Risk
The risks involved with starting Pedding are:
- Will there be a demand for the services offered by Pedding in Hong Kong?
- Will owners be willing to pay for the service Pedding offers?
Service
Pedding will provide one-stop pets’ wedding planning service. It includes providing wedding costumes, venue arrangements, catering wedding certificate, photography and other customized services. It will also provide customers with a unique and innovative idea for creating a full of love atmosphere and enjoying their pets’ sweet wedding party.
Service Description
Pedding will provide a series of services for people’s pets to hold a wedding party.
First of all, Pedding will provide a membership for customers to join so that they will have a discount when they purchase in Pedding next time.
Next, Pedding will help pets to hold a wedding party. There are three provided packages the customized plan and they are package A, B and C. Different packages offer different materials and locations for customers to choose.
If these packages are not comprehensive enough to satisfy their needs, Pedding will provide a customized plan based on customers’ reasonable specifications.
The details of these three packages are listed as below:
* Can be change to Greenland for an administrative fee $300
Market analysis summary
Marketing segmentation
Pedding’s customers are mainly dogs and cats. Actually, our target is the one who keep pet(s). As we know, pets do not come voluntarily and offer a wedding party by itself.
Market Trends
Nowadays, more people attach importance to their pets. It can be easily understood as there are recently more pets shows, pets exhibitions, high quality of pets food and so on. In addition, more exhibitors are willing to spend more money for promotion to increase their profits. Even though, the attendance is gradually increasing every year. Apart from the new pet products and services, like pets food and pets wedding services, masters focus mainly on nutrition and quality, so they put price no longer for their first consideration.
Therefore, one of the hot issue for current pets masters, pets wedding become recently a trend. They are happy and desired to see their pets getting married. Pedding is the best choice for those masters.
According to the ‘Thematic Household Survey Report No. 26 - Keeping pets of pets households’ from Census and Statistics Department’s report in 2005 , there is estimated from the survey that some 286 300 households were keeping pets at the time of enumeration, representing 12.6% of all households in Hong Kong. Among them, 257 500 households were keeping one type of pet and 28 900 households, two and more types of pets. Those pets included dogs, cats, turtles, birds and other pets. It is easy to know that dogs and cats are people’s favorite pets relatively in pets market. Some kept not only one pet. Obviously, there is a big market if we focus on these first two sorts of pets to be our target customers. (Table 4.1 and Chart 4.1)
Strategy and Implementation Summary
Strengths
- Professional and knowledgeable staff. The staffs have taken a series of pets care and wedding planning courses. Some of them have pets at home. They are both knowledgeable and eager to please.
- Qualified services and support. Some of wedding items will be kindly provided by suppliers in order to hold a remarkable pets’ wedding party for customers.
- Clear vision of the Market need. Pedding knows many owners love their pets so much but do not really know what they can do for them. Holding a wedding party must be a distinctive and great idea.
Weaknesses
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Pedding is the first mover in this market. So, it will be quite difficult to forecast the real market situation in the future, such as the confidence of customers. Pets’ keepers might worry about the physical experience and unfamiliarity of holding a pets’ wedding.
- Moreover, it will result in first movers having sales and marketing costs significantly in excess of later entrants. They may then affect Pedding’s sale directly.
Opportunities
- There is a growth of population of pets’ owners in Hong Kong. As the population of it increases, so will the need for the services Pedding offers.
- Lots of owners love their pets. They treat them as a family member. Owners are willing to pay everything for their pets, even a wedding party.
- Due to the fact that pets’ wedding party is a fresh and innovative idea, Pedding may have a chance to be a monopoly in this industry.
Threats
- Rapidly market fluctuation such as inflection. It may lead to a variation of the intension spending for pets and the cost distribution of Pedding.
- The uncertainties of suppliers such as shortage of wedding customs.
Competition
Actually, there is no any online competitor with exactly nature of pets wedding in accordance to our roughly research. So, we may be the first-mover in this industry.
Marketing Strategy
Differentiation refers to seek to build customer loyalty by positioning its goods or services in a unique or different fashion.
In order to build customer loyalty, the one-stop pets wedding service is actually our key concept. Such unique service provides customized wedding planning, which includes wedding customs, wedding catering, wedding flowers and professional wedding photographing and video graphing. The most important in this specific wedding party is that wedding certificate is issued on that day.
After few years, we believe that this service will be a competitive advantage for us.
Promotion
Since internet is the fastest growing communication medium, this allows customers to catch up updated information quickly. It requires lower cost comparing with the other promotion methods. It is suitable for small medium entrepreneurs who have initially less cost.
Using internet for searching and obtaining information recently becomes a really big trend. Hence, posting online advertisement is mainly used through several methods.
In begin with, banners, a graphic display on a Web page, has various advantages. It provides direct link to our Web page. For example, people are usually used to visit Yahoo.com, one of search engines, once they online. Also, it is effective to place the banner on a high-volume Web sites, like forums.
Besides, registering more search engines is in our promotion plan.
Once people key ‘pets wedding’, ‘marrying pets’ and ‘wedding for pets’ in search engines, they can easily find out our Web site description.
Those advertisement methods are helpful and efficient to provide up-to-date service information fro customers. Moving toward global market is one of benefits of advertising online. However, our scope is only limited in Hong Kong.
Management summary
Management Organization structure
The company’s organization structure, Natalie Yip is the chief of this company, also is the leader of our members in this company. Josephine Jim is responsible for department of account and finance, handling the budget and costing in our company. Sandy Lo and Karena Kwok are responsible for the department of Public Relationship. They maintain good relationship and communication between suppliers, customers and us. Eva Lee is responsible for the department of administration which mainly is managed the operation and running of company. The department of IT is in charged by Gary Chan who is responsible for designing our Web site, checking and solving technique problems.
Suppliers:
Pedding has two main suppliers, ‘AddiDog’ and ‘Flora’ respectively.
‘AddiDog’ is the supplier of providing dogs’ and cat’s costumes in wedding styles. Owners can choose pets’ wedding customs from the provided photos in the website.
On the other hand, ‘Flora’ is the supplier of providing wedding flowers about the arrangement and corsages (the flowers or decorations in front of the wedding custom) in wedding party.
For other wedding items, Pedding will have other suppliers, such as wedding catering services.
Hiring projection
Apart from hiring projection, it is not necessary in our business because we have enough members to run our business. Every member has their own position as mentioned above.
Cost Management
The staff will consist of six full time employee working 35 hours a week at basic salary $1,500 per month. Profit will be divided for six proportions evenly.
Web site Features
Outlook of Pedding’s Web site
It is simple and user-friendly when you use Pedding’s Web site.
When you enter the company’s Web site, the front page of the Web site will be seen in a fresh clip about pets wedding. It will provide an apparent image for the target audiences.
The main page of the Web sites will be separated as three parts: Contents, Main page and Top-banner.
The Top-banner will be written by the company’s name, logo, and contact number.
The content page will be placed on the left hand side, it contain the major links to different main pages as “Home”, “About us”, “FAQ” and “Wedding video”, etc. When you press those links, the main page area will change in accordance to the URL. However, the Top-banner and content page are remain unchanged.
Functions:
