STRATEGIC ANALYSIS
MARKETING PLAN
Table of Contents: 5 Executive Summary 8 Environtmental Analysis 15 SWOT Analysis 17 Marketing Objectives 18 Marketing Strategies 20 Marketing Implementation 23 Evaluation & Control 26 Branding & Marketing
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Filmtastic MISSION STATEMENT To provide quality phography that enhances personal experiences and maintains an artist aesthetic.
05 Pure Minds is a marketing company specializing in marketing and communications. Considering that the Filmtastic Studio is a new start up company, we will brand your company, which will include a logo, website, and business cards that will result in awareness and desire amongst your target market. With your focus in special occasion photography and the desire to be involved with the wedding business, we will use different methods such as exhibits and testimonials to better market your company to the public. We will research and immerse ourselves into the target market in order to identify and proceed with the most successful methods and strategies to market Filmtastic. Our mission for Filmtastic is to provide our client with quality photography that enhances personal experience, while maintaining an artistic aesthetic. An appraisement of the company’s constitutional strengths and weaknesses and extraneous opportunities and threats served as the authority for this strategic analysis and marketing plan. The plan focuses on the company’s growth strategy, suggesting ways in which it can build on existing customer relationships, and on the advanment of new products and/or services addressed to specific customer niches.
Executive SUMMARY
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Filmtastic Justin needs a marketing plan so people in Savannah will know about him. He is able to use his studio, but also wants into the lucrative wedding business. He has already invested over $10,000 into equipment, and his budget is tight. Since his business is brand new, he needs everything from a logo to a website to business cards, so a good marketing company could really be a great help to him. Filmtastic Studio is a brand new start up company specializing in special occasion photography. The owner is Justin Wilkerson who just graduated from college with a degree in photography. He has a physical studio in downtown Savannah, GA, and lives in an apartment upstairs.
PUR E M INDS
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April 13, 2014 Filmtastic Studio 164 E. Broad Street Savannah, GA 31401 Dear Mr. Wilkerson, Pure Minds is a marketing company specializing in marketing and communications, and we are contacting you to familiarize you with the special services that we provide. Considering you have a new start up company, we will brand your company, which will include a logo, website, and business cards that will result in awareness and desire amongst your target market. With your focus in special occasion photography and the desire to be involved with the wedding business, we will use different methods such as exhibits and testimonials to better market your company to the public. We will research and immerse ourselves into the target market in order to identify and proceed with the most successful methods and strategies to market Filmtastic. We are excited to work with you, and look forward to developing a marketing plan to help you and your company move forward. Sincerely, The Pure Minds Marketing Team PureMindsMarketing.biz 912.555.6460
buisness proposal
MAR KETING & COMMUNICATIO N
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Environmental Analysis
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competitive Economic sociocultural The photography industry as a whole is very competitive because it is consistently getting bigger and bigger. The photography industry in Savannah, Georgia is very competitive in the sense that Savannah is one of the top wedding destinations. Savannah is full of families that want special occasion photographs for things such as senior portraits, sports, and maternity shoots.
Economics for the Filmtastic customer is not so much an issue as it is for Filmtastic to stay up to date with the lates camera techologies and new shooting techniques. New products and techniques that are coming out yearly can be extremly costly. But with Filmtastics new marketing strategy this shoud not be as much of an issue as when Filmtastic first started out.
Societal trends that are happening today are extremely important to Filmtastic. The photography industry has changed so much to receiving prints from just simply typing in a code to that photographers website and instantly receiving their images. Keeping up with sociocultural trends is not a factor that Filmtastic is worried about since Mr. Wilkerson is adapted to social media.
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technological environmental legal Technological trends such as updates in computer software and editing software and even updates to cameras and camera lenses or flashes are very costly but also very important. Filmtastic will stay up to date with these updates in the technological trends to the amount their wallet will allow.
Environmental trends are important to Filmtastic when it comes to weather outcomes on days that Filmtastic will be having a photoshoot. Filmtastic will have backup plans for days that weather forecast looks likes possible bad weather, that way they will not have to worry about refunds or rescheduling dates.
Lastly, legal trends are very important when it comes to owning your own photography studio. When Filmtastic delegate’s with possible clients, Mr. Wilkerson has the client sign a copyright letter stating how it is illegal to copy or reedit photos given to the client after the photo-shoot is over.
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savannah, GA target market Our target market for Filmtastic reaches a wide variety of clients. Filmtastic specializes in special occasion photography that includes, but is not limited to Weddings, Senior Portraits, Engagements, and Special Events. This makes our target market open to families, couples, and children. We determined the target market by looking at the variety of customers that special occasion photography reaches. Our target market consists of couples for weddings and engagement sessions, this usually ranging from 25-30 year old men and women. Senior Portraits cater towards 17-19 year old boys and girls. Our consumers in the wedding and engagement demographic usually have higher budgets than the parents of the seniors or children playing sports, to spend on a photography session. We would say that those getting married usually pay a little over $1,500 for a session and those getting engaged can usually spent around $500 for a session. The average price parents will pay for a senior session is around $150-$200.
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swot Analysis
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swot
analysis
Strengths: • Client has his own studio & equipment • Already knowledgeable in special occasion photography • Downtown studio location • Increasing technical and professional ability Weaknesses: • New within the wedding photography field • No logo • No website • No Business cards • Competitors can offer similar products quickly Opportunities: • Savannah is a popular wedding destination • Branding • Target ages in Savannah • Testimonials to show off strengths Threats: • Market flooded with many photographers • Inaccessibility to new clients • Changes in technology i.e. social media • Increase in price inputs can cause upward pricing
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Our reasoning behind determining the SWOT Analysis was through our knowledge as a marketing firm and the environment around us, as well as what we know about our client. We are here to market our client as successful as we can, which takes extreme attention to detail resulting in the awareness of the threats and weaknesses of our client. Determining the strengths and opportunities was developed from the work the client has already produced and his current workflow, as well as what we know as a firm what we can push forward for him. Strengths and opportunities of the client help us move forward and work those even farther as well as working on weaknesses.
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Marketing objectives
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• Heighten awareness through social media outputs. • Establish a firm brand identity and consumer relationships. • Broaden reach to local and outlying areas for wedding photography. • Educate clients and consumers on all services offered. • Promote a firm relationship within Savannah’s tourist industry. • Evolve strong market ing campaigns that tap into specific markets. • Develop and sustain customer loyalty. • Develop relationships with Savannah council for networking opportunities .
Marketing Strategies
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PRODUCT Pure Minds is a marketing company specializing in marketing and communications. We are currently marketing Filmtastic which specializes in special occasion photography that includes, but is not limited to weddings, senior portraits, engagements, and special events. Our intangible attributes are our ability to meet or exceed customer expectations consistently, our speed in responding to customers’ demands, and our anticipation of new customer needs. Intangible attributes are difficult for competitors to copy, thereby give Pure Minds a competitive advantage.
Marketing Mix PRICE
Pure Minds provides a high-quality speciality advertising product customized to its clients’ needs. For Filmtastic our customers in the wedding and engagement demographic usually have higher budgets than the parents of the seniors or children playing sports, to spend on a photography sessions. We would say that those getting married usually pay a little over $1,500 for a session and those getting engaged can usually spend around $500 for a session. The average price parents will pay for a senior session is around $150-$200. We are sensitive to the price elasticity of our product and overall consumer demand.
DISTRIBUTION Pure Minds uses direct marketing. Since Filmtastic has their own downtown studio location, customers can come right into the studio for their photography sessions. If customers have a desired outdoor location, Filmtastic employees are more than happy to travel to the location. Once the pictures are processed and completed, they can be shipped from our studio direct to the client via United Parcel Service, FedEx, or the U.S. Postal Service. The fact that Pure Minds for Filmtastic can ship to multiple locations for each customer is an asset in selling it’s products. If clients are local, Filmtastic will call to notify that their photos are ready for pick up and they can drop by the studio to pick the photos up directly themselves.
Promotion
The bulk of Pure Minds promotional expenditures should focus mostly on our most successful pieces, such as outstanding shots from shoots. We will also promote a firm relationship with Savannah’s tourist industry, heighten awareness through social media outputs, evolve strong marketing campaigns that tap into specific markets of interest, position brand intelligently within Savannah to increase visibility, create a strong brand identity to increase memorability, develop relationships with Savannah council for networking opportunities, and promote Savannah College of Art and Design graduate history.
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Marketing implementation
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MARKETING ORGANIZATION Filmtastic’s marketing function will be organized by customer groups. This will allow Filmtastic to focus its marketing efforts exclusively on the needs and specifications of each target customer segment. Filmtastic’s marketing efforts will be organized around the following customer groups: (1) engagement & wedding, (2) graduation, (3) birthdays, (4) maternity and (5) family. By providing services and having marketing efforts for each of these special occasions, Filmtastic will be more creative and flexible in meeting customers’ needs. Likewise, it will broaden the client base through the diversification of types of photography provided, and give Filmtastic a better opportunity to make a name for itself in the lucrative wedding business especially.
22 All implementation activities are to begin at the start of the next fiscal year on July 1, 2014. Unless specified, all activities are the responsibility of Filmtastic’s owner, Justin Wilkerson. • •
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On July 1, create the positions of photographer’s assistant and marketing director. The marketing director will be responsible for all business analysis. By July 15, assign marketing director to the following projects: (1) research potential new service offerings (for special occasions not currently offered) and clients and (2) design a customer feedback survey. By September 30, the marketing director will report results to Justin. By October 31, develop a system to track customer satisfaction. By October 31, implement any changes in services as recommended by customers and marketing director. By October 31, make contact with new and existing clients for the current services available. By November 30, develop a plan for one new service with analysis of potential customer. Marketing director and owner are responsible. By November 30, final
Activities
& Responsibilities
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Evaluation & control
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Performance
standards Within this business plan, we truly believe each entity will play a key role in helping to support Filmtastic in the upcoming future. However, these changes need to be monitored and the standards that have been developed need to be assessed and changed overtime with the growth of Filmtastic. Through this, we have devised a performance standards evaluation for the company’s long-term plan. Within these performance standards, it reminds ones self of how to create a sustainable relationship with new customers, and to constantly push the boundaries of Filmtastic.
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PROJECTED EXAMPLE Within the new budget, it is targeted at the new upcoming calendar year and will be subjected to some change. The projected salary is with the success of implementing our project plan and further continuing the relationship for the future. By implementing the key areas presented, each calendar month they will be assessed and evolved further for this business concept. The evaluation and continuation of this marketing plan is a continuing attribute to Filmtastic and will give key structure to see what works and what doesn’t. As a new business, it is vital to create new development to start a steady revenue stream; the implementation of this is of the highest importance and should be evaluated on a quarterly basis. If a certain problem arises, our team will be accessible either by phone, to run through a plan to implement into the marketing plan. Or we can meet personally to determine the next step into solving the problem. Within simple steps, of evaluation, and ideation, we will create a new work plan in solving and improving on the area the problem arises from.
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Branding & Marketing
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Tenisha Clarke - Sara Spicer - Molly Werner - Erica Garcia - Tom Mather Principles of Marketing | Spring 2014 | Professor Ron Williams