HW婚禮顧問整合事業計畫 - 政大學術集成

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(1)國立政治大學商學院國際經營管理英語碩士學位學程 International MBA Program College of Commerce National Chengchi University. 碩士論文政治. 大. 立Master’s Thesis. ‧. ‧ 國. 學 sit. y. Nat. HW婚禮顧問整合事業計畫 n. al. er. io. HW Wedding Integrated Services Business Plan. Ch. engchi. i n U. v. Student: Theresa Lee Advisor: Professor Chester Ho. 中華民國一〇三年六月 June 2014.

(2) HW婚禮顧問整合事業計畫 HW Wedding Integrated Services Business Plan. 研究生：李若慧. Student: Theresa Lee. 指導教授：何小台. Advisor: Chester Ho. 國立政治大學. 學. ‧ 國. 立. 政治大. ‧. 商學院國際經營管理英語碩士學位學程碩士論文. er. io. sit. y. Nat. A Thesis. n. a to International MBA Program Submitted iv l C n U NationalhChengchi University engchi. in partial fulfillment of the Requirements for the degree of Master in Business Administration. 中華民國一〇三年六月 June 2014.

(3) Acknowledgements First of all, I would like to send my appreciation to IMBA program, our director Samuel Chen, my advisor Chester Ho and the entire faculty who gave me the best experience of two years learning. Samuel works really hard to make IMBA a valuable program; I deeply appreciate his hard work and contribution. What I will bring with me when I step out of NCCU front door is priceless.. 治政大students in 2012 batch, especially I would also like to share my appreciation to my fellow 立 Flora Fok and Vincent Lai who had supported me through tough times, pushing me to the ‧ 國. 學. edge so that I could have accomplish my thesis. Thanks to COT, my lovely lovely secret. ‧. friends group, we had been through ups and downs, highs and lows; you are like my family and I will love you all for always.. sit. y. Nat. n. al. er. io. The most important support of my life would be my parents, thanks to my Dad and Mom for. i n U. v. endless love even without return, thanks for their support and guidance that is what makes me ME today.. Ch. engchi. And the last and definitely not the least, my dear dear husband David who always holds my back like a steady mountain. Letting me fly and supporting me to pursue the life I want to live without a word. You are the best partner I ever got!. i.

(4) Abstract HW Wedding Integrated Services Business Plan By Theresa Lee. 治政 help to make every bride-to-be’s dream wedding come大 true through in depth insight mining, 立. HW Wedding is a wedding planning company who is the experts of wedding planning, we. unchained creativity and solid execution, creating an unique and unforgettable experience for. ‧ 國. 學. our customers and their guests. Wedding planning is a growing business in Taiwan market. ‧. with 20% growth rate every year. Through this business plan, HW Wedding wishes to accomplish in wedding industry and to perform more delicate services to potential customers.. y. Nat. er. io. sit. HW Wedding follows the “Business Model Canvas” to develop business plan. Starting from identify our value proposition, all ATL and BTL plans is designed to achieve such value. After. al. n. v i n financial assessment, HW Wedding C hbelieves that we canUgradually approach our goals in near engchi future.. Keywords: HW Wedding, Wedding Planner, Integrated Wedding Plan. ii.

(5) TABLE OF CONTENTS 1.. Introduction ...................................................................................................................... 1. 2.. Vision, Mission and Goal ................................................................................................. 3 Vision .......................................................................................................................... 3. 2.2.. Mission ....................................................................................................................... 3. 2.3.. Goal ............................................................................................................................ 4. 立. 政治大. ‧ 國. 學. Market Analysis ................................................................................................................ 5. ‧. Market Background .................................................................................................... 5. 3.2.. Competitive Analysis .................................................................................................. 8. io. sit. y. Nat. 3.1.. n. al. er. 3.. 2.1.. i n U. v. 3.2.1. Service .................................................................................................................... 8. Ch. engchi. 3.2.2. Price ...................................................................................................................... 10. 3.2.3. Style and Quality .................................................................................................. 10. 3.2.4. Communication .................................................................................................... 11. 3.3.. 4.. SWOT Analysis ........................................................................................................ 13. Business Model Canvas .................................................................................................. 14. iii.

(6) 4.1.. Value Proposition...................................................................................................... 14. 4.2.. Infrastructure ............................................................................................................ 15. 4.2.1. Key Activities ....................................................................................................... 15. 4.2.1. Key Resources ...................................................................................................... 16. 4.2.2. Partner Network .................................................................................................... 17. 學. ‧ 國. 4.3.. 政治大 Customer................................................................................................................... 18 立. 4.3.1. Customers ............................................................................................................. 18. ‧. 4.3.2. Customer Relationship ......................................................................................... 20. y. Nat. al. er. io. v. Finance ..................................................................................................................... 21. n. 4.4.. sit. 4.3.3. Channels ............................................................................................................... 20. Ch. engchi. i n U. 4.4.1. Cost Structure ....................................................................................................... 21. 4.4.2. Revenue Stream .................................................................................................... 21. 5.. Marketing Plan ............................................................................................................... 22. 5.1.. 4P (Product, Price, Place and Promotion) ................................................................ 22. 5.1.1. Product .................................................................................................................. 22. 5.1.2. Price ...................................................................................................................... 23. iv.

