Bella Fleur Wedding Reception Venue Analysis Marketing Essay

Bella Fleur Wedding Reception Venue Analysis Marketing Essay EXECUTIVE SUMMARY Business description and ownership Bella Fleur is a wedding reception venue specializing in classy and entertaining weddings for all cultures and ages (legally of course). I will be the owner of this business, and as a sole trader I am willing to try hard to assess all aspects of a business in this business plan in order to avoid involuntary cessation. I have chosen this legal structure for my business because the decision making aspect will be easier and also conflict between owners of a business that arises during decision making is avoided. As the business grows, if needed I will be able to change the legal structure to something more suitable for the situation. There will be a cultural Lebanese aspect to the venue which will add the entertaining purposes of the weddings. This culture has been held as an inspiration and will evolve in the different services offered by the venue such as foods, entertainment and sometimes decorations. Bella Fleur will offer many options/preferences as well as services and facilities to the client. Bella Fleur does not only offer services during the reception, but also leading up to the wedding. Qualified staff members are available full time to make any couples WHOLE dream day a reality rather than the dream party alone. The wedding reception venue will be located on the main road of one of Sydneys Eastern Suburbs, Double Bay. The address of this business is; 64 Bay Road, Double Bay. I have chosen a visible location and so the promotion of the venue will be quite an easy task. Bella Fleur is part of the services sector of businesses in Australia as the prime function is to organize and host a wedding for any kind of clientele. The services provided by the wedding reception venue include; wedding planners, waiters, entertainment, MCs, Bella Fleur catering, bartenders, cars and all things that are needed to ensure the bride and groom have the perfect day. Purpose of Plan- The purpose of this business plan is to help Bella Fleur Wedding Reception Venue to prevent failure. Many goals will be put in place in order to give the business a main path to follow and things that will be needed to achieve. Some of the goals placed by the business owner (Maya Geagea) include; The social goals Ensuring that all members of the community are offered with a variety of options in order to create the perfect function Offering a diverse range of services to community members The financial goals Expanding the business over a certain timeframe Ensuring that all debt finances are of minimal occurrence Gaining a sufficient profit The personal goals Being successful Creating good consumer awareness Gaining sufficient profits and minimal debts Situational Analysis Strengths Excellent Reputation Good contact base Excellent management skills Excellent quality services Extensive knowledge of the industry sector Highly qualified staff base Weaknesses Lack of consumer awareness Entrepreneurship Minimal startup capital Size of venue Opportunities Extra services will become available Growing economy Expanding locations Competitors suffering financial problems and looking to sell their business Threats Competitors Decreasing economy Increased inflation Increasing service prices Business Objectives and Strategies Objectives Strategies Provide the Bride and Groom with everything they need to make their day perfect Develop a professional, qualified staff base Ensure all services available are provided correctly Ensure that entertainment is always changing. Develop a loyal clientele base Work well with all clients Ensure that the bride and groom and all the guests are all satisfied Be consistent with all clients and ensure that all treatment is fair Add extra services to the business Research extra services that a venue can provide (2 months) Develop the new services (4 months) Have new services tested and running at full capacity (5 months) Quality Rating Complete a survey of how well the business and staff has operated with clients (3 months) Improve and use these surveys as critical analysis and new objectives (3 months) OPERATIONS Operations Description of goods and services All production facilities for the services offered by Bella Fleur will be located at the same site of Bella Fleur. Bella Fleur not only offers a venue for a wedding reception to be held at but also offers planning services to the Bride and Groom. These include services such as; Entertainment This includes DJs, bands, dancers, and all types of entertainers to ensure that the bride/groom as well as the guests experience a memorable and enjoyable night. Decorators Professional decorative designers who will decorate not only the reception, but also the ceremony location in order to create a coherent environment. They will be in charge of the table cloths, chair covers, foyer decorations, centre pieces, chair sashes, bridal table design, backdrop, fireworks and anything else selected by the bride and groom. Chefs Chefs will ensure that the Bride Groom are provided with their dream wedding banquet and all guests appetites are fulfilled. They will also be in charge of preparing the food for the bridal partys picnic while taking photos after the ceremony. Waiters the waiters must ensure that all tables are adequately taken care of and guests receive all they ask for. The head waiters will attend to the bridal partys needs regarding food and drinks on the night. Drivers Cars The Bride and Groom will have a wide selection of cars in order for them to be able to choose their preferred transportation on the big day. This will include cars for the bridal party and also a getaway car for the bride and groom. A picnic lunch is also available