Running head: MARKETING RESEARCH AND EVALUATION
1
MARKETING RESEARCH AND EVALUATION
2
Business Plan: Marketing Research and Evaluation
Business Plan: Marketing Research and EvaluationExistence of the Market
People like taking photographs for memories of different events and ceremonies that they go through in their lives. The most effective way to keep such memories is through photographs. In current times, there are many ceremonies where photographs are taken, ranging from graduations to weddings and baby showers. Participants want to keep memories of such events through pictures. Therefore, this implies that there is an available and a sufficient market for professional photography, given the rate at which the services are demanded. With adequate investment, photography is a business that guarantees returns.
The Target Market
Business needs to narrow down its market so that it can focus on a specific target (Pride, 2013). Accordingly, this enables it to provide the best products and services. In this case, the target market is composed of students graduating and wedding ceremonies. Arrangements can also be made for private photoshoots by individuals. The photography market in the U.S. is worth $10 billion (IBISWorld). It is a lucrative business venture.
To remain competitive in this market, it is crucial to focus on quality products and services. This strategy will make sure more customers are attracted and retained. Customer needs will be assessed through random interviews. It will be beneficial to collect information about what customers want, and the business has the responsibility of delivering their requests. The main competitors of this business are individuals who have smartphones that have powerful cameras. They are competitors because most of them will not seek the services of a professional photographer if they can do it themselves. Their greatest strength is the fact that they can take photographs at any time whenever they wish. However, they have the weakness of lacking professional photography skills, and they end up producing low-quality photographs. The competitors have a market share of about 60% since most people own smartphones that have powerful cameras. However, the business of professional photography is expected to have a market share of more than 80% as the competitors' share is set to drop. This is because even those who own powerful smartphones will still seek professional photography services.
Pricing Policy
The pricing policy refers to how a business sets prices for its products and services (Schindler, 2011). The cost of hiring a photographer ranges from $100 to $200 per hour, depending on the nature of the event. In the case of wedding ceremonies, the price ranges from $1,000 to $3,000 for 6 hours. The rates will penetrate the market through extensive marketing and advertising efforts that will also enable the business to maintain its position and be profitable. Marketing is essential fo ...
UChicago CMSC 23320 - The Best Commit Messages of 2024
Running head MARKETING RESEARCH AND EVALUATION1MARKETING RE.docx
1. Running head: MARKETING RESEARCH AND EVALUATION
1
MARKETING RESEARCH AND EVALUATION
2
Business Plan: Marketing Research and Evaluation
Business Plan: Marketing Research and EvaluationExistence of
the Market
People like taking photographs for memories of different events
and ceremonies that they go through in their lives. The most
effective way to keep such memories is through photographs. In
2. current times, there are many ceremonies where photographs are
taken, ranging from graduations to weddings and baby showers.
Participants want to keep memories of such events through
pictures. Therefore, this implies that there is an available and a
sufficient market for professional photography, given the rate at
which the services are demanded. With adequate investment,
photography is a business that guarantees returns.
The Target Market
Business needs to narrow down its market so that it can focus
on a specific target (Pride, 2013). Accordingly, this enables it
to provide the best products and services. In this case, the target
market is composed of students graduating and wedding
ceremonies. Arrangements can also be made for private
photoshoots by individuals. The photography market in the U.S.
is worth $10 billion (IBISWorld). It is a lucrative business
venture.
To remain competitive in this market, it is crucial to focus on
quality products and services. This strategy will make sure more
customers are attracted and retained. Customer needs will be
assessed through random interviews. It will be beneficial to
collect information about what customers want, and the business
has the responsibility of delivering their requests. The main
competitors of this business are individuals who have
smartphones that have powerful cameras. They are competitors
because most of them will not seek the services of a
professional photographer if they can do it themselves. Their
greatest strength is the fact that they can take photographs at
any time whenever they wish. However, they have the weakness
of lacking professional photography skills, and they end up
producing low-quality photographs. The competitors have a
market share of about 60% since most people own smartphones
that have powerful cameras. However, the business of
professional photography is expected to have a market share of
more than 80% as the competitors' share is set to drop. This is
because even those who own powerful smartphones will still
3. seek professional photography services.