(7) 5.1.3. Place ..................................................................................................................... 24. 5.1.4. Promotion ............................................................................................................. 25. 6.. Financial Analysis ........................................................................................................... 27 6.1.. Costs Structure.......................................................................................................... 27. 6.1.1. Start-up Cost ......................................................................................................... 27. 學. ‧ 國. 6.1.2.. 政治大 Fixed Cost ............................................................................................................. 27 立. Sales Forecast ........................................................................................................... 28. 6.3.. Income Statement and Cash Flows ........................................................................... 29. ‧. 6.2.. y. Nat. al. er. io. sit. 6.3.1. Income Statement ................................................................................................. 29. v. n. 6.3.2. Cash Flows ........................................................................................................... 30. 7.. Ch. engchi. i n U. 6.4.. Break-Even Analysis ................................................................................................ 31. 6.5.. NPV Analysis ........................................................................................................... 32. Conclusion ....................................................................................................................... 33. Reference ................................................................................................................................. 34. v.

(8) List of Figures and Tables Figure 1: 2007~2012 Taiwan Married Couple Number ............................................................. 5 Figure 2: Estimated Market Value of Wedding Planner Business .............................................. 7 Figure 3: Customer Segmentation Matrix ................................................................................ 18 Figure 4: Competitive Situation of Each Segment ................................................................... 19. 政治大. Table 1: Wedding Average Spending .......................................................................................... 6. 立. Table 2: Service List for 4 Main Wedding Planning Companies in Taiwan ............................... 9. ‧ 國. 學. Table 3: Price Range for 4 Main Wedding Planning Companies in Taiwan ............................ 10 Table 4: The Communication Tools for 4 Main Competitors in Taiwan .................................. 12. ‧. Table 5: Price Matrix for Key Competitors in Taiwan ............................................................. 23. Nat. sit. y. Table 6: The Start-up Cost of HW Wedding ............................................................................. 27. n. al. er. io. Table 7: Three-Year Pro Forma Fixed Cost .............................................................................. 28. i n U. v. Table 8: Three-Year Sales Forecast .......................................................................................... 29. Ch. engchi. Table 9: Three-Year Pro Forma Income Statement .................................................................. 30 Table 10: Three-Year Pro Forma Cash Flows .......................................................................... 31 Table 11: Three-Year Break Even Analysis .............................................................................. 32 Table 12: Three-Year NPV Analysis......................................................................................... 32. vi.

(9) 1. Introduction Having a dream wedding is a fantasy for every girl. Different from men, girls might start to plan for their wedding since they were only five. We think about how we are going to decorate the venue; we think about what type of flowers we are going to choose; we think about what music we are going to play during the bowl and we imagine how stunning we are going to be when we get to stand in that innocent, beautiful white dresses.. 治政大is about two families. In the past, it Unlike western culture, a traditional Taiwanese’s marriage 立 does not matter what the bride or the groom wants, it is about what their families expect. Tons ‧ 國. 學. and tons of traditional customs for new couples to follow, the chance to plan their wedding. ‧. follow their own preference is very tiny. However, with the time progress, Taiwan society is getting more open under the influence of western culture; young couples have growing. y. Nat. er. io. sit. control towards their wedding (卓怡君，2008). Considering wedding is only once in a life time, it is worth it for newlyweds to pursue a perfect, ideal wedding. They want to have a. n. al. Ch. i n U. v. unique wedding, they want to be different and they are not afraid to spend money on it.. engchi. In Taiwan, the average budget for new couples to spend on their wedding is around $0.5 million to $1 million NT dollars (王嵩容，2003). From the statistic data record by Department of Household Registration of Taiwan, there were 142,846 couples getting married in year 2012, which implies that the market value of wedding market had reached $70~$140 billion NT dollars in 2012. On the other hand, the potential market is even bigger! Statistics had shown that there are 23.1% of women within age range 25~39 remain single which is approximately 1.4 million single women out there in the market. 76.2% of Taiwanese women and 79.2% of Taiwanese men get married within 25~39 age range (from 2007~2012. 1.

(10) Department of Household Registration data). Furthermore, approximately 1.2 million people of this age range with monthly income more than $40,000 NT dollars (Executive Yuan, Directorate-General of Budget, Accounting). These are the audience that HW Wedding would aim to target to.. HW Wedding provides our customer a one-stop solution, from ceremony to after party, from process planning to execution, HW Wedding, the most professional, creative and passionate. 政治大. team is here to fulfill all customers’ needs and build an unforgettable memory together with. 立. customers.. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 2. i n U. v.

(11) 2. Vision, Mission and Goal 2.1.. Vision. HW Wedding represent “husband” and “wife” which we would like to indicate that marriage is one of the most scared events in one’s life. The importance was told in the Bible, Genesis Chapter 2 20-24, “but for Adam there was not found a help meet for him. And the LORD God caused a deep sleep to fall upon Adam, and he slept: and he took one of his ribs, and closed. 政治大. up the flesh instead thereof; And the rib, which the LORD God had taken from man, made he. 立. a woman, and brought her unto the man. And Adam said: this is now bone of my bones, and. ‧ 國. 學. flesh of my flesh: she shall be called Woman, because she was taken out of Man. Therefore shall a man leave his father and his mother, and shall cleave unto his wife: and they shall be. ‧. one flesh.” The vision of HW Wedding is to become the leading brand in Taiwan wedding. Nat. sit er. al. n. Mission. io. 2.2.. y. market by year 2024.. Ch. engchi. i n U. v. HW Wedding’s mission is to design a unique wedding for every customer base on their needs. Young Taiwanese couples nowadays prefer multiple choices. With time and technology progress, their demand can be fulfilled. Uniqueness become more and more important, everything is customized and they want to be different (黃彥達，2002). This is where HW Wedding comes in to play. We have the most creative and passionate team who can help our customers to make their dream wedding come true.. 3.