with any car selection provided by the kitchen at Bella Fleur. The bride and groom may choose to speak personally to the car company or have the confrontations done by the venue. MCs the bride and groom will have a choice of one or two MCs on the night, which will be chosen from a list of five entertaining public speakers. Flowers The bride will be able to choose from a wide range of flowers and arrangements of all sorts including her own and the bridesmaids bouquets. Once these flowers are chosen, automatically, boutonniere and corsages will be chosen to match the brides choice. Invitations A variety of invitation samples will be shown to the bride and groom and they will be able to choose their favorite invitation base, and alter any decorations on the invitation. **It is optional for the bride and groom to choose to work with a wedding planner. ** The Above services are available at the request of the bride and groom. Personnel Requirements and skills Waiters 10 waiters will be employed overall. Depending on the size of the function, the number of waiters asked to work will vary. No qualifications will be needed from the waiters; however it is preferable that they have worked in some sort of restaurant before. During induction, waiters will be taught the proper way of setting out wedding arrangements for the tables. Wedding Planners Two wedding planners will be employed. The wedding planners must be qualified in the areas of events management. The wedding planner is expected to have completed the events management course. They are required to speak fluent English and also a second language is highly preferred. Wedding planners should be able to communicate with clients clearly and be able not only to fulfill all the clients needs and wants at the venue, but also everything they need leading up to the big day. They will be asked to try to relate to the bride and groom and find the suitable options for the Bride and Groom. Kitchen Staff Three chefs and three kitchen staff will be employed. The chef is expected to fulfill all requirements on the basis of food, and also should be able to alternate and always help create an innovative menu. The three kitchen staff will be employed as the chefs assistants, they will carry out jobs such as washing the dishes, cleaning the kitchen, providing the chef with all ingredients etc. Receptionist The receptionist must be able to deal with all kinds of people and communicate clearly over the phone as well as face to face. It is preferred that the receptionist be a woman, and also be able to take care of all book keeping requirements. MARKETING Marketing Market Analysis Bella Fleur Wedding Reception will begin as a small business, targeted mainly at people looking for a versatile wedding and a variety of options. The target market for this business will range from clients looking for somewhere to have their wedding reception to clients looking for somewhere where they can hold a christening. Marriages around Australia are of high occurrence, and therefore the target market for Bella Fleur will be diverse and ever growing. The table below shows the number of marriages over time from 1988 2007. Total marriages 1998-2007 Graph: Total marriages-1998-2007 Bella Fleur wedding reception has a main goal of market expansion. Over the time frame of ten years, this business will hope to expand and become a franchise. In order to do so, customer awareness will need to be gained and further focused on. Bella Fleur will mainly focus on promotion and customer awareness in the month of March. As statistics show, weddings in Australia were found in 2007 that March was the most popular month. This is show in the table below found on; http://www.abs.gov.au/ausstats/[emailprotected]/mf/3306.0.55.001 Months of marriage 2007 Graph: Months of marriage-2007 Competitor Analysis Within wedding reception industry in Sydney, the competitive environment is quite intense and the number of competitors is fairly large. This means that while Bella Fleur will be entering the market place, there may be many competitive advantages as well as disadvantages. Existing competitors leaving the industry could be an advantage while entrepreneurs opening up businesses in this industry could be a disadvantage. For this business, two main competitors have been chosen and analyzed. They are shown below. Competitor Information Strengths of Competitor Weaknesses of Competitor Bella Fleur Strategies THE VAUDEVILLE FUNCTION LOUNGE 176 The River Road, Revesby NSW 2212 Specializes in all functions Prestige Excellent promotion and customer awareness Large Space Many years experience No cultural aspect Doesnt offer as many services as Bella Fleur High pricing Bella Fleur holds a cultural aspect and offers all kinds of services possible for an event. The budget is flexible and works with the clients budget. Bella Fleur is dedicated to gain customer awareness by promotion skills and in time will also expand the business. DOLTONE HOUSE FUNCTION CENTRE 223 Belgrave Esplanade, Sylvania Waters, NSW 2224 Excellent View Prestige Customer Awareness Franchise Large Business Large spaces Many years experience No cultural aspect Focuses mainly on the reception rather than the planning High pricing Bella Fleur holds a cultural aspect and offers all kinds of services possible for an event. The budget is flexible and works with the clients budget. Bella Fleur is dedicated to gain customer awareness by promotion skills and in time will also expand the business. Product Analysis The main function of Bella Fleur will be to provide clients with all specific and small components of a wedding and all other functions. This may be the main function, however this function will vary from client to client as it is a service that is offered rather than a good and clientele