Executive summary: We live in a world full of occasions, every day we have a special moment in our life families, friends and couples need to save and keep these moments they have in their life in a physical way at least. So, Photography is the best way to keep those moments for long and we go back to them when we want to bring back the memories holding events that we had in our life. Photography is being used by young and adult especially those who use social media such as Instagram, Twitter, Facebook, Tumbler, Snapchat, they love to share their joys and happiness online but mobile deceives camera can’t replace the professional cameras. Most people like to have good quality photos, people who like to show their life and moments to be seen in the best light. K photography studio will grow up at an annual rate over 40% by targeting students, and people living nearby the university for taking pictures of graduations ceremony, Christmas holidays, birthday parties, wedding parties, and newborn babies.
The opening of this studio will mark a huge change in the way professional photography is delivered, rather them being a place to visit and take photos, it will be a fun part of the students and families’ lives, helping them to capture their special moments and share them in digital or in their social media lives. Mission: MMU studio help client to preserve their special moment and portray themselves in the best light, we make professional quality photograph easily available in digital format, we make it easily for our client to use us as their homes. Objective: In addition to livelihood, we are part of the business world and we are here for the enjoyment of photography and having fun with our customers. Our objectives: To generate a comfortable net profit by the second year. To develop good customer services so we can keep up on top of each customer schedule needed at all of them. Company Summary: MMU studio has worked in this industry for the second year. Company ownership: MMU studio is owned by university and hired photographers as employees to get work done in the best light.
Marketing Plan Families of college graduates are most likely to be professionals and to have the means and the taste for professional portraits. The trend among our targeted consumers is toward more digital photography and more sending of digital images on the Internet. As the world becomes more technical, people need more personal support. Market Segmentation: K photography studio believes that graduated student is the main customer of our program as the studio is located in a critical place where they spend most of their time and study more to that, there are other targeted customer for our business such as: Families of college graduate: the family are the ones most likely to have a need for professional to keep on that memory forever in a photo as a portrait. They are also most likely to have the means and taste to want professional photos for their families, as well. Families of High School Graduates: People who have not completed college are assumed to be more likely to be employees or be in a trade. While many of them may have the means for professional photos, relatively few will use them.
They are more likely to use home-made photographs, except for rare occasions, such as a high school photo or wedding. Families of Non-High-School Graduates: These are families who are generally without the means to hire professional photographers on a regular basis. Target Market Segment Strategy: Our target market is families of college-educated people who are most likely to be professionals.
This is the population most likely to order professional photos on a regular basis, having both the means and the desire for professional quality photographs. Since women make most of the purchasing decisions in families, our specific target market is middle-aged professional women in the area of Cyberjaya. Market Trends: Photography has gone digital. Digital cameras are replacing conventional cameras faster than DVDs are replacing VHS in video stores. Even cell phones have digital cameras on them. The uses of photography have expanded as well because of Web pages on the Internet and email. Digital images are needed for printing uses as well, for such uses as brochures and business cards. Photo studios have mostly switched to digital format because it also allows for easy processing and manipulation.
They have been less amenable to making digital files affordably available to clients, and this is a trend on which we intend to capitalize. Market Need: Families have photos taken to preserve memories. Most photos are taken by consumers with their own cameras, which are increasingly digital and are even part of their cell phones. Most of these photos are low quality but no one cares because only the family views them. Consumers generally engage professional portrait photographers when the photos will be viewed outside the family and when quality matters. Professionals, such as those in our target market, often have business needs for quality photos and have acquired a taste for them.
These professionals have families, too. They have the budget and the need to use them for their families because they often entertain at home and their family photos will be on display. Just as they appoint their homes with fine furniture and decorations, the photos on their walls need to exhibit quality. Specifically, some of their needs include: baby pictures portraits for home or office senior pictures for the high school yearbook family pictures to send to family members family newsletters family, individual or business websites portraits for business cards, such as for real estate agents portraits for brochures and annual reports The world has become increasingly digital, but many professional photo studios have made it difficult for people to enter the digital age. The traditional practice of retaining negatives to require clients to return for prints has been carried over to charging high fees for releasing digital files of their portraits. While The need to capture memories lasts for people’s entire lives, and business portraits require a regular update.