(12) 2.3.. Goal. HW Wedding aim to achieve 144 weddings in year 2015. As there were 142,846 couples got married in 2012, averagely 11,903 wedding took place every month. To achieve 12 weddings every month, HW Wedding will obtain 0.10% market share and NTD$3.55 million revenue in year 2015. As brand awareness grow and expansion of business structure, HW wedding aim to achieve 240 weddings every year starting from 2017. The estimated market share would be. 政治大. 0.17% and predicted revenue would be NTD$6.08 million, 71% growth of business versus. 立. 2015.. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 4. i n U. v.

(13) 3. Market Analysis 3.1.. Market Background. The concept of “wedding planner” started in 2001, imported from United State to Taiwan. By that time, there were no more than 3 companies. As some celebrity’s weddings which planned by wedding planners had set role model for society, hiring a wedding planner for one’s wedding had become a fashion trend. Since then, business of wedding planning has 20%. 政治大. growth each year(邱莉燕，2005). Till now, there are more than hundred wedding planning. 立. companies in Taiwan.. ‧ 國. 學. As what I had mentioned in the previous section, market value of wedding industry is keeping. ‧. on the growing trend in Taiwan. Starting from year 2007, numbers of married couples increased year by year except for year 2009. You may see the red line, representing 2-year. y. Nat. n. al. er. io. sit. moving average to indicate the trend of growing married couples.. Ch. engchi. i n U. v. Figure 1: 2007~2012 Taiwan Married Couple Number. 5.

(14) Taiwanese is extremely superstitious, especially obsess with lucky numbers. Married couple number met a peak in year 2011 because it was year 100 of R.O.C, in Chinese culture, we always trying to pursue round numbers which represent thorough and complete to wish good luck for our marriage. 2006~2008 average budget that a couple would spend on their wedding is around $745,127 (Ministry of Economic Affairs, R.O.C.). Take year 2008 as an example, there were 148,425 couples got married times average spending $745,127 equals $110.6 million estimated market value. Wedding budget could be separated into several different. 政治大. parts: ceremony, banquet, decoration, entertainment program, etc. From research of Ministry. 立. of Economic Affairs, R.O.C. and Wed168.com the average spending for each category as. ‧ 國. 學 ‧. Table 1: Wedding Average Spending. y. Item. io. sit. Nat. Average Spending (NTD$'000). al. er. following:. $57.00. n. Wedding Cake Ceremony. Ch. engchi. i n $117.46 U. Wedding Jewelry. $77.00. Banquet. $418.00. Wedding Stylist. $6.64. Photography. $47.67. v. As Taiwanese average married age is getting older and older, both brides and grooms with better economic condition so that they are willing and able to spend more; the only problem is. 6.

(15) that they do not have enough time to plan for their wedding. Normally both brides and grooms are busying working, in order to save their time and effort; they are willing to pay for planning services. Wedding planner can base on newlyweds’ preference to develop suitable wedding plan for them. All they have to do is to give a direction and brief to wedding planners and planners will do all the execution work including price comparison, style survey and so on. In 2013, there were 6 couples among 10 in Taiwan had hired a wedding planner to help with their wedding and they are willing to pay $20,000~ $30,000 for this kind of service. 政治大. (2013, Hotel Victoria Data). If I took an estimation base on this data, 60% of the couple are. 立. willing to hire a wedding planner and each couple are willing to pay $25,000 averagely, the. ‧ 國. 學. estimated market value for wedding planning business would be as following:. ‧. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. Figure 2: Estimated Market Value of Wedding Planner Business. 7.

(16) 3.2.. Competitive Analysis. As the wedding planning concept had been more and more popular and being accepted to the Taiwan market, the business of wedding planning is blooming. There are no more than 3 wedding planning companies in Taiwan back in 2001, within this decade, business had grew with 20% each year and till 2013, there are more than hundred wedding planning companies in Taiwan. How is the competition in the market? This section will base on service, price,. 政治大. style and communication to analyze 4 of the biggest wedding planning company in current. 立. market.. ‧ 國. 學. 3.2.1. Service. ‧. When it comes to wedding, you can imagine, there are tons and tons of preparation work to do.. sit. y. Nat. Starting from traditional betrothal, I can faint just to think about all the traditions for. io. er. newlyweds to follow. In Taiwanese culture, there are so many interesting rules. In order to get. al. blessing and wish for the best luck, parents always expect newlyweds to follow every custom.. n. v i n For example, normally when twoCpeople to get married, the two families have to meet h e ndecide gchi U. to discuss wedding detail. Groom’s family has to prepare betrothal money for bride’s family. Also, both sides have to prepare 12 different gifts for each other, such as 4-color candy, a symbol of sweetness to wish the newlyweds a sweet married life; noodles, a symbol of forever, to wish them a long and everlasting happiness and so on. To prepare all the appliance and familiar with the betrothal process is a must for a wedding planning company. They also provide all kinds of services: develop a theme wedding basing on customer’s preference, wedding site decoration, wedding music, make-up, photography and even customized wedding favors. Most wedding planning companies provide multiple services basing on. 8.

(17) customer’s needs. Everything is customize since being different is the key trend for young couples. In following Table 2 had shown the main services the 4 biggest wedding planning companies provide currently.. Table 2: Service List for 4 Main Wedding Planning Companies in Taiwan Wedding Mall. Service. DH Wedding. Confiance. Chic. v. v. v. v. v. v. Traditional Engagement Ceremony. 立. Engagement Cake. 政治大 v. ‧ 國. Theme Wedding. 學. Wedding Invitation. v. ‧. Wedding Band. v. v. v. v. io. n. Wedding Host. al. C hv e n g c h i Uv. sit. v. er. v. Nat. Wedding Photography. y. Wedding Decoration. Wedding Style. v. v ni. v v. v. v. v. v. v. v. v. Wedding MV. v. v. v. v. Wedding Favor. v. v. v. v. v. v. Aboard Wedding. 9.

