Trend of wedding planners in chandigarh (2)


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Trend of wedding planners in chandigarh (2)

  1. 1. Trend of wedding planners in Chandigarh RESEARCH PROJECT REPORT SUBMITTED TO CHITKARA UNIVERSITY, PUNJABIn partial fulfillment of the requirement for the degree of MASTER OF BUSINESS ADMINISTRATION SUBMITTED BY Rhythm, Shrutika, Nidhi Kampani, Nidhi, Ritika (DEPARTMENT OF BUSINESS ADMINISTRATION) CHITKARA UNIVERSITY, PUNJAB (20011-20013)
  2. 2. Certificate IThis is to certify that the project report entitled “Trend of wedding planners inChandigarh”, submitted for the degree of Master of Business Administration, ofChitkara University Punjab, is a bonfire research work carried out byRhythm,Shrutika,Nidhi Kampani, Nidhi, Ritika, under my supervision and that no partof this report has been submitted for any other degree. The assistance and helpreceived during the course of investigation have been fully acknowledged. -------------------- Major Advisor (Mr. Sandhir Sharma) ABSTRACTThe research has been conducted to know the whether customers are inclined towardsthe wedding planners in Chandigarh and the reason behind it. The study was conductedto know the factors that influence the customer towards wedding planners inChandigarh city also what other features customer expect from wedding planners. Theproblems faced by the consumers with wedding planners and thereby their overallsatisfaction level was studied. This is a descriptive and exploratory research and mainlyprimary data is used for the purpose of data collection. The results indicated that peopleare satisfied with the various wedding planners and their the efficiency and the pricethat influence the customers. Also there is a wide of scope for the wedding planners inChandigarh.
  3. 3. INTRODUCTION TO WEDDING PLANNERSWeddings may seem fairly simple at first, but they are not. Regardless of your religionor even if you don’t have a particular faith; there are lots of traditions and issues to takeinto account. For many couples, it can get very overwhelming, very fast. Using weddingplanners is one way to handle everything with a minimum of fuss while also making sureyou meet all the traditional expectations of a wedding.A wedding planner is simply a person who is intimately familiar with weddings, theissues that need to be addressed in a particular type of wedding and the best way to geteverything taken care of. They know which vendors to use and which to avoid. One ofthe most important services they provide is time. As your wedding approaches, yourtime can be at a premium. Wedding planners can take the burden of handling caterers,the photographer, musicians and so on off your hands. While that may sound interestingnow, you will find it is a critical bit of help as the magic day approaches.Not all wedding planners are created equal. Unfortunately, certain vendors will have aperson called a wedding planner on their staff. This person has a conflict of interest.They will try to help you, but know they better deliver for the vendor or they will be out ofa job. Avoid these faux wedding planners at all costs. They typically are associated withsome service related to the wedding be it catering, the site of the wedding and so on.You want someone that is independent.To find a legitimate planner, you should look for certain things. First, the proposedplanner should interview about all aspects of your wedding. Second, the planner shouldbe able to propose three to five different vendors for the particular need such ascaterers and locations for the wedding. Third, the planner should be willing to give youreferences to other newlyweds that have used their service. Finally, the planner shouldclearly indicate the exact role they will perform. If it is anything less than handling allissues and problems that arise, move on to the next prospect.Weddings are joyful affairs, but they can also be hectic. What you should take from thisintroduction to wedding planners is a simple rule. The wedding planner should deal withthe details and issues that arise while you are free to enjoy your magical day.
