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)
– Population
6,946
926,865
• Wyoming
– Number of marriages (2004)
– Population
4,740
506,529
Opportunities
Montana
City
1,234
Percent of
Montana
Population
0.13%
Billings
96,977
10.46%
727
Bozeman
32,414
3.50%
243
Laurel
6,339
0.68%
48
Red Lodge
2,328
0.25%
17
Roundup
1,933
0.21%
14
Absorkee
Total
Population
Number of
Marriages
9
1058
Opportunities
Wyoming
City
Buffalo
Percentage
of Wyoming
Populations
4,256
0.84%
Cody
9,050
1.79%
85
22,260
4.39%
208
Lovell
2,310
0.46%
22
Powell
5,250
1.04%
49
16,118
3.18%
151
Gillette
Sheridan
Total
Population
Number of
Marriages
40
554
Opportunities
• Total number of weddings in our
geographic target:
Montana
1,058
+
Wyoming
554
= 1,613
Survey
1. Would you like your wedding filmed by a professional?
Definitely_______
Maybe________
No________
2. If yes, would you also like to have reception filmed?
Definitely_______
Maybe________
No________
3. If no, why not?
___________________________________________________________________________
___________________________________________________________________________
________________________________________________
4. How much would you be willing to pay to have your wedding filmed and edited by
a professional?
$___________.____
5. When are you planning to get married?
_________________
6. Would you like to be contacted about this service?
Name_____________________________________________________________
Address___________________________________________________________
Phone Number_____________________________________________________
E-Mail Address_____________________________________________________
Opportunities
Survey Results
Number of surveys
55
100.00%
Definitely
17
30.91%
Maybe
30
54.55%
8
14.55%
No
Total number of weddings being videotaped
include 100% of the definite and 50% of the
maybe:
1,613 * 30.91% * (.5*54.55%) = 938
Threats
• Competition
– The Video Recorder
– Michael May Productions
– Infocus
– JW Video Services
– Sunlight Photographic
– Right Angle Communications
Threats
• Number of competitors: 6
– Assuming equal shares of the market our
goal is:
938/6 = 156 weddings per year
Sources
• National Vital Statistics Reports
Number of marriages in Montana and Wyoming
• www.city-data.com
City populations
• Quick facts from the US Census Bureau
State populations
• Surveys
Tying the Knot Productions
Capturing memories
for a lifetime
Geographic and Demographic
Dimensions
• Southern Montana and Northern Wyoming
• Primarily female, 18 and older
• Upper-lower to upper-middle class
• Single, but about to be married
Behavioral Dimensions
• Social needs are fulfilled
– Love, friendship and interaction with others
• Benefits are situation specific
– Weddings ceremony and reception
• Favorable attitude
– Video preserves this important event
Behavioral Dimensions
• One time relationship with individuals
– Hopefully, a wedding is a one time event
• Ongoing relationship through referrals
– If customer is satisfied, they will “spread the
word”
Behavioral Dimensions
• Heterogeneous comparison shopping
– Consumer wants to compare for price, quality
and suitability.
– Consumer wants individual consultation
– Advertisement needs to be in close proximity
to similar products
Behavioral Dimensions
• Medium to high information required for
extensive problem solving
– Identify Problem
– Gather Information
– Evaluate Alternatives
– Make Decision
– Evaluate the Decision
Decision Making Process
• Identify the Problem
– Consumer needs to capture and preserve
their wedding in the best way possible.
• Gather Information
– Consumer will gather information by word of
mouth, yellow pages, newspaper, internet,
bridal magazines, bridal shops.
Decision Making Process
• Evaluate Alternatives
– Consumer’s alternatives are:
no video (low cost), still pictures (high cost),
amateur video (low cost), professional video
produced by us (intermediate cost) or one of
our competitors (high cost)
Decision Making Process
• Make Decision
– Consumers will choose Tying the Knot
Productions because they will get more for
their money.
• Evaluate the Decision
– Consumers will know they made the right
decision because we will go above and
beyond their expectations. We will know that
we have succeeded if our referral system
creates more business.
Tying the Knot Productions
Capturing memories
for a lifetime
Marketing Mix
1.
2.
3.
4.
Product
Place
Promotion
Price
Product
Means End Chain
• Product
– Videography service
• Attributes
– Video (DVD or VHS)
– Professional
– Flexible
– Lower price
– Guarantee
Means End Chain
• Physical Consequences
– Long lasting
– Tangible
– High quality
– Attractive packaging
Means End Chain
• Psychological Consequences
– Excitement of reliving the event
– Less stress
– Trust
– Done right the first time
Means End Chain
• Value
– Affordability
•No sacrifice
•More for your money
•Get everything you want
Perceptual Map
Brand Positioning Statement
Providing affordable, professional
videography.
Place
Place Objective
•Home-based business
−No middlemen
Promotion
AIDA
• Attention
– Yellow pages
– direct mail
– fliers
• Interest
–
–
–
–
Yellow pages
Direct mail
Website
Brochure
AIDA
• Desire
– Yellow pages
– Direct mail
– Brochure
– Presentation
• Action
– Yellow pages
– Direct mail
– Professional Selling
Price
Price Objective
• Sales oriented
– Growth in market share
By providing affordable videography
service, we make it possible for more
consumers to have their wedding
video taped.
Price Strategy
• Penetration
– Demand is elastic
– Elite market- few are willing to pay high
price
– Sell to whole market at one low price
Price Strategy
• Average Competition Price
– Ceremony
– Reception
– Ceremony and reception
$500
$300
$800
Price Discount
• Quantity discount
– Ceremony
$300
– Reception
$250
– Ceremony and reception
$450
***Savings of $100***
• Referral incentive
– $25 for all referrals that use our service