(18) 3.2.2. Price Generally speaking, Taiwan consumers are very price sensitive. We like to compare price everywhere and preparing a wedding is no exception. However, wedding is once in a life time, every girl dream of her perfect wedding since she was five, at this point, the perceive value become more important. Most of the wedding planning companies tend to sell package to grooms and brides-to-be instead of single service. For instance, there is theme wedding plus. 政治大 types of combination which can base on customer’s needs and preferences. Price range 立 site decoration or at-wedding photography bundle with wedding MV production. Various. ‧ 國. 學. starting from $18,800 up to $100,000 NT dollars depending on the complexity of your choice. Confiance, the first wedding planning company in Taiwan, in charge of many famous. ‧. weddings is relatively with higher price range. The average package price is around $50,000. sit. y. Nat. including photography, Banquet program and host and wedding favors. This is the most. io. n. al. er. popular program. Price range of 4 companies is as following table 3:. i n U. v. Table 3: Price Range for 4 Main Wedding Planning Companies in Taiwan. Ch. eng hi DHcWedding. Price Range. Wedding Mall. Minimum. $20,000. Maximum. $82,099. Confiance. Chic. $18,800. $30,000. $25,000. $88,800. $100,000. $90,000. 3.2.3. Style and Quality Japan gives a great impact on Taiwanese preference. Taiwanese always follow Japanese style of fashion. After Japanese first adapted western style wedding to Asia market, Taiwan. 10.

(19) followed its foot print. As the society progress, consumer becomes more and more conscious of what they are seeking for. Quality is everything. We always hear people say that price does not equal to value, Value is what consumer are perusing for nowadays. These four different companies although with different style; they all maintain very high quality service. Reading the customer feedback on the internet discuss board, most of their customers are satisfied with their arrangement and customers are willing to recommend this kind of service to their friends and families. These wedding planning companies have one thing in common, they are all very. 政治大. customer oriented. Not very long time ago, when the movie The Great Gatsby was a hit in. 立. Taiwan, Chic Wedding help their customer to develop a Gatsby style wedding. With using. ‧ 國. 學. gold and white color decorating the venue, Chic wedding create a luxury style for the newlyweds and fulfill their dream wedding. People want to be different, be unique, and be. ‧. creative. Seems like it is a must to have style and quality if you are running a wedding. sit. n. al. er. io. 3.2.4. Communication. y. Nat. planning business.. Ch. engchi. i n U. v. Basically, wedding is only once in a life time, so there will be seldom repeat purchase. So the only way to sustain a wedding planning business is to seek for new customers continuously. The most popular communication tool for wedding planning company is through WOM (word of mouth), there are different kinds of wedding website for you to share your experience. VeryWedding.com is one of the most famous website for discussing wedding matters. Some wedding planning companies prefer to leverage print-ad to communicate to their potential customers; some of them prefer using celebrity to endorse their quality. The following comparison table shows you the communication tool that these four companies are using:. 11.

(20) Table 4: The Communication Tools for 4 Main Competitors in Taiwan Communication. Wedding Mall. DH Wedding. Confiance. Chic. v. v. v. v. Celebrity Print-Ad. v. TVC co-op. v. e-Marketing. v. News Insert. v. Wedding Convention. 立. v. v. v v. 政治 v大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 12. i n U. v. v.

(21) 3.3.. SWOT Analysis. Strength. Weakness. . Creative, with strong consumer insight.. . Lack of experience. . Customer oriented.. . Limited workforce. . Exquisite quality and high standard.. . Expensive in price. 政治大. 立. Threat. . Acceptance of new ideas for overall. recommendation in the initial stage. . Nat. declining.. Pursuing uniqueness and being. io. different.. n. al. Overall Taiwanese married rate is. er. . Relatively low awareness and. ‧. market.. . y. Growing needs in the wedding industry.. sit. . 學. ‧ 國. Opportunity. Ch. engchi. 13. i n U. v.

(22) 4. Business Model Canvas 4.1.. Value Proposition. “We are the experts of wedding planning, we help to make every bride-to-be’s dream wedding come true through in depth insight mining, unchained creativity and solid execution, creating an unique and unforgettable experience for our customers and their guests.”. 治政大 Every woman start to picture her Wedding for all women is a significant event of their life. 立 own wedding when she was only five, the importance of her own wedding is obvious. ‧ 國. 學. Unfortunately, things always not go as what we expect. When approaching the big day, tons. ‧. and tons of lousy execution work will drive not only this couple mad but also drive two families all crazy. I have seen so many times that couple broke up because of they can’t deal. y. Nat. er. io. sit. with the pressure of preparing their wedding. A traditional Taiwanese wedding is very complicated, it always concerns different values for two families. There is an old Chinese. n. al. Ch. i n U. v. slang say that “囍字上是四張口”. “囍”, a Chinese character which means getting married. engchi. and there are four mouths on it which implies that there will be so many different options. HW Wedding’s value is to provide our customers a relaxing and easy wedding experience. We take care of all the detail execution work for them. More importantly, we allow our newlyweds to fully enjoy their once in a life, precious moment together with their most important friends and families.. 14.

