Masino Photography Market Analysis


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Masino Photography Market Analysis

  1. 1. Market Analysis Masino Photography
  2. 2. M asino Photography Masino photography specializes in wedding and event photography. I capture priceless images to be shared for generations. wedding and special event photography Oakland California
  3. 3. M asino Photography Sole Proprietorship Owned by the Photographer Specializes in Wedding and Event Photography Shot on Location Process and business conducted at owner’s place of residence Photographic services for weddings and events sold in various packages Start at $3,000 with full day coverage, album, and numerous framed prints Deluxe package starts at $5,500 offers additional coverage, duplicate albums, loose prints, and framed prints Package hand delivered two weeks after wedding
  4. 4. Product Line <ul><li>Simple Package </li></ul><ul><li>Basic Package </li></ul><ul><li>Duplicate Album Package </li></ul><ul><li>Deluxe Package </li></ul><ul><li>Engagement Package </li></ul><ul><li>Features Meet with customers for initial consultation, second consultation and signing of contract, before and during wedding, proof review, and hand delivered product Over 200 shots to choose from Archival Prints with master retouching Professionally bound album with over 100 prints and protective cover DVD with JPEGS for internet sharing and slideshows </li></ul><ul><li>Benefits Greater satisfaction with variety of prints to choose from Great communication with clients Preserve wedding for generations Makes it easier to share memories Professional photographer with guaranteed satisfaction </li></ul>
  5. 5. B asic P ackage 5 hours photographic coverage Proof consultation One Album (including at least 75 prints ) 2 16x 20 framed prints 3 11x14 framed prints 10 8 x10 loose prints Archival DVD with slideshow Cost $3,000
  6. 6. Goals Short Term Purchase full frame digital camera Create a website Shoot as second photographer for experience Shoot two weddings a month for first three months Develop business relationships with other wedding vendors Join a wedding photography association Long Term Advertise in a local newspaper and magazine Have a table at a wedding expo Increase monthly shoots to 4+ Hire a second photographer and editor Acquire a wet and digital lab
  7. 7. Start up Cost and Personal Experience Photo Equipment $3,800 Website: $100 Attorney Fees: $300 Insurance: $500 Advertising: $500 Total: $ 5,200 Owner will provide the finances for the initial start up cost Experience Owner has a degree in photography specializing in portraiture and photojournalism. Owner also has background in sales, finance, and management.
  8. 8. Breakdown of basic unit Basic Package $3,000 plus sales tax 5 hours of shooting $ 200 $40 each additional hour Transportation: $70 Editing and Archival DVD $320 Cost of Album: $100 Use of Equipment: $300 Cost of Prints from Lab $ 1150 Frames: $200 Assembly of Album: $200 Total Variable Costs $2340 78% of cost (31% is labor) Contribution Market $660 22%
  9. 9. Break Even <ul><li>Fixed Costs </li></ul><ul><li>Insurance $174 yr $16 </li></ul><ul><li>Equipment Deprecation $100 </li></ul><ul><li>Telephone $40 </li></ul><ul><li>Total Fixed Costs $156 </li></ul><ul><li>Break-Even Point in Units= $156/$660 </li></ul><ul><li>.24 weddings a month </li></ul><ul><li>Break Even= 1 wedding every 4 months </li></ul><ul><li>3 weddings a year </li></ul>
  10. 10. Viability of Business First 6 months Projected Revenue= $6,000 ($3,000 x 2) Less Cost of Goods Sold= $4,680 ($2340 x 2) this includes labor $1440($720x2) for living expenses Gross Profit= $1320 per month Within 3 ½ months all start up costs will be covered Overhead is minimal most of business conducted on location & online Owner does not solely rely on Photography Business for income Gross Profits will be put into an account where 40% will be used for advertisement, promotion, and marketing.
