Continuation of Market Plan

Company Description

Whether this is our client's first date, honeymoon or their anniversary, we want every detail of their event to be both a pleasurable and a memorable experience. Therefore we offer a host of packages and services specifically tailored to the needs of each couple. We are confident that this business venture will be a success and we estimate that our net income will increase modestly by the second year.

The keys to our success are as follows:

1. Service our clients' needs promptly and efficiently.

2. Maintain an excellent working relationship with vendors such as florists, restaurants, limo companies and many more essential services.

3. Maintain a professional image at all times.

To provide all couples with a memorable and entertaining event that is perfectly planned.

La Tryst is a unique company with a unique selling proposition. La Tryst is looking to revolutionize the romantic event planning industry for all couples through strong product differentiation and a wide variety of product offerings. La Tryst looks to focus on all kinds of romantic event planning from date nights to weekend getaways and honeymoons. La Tryst aims to be a full-service one stop shop for all couples romantic planning needs. La Tryst aims to help all couples every step of the way through their romance. La Tryst in currently located in Atlanta, Georgia, United States but our planners are willing and able to help plan romantic events throughout the country, we are willing to travel to make your romantic dreams come true. La Tryst is held as a sole proprietorship and was founded by Jaymie Tiarra.

La Tryst’s services will cater to all couples including LGBT, we look to provide great experiences and remove the hassle of planning for all couples in any stage of the relationship. Atlanta has a noticeable gay community that is growing; La Tryst wants to capitalize on this market as well as the heterosexual market. The services we offer are as follows:

· Just Because

· Engagements

· Honeymoons

· Anniversary Planning

· Concierge Services

· Wedding Planning

· Weekend Getaways

La Tryst’s wide ranges of services allow it to access a large target market to generate continuous revenues. Many of our services can be purchased multiple times to help with anyone’s relationship. La Tryst will utilize consistent CRM (customer relationship management) tools to help keep our customers coming back. Our wide variety of services allows us to cater to any relationship at any stage, we are able to start out with planning romantic dates with flowers and limos and as time passes the same customers may need wedding planning or honeymoon services. We have created an ecosystem that will keep customers in the loop and continuously generate revenue for us.

The main focus at La Tryst is to make sure that our customers will be worry free with any package they choose. We are able to help with all the small details such as booking the reservation or arranging a bouquet of flowers. Our firm’s packages and the experiences we create for customers are luxurious. We want to provide our customers with the best services while ensuring they enjoy their night whether it be at a trendy club, high end restaurant or exotic resort.

Jaymie Tiarra is the founder of La Tryst. Jaymie served in the Navy as a chef, she has over 15 years of personal and professional event planning. Jaymie is considered by many to be a certified agent of love. She is able to create memorable experiences that last a life time for all her clients. Jaymie has been praised for her romantic event planning skills by several professional and personal clients; she is now looking to share her skills with the world through La Tryst.

SWOT ANALYSIS

It is extremely important for a company to have a clear picture of its main strengths and weaknesses so that it is able to take advantage of the available opportunities. The company will also be able to take actions so that threats around it do not become weaknesses as well. This paper will conduct an in-depth analysis of strengths and weaknesses in La Tryst's internal environment as well the opportunities and threats around it.

Strengths

The business' main strength lies in the quality of its consultants and employees. This means they are able to deal with clients quite professionally and almost always deliver more than what clients expected of them. This has led to the increase in the number of clients, most who are willing to hire La Tryst for their next events. Referrals are a major source of revenue and as such, clients that are impressed with La Tryst's services tend to refer their friends and colleagues to seek help from the company. The company has been able to focus on a niche market that is best suited to serve. The company lays focus on romantic couples and this has paid off because customers can easily realize it and make recommendations to other people. It is also important to note that the company has really managed to put in place attractive pricing packages. The formation of bundle packages offers customers value for their money besides making it more affordable for customers.

