Business Plan- Financial Plan, Exit Strategy, Executive Summary, Reference List, & Complete Business Plan

Business Plan: Marketing Research and Evaluation

Existence of the Market

People like taking photographs for memories of different events and ceremonies that they go through in their lives. The most effective way to keep such memories is through photographs. In current times, there are many ceremonies where photographs are taken, ranging from graduations to weddings and baby showers. Participants want to keep memories of such events through pictures. Therefore, this implies that there is an available and a sufficient market for professional photography, given the rate at which the services are demanded. With adequate investment, photography is a business that guarantees returns.

The Target Market

Business needs to narrow down its market so that it can focus on a specific target (Pride, 2013). Accordingly, this enables it to provide the best products and services. In this case, the target market is composed of students graduating and wedding ceremonies. Arrangements can also be made for private photoshoots by individuals. The photography market in the U.S. is worth $10 billion (IBISWorld). It is a lucrative business venture.

To remain competitive in this market, it is crucial to focus on quality products and services. This strategy will make sure more customers are attracted and retained. Customer needs will be assessed through random interviews. It will be beneficial to collect information about what customers want, and the business has the responsibility of delivering their requests. The main competitors of this business are individuals who have smartphones that have powerful cameras. They are competitors because most of them will not seek the services of a professional photographer if they can do it themselves. Their greatest strength is the fact that they can take photographs at any time whenever they wish. However, they have the weakness of lacking professional photography skills, and they end up producing low-quality photographs. The competitors have a market share of about 60% since most people own smartphones that have powerful cameras. However, the business of professional photography is expected to have a market share of more than 80% as the competitors' share is set to drop. This is because even those who own powerful smartphones will still seek professional photography services.

Pricing Policy

The pricing policy refers to how a business sets prices for its products and services (Schindler, 2011). The cost of hiring a photographer ranges from $100 to $200 per hour, depending on the nature of the event. In the case of wedding ceremonies, the price ranges from $1,000 to $3,000 for 6 hours. The rates will penetrate the market through extensive marketing and advertising efforts that will also enable the business to maintain its position and be profitable. Marketing is essential for any business to find its way into the market and create demand.

Promotion and Distribution Strategies

The promotion of the business will utilize various approaches, mostly the internet. The company will have a website where some of the best shots will be uploaded and advertised to potential customers. Different social media platforms such as Facebook and Instagram will also play a critical role in promoting the business. As far as distribution is concerned, the products will be delivered to the clients through a delivery system that will use motorbikes and small cars. In some cases, there will be a mobile processing unit that will enable clients to get the products on the spot.

References