Masino Photography Market Analysis
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Transcript of Masino Photography Market Analysis
Market Analysis
Masino Photography
Masino Photography
Masino photography specializes in wedding and event photography. I capture priceless images to be shared for generations.
wedding and special event photography
Oakland California
Masino PhotographySole Proprietorship
Owned by the Photographer
Specializes in Wedding and Event Photography
Shot on Location
Process and business conducted at owner’s place of residencePhotographic services for weddings and events sold in various packagesStart at $3,000 with full day coverage, album, and numerous framed printsDeluxe package starts at $5,500 offers additional coverage, duplicate albums, loose prints, and framed printsPackage hand delivered two weeks after wedding
Product LineSimple PackageBasic PackageDuplicate Album PackageDeluxe PackageEngagement PackageFeatures
Meet with customers for initial consultation, second consultation and signing of contract, before and during wedding, proof review, and hand delivered productOver 200 shots to choose fromArchival Prints with master retouchingProfessionally bound album with over 100 prints and protective coverDVD with JPEGS for internet sharing and slideshows
BenefitsGreater satisfaction with variety of prints to choose fromGreat communication with clientsPreserve wedding for generations Makes it easier to share memoriesProfessional photographer with guaranteed satisfaction
Basic Package
5 hours photographic coverage
Proof consultation
One Album (including at least 75 prints)
2 16x 20 framed prints
3 11x14 framed prints
10 8 x10 loose prints
Archival DVD with slideshow
Cost $3,000
GoalsShort TermPurchase full frame digital camera
Create a website
Shoot as second photographer for experience
Shoot two weddings a month for first three months
Develop business relationships with other wedding vendors
Join a wedding photography association
Long TermAdvertise in a local newspaper and magazine
Have a table at a wedding expo
Increase monthly shoots to 4+
Hire a second photographer and editor
Acquire a wet and digital lab
Start up Cost and Personal Experience
Photo Equipment $3,800
Website: $100
Attorney Fees: $300
Insurance: $500
Advertising: $500
Total: $ 5,200
Owner will provide the finances for the initial start up cost
Experience
Owner has a degree in photography specializing in portraiture and photojournalism. Owner also has background in sales, finance, and management.
Breakdown of basic unitBasic Package
$3,000 plus sales tax
5 hours of shooting $ 200 $40 each additional hour
Transportation: $70
Editing and Archival DVD $320
Cost of Album: $100
Use of Equipment: $300
Cost of Prints from Lab $ 1150
Frames: $200
Assembly of Album: $200
Total Variable Costs $2340 78% of cost (31% is labor)
Contribution Market $660 22%
Break Even
Fixed Costs
Insurance $174 yr $16Equipment Deprecation $100Telephone $40Total Fixed Costs $156
Break-Even Point in Units= $156/$660 .24 weddings a monthBreak Even= 1 wedding every 4 months 3 weddings a year
Viability of BusinessFirst 6 months
Projected Revenue= $6,000 ($3,000 x 2)
Less Cost of Goods Sold= $4,680 ($2340 x 2)
this includes labor $1440($720x2) for living expenses
Gross Profit= $1320 per month
Within 3 ½ months all start up costs will be covered
Overhead is minimal most of business conducted on location & online
Owner does not solely rely on Photography Business for income
Gross Profits will be put into an account where 40% will be used for advertisement, promotion, and marketing.
Target Market
Engaged couples in the Bay area
Ages 25-42
First time married
Large family
College educated professionals
50K + income
Style conscious and tech savvy
Of 1,171,953 people over 15 years of age in Alameda county
47.4% are married
Competitive Analysis
There are many independent photographers within the Bay Area, over 200 according to the Yellow Pages
These photographers have many reviews and a large portfolios
Many have won awards and gained a popularity within the Bay Area community
Only shoot digital
Only offer a packages over $2,500
Style is the same
Only offer prints and albums
Competitive Advantage
Offer film and digital prints
Reasonable price
Different Style
Willing to travel to location
Hand deliver end result
Intimate approach due to less clients
Satisfaction guaranteed
Latest professional photography equipment usedNumerous framed prints included in package
Market PotentialGeographic Territory: the Greater Bay Area, photographer
will take any shoot 100 miles from Oakland for free and $1 a mile thereafter
Size of Market: Since there is not a centralized location market is larger
First Year: 2 weddings a month 24 weddings a year
$72,000 in Gross Sales
US citizens spent over $2,162,00 on weddings in 2008.007% of population will wed in any given regionAverage Price of San Francisco wedding $45,284Wedding Industry is stable in current Bay Area economy