Pricing Policy
The pricing policy refers to how a business sets prices for its
products and services (Schindler, 2011). The cost of hiring a
photographer ranges from $100 to $200 per hour, depending on
the nature of the event. In the case of wedding ceremonies, the
price ranges from $1,000 to $3,000 for 6 hours. The rates will
penetrate the market through extensive marketing and
advertising efforts that will also enable the business to maintain
its position and be profitable. Marketing is essential for any
business to find its way into the market and create demand.
Promotion and Distribution Strategies
The promotion of the business will utilize various approaches,
mostly the internet. The company will have a website where
some of the best shots will be uploaded and advertised to
potential customers. Different social media platforms such as
Facebook and Instagram will also play a critical role in
promoting the business. As far as distribution is concerned, the
products will be delivered to the clients through a delivery
system that will use motorbikes and small cars. In some cases,
there will be a mobile processing unit that will enable clients to
get the products on the spot.
References
IBISWorld. (n.d.). Industry Market Research, Reports, and
Statistics. Retrieved from https://www.ibisworld.com/united-
states/market-research-reports/photography-industry/.
Pride, W. (2013). Marketing. London: Cengage Brain.
Schindler, R. (2011). Pricing Strategies: A Marketing Approach.
London: SAGE.
5. about integrity, it's about actually getting people follow you to
a place that they
wouldn't ordinarily go. That's leadership.
DAVID B. NASH: I think leaders, good leaders, have a couple
of qualifications.
They have emotional intelligence. They know where they've
been. They know
where they're going. They're comfortable in their own skin.
NARRATOR: In this program, our experts discuss successful
leadership in health
care and explain how individuals can hone this essential skill
set.
[MUSIC PLAYING]
KEN SAMET: I think leadership is important in every field and
every organization,
but especially true in health care, because health care is a
people business. And
there are so many different kinds of individuals, different skill
sets, different
functional responsibilities, that all come together, if it's done
right, to take care of
that patient. And it's only leadership that can actually bring all
the pieces together
in a way that feels seamless to the patient.
For anyone entering the health care management world, I think
that you have to
have a passion. You have to want to lead people. You are
hopefully creating an
environment through your ability to communicate, to contribute,
that will have all
different types of individuals, different skill sets, different
6. functional
responsibilities come together to drive your organization
forward. It's all about
leadership.
DON ARTHUR: Certainly, there are some people who just have
such internal
charisma that you want to follow them. But those people are
rare. I think the best
leaders are people who know what they're doing. They're
experts in their
profession. They see things that need to be changed.
And they are willing to stand up, get out front, and say,
something needs to be
changed. Let's try this, or let's try that. You don't have to have a
lot of charisma.
You have to have a lot of energy and a lot of direction and be
focused on the
mission.
CECELIA K. WOODEN: So when we consider leaders, there are
formal leaders
that have a title, a position, a rank in the organization. And
that's often called
positional power. And there are informal leaders that, because
of their charisma,
because of their willingness to help others be successful,
because of the vision
that they see for their unit or their part of the organization, they
can be perceived
Leadership
8. It's important to
understand what are your competencies and what your skills and
talents are in
order to see how that could best be served in the organization.
So leaders today
need to self-reflect on how they're feeling and what's important
to them and to
capture that as they're doing their daily jobs in order to come
out of it fulfilled and
feeling that their needs are being met.
CECELIA K. WOODEN: There are a number of leadership
styles. And when I
say "leadership styles," that's usually defined by the behavior
you demonstrate in
managing an individual's task and in managing the relationship
with the
individual. One of the learning tools that can be so helpful in
developing an
understanding of oneself is to use a series of assessments, to use
the tools
available to collect quantitative data and qualitative data about
one's leadership
styles, one's preference for dealing with the world.
My favorite leadership style is a coaching style, which means
I'm working
shoulder to shoulder with an individual, guiding them, giving
them some freedom,
some latitude to make some decisions. But I'm right there, side
by side. That
would work very well if I were working with an individual that
has a certain
amount of skill and is coming along in their skill and has a very
good level of
motivation.
