Bella Fleur Wedding Reception Venue Analysis Marketing Essay

Bella Fleur wedding Reception Venue Analysis Marketing EssayEXECUTIVE SUMMARY transmission line description and ownership Bella Fleur is a marry reply venue specializing in classy and kindize weds for all cultures and ages (legally of course). I smash be the owner of this personal line of credit, and as a sole trader I am allow foring to seek hard to assess all views of a short letter in this business invent in regularise to avoid involuntary cessation. I have chosen this legal structure for my business because the decision making horizon testament be easier and as well conflict between owners of a business that arises during decision making is avoided. As the business grows, if needed I pull up stakes be able to qualify 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 d ifferent operate offered by the venue such as foods, entertainment and some metres decorations. Bella Fleur will offer many options/preferences as well as work and facilities to the knob. Bella Fleur does not only offer services during the reception, but to a fault leading up to the wedding. certified staff members are available full time to make any couples WHOLE dream day a reality rather than the dream fellowship al wizard.The wedding reception venue will be located on the primary(prenominal) 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 diffuse 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) includeThe social goals Ensuring that all members of the community are offered with a sorting of options in order to create the perfect functionOffering a diverse range of services to community membersThe financial goals Expanding the business over a certain timeframeEnsuring that all debt finances are of minimal occurrenceGaining a sufficient profitThe personal goals Being successfulCreating good consumer awarenessGaining sufficient profits and minimal debtsSituational Analysis StrengthsExcellent ReputationGood contact baseExcellent prudence skillsExcellent lineament servicesExtens ive knowledge of the manufacturing sectorHighly qualified staff baseWeaknessesLack of consumer awarenessEntrepreneurshipMinimal startup capitalSize of venueOpportunitiesExtra services will become availableGrowing economyExpanding locationsCompetitors suffering financial problems and looking to sell their businessThreatsCompetitorsDecreasing economyIncreased inflationIncreasing service pricesBusiness Objectives and Strategies ObjectivesStrategiesProvide the Bride and Groom with everything they need to make their day perfect break out a professional, qualified staff baseEnsure all services available are provided correctlyEnsure that entertainment is always changing.Develop a hardcore clientele baseWork well with all clientsEnsure that the bride and groom and all the guests are all satisfiedBe consistent with all clients and ensure that all treatment is fairAdd extra services to the businessResearch extra services that a venue can provide (2 months)Develop the new services (4 month s)Have new services tested and running at full capacity (5 months)Quality RatingComplete a perspective 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 product 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 asEntertainment 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 service location in order to create a coherent environment. They will be in charge of the table cloths, top covers, foyer decorations , centre pieces, chair sashes, bridal table design, backdrop, fire f etceteras 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 sustenance 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 tolerant selection of cars in order for them to be able to prefer their pet 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 whitethorn choose to speak persona lly 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 qualif ications 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 prudish 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 extremely 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 innovational 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 principally 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 game 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 1998-2007Graph Total marriages-1998-2007Bella 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 pop month. This is show in the table below found on http//www.abs.gov.au/ausstats/emailprotected/mf/3306.0.55.001Months of marriage 2007Graph Months of marriage-2007Competitor 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 ad vantages 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 InformationStrengths of CompetitorWeaknesses of CompetitorBella Fleur StrategiesTHE VAUDEVILLE FUNCTION tarry176 The River Road, Revesby NSW 2212Specializes in all functionsPrestigeExcellent promotion and customer awarenessLarge SpaceMany years experienceNo cultural aspectDoesnt offer as many services as Bella FleurHigh pricingBella Fleur holds a cultural aspect and offers all kinds of services possible for an event. The budget is compromising 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 substance223 Belgrave Esplanade, Sylvania Waters, NSW 2224Excellent ViewPrestigeCustomer AwarenessFranchiseLarge BusinessLarge spacesMany years experienceNo cultural aspectFocuses mainly on the reception rather than the planningHigh pricingBella Fleur holds a cultural aspect and offers all kinds of services possible for an event. The budget is whippy 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 assumption 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 meter of money on the wedding, different options will be given to this client than the client wh o 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 ven ue to then purchase appropriate goods and plan appropriate methods to ensure that a profit will be do rather than a loss.Prices will vary depending onThe menuThe seating planThe number of peopleThe services chosenDecorationsChanges 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 importan ce especially for its promotion. The venue is overlooking a lake and a fine-looking 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 tax revenue Statement Revenue Statement for Bella Fleur Wedding Reception VenueFor the period ending 31st August 2012$$SALES REVENUE1 450 000COGSOpening timeworn500 000Purchases200 000700 000Closing Stock100 000Total600 000GROSS PROFIT850 000EXPENSESAdvertising5 000Insurance2 000Interest to bank20 000Decoration Expenses30 000Mortgage4 050Salaries and Wages200 000Telephone4 000Kitchen Stock80 000Total345 050NET PROFIT (before tax)504 950Balance tag end Balance Sheet for Bella Fleur Wedding Reception As at 30 August 2011 accepted ASSETS $$Cash in bank 500 000Account receivable 420 000Stock (ingredients)100 000Total original Assets1 020 000NON CURRENT ASSETS Equipment2 450 000Land700 000Building Properties500 000Total Non Current Assets3 650 000OTHER/ impalpable ASSETSGood will (intangible)300 000Total Other Assets300 000Total Assets 4 970 000CURRENT LIABILITIESBank Overdraft600 000Accounts Payable200 000Total Current Liabilities800 000NON CURRENT LIABILITIESMortgage3 516 000Total Non Current Liabilities3 516 000OWNERS EQUITYCapital500 000Retained Profits154 000Total Equity654 000Total Liabilities4 970 0001.28LIQUIDITYCurrent Assets 1 020 000Current Liabilities 800 000CRITICAL REVIEWCritical Review As a student, I think that Ive completed this denomination quite well match 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 a t 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 trade 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 smack 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 nurture 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 wereMeet the deadlinesEnsure all the work was understoodComplete the assignment to the best of my abilityI fee l that these goals were fulfilled and am proud of this accomplishment.PLAN OF APPROACHPROGRESS AND RESEARCHBUSINESS PLANBELLA FLEURWEDDING RECEPTION VENUE22736094YEAR 11Bibliography Le Montage http//www.lemontage.com.au/index.cfm?html=trueNielsen Park Venues http//www.receptionsearch.com.au/venues/NSW/Eastern%20Suburbs/Nielsen%20Park%20Venues/The%20White%20PavilionTerrey Hills Golf Club http//www.terreyhillsgolf.com.au/guests/guests.mhtmlDockside Groups http//www.docksidegroup.com.au/