
The business will achieve product and service desirability by hiring experts in the wedding industry. They will be responsible for conducting extensive research about wedding celebrations to get the best products and services for hosting wedding events. Furthermore, the business will hire customer supporters with effective communication skills to offer advice and listen to customer needs to present them to the organization. This will allow the organization to improve its products and services and gain market share. (Braga et al., 2022)
Product/service demand.
The rapid population growth has led to new relationships resulting from increasing demand in the wedding industry. To cope with the wedding demands, the organization will create a detailed budget to purchase more wedding equipment and amenities to support multiple wedding events. This strategy will allow the company to host five wedding events simultaneously, thus meeting the demands of the wedding industry.
Part 2: Industry/Market Feasibility
Industry attractiveness Assessment tool
| Assessment | Low potential | Moderate potential | High potential | |
| Competition | Many | Few | None | |
| Age of the industry | Old | Middle | young | |
| Industry growth rate | Little to no growth | Moderate | Strong | |
| Average net income of the industry | low | Medium | High | |
| Industry concentration | Concentrated | Not concentrated nor fragmented | Fragmented | |
| Stages for the life cycle of the industry | Maturity phase | Growing phase | Emergence phase | |
| Importance of industrial products and services. | “Ambivalent” | “Would like to have” | “Must have.” | |
| Extents of both environmental and business trends in favor of the industry | Low | Medium | High | |
| Number of new exciting products and services to the emerging industry. | Low | Medium | High | |
| 10 | Long-term business perspective | weak | Neutral | Strong |
Target market attractiveness
In this industry, my target customers are couples. Our company is doing their best to help in them in achieving their wedding goals.
Target market attractiveness assessment tool
| Assessment | Low potential | Moderate potential | High potential | |
| Competitors | Many | Few | None | |
| Market growth rate | Little | Slow | Rapid | |
| Average net income for the target company | Low | Medium | High | |
| Methods used for generating revenue | Not clear | Not very clear | Clear | |
| Ability to create entry barriers to competitors | Unable | May or might not be able to create | Can create | |
| Degree of customer satisfaction | Satisfied | Neither satisfied nor not satisfied | Not satisfied | |
| Ability to employ low-cost guerilla and buzz market techniques | low | Moderate | High | |
| Excitement of new products/ services to the market | Low | Medium | High |
Market timeliness
Market timeliness Assessment
Below is the target market assessment.
| Assessment | Low potential | Moderate potential | High potential | |
| Customer buying mood | Customers are not in their buying mood | Customers are in a moderate purchasing mood | Customers are in an aggressive buying mood. | |
| Market Momentum | Losing momentum | Slowly gaining momentum | Highly gained momentum | |
| New firm for a new geographical location | Low | Moderate | High | |
| Business and environmental trends are moving in favor of the business | Low | Moderate | High | |
| Planned entrance of large firms to the market. | Large firms are entering the market | Moderate large firms entering the market | No large firms are entering the market. |
Conclusion
The attractiveness of the industry: The attractiveness of the industry is moderate as the company is quite young in the wedding planning industry. Engaged couples and their families are showing more interest in it. We provide them wonderful wedding experience. Even this, our attractiveness is that customers who want to have destination wedding and theme wedding.
The attractiveness of the target market: The target market attractiveness has high potential as customers are not happy with services being provided by the existing companies. There is ability to make low-cost marketing and generating more income as there are few competitors.
Timeliness of the market: Buying mood of the customers is moderate and market is sharply gaining momentum. So, introducing more services and locations has become need of hour.
Industrial Feasibility: Feasible because there is market stability, and with effective strategies and management practices that will the business to grow.
Suggestion towards improving market feasibility: Market feasibility can be achieved through effective research on how to increase the revenue of the company. Using different marketing techniques to increase buying power of the target customers.
Part 3: Organizational Feasibility.
Management process.
Management process assessment tool
| Assessment | Low potential | Moderate potential | High potential | |
| Passion for the business | Low | Moderate | High | |
| Experience in the industry | None | moderate | High | |
| Entrepreneurship experience | None | Moderate | High | |
| Social and professional networks | Weak | moderate | Strong | |
| Creativity among teams | Weak | moderate | High | |
| Expertise in cash flow management | None | Moderate | High | |
| College graduates | No education | Some college graduates | All are college graduates |
Sufficiency of the resources
Resource sufficiency focuses on non-financial resources in various categories of the organization. Resource efficiency is essential to facilitate the proposed activities' availability for the business.
Resource sufficiency assessment tool
| Resource rating | Resource sufficiency |
| 1 2 3 4 5 | Space of the office |
| 1 2 3 4 5 | Manufacturing space, lab space, or space for launching a new business. |
| 1 2 3 4 5 | Contracting manufacturers |
| 1 2 3 4 5 | Management employees |
| 1 2 3 4 5 | Organizational support personnel |
| 1 2 3 4 5 | Essential equipment required to operate the business. |
| 1 2 3 4 5 | Obtaining intellectual information |
| 1 2 3 4 5 | Supporting state government for business launch |
| 1 2 3 4 5 | Ability to form business partners |
Business Ratings (Strong, neutral or weak)
Strong Proximity towards similar firms
Strong Supplier Proximity
Neutral Customer proximity
Neutral Proximity towards university research.
Conclusion
Management process: The management process has high potential because management team is extremely passionate regarding the business idea. All are college graduates and highly creative. Even this, they have relevant experience
Resource sufficiency: Resource sufficiency of the business is high. It has all the required resources like space, employees, suppliers, cash and equipments to start a business.
Organizations feasibility: Feasible. (Buchinger et al, 2017)
Suggestions to improve organization feasibility: Organizational Feasibility can be improved by conducting research to identify new trends in the market and adopting towards using them.
Part 4: Financial Feasibility
Financial Feasibility focuses on analyzing finances required for cash start-ups for proposed business ventures, thus allowing successful business execution. (Affandi et al, 2019)
Total cash needed for the business.
| Capital investment | Amount |
| Business property | 550,000.00 |
| Fixtures and furniture | 8,550.00 |
| Computing equipment | 1,500.00 |
| Other equipment | 37,320.00 |
| Motor vehicles | 120,000 |
| 717,370 | |
| Operation expenses | Amount |
| Accounting and professional services | 3,000.00 |
| Promotional and advertisements | 9,700.00 |
| Deposit utilities | 4,520.00 |
| Permits and licenses | 3,700.00 |
| Organizational insurance | 1,300.00 |
| Payments | |
| Wages and salaries | 17,000.00 |
| Taxes | |
| Business Travels | 3,000.00 |
| Signs | 1000.00 |
| Supplies and tools | 53,730.00 |
| Inventory | 110,300 |
| Cash | |
| Expenses 1 | 208,553 |
| Expenses 2 | |
| Total cash needed to start | 921,923 |
Comparison of the financial performance of the proposed venture to similar firms
Comparing financial performance with other companies is an essential strategy for a company to determine if it is spending more, thus allowing it to control its operations effectively. Below are tables illustrating annual sales between other companies:
| Year 1 annual sales estimation | How the annual sales were computed |
| Year 1 estimated sales. | Year 1 sales were $318,427. As a new business, this was average for the business. |
| Year 2 estimated sales. | Year 2 sales were $336,210. This was average, but the organization would do better than this. |
Net income:
| Year 1 annual sales estimation | How the annual sales were computed |
| Year 1 estimated sales. | Year 1 net income was 425,398, which was average on the business forecast. |
| Year 2 estimated sales. | Year 2 net income was $472,563, which was average and a slight improvement for the business. |
Overall financial attractiveness.
| Assessment | Low potential | Moderate potential | High potential | |
| Rapid growth in sales in the first one to three years. | Not Likely | Moderately | Very likely | |
| High recurring sources of revenue for the organization | Low | Moderate | High | |
| Forecasting income and expenses | weak | Moderate | High | |
| Generating funds within two years of financial growth | Not Likely | Moderately | Very likely | |
| Availability of exit opportunities | Likely unavailable | Can be available | Very likely to be available |
Conclusion
Cash needed for start-up; $921,923
Financial performance of similar businesses: $8251,370
Financial Feasibility: Feasible
Suggestions to improve financial Feasibility: financial Feasibility can be improved by focusing on effective research procedures to familiarize with the environment.