But people generally don’t look forward to seeing a photographer. In fact, they find it a burdensome expense, have not established a relationship with a photographer and don’t think often about going to one. As a result, a lot of memories are lost and ancient portraits of professionals continue to be hung on walls and portrayed in publications. This makes them appear to be trying to preserve their youth instead of embracing their maturity and experience, and doesn’t show them in the best light. Competition and Buying Patterns: Purchasing decisions generally begin with an urgent need, such as a high-school senior picture or the birth of a baby.
? Buyers are most likely to seek a professional by referral from someone who has used their services.? If this is not available, they are most likely to look in the Yellow Pages, but?increasingly online, especially if they are young.? Distribution Patterns: Photo studios are generally located in commercial areas with high visibility, but?many studios are run out of the owner’s home. This is possible because so much photography occurs on location: in people’s homes or offices and in nature or at social events.
Industry Participants: Photo studios are run by professional photographers with various levels of education and experience.?There is considerable variation in quality and taste according to the ability of the individual photographer.?This is a highly individualized, creative process that makes it difficult for large corporations to enter the market or to create “chain stores.”?The participants are mostly individual photographers. Strategy and Implementation Summary: The Key element of MMU studio strategy is to reach student who are expected to graduate soon and having registered for the graduation ceremony , and to reach the parents of the new born babies in neighborhood soon as they leave the hospital . We will take the initiative to phone the student and parents to take pictures instead of waiting them to remember. The world is becoming more digital and we will exceed the competition in providing access to digital file easily and affordably. Strategy Pyramid: Our strategy is to become an indispensable, recurring family expense by developing long-term relationships with clients and taking the initiative to call them when it’s time for new pictures.
Our tactics include: Annual Portrait Program:?We take the initiative to schedule the annual portrait and we replace it in last year’s frame while saving last year’s photo in a portfolio. Baby Picture Program:?We arrange pictures of the baby at 1 month, 3 months, 6 months, 9 months, 1 year, 18 months, 2 years, and 2½ years. Child Portrait Program:?We arrange a portrait of the child at 3 years, 4 years and 5 years, or until the child begins to be photographed annually for school pictures. Capturing Memories Program:?We arrange an annual portrait of the family and individual picture of each member of the family. Photos include pets and the house and grounds, if desired. Specialty Advertising:?Giving away interesting promotional products that are cool enough and inexpensive enough to ask them to give others away to their friends.
Competitive Edge: Our competitive edge is that we provide not only a photograph, but a program of ongoing portraits to capture the special moments in a family’s life.?We then make the digital images of their photos easily and affordably available for distributing on the Internet. Marketing Strategy: MMU Photo Studio is unique in having programs to capture the special moments of a family’s life.?These moments can easily pass by and be lost by busy professional families.?We take the initiative to call them, if they request this service, to schedule appointments to mark the special stages of growth in their families.? We’re there for baby pictures, high school senior pictures, wedding pictures and photos for their professional needs.
? Our prices are about the same as those at other photo studios, but?we email digital files of our clients’ images for free to help them put?their pictures?on the Web.?There is no charge for our calling service, either, so we are a great value. We will get the word out by conventional advertising to start, and by a yellow page ad and a website.?We have a targeted marketing effort to families of newborn babies. Pricing Strategy: Our prices are competitive with other high-quality professional photographers in the area, but digital files are delivered affordably by CD or free by email.
?Our value added is in our programs of calls to capture the growth of the family. Promotion Strategy: We will have a professionally designed Yellow Page ad and a website.?In addition, baby pictures will be targeted using public birth records and mailings to families in our target areas. During the first six months, we will run display ads in the local paper and radio spots on several different local stations.
Operational Plan: General approach to operations: As a start-up of our business in this industry, we definitely concern on how to increase the awareness, users, and the profit for our photography services. In order to achieve it, we have developed the tactical plan to support the company goals for the year. To increase the awareness about our product and company, we have decided that we will held an exhibition to introduce our photography service in Malaysia. We also perform viral marketing and other types of marketing activities. Our operation hour will be from 8 AM to 10 PM. The operation plan will be divided into two activities: Single use plan: address only the current period or a specific problem. Ongoing plan: carry forward to future periods and are charges as necessary.
Backstage (behind the scenes): Marketing Plan. Product / Service. The service will be maintained daily based on the feedback that our customer provided. It will be developed following the latest technology improvement and we will also do daily check up on our machines and devices for the quality of our products. Front Stage (what customers see): Product. Our product is called photography services where we do printings. Operation Hour. Our customer may reached us during our operation hours; from 8am to 10pm, be it by email and call.