(23) 4.2.. Infrastructure. 4.2.1. Key Activities HW Wedding provides integrated services which helps the newlyweds to enjoy their wedding. Through deliberate planning process, every couple can easily prepare their wedding without worries. There are three main categories of service:. (a) Betrothal and Wedding ceremony preparation. 政治大 As mentioned in previous section, a traditional Taiwanese betrothal ceremony can be very 立. ‧ 國. 學. complicated. There are so many traditional customs to follow. First of all, the starting time of the ceremony needs to be defined by bride and groom’s birthday. During the ceremony, both. ‧. sides of the family have to prepare twelve gifts for each other. Each gift has a special meaning.. sit. y. Nat. HW Wedding will help to prepare for all required material for traditional Taiwanese betrothal. io. er. and wedding ceremony and also responsible for all the ceremonial. HW Wedding’s strength is. al. preparing a western style engagement or wedding ceremony. Yet, most of the families. n. v i n C h eastern style engagement nowadays are very often to combine with western style wedding. engchi U. HW Wedding helps our customers to find a balance ground and seek for suitable venue or churches basing on their religion and responsible for all the logistic plans.. (b) Wedding Banquet preparation. During the wedding banquet, it is not just about a meal. There are so many interactive activities going on between newlyweds and their guests. For example, there will be a music video telling their story of how bride and groom met each other or giving out bouquet to bride’s best friend or the first dance for the bride and groom. Through thorough discussion. 15.

(24) with our customers, we will help them to design different programs during their banquet to entertain and to interact with their guests.. (c) Site decoration and other services. Last but not least, site decoration. Generally speaking, hotel with more than four stars in Taiwan will provides basic decoration for the wedding. However, some couples will find it quite plain and simple. HW Wedding will help to design tone and manner of the wedding. We. 政治大. will design one special logo for each couple which can represent the story of them. For. 立. example, if this couple met each other in Paris, we might discuss a theme with them about. ‧ 國. 學. Eiffel Tower. Also, we can base on customers’ preferences to recommend make-up artists, bands, hosts or photographers for them.. ‧ sit. y. Nat. 4.2.1. Key Resources. n. al. er. io. We have a very strong creative team. This team performs HW Wedding’s core value to our. i n U. v. customers. Wedding preparation is a complicated and challenging process. Different requests. Ch. engchi. and ideas keep popping out from not only the newlyweds but also their friends and family. For most of the time, newlyweds will try their best to fulfill all requests; sometimes one request might conflict with one another; this is where the biggest challenge for wedding planners. HW Wedding’s creative team will seek every possibility to find a sharing ground for all parties. Our creative, experienced planners are the most valuable assets that HW Wedding possesses.. 16.

(25) 4.2.2. Partner Network (a) Wedding material supplier. HW Wedding has a contract supplier which can provide us all required material for ceremony. We closely cooperate with this supplier and they also provide HW Wedding profession consultation regarding traditional custom. This supplier is very knowledgeable and experienced, under their support; HW Wedding can easily prepare all kinds of ceremony for our customers.. 立. ‧ 國. 學. (b) Floral shop. 政治大. HW Wedding has five different cooperated floral shops with different style. These floral. ‧. shops help HW Wedding to design wedding logo and determine theme, tone and manner for. y. Nat. sit. our customers. They will not only decorate wedding venue with flowers, they will also in. n. al. er. io. charge of back board production and execution. These floral shops are very important to HW Wedding.. Ch. engchi. i n U. v. (c) Lightning and stereo system company. HW Wedding has also one contract stereo company to in charge of all lightning and sounds related set up during the wedding. They have very close connection with music industry so they can easily offer different style of musicians to fulfill various customer needs. They are very professional in hardware system as well. They are one of the most important partners for HW Wedding.. (d) Make-up artists and photographers. 17.

(26) There is a list of different make-up artists and photographers that HW Wedding can recommend to our customers and we are keeping on accumulating the list. We will show our customers the previous works of these suppliers so our customers can fully understand the style of each artist and they can easily pick their favorite ones. This supplier list is growing continuously; after all, customers nowadays are really pursuing uniqueness and sophistication.. 4.3.. 政治大. Customer. 立. 4.3.1. Customers. ‧ 國. 學. In order to build a successful business model, we need to define a suitable customer segment that HW Wedding is trying to serve. Through a clear definition of attributes, we define. ‧. customer segments as following:. er. io. al. Low. Price. High. n. Eastern. Ch. sit. y. Nat. Preference. engchi U. v ni. Western. Luxury Traditional. Luxury Pioneer. Economic Traditional. Economic Pioneer. Figure 3: Customer Segmentation Matrix. 18.

(27) We base on price and preference to define customer segments. We figured that there are customers looking for different price range for over all wedding budget. The average spending for a wedding in Taiwan as mentioned is around NTD$700,000. If customers are willing to spend more than NTD$700,000 for a wedding, we consider they are the luxury segment. And on the other hand, if customer only willing to spend less than NTD$700,000, these customers are considered as economic customers. Another important attribute is customer’s preference. We define customer’s preference as if they would prefer a western style of wedding we. 政治大. segment them as pioneer and for eastern style favorer is considered as traditional. HW. 立. Eastern. ‧. Luxury Traditional. Western. Luxury Pioneer. y. Confiance. io. sit. Chic. HW. n. al. er. High. Preference. Nat. Price. 學. ‧ 國. Wedding is targeting to reach the customers that are in the up-right column.. Ch. DH. engchi. Economic Traditional. i n U. v. Economic Pioneer. Low. Wedding Mall. Figure 4: Competitive Situation of Each Segment. This type of customer is seeking for higher quality and they are willing to spend more. Hence, they are more likely to pay for wedding planning services. Furthermore, HW Wedding is more specified in planning western style wedding, this style of wedding is more open to new ideas and eager to be different. Compare to western style wedding, eastern style wedding is. 19.

