Wedding Market Planning Developing a Market Plan Essay

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Wedding Market Planning

Developing a market plan and strategy for weddings is a challenging endeavor, primarily because it is a highly-differentiated industry that interestingly requires the planner to establish linkages to different kinds of industries. While it is highly specialized as a business, the business owner or planner must be savvy enough to know other businesses as well to remain competitive in the wedding planning business. Market planning and strategy in the wedding industry requires the individual to have an almost innate talent and skill for identifying the specifics and details required to plan and realize a wedding. Thus, for the business owner / entrepreneur / wedding planner, s/he must be both a generalist and a specialist: generalist, because s/he must be able to envision and visualize the overall result of the wedding plan, and specialist, because s/he must be a master of details and linking these details together to create and implement an almost flawless wedding plan.

However, these qualities of an effective wedding planner are just a few of the basic requirements if one wants to succeed in the wedding industry. Almost all businesses related to the wedding industry rely on strong and feasible planning. In developing a market planning strategy for the wedding industry, two phases are recommended: first, the situational analysis of the wedding industry itself, and second, the penetration strategy of the business, which includes identifying the particular geographic area in which the business will operate, branding, and market positioning in this target area. In the texts that follow, these two phases will be discussed in detail.

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Situational Analysis

Since business operations will focus on the United States market, the situational analysis generated will center on market statistics for the country. Market research conducted by the Association for Wedding Professionals International, or AFWPI, determined that in the past five (5) years, the months of June and July remain the strong months for the wedding industry. However, peak months is a gradual increase of weddings held from May to October, which indicates that for six (6) months, the wedding industry has the potential to increase its profitability. The remaining six months (off-peak months) would either be a downtime period for the business, or alternatively, develop a marketing plan that would still be profitable despite the off-peak season in the U.S. market (this strategy will be discussed thoroughly in the following section) (AFWPI, 2012).

In the past five years as well, the wedding industry in the U.S. market was at its most profitable in Las Vegas, Nevada, which is….....

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