  4. 4. Need for a wedding plannerAlthough planning a major event can be exciting and fun, it can also be time consumingand very stressful. With today’s hectic lifestyle, nuclear families and time constraints it isimportant to have someone dedicated and knowledgeable who understands therequirements and follows through with all the details.As wedding planners, their aim is to make the special day a perfect reflection of thestyle and taste while minimizing the stress in planning. They spend time to find outwhat customer envision the wedding to be; no dream too vast, every detail vital, tomake it uniquely. They strive to exceed the expectations while working within thebudget. Eight reasons to hire a wedding plannerExplanation of why hiring a wedding planner will help you avoid some dreadfulmishaps…If you are having more than 25 guests, the idea of working with a weddingplanner should appeal to you. As the creative director for the most important day ofyour life, your wedding planner will help you avoid some dreadful mishaps that couldruin your day.reason 1: creating a wedding themeYour ideas are fabulous. But they are only the foundation of your theme. Remember:They are only ideas and pictures ripped out of magazines. Brides have ended upblowing their budget on one item to the detriment of the whole wedding. This is whereyour wedding planner becomes your magician. Knowing all the tricks and resources,your wedding planner can create a theme that runs through the whole event. They seethe whole picture. If budget is a constraint, they will advise you how to economize andstill achieve a similar look.reason 2: your wedding budgetA budget is an essential part of your wedding planning. Even a million-dollar weddinghas a budget. A budget will give you perspective and it will center you. It will be a greatcomfort to you when you want to know where you stand financially. Expenses tend tomount up quickly, and your budget will always give your a realistic assessment. I havewitnessed brides being so out of control that they end up randomly buying items thathave no rhyme or reason. That money could have been spent elsewhere to make thewedding a better experience for the guests. Being realistic about your budget isessential. Don’t fool yourself with a figure knowing you can go over it. You will only behurting your chances of selecting the best possible vendors. Your wedding planner isyour accountant and will believe the budget you give them. They honestly try to workwithin your parameters. Therefore, decide on a realistic figure so your wedding plannercan recommend the vendors who will deliver the best work within your budget.
  5. 5. reason 3: the wedding venue event managerWhen the event manager from your venue tells you she can do your wedding planning,she is not lying. She will do everything under the sun to oversee everything she isresponsible for; however, she is not responsible for 90 percent of the details that go intoyour wedding. Some brides are shocked when things go wrong. They thought theirvenue person would be on top of things. Not necessarily. If they have several eventsthat day, they can’t be held responsible for letting you know your flowers haven’t arrivedor your best man is held up in traffic. Imagine walking into a bald room instead of thefloral intensive ballroom you paid for. Your wedding planner is your overseer. Her job isto make sure everything arrives on time and complete. If you have 15 tables, 13centerpieces just won’t do. She will get the florist to fix it. If the videographer does notshow up, she should be able to find a replacement for you. Things happen, but it is yourwedding planner’s job to see that things are fixed and end up perfect. Your weddingplanner is your fairy godmother.reason 4: timelines and other annoying detailsDo we know anyone who likes them? And timelines. “Who has time to think of theseboring things? I’m getting married!” I recall one bride saying. Actually, you might not begetting married after all if the minister does not show up. Timelines are critical.Timelines are necessary. And timelines keep your wedding planner sane. She thriveson them. You, however, should never be subjected to them. These are the things abubbling bride should be kept far away from. They will certainly kill the excitement.reason 5: synergy applies to wedding vendors, tooThere are vendors who work so well together you almost get double your money’sworth. Having a vendor with an attitude can affect everyone. Your wedding plannerknows these things and will steer you in the right direction. By involving your weddingplanner in the selection of vendors from the invitations on, you will be guided down thepath of success. After all, synergy is what we are striving for!reason 6: what are the rules?Brides need a go-to person for etiquette, wedding-related questions, and to keep theplanning timeline moving forward. All brides need a liaison to help keep emotions andrelationships from straining during planning. Your wedding planner is a combination ofMartha Stewart and Emily Post. Do you really have the time and inclination to research,answer, and solve the problem yourself?reason 7: overtime charges accrue faster than champagne poursOne hour of overtime with a location site or photographer can cost you plenty! Everyoneis on the clock, and so is your wedding planner. The difference is your wedding planneris on your clock. She keeps everything in motion so extra costs are avoided. In the end,your wedding planner is the most cost-effective choice you can make.reason 8: you want to be a fabulous bride
  6. 6. Wedding planning and the events that lead up to your day will be stressful. You shouldhave one job only. Keeping yourself relaxed and living in the moment. You need time totake in and enjoy this special day. