This is a Business plan for a whole new concept of business in the E-commerce Industry. This venture solely dedicated to wedding is a new concept which will help busy brides, grooms, their family and friends to make wedding an easy thing. This report includes: Executive summary, Business concept, new category established, problems to be solved by this business, Segmentaing and Targeting, current competition, customer's pain points, porter's five forces model, Marketing strategy- the 4Ps, Business canvas model and action paln (phase 1 and 2)
Text of Business Plan for a new e-commerce concept of Online wedding service providers
UNIVERSAL BUSINESS SCHOOL KARJAT Program Name: Entrepreneurial Strategies Professor Name: Prof. Bibhas Bhasumatray Student Name: Bhavesh M. Bhansali Roll Number: 1313 Batch: MBA3 Date of Submission: 28th March, 2014 Assignment: Launching an online wedding service
Page | 2 Table of contents: Sr. No Topics Page No. 1 Executive Summary 3 2 Business Concept 4 3 New Category 5 4 Problem to be solved 6 5 Segmentation & Targeting 7 6 Current Competition 8 7 Customers Pain Points 8 8 Porters five forces model 9 9 Marketing Strategy 4 Ps of Marketing Mix 11 10 Business Model Canvas 14 11 Action Plan Phase-I and Phase-II 15
Page | 3 Executive Summary Starting a commercial website venture solely dedicated to wedding is a new concept which will help busy brides, grooms, their family and friends to make wedding an easy thing. At the time of wedding, there is a lot of chaos that goes around the house for getting the contacts of Catering services, Wedding Halls, designers, etcThats why the need of this portal arises. This Online wedding portal will contain all the contact points and products that are required during wedding. The site can be indexed by state or even city and be broken down into subsections featuring every imaginable wedding-related product or service including: A directory of wedding photographers and videographers. A directory of wedding singers, DJs and bands. A directory of wedding planners and caterers. A directory of formalwear and rentals for both men and women. A directory of transport services. A directory of best halls and open grounds for wedding. Honeymoon packages and many more Site visitors would simply select the geographical area they live in, choose the topic of interest, and start to view the listing and information. Anyone getting married would be able to log onto the site to find a photographer, plan a honeymoon and book a reception hall all with the click of a mouse. This portal will also provide the visitors for products required during time such as accessories, shoes, apparels, low to medium cost jewels, etc
Page | 4 Business Concept: --build to make wedding easy www.helpstowed.com
Page | 5 New Category Getting everything on a single click is one of the most preferable things that people want. People are not able to schedule their wedding appointments, not able to locate the caterers, designers, DJs, etc because of their busy schedule and even because of the lack of information. To make this things go easy, www.helpstowed.com has emerged as a new category of profitable online business. This new category of online business has a lot of potential to attract a good number of people because, In India an upper middle class family normally spends 30 lakh on a wedding. An average of 10 million (or 1 Crore) marriages take place in India every year. Conservative average of wedding expenditure to be `3 lakh i.e, 3 trillion for weddings every year (Reference from www.businesseconomics.in). In India, marriages are a big event for the family, relatives and kids. People come together during marriages, spending happens a lot from both bride and groom sides. The places where spending happens and there are enormous opportunities in those areas. Spending Brides and Grooms Dresses Marriage Halls Food Flower Arrangements Receptions (before or after marriage usually happens during the evening) Music bands or DJ Giving all these things on a single click is actually a new category within itself and has a lot of potential.
Page | 6 Problem to be Solved The basic problem is lack of time, hectic shopping on the floor, tension of arranging the Caterers, DJs, Decorators, Wedding Halls, printing of Invitation Cards, Looking for designers, etc In todays world, no one has much time and the time require for arranging a successful wedding is much more. Planning the wedding is easy and stress-free with helpstowed.com. Use our wedding directory to find wedding dresses, flowers, bridal gowns, bridesmaid dresses and bouquets, reception venues, marriage celebrants, wedding cakes, invitations, wedding photographers and more in one convenient location. Busy Brides, Grooms and their family members finds it very difficult to get the contacts of Caters, Decorators, DJs, Invitation printing companies, Designers, etc and these seems to be a problem for them as they dont have much time to get involved in finding these services for long hours. This problem has evolved as a brainteaser for the couples and their family members. To get rid of this time consuming problem, I am planning to develop an online portal for giving contacts of wedding service providers and a lot of accessories needed during wedding time. One can buy accessories required for wedding on helpstowed.com and on the same time, can check the wedding service providers list according to their location.
Page | 7 Segmentation Geographic Status Metropolitan Cities Urban Areas Suburbs Rich people High High Medium Upper Middle Class High High Medium Middle Class Medium Medium Low Lower Middle Class Medium Low Low Targeting As per the segmentation suggest, www.helpstowed.com has a lot of potential in metro and urban cities. Basically, www.helpstowed.com is targeting the mass market.
Page | 8 Current Competition As I mentioned earlier, it is a new category of business. In India, there is no one doing the business of providing online wedding services. But the competition is actually an alternate solution that is, going directly to the service providers such as caters and decorators without referring to www.helpstowed.com. The customers have an option of directly contacting the service providers. The products which my portal serves can also be bought through other stores, malls, etc which also gives a tough competition for revenue generation. In UK, there is an online wedding service portal known as Onlinebride.com which also provides the same solution which www.helpstowed .com provides. But www.onlinebride.com is not a tough competition as it operates in UK and many people are not aware of such website. Event Management companies is yet an another competition for www.helpstowed.com because if client hires the event managers to make their wedding successful, the client will get all the require contacts from him and this weakens the chances of the clients going through this website. Customers Pain Points In todays busy environment, customers want chaos free wedding environment. Their pain is to get the service providers without much searching for them. In the season of weddings, the customers find it very difficult to get the good service providers such as caters and decorators because they are pre-booked by some other customers. When they do not get best caters and decorators, there is a lot of havoc in the house. Best caters and decorators are very important for a successful wedding because they both highlight the whole wedding and not getting them easily creates stress in the minds of the family members. Therefore www.helpstowed.com has emerged as a rescuer. I have developed this site to help the clients to get these contacts on a single click and to build the wedding memorable and happy.
Page | 9 Porters five forces model Threat of new entrants: As it is a new category of business in India, the threat of new entrants in this business is moderate because as it is a new emerging business, low competition is not going to be a scenario and also it will take time to be a known business. Thats why, threat of new entrants is moderate. Bargaining power of buyers: As we earn revenue through commission and advertisements, the bargaining powers of buyers in high because the buyers get directly contacted to service providers such as caters and all and they can bargain with them resulting in less commission. Intensity of Rivalry Low Threat of New Entrants Moderate Bargaining power of Buyers High Threat of Substitutes High Bargaining power of Suppliers Moderate
Page | 10 Threat of Substitutes: Since alternates are available with the clients to go directly to the service providers, to buy wedding-related products directly from the shop. The threat to substitutes is also high. Bargaining Power of Suppliers: Bargaining power of suppliers of wedding related products is moderate because medium amount of stock will be purchased or ordered. Intensity of Rivalry: Since there is no one doing this business, the intensity of competition is very low.
Page | 11 Marketing Strategy 4 Ps of Marketing Mix Marketing Mix, a term coined by Neil Borden, are the ingredients that combine to capture and promote a brand or products unique selling points, those that differentiate it from its competitors. The four Ps are: Product Price Place Promotion As the website is new and awareness of the website is very important to generate traffic and convert the clients into consumers, the Marketing Mix of www.helpstowed.com is as: Product The product that www.helpstowed.com is serving is actually a service. An online wedding service which no one at least in India provides. This service is new in its own concept. This service helps customers to find the contacts of the required service providers free and can also buy the products required during wedding on this website. This Online wedding porta