princess cruise
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PRINCESS CRUISE
GROUP MEMBERS
Saba Khan
Maria Ayaz Khan
Aamir Saleem
Raja Talib Hussain
BUSINESS Targeted at elite and upper middle class People here want to showoff themselves A unique and completely new idea to the
market in Pakistan Provide services for arranging marriages
on cruises while in sea or anchor at harbor Cruise at sea has became an adventurous
and exciting event in modern life Every one comes with a free mind Arrange functions up to a capacity of 600
guests
COMPETITIVE EDGE Complete range of wedding services
under one roof Offers its customers the ease of one-stop
shopping The company will leverage its expertise
in planning such events to competitively position it as a premier provider of wedding services
All members have very strong communication skills that will help develop the 'buzz' about the high quality of the services
MANAGEMENT SUMMARY Wedding organizers are Maria, Saba, Talib and
Amir Have planned and serviced over 150
weddings and receptions knowledgeable about all areas of planning,
decorating, as well as budgeting Maria and Saba have a BS in Communications
and a minor in Interior Decorating Amir has an Associate Degree in Fashion
Design Enjoys all aspects of planning traditional and
nontraditional weddings.
MISSIONPRINCESS CRUISE Wedding Organizers is a
full service company that provides complete consulting services for weddings,
and special occasions
OBJECTIVES Provide comfort, leisure and ease to
customers and make their stay with us a pleasurable and memorable experience
Offer a host of packages and services specifically tailored to the needs of each couple and family priorities
High amount of revenues expected
KEYS TO SUCCESS Service our clients' needs promptly and
efficiently Maintain an excellent working
relationships with vendors$ such as florists, hair salons and bridal shops
Maintain a professional image at all times
STARTUP SUMMARY Handle day-to-day operations of the plan
and will work collaboratively to ensure that this business venture is a success
Estimated start-up costs will be $.3,000 (including legal costs, logo design, advertising, direct mail, and related expenses)
An additional $.5,000 will be required in the bank account as an operating capital for the first two months of operation
The start-up costs are to be financed in equal portions by the owners' personal funds
COMPANY STRUCTURE
CEOSaba Aurangzeb Khan
DirectorRaja Talib Husssain
Marketing Head
Maria Ayaz Khan
Finance HeadAamir Saleem
NATURE OF COMPANY Partnership of four members
Maria Ayaz KhanSaba Aurangzeb KhanAamir Saleem Raja Talib Hussain
Agreement of equal sharing of profit and loss
COPY RIGHTS The intellectual property including
patents and trademarks have been issued by the PTA (Pakistan Trademark Association)
enables the company to have distinctive nature compared to its competitors within the industry
INDUSTRY ANALYSIS A cruise ship or cruise liner is a passenger
ship used for pleasure voyages, where the voyage itself and the ship's amenities are part of the experience
Cruising is becoming a major part of the tourism industry, with passengers increasing each year
Although facing increasing competition from caterers who plan and organize weddings on ground, Princess Cruise has a unique advantage over the rest in the industry
…… Cruise ships operate mostly on routes
that return passengers to their originating port
Some cruises also engage in longer trips which may not lead back to the same port for many months
MARKET ANALYSIS SUMMARY Nearly $.35 billion is spent every year
on weddings and receptions Professional wedding organizers are a
commodity, not a calamity PRINCESS CRUISE Wedding Organizers
are full-service wedding organizers that offer a variety of services
Packages to suit everyone's needs and budgets
MARKET SEGMENTATION Although the flash and excitement of
impending nuptials can be intoxicating, it can also be overwhelming
Primarily marketed our services to the people who need them most--brides and grooms
Another customer segment is represented by the numerous family members and guests attending weddings, anniversaries, and similar events
MARKETING PLAN A marketing plan is a written document
that details the actions necessary to achieve one or more marketing objectives
A marketing plan may be part of an overall business plan
Solid marketing strategy is the foundation of a well-written plan
While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use
SERVICE PRODUCT PACKAGES Exclusive: 3 days trip for single
Wedding Afloat function (at sea) up to 600 guest
Premium: 3 days trip for two simultaneous Wedding Afloat functions (at sea) up to 300 guests each
Creek Breeze: Night/day reception for single Wedding Afloat functions on board ship at anchor in DHA Creek up to 300 guests
…….. Exclusive & premium package is unique in
nature which include;Temperature controlled swimming poolTheaterMusic show/concert Coffee bars/banquet hallsSun bathIncredible sight scene View of sun rise & sun setComfortable accommodationSeparate entertainment venues for childrenExclusive seating on upper deck for