  11. 11. Target Market Engaged couples in the Bay area Ages 25-42 First time married Large family College educated professionals 50K + income Style conscious and tech savvy Of 1,171,953 people over 15 years of age in Alameda county 47.4% are married
  12. 12. Competitive Analysis There are many independent photographers within the Bay Area, over 200 according to the Yellow Pages These photographers have many reviews and a large portfolios Many have won awards and gained a popularity within the Bay Area community Only shoot digital Only offer a packages over $2,500 Style is the same Only offer prints and albums
  13. 13. Competitive Advantage <ul><li>Offer film and digital prints </li></ul><ul><li>Reasonable price </li></ul><ul><li>Different Style </li></ul><ul><li>Willing to travel to location </li></ul><ul><li>Hand deliver end result </li></ul><ul><li>Intimate approach due to less clients </li></ul><ul><li>Satisfaction guaranteed </li></ul><ul><li>Latest professional photography equipment used </li></ul><ul><li>Numerous framed prints included in package </li></ul>
  14. 14. Market Potential <ul><li>Geographic Territory: the Greater Bay Area, photographer will take any shoot 100 miles from Oakland for free and $1 a mile thereafter </li></ul><ul><li>Size of Market: Since there is not a centralized location market is larger </li></ul><ul><li>First Year: 2 weddings a month </li></ul><ul><li> 24 weddings a year </li></ul><ul><li>$72,000 in Gross Sales </li></ul><ul><li>US citizens spent over $2,162,00 on weddings in 2008 </li></ul><ul><li>.007% of population will wed in any given region </li></ul><ul><li>Average Price of San Francisco wedding $45,284 </li></ul><ul><li>Wedding Industry is stable in current Bay Area economy </li></ul>
  15. 15. Survey Results <ul><li>Ideally survey would be distributed at wedding in exchange for complimentary calendar </li></ul><ul><li>Male 33.3% </li></ul><ul><li>Female 66.7% </li></ul><ul><li>Age </li></ul><ul><li>21-25 33.3% </li></ul><ul><li>25-30 33.3% </li></ul><ul><li>40-45 33.3% </li></ul><ul><li>Martial Status </li></ul><ul><li>Single 33.3% </li></ul><ul><li>In a serious relationship 66.7% </li></ul><ul><li>Married 66.7% </li></ul><ul><li>Occupation </li></ul><ul><li>skipped 33.3% </li></ul><ul><li>Professional 66.7% </li></ul><ul><li>Zip Code </li></ul><ul><li>Bay Area </li></ul><ul><li>Highest Level of Education </li></ul><ul><li>some college 66.7% </li></ul><ul><li>master’s degree 33.3% </li></ul><ul><li>Weddings per year </li></ul><ul><li>0 66.7% </li></ul><ul><li>3-4 33.3% </li></ul><ul><li>Price of wedding </li></ul><ul><li>$5,000-$10,000 33.3% </li></ul><ul><li>no marriage plans 66.7% </li></ul><ul><li>Hired a photographer </li></ul><ul><li>yes 33.3% </li></ul><ul><li>no 66.7% </li></ul><ul><li>What is important? </li></ul><ul><li>Fashion/Style 66.7% </li></ul><ul><li>Technology 66.7% </li></ul><ul><li>Art 66.7% </li></ul><ul><li>Family Heirlooms 33.3% </li></ul>
  16. 16. Marketing Strategies <ul><li>Positioning </li></ul><ul><li>All work is customized to each individual client </li></ul><ul><li>Branding is easily identifiable in photographer’s style </li></ul><ul><li>Prints are framed and placed in albums to emphasize quality </li></ul><ul><li>Use a shot list to have consistent work </li></ul><ul><li>A working portfolio will represent the brand of photography available for hire </li></ul><ul><li>Pricing </li></ul><ul><li>Expensive and ensures quality </li></ul><ul><li>Is adjusted to competition in the Bay Area </li></ul><ul><li>Similar to other high end photographers in the Bay Area, offer more for the same price </li></ul><ul><li>Mixture of cost plus and competition pricing </li></ul><ul><li>Will remain consistent with cost </li></ul><ul><li>Placement </li></ul><ul><li>Events shot on location, photographer travels to clients </li></ul><ul><li>Photographer travels to client instead of meeting at a business for convenience </li></ul><ul><li>Client able to contact photographer by phone, email, and face to face meetings </li></ul><ul><li>Interactive website where customers can leave feedback Numerous consultation with clients to ensure satisfaction </li></ul><ul><li>Able to cover a market anywhere in Bay Area and potentially anywhere in California </li></ul><ul><li>Distribution </li></ul><ul><li>Customers will be reached through a website and local advertisement </li></ul><ul><li>Attend wedding expos to reach clients and stay current with wedding trends </li></ul><ul><li>Advertisement in local wedding magazines All prints will be watermarked in bottom right corner for additional advertisement </li></ul><ul><li>Good relations with other wedding vendors to encourage word of mouth to reach potential clients </li></ul>
  17. 17. <ul><li>Packaging </li></ul><ul><li>Customized framed prints </li></ul><ul><li>Customized archival hardcover album with a protective box </li></ul><ul><li>CD with JPEGS and TIFFS </li></ul><ul><li>All prints are archival </li></ul><ul><li>Use finest papers and inks </li></ul><ul><li>Service Enhancements </li></ul><ul><li>Customer satisfaction guarantee </li></ul><ul><li>Photographer reachable by phone and internet </li></ul>
  18. 18. Promotions <ul><li>Enter wedding and other photography contests to increase creditability </li></ul><ul><li>Advertise in local newspapers and wedding magazines, it is better to get the prints in the hands of a potential client </li></ul><ul><li>Wedding expo to become a part of the local wedding industry, reach potential clients face to face, and find out what brides want </li></ul><ul><li>Have a raffle at the expo for free photographic coverage and photo album, additional prints must be purchased </li></ul><ul><li>Wedding vendors typically make suggestions to clients about who to choose for services </li></ul><ul><li>It is important to establish strong business relationships with other vendors </li></ul>