(28) relatively more conservative and holding back to traditions.. 4.3.2. Customer Relationship As every wedding will be so special for each customer, HW Wedding defines our customer relationship as dedicated personal assistance. This is the most intimate and hands on assistance that our representative will handle all customer needs regarding the category service they purchase. Since normally there will be no “repeat purchase”; there will be seldom. 政治大. post-consumption service. However, within this industry, word of mouth is extremely. 立. important; HW Wedding will need our existing customers to strongly recommend our service. ‧ 國. 學. to their friends and families. Hence, providing a flawless, thoughtful service during the whole preparation process is essential. HW Wedding would like to create an unforgettable. ‧. experience for each of our customers and looking forward to their recommendation in the. sit. n. al. er. io. 4.3.3. Channels. y. Nat. future.. Ch. engchi. i n U. v. There are no physical store fronts for HW Wedding in the current phase. HW Wedding’s channel is focusing on e-commerce channel strategy. For most of our target audience, extremely heavy user of internet, we can easily communicate our key message with them on the internet. There are two different online channels we are currently utilizing:. (a) Facebook fan page. HW Wedding had established a fan page on Facebook to communicate our key services and to share our successful case on the fan page. Through Facebook, customer can easily acquire as. 20.

(29) many information as they want. If they are interested with more detail information, they can also contact us via Facebook messenger. This is an online message program which can immediately deliver all messages to us and HW Wedding can give our feedback to customers anytime. This tool shorten the communication time and minimizing the communication barrier. After initial conversation with customer, we will meet customer on spot to discuss further plan.. (b) Wedding discussion board. 立. 政治大. There are couples of famous discussion boards in Taiwan that is mainly use by customers.. ‧ 國. 學. People can share their experiences, make recommendation and even do the price comparison on such platform. veryWed.com for example is one of the biggest discussion boards. HW. ‧. Wedding’s exposure on such channels is essential. Through recommendation of veryWed.com,. y. Nat. er. al. n. Finance. io. 4.4.. sit. HW Wedding can gain more exposure online.. 4.4.1. Cost Structure. Ch. engchi. i n U. v. HW Wedding’s business model focus on minimizing costs wherever possible. This approach aims at creating and maintaining the leanest possible cost structure and extensive outsourcing.. 4.4.2. Revenue Stream The revenue stream of HW Wedding is generally from usage fee. HW Wedding provides three categories of services. Basing on different service customer acquire from HW Wedding, HW Wedding will charge for different service fee. The detail price strategy will be defined in next chapter.. 21.

(30) 5. Marketing Plan 5.1.. 4P (Product, Price, Place and Promotion). 5.1.1. Product There are three main categories of services providing by HW Wedding. Customer can base on their needs to choose a different set of services. The product for HW Wedding is intangible; the purpose of the product is design to solve customer’s problem. Customers nowadays are. 政治大. busy working, there is no sufficient time for them to prepare detail execution plan for their. 立. wedding while they are still working. This is when HW Wedding comes in to play. All. ‧ 國. 學. products HW Wedding provides are designed to deliver our value proposition to our customers. The three categories of HW Wedding are as following defined:. ‧. (a) Betrothal and wedding ceremony preparation. sit. y. Nat. n. al. er. io. In this category, HW Wedding helps our customer to prepare for engagement/ wedding. i n U. v. ceremony. In this stage which is considered the most complicated section of the whole. Ch. engchi. wedding preparation process. Two sides of the family need to reach consensus among certain decisions during the process. HW Wedding is here not only to help with the preparation but also to share different ideas and former experiences to our customers.. (b) Wedding banquet preparation. Banquet preparation includes venue survey, program design and all activities that take place during banquet. HW Wedding will fulfill all customers request, including production of the music video, interactive activities design (bouquet time, toast of friend and family, performance, hosting).. 22.

(31) (c) Site decoration and other services. As most hotels in Taiwan provide only basic decoration for the wedding when some couples will find it too simple. HW Wedding will help to design wedding theme for customers. Starting from logo design, wedding invitation design and production to site decoration, HW Wedding provides a holistic service to help our customers to achieve a unique, special wedding. Furthermore, we can base on customers’ preferences to recommend make-up artists,. 政治大. bands, hosts or photographers for them.. 立. 5.1.2. Price. ‧ 國. 學. The price range for wedding planning services is variance. Due to the product combination is. ‧. relatively complicated. It is not easy to define price strategy. However, we can still find some. sit. io. n. al. er. following:. y. Nat. clue basing on key competitors. Key competitors’ price base on our key products is as. i n U. v. Table 5: Price Matrix for Key Competitors in Taiwan Price (NTD$). Ch. e n g c DH h i Wedding. Wedding Mall. Confiance. Chic. Betrothal and wedding N/A. N/A. $20,000. $22,000. $52,099. $18,800. $65,000. $55,000. N/A. $38,800. N/A. $65,000. ceremony preparation Wedding banquet preparation Site decoration and other services. 23.

(32) Since HW Wedding is comparably new to the industry, we need to drive more attention and traffic by a friendly price. Still, HW Wedding would like to deliver high quality service to our customers. After market price survey, HW had defined price strategy at middle-high price level. The service fee for betrothal/ Wedding ceremony preparation will be NTD $18,888; service fee for banquet preparation will be NTD $18,888 and for site decoration and other decoration will be $6,666 (material expense is not included).. 5.1.3. Place. 立. 政治大. The two key channels of HW Wedding are defined as following:. ‧ 國. 學. (a) Facebook fan page. ‧. HW Wedding had established a fan page on Facebook to communicate our key messages and. y. Nat. sit. to share our successful case on the fan page. Through Facebook, customer can easily acquire. n. al. er. io. as many information as they want. If they are interested with more detail information, they. i n U. v. can also contact us via Facebook messenger. This is an online message program which can. Ch. engchi. immediately deliver all messages to us and HW Wedding can give our feedback to customers anytime. This tool shorten the communication time and minimizing the communication barrier. After initial conversation with customer, we will meet customer on spot to discuss further plan.. (b) Wedding discussion board VeryWed.com is one of the biggest discussion boards. HW Wedding’s exposure on such channels is essential. Through recommendation of VeryWed.com, HW Wedding can gain. 24.