couples
MARKET SEGMENTATION The process of dividing a market into
distinct groups of buyers with different needs, characteristics, or behavior who might require separate products marketing program is called Marketing Segmentation
This enables us then to “treat” each segment differently by: Providing different products/services (e.g. some consumers like cola taste, while other prefers lime)
Offering different prices (some consumers will take the cheapest product available, while others will pay for desired features)
……. Each segment must have an identity i.e. it must
contain members that can be described in some way (e.g. price sensitive) that behave differently from another segment
Each segment must engage in systematic behaviors (e.g. a price sensitive segment should consistently prefer the low price item rather than randomly switching between high and low priced brands)
Each segment must offer marketing mix efficiency potential – i.e. it must be profitable to serve. For example, a large segment may be profitable even through the competition it attracts tends to keep prices down
The market consists of many types of customers, products, and needs
……. Consumers can be grouped and served in
various ways based on geographic, demographic, psychographic, and behavioral factors
Geographic Segmentation calls for dividing the market into different geographical units such as nations, regions, states, counties, cities, or even neighborhoods
Demographic Segmentation divides the market into groups based on variables such as age, gender family, size, family life cycle, income, occupation, education, religion, race, generation and nationality
…. Psychographic Segmentation divides
buyers into different groups based on social class, lifestyle, or personality characteristics
Behavioral Segmentation divides buyers into groups based on their knowledge, attitude, uses, or response to a product
TARGET MARKETING Evaluation of each segment was done and
found that geographically Karachi segment has most potential customers
Demographically upper class and upper middle class youngsters of age between 20-40 from any religion/race Pakistani in general and foreigners businessmen/diplomats in particular are the targeted segments
Psycho graphically those from above segments who are authoritative, means independent in making decision and are ambitious and achievers,
…… Combination of this selected
segmentation is our target market Target market strategy Princess
cruise has adopted concentrated marketing i.e. niche marketing strategy in order to save the marketing effort and expenditure
MARKETING MIX Set of controllable tactical marketing
tools such as service product, price, place and promotion that the firm blends to produce the response it wants in the target market
The products of Princess cruise are the services in three different packages such as Exclusive, premium and Creek Breeze
The Marketing mix consists of everything the firm can do to influence the demand for its product/service
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PlaceChannels, Coverage, Assortment, Locations, Inventory, Transportation, Logistic
Target Customers
SERVICE PRODUCT Princess cruise has variety of services in
pipe line to come but few, in the market are
Wedding afloat(at sea)
Wedding Afloat(in harbor)
Creek breeze
Wedding Afloat(at Resorts)
Exclusive Mehendi Yet to be launched
Premium Nikah
valima
Birthday
SERVICE PRODUCT MIX Princess cruise has three service lines
wedding Afloat (at sea)wedding Afloat (in harbor)Service line yet to come is wedding
Afloat (at resorts) Service depth consists of Exclusive and
Premium under Wedding Afloat (at sea) Wedding Afloat (in harbor) creek breeze,
has service depth of packages such as mehendi, Nikah, Valima and Birthday when these services are considered all together it is called service(product) mix
PRICE The amount the company has set for each
service product, which customer pays to avail these services
Wedding Afloat (at sea) Exclusive
Per head $.25,000/- Maximum number of guest (heads) up to 600
Premium Per head $.25,000/- Maximum
number of guest (heads) up to 300
Wedding Afloat (in harbor) Creek Breeze
Per head $ 10000/- Maximum number of guest (heads) up to 300
Wedding afloat (in Resorts) Yet to be considered
PLACE
PROMOTION Communicate information and increase sale
regarding brand Princess cruise and its service product Wedding Afloat (packages) to target market
During the campaign of promotion, number of Businessmen, official, Media teams, journalist from various religion/races were taken on board out at sea to give them the feel of luxury of cruise, ambiance, facilities, hospitality of our crew and services
Marketing collaterals have also been printed to use them for promotion of service product
……. Internal Marketing means that the
service firm must effectively train and motivate its customer contact employees and supporting services people to work as a team to provide customer satisfaction
Interactive marketing means that service quality depends heavily on the quality of the buyer seller interaction during the service encounter