10. As time goes on and one becomes a little less do oriented and
more change
process oriented and relationship oriented as leadership
responsibilities
increase, the degree of ambiguity that I think you're asked to
accept and tolerate
and appreciate becomes greater and greater. So the ability to
live in that vast
gray area between the very rare instances of black and white, I
think, is a key
skill for people to develop and to become comfortable with.
DAVID B. NASH: I think leaders, good leaders, have a couple
of qualifications.
They have emotional intelligence. They know where they've
been. They know
where they're going. They're comfortable in their own skin.
I think good leaders are not arrogant. They are servant leaders.
They want to
bring the best they can out of the people that are working with
them. Good
leaders recognize that the way to get the most from people is to
give them the
tools so they'll be successful.
GERALD GREELEY: Physicians certainly are independent-
minded people. Even
those in a big group or those in a hospital kind of a setting,
they're still
independent practitioners. They are make the decision at the
bedside that's going
to affect the patient's life.
They need to be able to do that. We can't be inserting ourselves
there. But we
12. decisions, because somebody has to, because you have to make
certain that the
organization continues to be viable and thrive over the long
term on the business
side. But if you have credibility earned every day, most people
will understand,
again, there's a difference between understanding and liking. I
don't like making
some of the decisions I've had to make in my career. I've seen
that through my
career in union negotiations, difficult collective bargaining
agreement
negotiations.
But we had a basic trust and confidence with both the leadership
of the
bargaining unit and the employees in that unit so that you could
have a real
discussion around an issue. You could even have an honest
disagreement about
what one side wanted or the other. But we never tore the whole
organization
apart. It never became personal, because people had confidence
that there were
two legitimate points of view. And some of this can sound soft.
I contend that it is
part of the very fiber of what makes a great health care leader.
DAVID B. NASH: I think leadership is a never-ending crusade,
if you would,
something that you can always improve, always get more
training, do more
reading, understand and appreciate the research behind
leadership. It's trainable,
it's testable, it's improvable all throughout anybody's career.
14. Discussion 1: Leadership Theories in Practice
A walk through the Business section of any bookstore or a quick
Internet search on the topic will reveal a seemingly endless
supply of writings on leadership. Formal research literature is
also teeming with volumes on the subject.
However, your own observation and experiences may suggest
these theories are not always so easily found in practice. Not
that the potential isn’t there; current evidence suggests that
leadership factors such as emotional intelligence and
transformational leadership behaviors, for example, can be
highly effective for leading nurses and organizations.
Yet, how well are these theories put to practice? In this
Discussion, you will examine formal leadership theories. You
will compare these theories to behaviors you have observed
firsthand and discuss their effectiveness in impacting your
organization.
To Prepare:
· Review the Resources and examine the leadership theories and
behaviors introduced.
· Identify two to three scholarly resources, in addition to this
Module’s readings, that evaluate the impact of leadership
behaviors in creating healthy work environments.
· Reflect on the leadership behaviors presented in the three
resources that you selected for review.
By Day 3 of Week 4
Post two key insights you had from the scholarly resources you
selected. Describe a leader whom you have seen use such
behaviors and skills, or a situation where you have seen these
behaviors and skills used in practice. Be specific and provide
examples. Then, explain to what extent these skills were
effective and how their practice impacted the workplace.
NOTE
Not less than 3 pages, with 4 or more references.
NURS 6053
15. RUBRICTO FOLLOW FOR DISCUSSION QUESTION A
Excellent
Good
Fair
Main Posting
45 (45%) - 50 (50%)
Answers all parts of the discussion question(s) expectations
with reflective critical analysis and synthesis of knowledge
gained from the course readings for the module and current
credible sources.
Supported by at least three current, credible sources.
Written clearly and concisely with no grammatical or spelling
errors and fully adheres to current APA manual writing rules
and style.
40 (40%) - 44 (44%)
Responds to the discussion question(s) and is reflective with
critical analysis and synthesis of knowledge gained from the
course readings for the module.
At least 75% of post has exceptional depth and breadth.
Supported by at least three credible sources.
Written clearly and concisely with one or no grammatical or
spelling errors and fully adheres to current APA manual writing
rules and style.