(33) more exposure online.. 5.1.4. Promotion The most important objective for promotion strategy is to create awareness of HW Wedding and to attract new users to HW Wedding. Since there will be rarely repeat purchase of this industry, keep generating new customers is the key success factor. Not until you closely work with wedding planners will you understand the service quality they provide. Thus,. 政治大. recommendation from existing customers to their friends or family members is the key source. 立. that we will be relying on. Word of mouth appear to be extremely important too when. ‧ 國. 學. developing promotion strategies. There are two main campaigns designed for different purposes:. ‧ y. sit er. PR/Media Campaign. io. . Nat. (a) Awareness and new users generation. al. n. v i n C hprogram and the power We need to leverage public relation e n g c h i U of media to spread the awareness of HW Wedding. We will release some of our successful cases which can represent value proposition HW Wedding is providing. Through participation of wedding magazine, wedding discussion board or wedding convention will HW Wedding creates awareness and exposure throughout the market. . Consumer Promotions. Generally speaking, customer can base on their actual needs to choose different type of services from HW Wedding. It is not necessary for them to purchase a whole package service.. 25.

(34) HW Wedding is utilizing a bundling package strategy to provide customer a discount price in order to stick the customer with us during the whole preparation process. In that way, the preparation will be more integrated and the services provide is more holistic and customer can understand better with the sophistication quality that HW Wedding delivers.. (b) Recommendation and WOM . Internet Virus. 政治大 Consumers nowadays are grabbing all kinds of information they need on the internet. With the 立. ‧ 國. 學. wide coverage of smart phone usage, obtaining new ideas is just a second matter. You can just simply have a few slides with your fingers across the monitor, all kinds of information pop. ‧. out immediately. This is when the internet virus campaign shows its growing gravity. HW. sit. y. Nat. Wedding invests heavily on such program to ensure word of mouth spread and. io. al. n. . er. recommendation is made.. Celebrity Endorsement. Ch. engchi. i n U. v. The strategy of utilizing a celebrity is very powerful. However, it is very expensive. In the initial stage of HW Wedding will not have enough resource to invest on such idea. Yet, HW Wedding might seek some opportunities to perform free service for celebrity wedding as an advertisement. For most celebrity wedding will have extra media exposure. Though we will not have revenue from such service, the side effect for such performance might be a plus.. 26.

(35) 6. Financial Analysis 6.1.. Costs Structure. 6.1.1. Start-up Cost The following table shows a start-up cost for HW Wedding. First of all, we need to develop a logo which can represent our brand equity. The design fee is $50,000 NT dollars. After finalizing our logo, we will apply for legal registration. Registering our company and trade. 政治大. mark pattern to ensure our property is secure by Taiwan business law. For marketing spending. 立. in the start-up stage, we will reserve a fund to support our grand opening promotion. To raise. ‧ 國. 學. awareness online, we need to generate traffic visiting our fan page, through these promotions will help to attract new customers. The last but not least, there will be some basic demand of. ‧. office supplies. We also accrue for $5,000 miscellaneous fee for urgent usage.. y. Nat. n. al. er. io. sit. Table 6: The Start-up Cost of HW Wedding. Ch. engchi. i n U. v. 6.1.2. Fixed Cost Fixed cost of HW Wedding including SG&A, marketing and promotion budget and other basic periodic spending, detail fixed cost as following:. 27.

(36) Table 7: Three-Year Pro Forma Fixed Cost. 政治大. (a) Start-up cost: Only occur in year 1 when business starts. Detail had explained in previous. 立. section.. ‧ 國. 學. (b) SG&A: Including employee’s salary, insurance and all the administration expense. (c) Training expense: HW Wedding’s core value is to be a professional wedding planning. ‧. company; we need to train our employee periodically with market trend, professional. Nat. sit. n. al. er. io. such usage.. y. selling skills and customer service skills. Thus, a training related budget is reserved for. i n U. v. (d) Advertisement and promotion expense: The key expense for promoting HW Wedding. Ch. engchi. brand and business, including ATL spending, such as key word advertisement, banner on key search engine. And also peak seasons promotion funding is also included. (e) Other expense: To support temporary needs, for instance, allowance for taxi or other usage.. 6.2.. Sales Forecast. There are three categories of revenue for HW Wedding. First, betrothal/ Wedding ceremony service fee: NTD$18,888 per wedding. Second, wedding banquet planning service fee: NTD$18,888 per wedding. Third, decoration and other planning: NTD$6,666 per wedding.. 28.

(37) HW Wedding estimates that in year 2014, there will be 58 ceremonies, 115 banquets and 43 decoration services will be performed. There will be 3 weddings plan by HW Wedding every week in average. And we estimate that with the awareness level increase and word of mouth spread, in year 2015, HW Wedding will perform 4 weddings every week, equals to 192 weddings annually, with 33% growth rate. In year 2016, HW Wedding aim to perform 5 weddings every week which represents 240 weddings annually. Under this assumption, sales forecast as following table shows:. 政治大 Table 8: Three-Year Sales Forecast 立 ‧. ‧ 國. 學. n. 6.3.1. Income Statementa l. Ch. engchi. er. io. Income Statement and Cash Flows. sit. y. Nat. 6.3.. i n U. v. After estimation of 3-year cost and sales forecast for HW Wedding, we can project a 3-year income statement to see if HW Wedding is making profit gain or loss. Business will be tougher in the first year since the brand awareness is still in a lower level; HW Wedding reserves a higher spending on initial investment and marketing expenses. Thus, the overall spending will reach NTD$1.72 million in 2014. Earnings before interests and taxes will be NTD$1.83 million. Tax is estimated to be 17% as Taiwan government regulation, net income after tax will be NTD$1.52 million. Starting from 2015, there will be no start-up cost and marketing investment will also drop to lower level. The net income increase to NTD$3.1. 29.