…. company has to master interactive marketing
at all three levels – Calls, Clicks, and Visits
Company
External MarketingInternal Marketing
Interactive Marketing
Employees
Customers
DISTRIBUTION CHANNEL In product business, product are
standardized and sit on shelves waiting for customer but in a service product – business the customer and front line service employee interactive to create the service
Therefore there is need that service provider must interactive effectively with customers to create superior value during service encounters
Successful service companies focus their attention on both their customers and their employees
…… Understand the service profit chain which links
service firm profits with employee and customer satisfaction
Chain consists of five links; Internal service quality: superior
employee selection and training Satisfied and productive service
employees: more satisfied, loyal, and hardworking employees
Greater service value: more effective and efficient customer value creation and service delivery
……. Satisfied and loyal customers:
satisfied customers who remain loyal, repeat purchase, and refer other customers
Healthy service profits and growth: superior service firm performance
ADVERTISING Awareness of customers about the
service is as important as the service itself
For success of service product in the market, companies need to advertise and promote vigorously
Eye catching advertisement using Electronic, print and Out Door media is being done effectively
….. Television Advertisement has been a
very effective because of its ability to combine visual images, sound, motion and color to create permanent image in the minds of customer and provoke the need of experiencing it
Geo TV ARY Digital PTV AAJ
…. FM Radio is another effective media of
advertising, this media is also being utilized to promote and advertise our service product
Web site launched has proved to be the most effective in creating awareness among customers and most of the booking is being done through this media
Print Media Travel guides, news papers and
business magazines are being used to advertize and promote Princess cruise through print media
Out Door Media Bill boards and Posters at national
airports and at hotels are attracting more number of customers.
SALE PROMOTION & PR The company frequently holds
receptions and sponsors concerts in prominent clubs of Karachi, Islamabad and Lahore inviting elite class diplomats and Govt. officials to promote service product and improve PR.
FUTURE MODIFICATIONS The company is in negotiation with Dubai based
Investment company ALQURB Pvt Ltd for joint venture in this business
The company has planned to develop the Astolia Island and its beach into Wedding Resorts where we will be able to extend our service by introducing new service products “wedding at Island Resort” and Weeding at Beach Resort
Astola Island is 150 miles in the west of Karachi and 2 KM south of Pasni. This Island is 2 miles long and half mile wide having beautiful sandy beach and high ground up to 600 ft above the sea level
It is an ideal place to build wedding resort and develop the beach to attract customers those want to have unique and everlasting memorable experience of their life
….. The Island will be converted to natural green
Palm Tree Island. A total of 50 duplex resorts and two banquet hall with fresh water swimming pools would be constructed by 2015
Our earlier service products are already unique in nature and addition of Astola Island wedding service product would make us unbeatable because no other would be able enter into this competition because Pakistan is blessed only with one such Island and that would be owned by our company
We expect by 2015 Princess cruise company would be a true unique leader among wedding service providers
STRATEGY AND IMPLEMENTATION Our strategy is simple: we intend to
provide our customers with a wide range of services custom tailored to their individual needs
whether they require a complete package, or simply consulting on a particular service, we can help
SALES STRATEGY Advertising in the Yellow Pages - two inch
by three inch ads describing the services will be placed in the local Yellow Pages
Placing advertisements in the local newspapers, including The News, Dawn, Akhbar-e-jahan, Jang etc
Developing affiliate relationships with other service providers (florists, hair stylists, caters$) that would receive a percentage of sales to the referred customers
Word of mouth referrals - generating sales leads in the local community through customer referrals
FINANCIAL PLAN Break-even Analysis
The following table and chart summarize our break-even analysis
…… Monthly Revenue Break-even
$.4,804 Assumptions:
Average Percent Variable Cost 0%
Estimated Monthly Fixed Cost $.4,804
PROFIT AND LOSS
……
…….
…….
PROJECTED CASH FLOW
GENERAL ASSUMPTIONSFY 2001 FY 2002 FY 2003
Plan Month 1 2 3
Current Interest Rate
10.00% 10.00% 10.00%
Long-term Interest Rate
10.00% 10.00% 10.00%
Tax Rate 25.42% 25.00% 25.42%
Other 0 0 0
END OF PRESENTATION
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