We are ready and always please to answer our customers’ enquiries and feedbacks. Promotion. Any promotions will be informed through our customer’s email address and also our website itself. We will conduct a formal meeting every 2 months that will be run by our senior management. The aim is to cover a planning horizon adequately to plan the resources effectively. This way will help the company to move in one direction for the overall good of the company instead of pulling for own goals. Business location: Our first headquarters will be located at Cyberjaya.
It is because the location is surrounded with offices, universities and government institutions whereby it will be for strategic as they will use our services. Equipment: We will also do a daily check-up for our machines and devices. List of our key assets are: The printing, computers, cameras and other machines and devices. Therefore, it is convenience to customers to use our services.
Management Team: Board of Directors (BOD): Board of Directors is the one who established corporate management related to policies and makes decisions on major company issues. The board of directors are responsible in setting up the goal of the company, supporting the executives in their duties while ensuring the company has adequate resources at its disposal and those resources are well-managed. Board of Advisors (BOA): Board of Advisors help our company to run smoothly. It is a group of individuals that we have selected to help advice and monitor our business regarding the business issues, such as; marketing, sales, financing, and expansion and so on. It acts as a body that gives advises towards the board of directors and management of a corporation. However, Board of Advisors do not have any authority to vote on corporate matters.
IT (Information Technology): IT technical support officers always ensure that company’s system is working well and always reliable and efficient as possible. The job scope always involves installing, configuring computer hardware, software, systems, networks and respond to breakdowns, planning, undertake for a scheduled upgrade, solving password matters as wells as diagnosing, solving computer software and hardware faults and many more. Our innovative approach make our customers fascination with the latest digital imagery. By playing to this market trend, we gain new customers and provide added value, with high-quality, small file-size images our clients can easily share with friends and family members.
The services we provided will use several digital cameras, and will require a computer fully loaded with image-manipulating software, such as Adobe Photoshop. We will also need an ongoing maintenance agreement for the computer and software, and nightly backups of image files, in the event of computer failure, theft, or fire. Marketing: Marketer is needed in our business in order to analyse, investigate and keep up to the date of the latest demand, trend and competition.
Besides that, marketer is the one who always updating, promoting our social media and also compiling and distributing financial and statistical information. HR (Human Resource): Human resource staff is responsible in developing HR related programs, policies as applying to the employee relations, compensation, benefits, safety, performance by supporting the company’s strategic goals that will help HR manager in designing, planning and implement the programs and policies. In conclusion, for the maintenance, we will outsource people since we believe that will cost us slightly lower and we are also have been planning to hire more employees when our business is doing good. Start Up Summary: Total start up summary are stated as below: Furniture $2000 Props $1000 Inventory of albums $1500 Cash on hand at start-up $ 8000 Long Term Assest required: Pro Cameras $3000 Camera digital back $2500 Lights $1500 Computers $1000 Electric sign $800 Start Up Requirement Start Up Expenses Amount Rent $ 200 Insurance $ 100 Filling Fees $ 150 Deposit $ 500 Paper $ 100 Marketing Constultant , Adv. Design $ 2000 Software $ 500 Office $ 100 Total $ 3650 Start Up Assets Amount Cash required $ 4500 Other current assets $ 8000 Long – Term asset $ 8800 Total $ 21300 Text Wrapping Break Product MMU studio will help our customers to capture the special moments of their lives. MMU photo studio has a comprehensive program to preserve memories, we see individual pictures especially picture of the graduation ceremony as a gateway products for our program of the ongoing photography. Our products include: Graduation Pictures: our specialty is graduation ceremonies and students moment at the university, it is our gateway for entering the student into our program. Families and Per Portraits: Portraits of the entire families are needed for display to send them to relatives, to use them in families’ newsletter, share them online in social media with friends.
Individuals Portraits: Individuals’ portraits are commonly needed for individual business, business website but card. Wedding Album: wedding is one of the most special moment of life, our wedding album include up to 7 hours of wedding photography. Baby Picture Program: We arrange pictures of the baby at 1 month, 3 months, 6 months, 9 months, 1 year, 18 months, 2 years, and 2½ years. Competitive Comparison Quality Photographers: These are professional-quality photographers, like us, who use a lot of posed shots. Most of the competition falls into this category. Value Photographers: Low-priced, lower quality providers. Same Day Photographers: Normally priced photo studios that provide lower quality photos on the same day.