Overall Feasibility: summary and conclusion
| Universal Feasibility | Improving Feasibility | |
| Market/product feasibility | Feasible | Marketing across social media platforms to create awareness about the business. |
| Market/Industry feasibility | Feasible | Targeting specific segments with more engaged couples. |
| Business feasibility | Feasible | Provide training to more employees. |
| Financial Feasibility | Feasible | Looking for more investors to invest their money in this business. |
| Overall assessment | Feasible | The wedding business is excellent and well managed; it is likely to have a higher success rate. |
Conclusion
A wedding business can be feasible as the founders must source the start-up capital and obtain proper business licensing. For the business to perform well, the management team must formulate effective strategies, such as choosing the right location and the tools required for running the business. The business can market by using various channels, including social media platforms, thus helping the business to flourish.
Part 1D - Competitor Data collection plan
Direct competitors are The Knot, Modlines, Weddingforward
Indirect Competitors are Pinterest, Instragram and event planners
| FACTOR | Queen’s wedding | The Knot | Modlines | Wedding forward | Importance to Customer |
| Brand popularity | Moderate | High | low | Moderate | W (3) |
| Price | Affordable | Expensive | expensive | affordable | S (1) |
| Quality | high | High | Moderate | high | S (1) |
| Providing coupons and discounts | More discounts | More discounts | Low discounts | none | S (4) |
| Free returns and exchanges | yes | No | yes | no | S (3) |
| Website security and privacy | no | No | yes | yes | W (4) |
| Positive environment practices | N0 | Yes | no | yes | W (2) |
| Loyalty programs | Yes | No | yes | yes | S (2) |
| Company Reputation | moderate | High | high | Moderate | W (1) |
| Overall score | 4.0 | 4.3 | 4.1 | 4.0 | S (1) |
| Reliability | high | High | moderate | moderate | S (1) |
| Sales Method | Open to any | Open to any | Open to any | Open to any | S (5) |
| Price Price | Company provides services at affordable prices compared to its competitors. |
| Benefits Benefits/Features | As comparison to its rivalries, company offers more discounts, free exchange and refund policy and loyalty programs. |
| Profit Size/profitability | Our company is earning high profits as we are offering high quality of services to meet customer expectations. |
| Market strategy Market strategy | Our company is doing great because we are getting feedbacks from customers in order to do better. |
Five forces model
| Competitive force | Threat to industry profitability low | Threat to industry profitability Medium | Threat to industry profitability High |
| Threat of substitutes | Low | Medium | High |
| Threat of entrants | Low | Medium | High |
| Rivalry among existing firms | Weak | Moderate | Strong |
| Bargaining power of suppliers | Weak | Moderate | Strong |
| Bargaining power of buyers | Weak | Moderate | Strong |
| Core strategy | |
| Business Mission Offer excellent wedding products and services at reasonable prices. | Bases of Differentiation The business will help its customers in wedding planning and provide them with core advice regarding wedding activities. |
| Target market The business targets engaged couples who want to have their memorable wedding without taking any stress. | Product/market scope Wedding equipment and wedding services. |
| Resource | |
| Core competency | Key Assets |
| Strategic planning Quality control Standardization Brand recognition | Intellectual property Physical property Finances |
| Financials | |
| Revenue streams Transactional based revenue Service revenue | |
| Cost structure Sales commissions Labor costs Manufacturing costs Cost of raw materials | Financing/funding Debt capital Retained earnings Equity capital |
| Operations | |
| Product (or service) Production Wedding equipment Wedding Advice Wedding products and goods. | Channels Direct distribution channels Internet Indirect channels involving intermediaries |
| Key partners Local vendors Photographers Caterers Decorators Priest | |
References
Affandi, R., Siregar, M. R., Sari, D. I., Savira, N., Wulantiya, S., & Habib, A. (2019). Financial Feasibility Analysis of Voerseri Business (Packaging Bird Feed from Kersen/Singapore Cherry). JASc (Journal of Agribusiness Sciences), 2(2), 42-46.
Braga, A. E., & Costa, A. L. C. (2022). Feasibility Analysis of a Product-Service System in the State University of Pará. In Handbook of Best Practices in Sustainable Development at University Level (pp. 233-247). Springer, Cham.
Buchinger, J., Ince, D., Perch, L., & Hatvan, B. (2017) Barbados Sustainable Energy Industry Market Assessment Report.
Broekhuizen, T. L., Bakker, T., & Postma, T. J. (2018). Implementing new business models: What challenges lie ahead? Business Horizons, 61(4), 555-566.
24 Best Wedding Planner Stores Compared | In-Depth Review 2022. (n.d.). Knoji. Retrieved from https://knoji.com/rankings/weddingplanning/brands/