35 (35%) - 39 (39%)
Responds to some of the discussion question(s).
One or two criteria are not addressed or are superficially
addressed.
Is somewhat lacking reflection and critical analysis and
16. synthesis.
Somewhat represents knowledge gained from the course
readings for the module.
Post is cited with two credible sources.
Written somewhat concisely; may contain more than two
spelling or grammatical errors.
Contains some APA formatting errors.
0 (0%) - 34 (34%)
Does not respond to the discussion question(s) adequately.
Lacks depth or superficially addresses criteria.
Lacks reflection and critical analysis and synthesis.
Does not represent knowledge gained from the course readings
for the module.
Contains only one or no credible sources.
Not written clearly or concisely.
Contains more than two spelling or grammatical errors.
Does not adhere to current APA manual writing rules and style.
Main Post: Timeliness
10 (10%) - 10 (10%)
Posts main post by day 3.
0 (0%) - 0 (0%)
0 (0%) - 0 (0%)
0 (0%) - 0 (0%)
Does not post by day 3.
First Response
17. 17 (17%) - 18 (18%)
Response exhibits synthesis, critical thinking, and application
to practice settings.
Responds fully to questions posed by faculty.
Provides clear, concise opinions and ideas that are supported by
at least two scholarly sources.
Demonstrates synthesis and understanding of learning
objectives.
Communication is professional and respectful to colleagues.
Responses to faculty questions are fully answered, if posed.
Response is effectively written in standard, edited English.
15 (15%) - 16 (16%)
Response exhibits critical thinking and application to practice
settings.
Communication is professional and respectful to colleagues.
Responses to faculty questions are answered, if posed.
Provides clear, concise opinions and ideas that are supported by
two or more credible sources.
Response is effectively written in standard, edited English.
13 (13%) - 14 (14%)
Response is on topic and may have some depth.
Responses posted in the discussion may lack effective
professional communication.
Responses to faculty questions are somewhat answered, if
18. posed.
Response may lack clear, concise opinions and ideas, and a few
or no credible sources are cited.
0 (0%) - 12 (12%)
Response may not be on topic and lacks depth.
Responses posted in the discussion lack effective professional
communication.
Responses to faculty questions are missing.
No credible sources are cited.
Second Response
16 (16%) - 17 (17%)
Response exhibits synthesis, critical thinking, and application
to practice settings.
Responds fully to questions posed by faculty.
Provides clear, concise opinions and ideas that are supported by
at least two scholarly sources.
Demonstrates synthesis and understanding of learning
objectives.
Communication is professional and respectful to colleagues.
Responses to faculty questions are fully answered, if posed.
Response is effectively written in standard, edited English.
14 (14%) - 15 (15%)
Response exhibits critical thinking and application to practice
settings.
Communication is professional and respectful to colleagues.
19. Responses to faculty questions are answered, if posed.
Provides clear, concise opinions and ideas that are supported by
two or more credible sources.
Response is effectively written in standard, edited English.
12 (12%) - 13 (13%)
Response is on topic and may have some depth.
Responses posted in the discussion may lack effective
professional communication.
Responses to faculty questions are somewhat answered, if
posed.
Response may lack clear, concise opinions and ideas, and a few
or no credible sources are cited.
0 (0%) - 11 (11%)
Response may not be on topic and lacks depth.
Responses posted in the discussion lack effective professional
communication.
Responses to faculty questions are missing.
No credible sources are cited.
Participation
5 (5%) - 5 (5%)
Meets requirements for participation by posting on three
different days.
0 (0%) - 0 (0%)
0 (0%) - 0 (0%)
0 (0%) - 0 (0%)
Does not meet requirements for participation by posting on 3
different days.