Weaknesses

The company has really narrowed down on the customer segment it intends to serve and this may lock out other types of consumers. Although it reduces competition by focusing on a niche market, there is also a feeling that it may also reduce total revenue per annum. In addition, the company is yet to open offices in many cities despite the attractive packages it is offering. This means that people may be able to see the packages on the business's website but still not enjoy the services due geographical barriers. The company also does not have a clear way of recruiting new staff and ensuring there are no management gaps when senior officials at the company make an exit.

Opportunities

The company's main marketing channel has been through referrals and its online presence, which so far has worked well. However, as the company becomes more financially stable, it might consider mainstream media as a marketing channel because it will grow sales at a faster rate than online presence. In addition, the company may consider opening up offices in more locations to connect better with their audience. Although the operational costs may increase quite significantly, the sales revenue will also increase and so will the brand equity of the business. If the company also commits enough money towards more standardized training for lower level of employees, it will attain an enviable level of consistency in quality of service and the business can be rated together with other industry heavyweights.

Threats

The biggest threat to the company's profitability lies in the fact that other businesses will try to appeal to the same market segment of business as La Tryst. As such, La Tryst has to find ways to differentiate its products so that competitors do not take away its market share. This calls for constant contact with customers to keep up with changes in their tastes and preferences. Another threat lies in the volatility of rental prices which could affect the operating costs for the business. La Tryst may have to find ways of stabilizing its expenses by entering long-term fixed contracts with property owners.

Industry Analysis

Operators in the Wedding Planners industry organize and design marriage ceremonies and receptions. Over the five years to 2013, industry revenue has been volatile as consumers experienced financial instability during the economic downturn. Because of the Wedding Planners industry is heavily reliant on consumers, the industry ebbs and flows with fluctuations in per capita disposable income and unemployment. As per capita disposable income fell and unemployment shot up, couples either delayed marriage or provided industry services them, resulting in less demand for wedding planner.

The Wedding Planners industry is largely reliant on labor rather than capital investments. As such, the industry has a low level of capital intensity. IBIS World estimates that for every dollar spent on labor costs, the typical wedding planner dedicates $0.03 to capital equipment. Employees use a limited amount of capital in their day-to-day operations.

The wedding industry as a whole features many aspects and a wide variety of companies all offering services to make the special day memorable. The following are facts about weddings and honeymoons in the United States:

· Approximately 5 million brides and grooms get married every year in the U.S.

· A General Order of Magnitude for an Average Traditional Wedding in the U.S. is $20,000 - $25.000

· The Wedding Industry is a 50 billion dollar a year industry

· Average age for first-time brides is 25 years. For grooms, it's 27.

· 180 guests are invited to an average wedding

· June is the most popular month for weddings, followed by August, September, October and May

· One third of engaged couples retain a Wedding Consultant

· The average household income of a newly married couple is $60,000/year

· 99% of couples who get married go on a Honeymoon

· Couples spend an average of $5,000 on their honeymoon.

· The Honeymoon Industry is a 12 billion dollar a year industry

· An average honeymoon vacation is one week.

· 45 percent of honeymoon trips are to domestic locations; 55 percent are International

Competitor analysis

There are many companies that offer packages similar to what La Tryst is doing but they are yet to zone in on the particular segment that La Tryst is targeting. However, these competitors are stronger in terms of financial power and can easily adapt to any shocks in the industry. However, La Tryst can be said to have coped well with competition thus far.

Company analysis

The company enjoys a major strength by having shrewd managers who made the bold move to focus on packages for romantic couples. The good management enables the company to respond effectively to changes in market dynamics and the company is able to stay afloat. In the few months of existence, the company has enjoyed a steady growth in customer numbers and this is set to continue of the company can take advantage of opportunities in the market, especially when it comes to marketing channels.

Customer Analysis

The behavior of customers is absolutely important in determining the success that a service business offers. Luckily, consumers are quite loyal in this business and are more than likely to return if the quality of service impresses them. As highlighted, referrals are quite popular in this industry and will work perfectly if and when the company is able to relate well to its customers. The business may consider appointing brand ambassadors for its products going into the future.

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