(38) million as the business grows. In 2016, as business expands to a large scope, HW Wedding will have to increase manpower to support business growth. Thus, year 3 net income will be NTD$3.87 million. Detail as following table:. Table 9: Three-Year Pro Forma Income Statement. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 6.3.2. Cash Flows Accumulated cash flows projection for 2014 is NTD$1.22 million base on previous estimation. Cash flows remain positive for HW Wedding as long as sales revenue in progress as estimated sales forecast. Detail as table 11 in the following:. 30.

(39) Table 10: Three-Year Pro Forma Cash Flows. 政治大. 立. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. 6.4.. Ch. Break-Even Analysis. engchi. i n U. v. In order to calculate how HW Wedding’s sales revenue can cover all spending and make sure our business is on a profitable track, we need to understand where is the optimum point to break even our investment. (a) Contribution Margin Ratio Formula: CM ratio=(P – VC)/P (b) Break Even in Sales Formula: FC/CM ration (c) Break Even in Units Formula: FC/CM. 31.

(40) As you can see in table 11, the breakeven point in sales for 2014 is NTD$2.63 millions, which indicates that HW Wedding at least have to perform 107 weddings to keep the investment balance. As the cost goes down in year two and year 3, we only have to perform 44 and 56 weddings in 2015 and 2016.. Table 11: Three-Year Break Even Analysis. 立. 政治大. ‧. ‧ 國. 學 y. Nat. io. sit. NPV Analysis. er. 6.5.. NPV is to analyze if a business or investment’s profitability and if it’s worth it to invest. If. al. n. v i n C h profitable. ViceUversa, if NPV<0, such business will NPV>=0, such business is considered engchi unlikely to be making profit. HW Wedding has positive NPV and that implies HW Wedding will be profitable.. Table 12: Three-Year NPV Analysis. 32.

(41) 7. Conclusion Taiwan’s wedding market is stepping onto a sophisticated path. With consumer’s increasing needs of pursuing delicacy, sophistication and uniqueness, we can sense the strong potential of growing value in the wedding industry. Although the married rate is dropping for the past decade, yet, the growing spending of each couple still drives an approximately 20% growth for wedding market every single year. That is why all players rush into this fruitful, juicy. 政治大. market one by one to seek for greater possibility and HW Wedding refuses to be left behind.. 立. After a thorough analysis of HW Wedding’s business plan, we try to seek for a formula of. ‧ 國. 學. success to drive our business. How can we pop out from hundreds players and step out of the. ‧. market? HW Wedding’s business plan is surrounded by how we could deliver our value proposition to all of the potential customers. We developed ATL and BTL plans basing on. n. al. er. io. sit. y. Nat. core value.. i n U. v. As for financial strategy, HW Wedding decides to be cost-driven. In the initial state, we would. Ch. engchi. like to leverage any free resources as we can to minimize cost. Giving less pressure financially will assist us to be more focus on innovation and customer oriented services. Break even analysis help us to find out equilibrium of cost and revenue. Gradually, we can achieve our goal step by step and lead our business to success.. 33.

(42) Reference 1.. 卓怡君，台灣結婚消費發展趨向。臺灣經濟研究月刊。31 卷 12 期. 2.. 王嵩容(2002) ，台北市婚宴市場消費者行為之研究。淡江大學。碩士論文. 3.. 2007~2012 Department of Household Registration data. 4.. Executive Yuan, Directorate-General of Budget, Accounting. 5.. 黃彥達(2002)，數位之牆大字報，台北市：數位人資訊。. 6.. 邱莉燕(2005)，精緻行銷搶千億元幸福商機，今周刊 445 期. 7.. Ministry of Economic Affairs, R.O.C.. 8.. 2013 Customer Data, Hotel Victoria. 9.. 阮昌銳(1989) ，中國婚姻習俗之研究。台北:台灣省立博物館。. 學 ‧. ‧ 國. 立. 政治大. 10. 許順旺(2007) ，觀光旅館及大型餐飲婚宴市場現況及未來發展之趨勢。餐旅暨家政. sit. y. Nat. 學刊，4(3)，243-267。. n. al. er. io. 11. 陳冠雅(2008)，婚宴市場行銷策略之研究 - 以台北市國際觀光旅館與婚宴廣場比較為例，銘傳大學，碩士論文。. Ch. engchi. i n U. v. 12. 陳郁翔、蔡淳伊(2006)。喜宴－台灣餐飲業婚禮宴會飲食文化。中華飲食文化基金會會訊，12(1)，18-26。 13. 楊麗穎(2006) ，台灣國際觀光旅館宴會廳之新郎、新娘對婚宴滿意度與忠誠度之研究─以客製化為中介效果。輔仁大學。碩士論文 14. 楊秋聲(2013) ，傳統婚宴會館主導婚宴市場之關鍵成功因素─以桃園某婚宴會館為例 15. 經濟部商業司(2009)，結婚產業研究暨整合拓展計畫 16. 非常婚禮網站 http://verywed.com/ 17. 永恆婚禮顧問網站 http://www.foreverwed.com.tw/. 34.

(43) 18. 雙囍婚禮顧問網站 http://www.dhwedding.com.tw/ 19. 玉盟婚禮顧問網站 http://1062467.88u.com.tw 20. 囍客婚禮顧問網站 http://www.chic999.com/Appendix. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 35. i n U. v.

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