20. Total Points: 100
Name: NURS_6053_Module03_Week04_Discussion_Rubric
Running head: Management Team and Manufacturing
Operations Plan 1
Management Team and Manufacturing Operations Plan
6Business Plan: Management Team and Manufacturing
Operations Plan
Sheena M. Orozco
Southern New Hampshire University
Business Plan: Management Team and Manufacturing
Operations Plan
Starting a successful photography business largely depends on
the location of the company for ease of access by clients
(Rosengarten, 2015). The need to come up with a photo studio
makes an urban location on the street to be a necessity
(Zambenedetti, 2018). Furthermore, it is imperative to consider
a naturally attractive environment and allow for landscaping
and interior design modifications. Therefore, this will enhance
its ability to attract clients. Besides, starting a photography
business has varied overheads that need to be budgeted to
improve the success of the company (Zambenedetti, 2018). They
range from indirect material, labor, and expenses, all of which
contribute to the success of the business. The entrepreneur is
thus needed to consider having enough cameras, lenses, editing
software, computers, and accessories. There is also a need for
communication through the internet, phone, getting a virtual
assistant, and through the website. Other costs would arise from
the need for marketing through various social media platforms,
the use of email, and the creation of business cards. Other
21. facilities needed include portable light kits, lens cleaning kits,
memory cards, remote shutter release, camera tripod, prime
lens, and batteries, and chargers.
The primary workers for the business include professional
photographers, photo and video editors, event planners, and
designers. They would all work in synergy in the making
moving the company forward through dedication to their duty.
The management team will comprise of the marketing manager
and chief Photographer. The marketing manager ought to
possess the necessary expertise in market dynamics in
photography. Also, the chief Photographer is in charge of the
whole photography team and should have a five-year experience
in photography. Therefore, he or she is aware of the different
needs of the clients in the industry. Besides, he will personally
receive feedback and monitor the photographers while at the
same time receive feedback and reports from team leaders of the
Photographer
Also, the middle-level manager is the chief editor who will be
responsible for monitoring other editors, advising them, and
carrying out on job training to improve their expertise. Also, his
role will involve reviewing photos and videos for quality
assurance before they are delivered to the client.
Additionally, they are responsible for re-editing or giving
further instructions on how to improve on the editing. Finally,
they recommend the best software needed for the editing
process to ensure there is maximum quality. The departmental
managers will report to the general manager, who will then
report to the Chief Executive Officer. Collaboration between the
departmental managers will ensure that the Marketing Manager
attains additional clients, the Chief Photographer ensures that
photos are of high quality, while the Chief Editor makes sure
that the images have been thoroughly edited to the satisfaction
of the clients. Therefore, this will enhance the ability of the
business to outdo any competition.Organizational Chart
The compensation and benefits package will vary depending on
productivity, performance, and the responsibilities that have
22. been given to the job title. The general manager will be entitled
to a salary of $110,000 per year with other benefits such as a
subsidized health care plan, a 410k plan, a company-paid
vacation, and personal days. The Chief editor and Photographer
will have to earn a minimum of $ 97,000, which will also come
with a yearly increase based on the job performance of the
person. They will also be entitled to a comprehensive health
care plan and paid for any time they do overtime at the rate of
one and a half times the regular hourly pay. The marketing
manager will have the same benefits package but will earn an
annual salary of $105,000 while working on a full-time basis.
The management will only require the necessary leadership
skills gained during their training and in their previous work
experiences. However, they will be exposed to numerous
workshops that will be meant to improve their competencies,
thus enhancing their ability to handle their responsibilities
accordingly. Furthermore, they would receive training on
practical leadership skills, decision-making skills, proper
communication skills as managers to improve effective giving
of instructions, and interpersonal skills. Besides, they will
receive training on employee management to adequately manage
workers in their department. Therefore, this will improve
productivity and motivation among workers, thus enhance the
company's success.
References
Rosengarten, R. (2015). Constructing Worlds: Photography and
Architecture in the Modern Age. Photography And
Culture, 8(3), 363-367. doi: 10.1080/17514517.2015.1091185
Zambenedetti, A. (2018). Emplacing Time: Photography,
Location, and the Cinematic Pilgrimage. Space And Culture,
120633121880538. doi: 10.1177/1206331218805381
General manager
23. Chief Editor: Professional editor,7 years expirience
Chief Photographer: Professional photographer, 5 year
expirience
Marketing Manager: Professional sales and marketing manager,
five years expirience
Chief executive officer: Founder
24. Running head: Timeline, Critical Risks, Assumptions, and
Benefits 1
Timeline, Critical Risks, Assumptions, and Benefits
5Business Plan: Timeline, Critical Risks, Assumptions,
and Benefits to the Community
Sheena M. Orozco
Southern New Hampshire University
Business Plan: Timeline, Critical Risks, Assumptions, and
Benefits to the CommunityTimeline
One of the vital elements of the portrait studios' strategy is to
reach graduating students a month before graduating and
engaged couples as soon as they commit. Recently engaged
couples want to start shooting their engaged photo sessions soon
after getting engaged. Based on the success of the photoshoot,
they usually continue to use the same service provider for
photography for all things related to the wedding, such as the
engagement party, bridal shower, and eventually the wedding,
therefore, forming the foundation of a long-term relationship.