diversity is a given in this type of industry. The budget of the wedding reception will depend of the clients budget. For example, if a client is will to spend only a small amount of money on the wedding, different options will be given to this client than the client who is willing to spend millions of dollars. Changes at these times will occur mainly in menu, which room the function will be held in, how many people will be at the wedding and all different small details. At Bella Fleur, concentration will be placed on customer comfort as well as happiness, the customer must be happy with the services we have to offer before they will open up to the staff and ensure that trust is placed in us. A product analysis is not entirely necessary when planning this kind of business as it offers services rather than goods. Price Analysis At Bella Fleur, prices will depend upon the budget of the client rather than the budget of the reception venue. Many different offers and deals will be given to clients ensuring they are able to choose and adapt the services and products in order to create a dream wedding while working around their own budget. Once a client has chosen the deal which they would like to go ahead with, it is the responsibility of the reception venue to then purchase appropriate goods and plan appropriate methods to ensure that a profit will be made rather than a loss. Prices will vary depending on; The menu The seating plan The number of people The services chosen Decorations Changes made to the hall Promotion Analysis As any business, when Bella Fleur wedding reception venue first opens up, the main short term goal will be to gain high customer awareness. This goal will become long term while the business grows. The location of this business assists in developing its promotion and prestige. The business will be advertised in newspapers, wedding magazines, on street signs and billboards. However, this will not be accomplished with the original startup capital of the business. Direct Marketing, Sales promotion and Publicity will all be used in order to promote the business. Place Analysis Bella Fleur wedding reception is located on the main road of one of Sydneys higher class suburbs. The location of this business is of prime importance especially for its promotion. The venue is overlooking a lake and a beautiful natural environment. This gives Bella Fleur a competitive advantage over its competitors who are often placed in areas where no view is available. FINANCE Finances Financial Forecasts Revenue Statement Revenue Statement for Bella Fleur Wedding Reception Venue For the period ending 31st August 2012 $ $ SALES REVENUE 1 450 000 COGS Opening Stock 500 000 Purchases 200 000 700 000 Closing Stock 100 000 Total 600 000 GROSS PROFIT 850 000 EXPENSES Advertising 5 000 Insurance 2 000 Interest to bank 20 000 Decoration Expenses 30 000 Mortgage 4 050 Salaries and Wages 200 000 Telephone 4 000 Kitchen Stock 80 000 Total 345 050 NET PROFIT (before tax) 504 950 Balance Sheet Balance Sheet for Bella Fleur Wedding Reception As at 30 August 2011 CURRENT ASSETS $ $ Cash in bank 500 000 Account Receivable 420 000 Stock (ingredients) 100 000 Total Current Assets 1 020 000 NON CURRENT ASSETS Equipment 2 450 000 Land 700 000 Building Properties 500 000 Total Non Current Assets 3 650 000 OTHER/INTANGIBLE ASSETS Good will (intangible) 300 000 Total Other Assets 300 000 Total Assets 4 970 000 CURRENT LIABILITIES Bank Overdraft 600 000 Accounts Payable 200 000 Total Current Liabilities 800 000 NON CURRENT LIABILITIES Mortgage 3 516 000 Total Non Current Liabilities 3 516 000 OWNERS EQUITY Capital 500 000 Retained Profits 154 000 Total Equity 654 000 Total Liabilities 4 970 000 1.28LIQUIDITY: Current Assets 1 020 000 Current Liabilities 800 000 CRITICAL REVIEW Critical Review As a student, I think that Ive completed this assignment quite well according to the plan of approach. I followed all my deadlines and completed things before the due date. My understanding of what a business plan had to be like expanded during the course of this assignment as I researched and questioned different aspects of the assignment. I struggled with some sections of the assignment which had not been explained clearly during class time, and I struggled to understand the concept just by looking at internet sites and in the text book. This weakness can be seen in the effort put into the sections. The two sections which I struggled most in were; marketing and finances. I found it difficult to understand the set up and what we had to include in these sections and this was shown in the lack of quality in these sections. I feel that I did quite well in this assignment regarding the circumstances that were put to us. I am glad that I met deadlines, however next time, I will try to understand all content before beginning an assignment. Overall, my progress throughout this assignment was satisfactory and I was happy with the fact that I was able to teach myself things and understand concepts which are found to be difficult just by reading over a text book or internet site. However, the quality of the two sections is a downfall for the assignment. My goals for this assignment were; Meet the deadlines Ensure all the work was understood Complete the assignment to the best of my ability I feel that these goals were fulfilled and am proud of this accomplishment. PLAN OF APPROACH PROGRESS AND RESEARCH BUSINESS PLAN BELLA FLEUR WEDDING RECEPTION VENUE 22736094 YEAR 11 Bibliography Le Montage http://www.lemontage.com.au/index.cfm?html=true Nielsen Park Venues http://www.receptionsearch.com.au/venues/NSW/Eastern%20Suburbs/Nielsen%20Park%20Venues/The%20White%20Pavilion Terrey Hills Golf Club http://www.terreyhillsgolf.com.au/guests/guests.mhtml Dockside Groups http://www.docksidegroup.com.au/