Online Wedding Planning

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Online Wedding Planning

•  
• A Business Plan presented to Dr. Kenneth I.
  Goldberg of National University
• In partial fulfillment of the requirements for
  the degree ofMaster of Business Administration
•  
• ByFederico A. Garcia, IIIJune 15, 2002

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Topics for presentation

• Purpose of the business plan
• Description of the Business
• Industry
• Market Research
• Marketing Plan
• Design and Development

3
Topics for Presentation

• Operations Plan
• Critical Risks
• Financial Analysis
• Conclusions and Recommendations

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Purpose of the Business Plan

• Own experience in planning a wedding
• Evaluate viability of an online wedding planning
  business
• Add value to MBA program

5
Description of the Business

• Wedding research for planners
• Online booking system for vendors
• Ability to view reception sites
• Wedding planning tools
• Business model

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Business Model

• 40/mo 480/yr for contact information
• 125/mo 1500/yr for IPIX technology and access
  to booking system.

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Industry Analysis

• Wedding Industry Information Retrieval Systems
  or Online Content Providers Industry
• Wedding Industry - 70 Billion
• Online Content Providers Industry averages
  -432,000/yr.

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Dominant Economic Characteristics

• Market Size
• Number of Companies in the industry
• Customers
• Profitability

• 70B for wedding industry
• Very few large companies
• 2.4 million marriages
• For wedding industry it looks great, future
  prospects uncertain for dot.coms

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Market Research

• Website viewers
• 24,000 marriages in San Diego
• Half use Internet to plan wedding
• Over 1300 Wedding related businesses in San Diego

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Competition

• TheKnot.com, WeddingChannel.com, ModernBride.com,
  WeddingNetwork.com

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Other Competition

• Local Competition
• SanDiegoWeddings.com, marrymeinsandiego.com,
  weddingconnections.com
• Substitute Products
• Wedding coordinators and consultants

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Competitive Advantages

• Search capability
• Viewing reception locations
• Online scheduling system for vendors

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Marketing Plan

• Brand-name awareness
• Search engines
• Build membership
• Electronic announcements
• Use of applications (calendar, checklist,
  guest-list manager)
• Establish Strategic relationships
• Advertising

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Design and Development

• Tasks
• Website development
• Domain registration
• Web hosting services
• Hiring
• Proprietary issues with IPIX

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Operations

• Location Oceanside
• Strategy and plans
• Organization Building
• Technology Infrastructure
• Marketing
• Development of Site

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Critical Risks

• Business Model
• Technology Issues
• Proprietary Technology
• Lack of Exclusivity
• Online Booking system
• Strong brand loyalty to competitors

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Financials

• Funds Required - 440,000
• Development Costs
• Operating Expenses

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Conclusion

• It is viable but risky
• Success depends on successful penetration of
  local market and expansion into other markets
• Recommending do not pursue the venture.