Referrals will be solicited from customers through advertising
25. to reach their friends and family.
The photography business will also use marketing databases to
reach our target market. As well as working directly with local
schools, wedding venues, wedding specialty stores, and other
wedding service businesses, attractive advertising material will
be displayed in these sites to show customers our capabilities.
The photography studio will have flexible hours for scheduling
photo sessions to accommodate our client base. Because the
business will be committed to customer service and satisfaction,
the client base will be used to uphold the company's standing
for quality continually. Also, as things now a days are becoming
more digital, the company will provide access to digital files
effortlessly and at a reasonable cost.
The management of the photography studio will be minimal in
the first couple of years. Along with carrying out the creative
functions of the company, as the business owner and the
photographer, I will be involved in all business functions, such
as payroll, marketing, accounts payable, and accounts
receivable. Staff will be added as the business develops, to
lessen the extra responsibilities from the photographer. The
staff for the first one to two years of opening will be for one
part-time employee who will function as an assistant in the
office as well as for the photographer. In the third or fourth
years, assuming profitability takes place, the part-time position
will become full time.
Milestone
Start Date
End Date
Sign Lease on Studio
01/30/2020
01/30/2020
Hire Part-Time Staff
03/01/2020
03/01/2020
Train Part-Time Staff
03/01/2020
26. 03/31/2020
Open Studio For Business
04/01/2020
04/1/2020
Marketing Campaign (Web, Email, Studio)
02/01/2020
08/31/2020
The budget for these goals will be included as start-up
expenses.
Assumptions
Concerning the photography business, several assumptions have
been made concerning how the company will operate. One of
the assumptions is the idea that there will be an increased
demand for professional photography products and services. It
is assumed that as much as many people own smartphones that
can take quality pictures, they will still demand the services of
a professional and skilled photographer for different occasions
and events. It is assumed that there is a ready and growing
market for the business.
It is also assumed that the economic conditions will be
favorable for the photography business. It is noted that for a
business to operate in any given area, it must have the required
permits and licenses to do so. However, photography is assumed
to be a small business. Therefore, the financial requirements
will not be immense (Carr, 2011). The economic conditions are
considered to favor the growth of the company. While setting up
a business, various assumptions have to be made since not
everything is confirmed.Critical Risks
One of the potential risks of the business is the chance that the
demand will not be as high as assumed. Economic conditions
are getting hard, and many people might see it as a waste to
spend money on photographs. If this comes to pass, then it
means the business will be at risk of collapsing due to the lack
of demand. There is also the risk of stiff competition (Stokes &
27. Wilson, 2010). The photography business is perceived to be
lucrative and might attract many players. This is risky since
many companies might fail due to the increased competition.
One of the alternatives to deal with the risk of lack of demand is
by taking high-quality photographs of nature, landscapes,
landmark buildings, and animals, among others, and displaying
them as a marketing tool. It is also essential to be creative and
taking unique photographs that will create an interest in the
market so that they can buy them. This strategy will enable the
photographer to go to the customer instead of the customer
coming to them. It is a significant strategy to deal with the risk
of lack of market as well as stiff competition. Businesses have
to be unique in dealing with the challenges that they face in the
industry (Stokes & Wilson, 2010).Benefits to the Community.
The photography business will have various benefits for the
community. One of the advantages is job creation. Photography
is an opportunity for individuals to make an income and support
their families and their communities at large. It is a private
business that earns sufficient income to support people
economically. The income that they earn will be used to make
other investments such as in childhood education or even
establishing other businesses.