Survey Results1. Male 33.3%
Female 66.7%
2. Age
21-25 33.3%
25-30 33.3%
40-45 33.3%
3. Martial Status
Single 33.3%
In a serious relationship 66.7%
Married 66.7%
4. Occupation
skipped 33.3%
Professional 66.7%
5. Zip Code
Bay Area
6. Highest Level of Education
some college 66.7%
master’s degree 33.3%
7. Weddings per year
0 66.7%
3-4 33.3%
8. Price of wedding
$5,000-$10,000 33.3%
no marriage plans 66.7%
9. Hired a photographer
yes 33.3%
no 66.7%
10. What is important?
Fashion/Style 66.7%
Technology 66.7%
Art 66.7%
Family Heirlooms 33.3%
Ideally survey would be distributed at wedding in exchange for complimentary calendar
Marketing StrategiesPositioning All work is customized to each individual client Branding is easily identifiable in photographer’s style Prints are framed and placed in albums to emphasize quality Use a shot list to have consistent work A working portfolio will represent the brand of photography available for hirePricing Expensive and ensures quality Is adjusted to competition in the Bay Area Similar to other high end photographers in the Bay Area, offer more for the same
price Mixture of cost plus and competition pricing Will remain consistent with costPlacement Events shot on location, photographer travels to clients Photographer travels to client instead of meeting at a business for convenience Client able to contact photographer by phone, email, and face to face meetings Interactive website where customers can leave feedback
Numerous consultation with clients to ensure satisfaction Able to cover a market anywhere in Bay Area and potentially anywhere in CaliforniaDistribution Customers will be reached through a website and local advertisement Attend wedding expos to reach clients and stay current with wedding trends Advertisement in local wedding magazines
All prints will be watermarked in bottom right corner for additional advertisement Good relations with other wedding vendors to encourage word of mouth to reach
potential clients
Packaging Customized framed prints
Customized archival hardcover album with a protective box
CD with JPEGS and TIFFS
All prints are archival
Use finest papers and inks
Service Enhancements
Customer satisfaction guarantee
Photographer reachable by phone and internet
Promotions
Enter wedding and other photography contests to increase creditability
Advertise in local newspapers and wedding magazines, it is better to get the prints in the hands of a potential client
Wedding expo to become a part of the local wedding industry, reach potential clients face to face, and find out what brides want
Have a raffle at the expo for free photographic coverage and photo album, additional prints must be purchased
Wedding vendors typically make suggestions to clients about who to choose for services
It is important to establish strong business relationships with other vendors
3-Mar-11
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Personnel
Salaries, wages 1,450 1,450 1,450 1,450 1,450 1,450 1,450 1,450 1,450 1,450 1,450 1,450 $17,400Benefits 0 0 0 0 0 0 0 0 0 0 0 0 0Payroll taxes 0 0 0 0 0 0 0 0 0 0 0 0 0Commissions and bonuses 0
Personnel Total $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $17,400
Market Research
Primary research 0 0 0 0 0 0 0 0 0 0 0 $0Secondary research 100 0 0 0 0 0 0 0 0 0 0 0 100
Library management 0 0 0 0 0 0 0 0 0 0 0 0Market Research Total $100 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $100
Marketing Communications
Branding 0 0 0 0 0 0 0 0 0 0 0 0 $0
Advertising 500 50 50 50 50 50 50 50 50 50 50 50 1,050Web sites 100 0 0 0 0 0 0 0 0 0 0 0 100
Direct marketing 10 10 10 10 10 10 10 10 10 10 10 10 120Internet marketing 0 0 0 0 0 0 0 0 0 0 0 0 0
Collateral 17400+100 0 0 0 0 0 0 0 0 0 0 0 0Press relations 0 0 0 0 0 0 0 0 0 0 0 0 0
Public relations 0 0 0 0 0 0 0 0 0 0 0 0 0Analyst relations 0 0 0 0 0 0 0 0 0 0 0 0 0
Events 50 10 10 10 10 10 10 10 10 10 10 10 160Marketing Communications Total $660 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $1,430
Channels
Channel communications and training 0 0 0 0 0 0 0 0 0 0 0 0 $0Channel promotions and incentives 100 0 0 0 0 0 0 0 0 0 0 0 100Channel commissions/bonuses 0 0 0 0 0 0 0 0 0 0 0 0 0
Channels Total $100 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $100
OtherPhotography Equipment 3,800 0 0 0 0 0 0 0 0 0 0 0 $3,800Telephone 40 40 40 40 40 40 40 40 40 40 40 40 480Equipment Deprecation 100 100 100 100 100 100 100 100 100 100 100 100 1,200Computers and office equipment 200 0 0 0 0 0 0 0 0 0 0 0 200
Other Total $4,140 $140 $140 $140 $140 $140 $140 $140 $140 $140 $140 $140 $5,680Total Marketing Budget $24,710
Marketing Budget Plan