The business will also challenge the community, especially the
youth, to enter into private companies instead of waiting for
government jobs, which are scarce and usually scrambled for
(Carr, 2011). When a business is established, it must have a
positive impact on the community, either directly or indirectly.
It should not only benefit the proprietor but those around them
as well.
References
Carr, S. (2011). The Art and Business of Photography. New
York: Allworth Press.
Stokes, D. & Wilson, N. (2010). Small Business Management
and Entrepreneurship. London: Cengage Brain.
.
28. Running head: Project Proposal and Company Information 1
Project Proposal and Company Information 4Business Plan:
Project Proposal and Company Information
Business Plan: Project Proposal and Company Information
Today, the need for professional photography has increased
because many families need to capture special moments. The
Top-Notch Photography Studio is a small start-up professional
photography business. This business expects to attract many
customers and create a sense of customer loyalty with the
variety of photography products and services the company will
offer. The Top-Notch Photography Studio aims to provide
photography-related products and services at a competitive
price to meet the demand of the market and also attract many
people to purchase professional photography services. Even
though many people own cameras and smartphones, which can
capture special moments, there is still a gap in the market
because people still need professional-quality photos.
Additionally, many photography services can be offered to
individuals and also corporate companies (Scott, 2014).
Therefore, this photo studio seeks to fill this market gap.
The Top-Notch Photography Studio will mainly target to offer
photography services to families with newborn babies and
children below the age of ten, school photos, weddings, and
corporate events. The mission of this photo studio is to ensure
that all clients can preserve special moments. Therefore, the
business will be committed to offering professional quality
photographs both in physical and digital format. Other
supportive services that the company will provide include
advising clients on issues regarding photography, such as
29. choosing the photo venues. The objectives of this business are
to create a strong client relationship within the second year, to
generate a healthy net profit after 18 months, to ensure clients
are satisfied, and to have an annual growth rate of over 25
percent. For this to be successful, there will be a system that
will help in tracking clients' ongoing needs for professional
photography services, and clients will also be able to interact
through social media platforms, which will be provided. In the
decision-process, I learned that it is vital to have a business that
offers many services, mainly because offering services does not
require a lot of start-up capital as compared to providing
products solely. However, this type of business requires a lot of
research, interacting with clients from different backgrounds,
knowledge, and experience regarding clients' preferences, and
also creativity. I have learned that this industry is a growing
industry, and hence why there is a big market gap (Tuck, 2009).
The Top-Notch Photography Studio is a sole proprietorship, and
this will make the decision-making process more comfortable,
and the start-up costs will also be economical.
References
Scott, G. (2014). Professional Photography: The new global
landscape explained. Routledge.
Tuck, K. (2009). Commercial photography handbook: Business
techniques for professional digital photographers. Amherst
Media.
.
Running head: Environmental and Industry Analysis 1
Environmental and Industry Analysis 2Business Plan:
Environmental and Industry Analysis
Business Plan: Environmental and Industry Analysis
30. The photography industry is a fast-growing industry, and there
is an existing market gap that has not yet been adequately
addressed. The photography business entails many services
providers such as corporate/industry photography, special
events photography, and portraiture (Scott, 2014). For a
photographer to provide quality services, then the best
equipment must be used. Today, research by IBIS world shows
that the market for professional photography equipment has
reached revenues of more than $10 billion in 2019 in the United
States. The annual growth rate of this industry is 0.3% from the
year 2014 to 2019. By the end of 2019, it is anticipated that
there will a 1.3% increase in the industry revenue, and therefore
it is expected that revenues will reach $10.5billion. It is
estimated that more than 50% of people working in this industry
comprises of individuals between 25 and 44 years (IBIS world).
The industry is growing and becoming wide because the
photographs services being offered currently are diverse. For
instance, pet photography has been embraced today, and this
implies that opportunities are increasing. A combination of
these aspects and data means that Top-notch Photography
Studio will be in a good market position mainly because there is
a market gap, and the demand for these services is increasing.
Today, photography is increasingly going digital, but however
digital images may also be printed as used for business cards,
brochures, be placed on walls, among other uses. Many
photography studios have switched to digital format because it
is not only easy to manipulate but also, the processing is easy
(Scott, 2014). Engaging professional photographers ensure that
there is quality because consumers who own their own cameras
may lack the capability to capture quality photos. In this
industry, the competition is mainly divided between same-day
photo studios, luxury photographers, especially for magazines
and fashion events, and moderate professional photographers
who show their works on platforms such as social media (Peres,
2013). Top-notch Photo Studio may be classified as a moderate
professional photography studio, but the quality of the work is
31. high.
The first strength of this business is that this business is
sensitive to fluctuations in disposable income, and this is
advantageous for this business because the growth of disposable
income will positively affect the industry. This is mainly
because consumers will have more urge to buy professional
photography services as a result of increased disposable income.
It is expected that there will be an increase in per capita
disposable income in the near future, which implies that the
market is growing at a favorable rate. The second strength of
this business is that the cost of offering these services is low as
compared to the past, mainly because many customers prefer
photos in digital format, which is easy to process and
manipulate (Scott, 2014). The third strength is that the business
allows creativity, and this may attract many customers and
create customer loyalty. The fourth strength is that pricing
varies, which indicates that maximizing profits is easy. The
fifth strength is that scheduling is flexible. For this business, it
will be easier to interact with customers, and this means that it
will be easier to understand customer needs and create loyalty.
Another strength of this business is that the flexible nature of
the industry makes it easy to make more profits. For instance,
photography services can be offered at the studio, outdoors, and
also one can take photos such as wildlife photos and sell them
to clients.
The first weakness of this business is that purchasing all the
required equipment is expensive. It is essential to ensure that all
equipment needed is obtained, and some of them can be
expensive. The second weakness is that a lot of research is
required to ensure customers are satisfied and also enhance
creativity in the business. The third potential threat to this
industry is that the number of smartphone users is increasing,
and these mobile phones have high-quality cameras, which can
enable the user to capture high-quality photos. Another
weakness that may affect the business is that it is mainly a
studio business, which means that it may not have the ability to
32. cover a broad customer base. These weaknesses may be a threat
to this business. However, doing research and being flexible
will help in ensuring that the company is not being affected by
the risks.
The photography industry is a fast-growing industry that cuts
through many aspects of day-to-day life (Peres, 2013). This is
mainly because photography is being relied on by many
individuals and companies to capture moments. Today, many
events, including private and public affairs, have professional
photographers who take photos. It is a flexible industry that has
few hindrances. The government has supported the growing
sector by putting favorable policies and regulations. Currently,
due to the political stability, the working conditions are suitable
for the business.
Additionally, the government has put favorable regulations and
policies for the industry. The critical legal factors to consider
are copyright/intellectual property laws and information
protection laws. The photography restriction may be in criminal
or civil law, depending on the nature of the case. Copyright law
restricts individuals from copying other people’s works. There
is also a right to privacy, whereby it is illegal to take photos or
someone or something without the owner’s consent. For
instance, in the U.S., it is illegal to take photographs of public
property without meeting reasonable community standards that
have been set (Tuck, 2009). In some areas, a permit or proof of
insurance is required for commercial photography. In most
countries, it is also illegal to take photographs that can cause
harm or taking pictures that may hinder operations such as
accident scenes.
Currently, many companies are manufacturing up-to-date and
modern photography equipment, which vary in cost. The
processing and manufacturing of photographs have become
easier because there many types of equipment and techniques
which are being used for these aspects. Additionally, digital
cameras have enabled storing, editing, printing, and sharing
easy. The competition in the industry is moderate. Still, some of
33. the top companies in the sector include Art Chick Photography,
Andor, Elinchrom, Mamiya, etc. This may affect the business,
especially for commercial photographs, but being flexible will
help in creating a competitive advantage
References
IBIS world website. Retrieved from:
https://www.ibisworld.com/united-states/market-research-
reports/photography-industry/
Peres, M. R. (Ed.). (2013). The focal encyclopedia of
photography. Taylor & Francis.
Scott, G. (2014). Professional Photography: The new global
landscape explained. Routledge.
Tuck, K. (2009). Commercial photography handbook: Business
techniques for professional digital photographers. Amherst
Media
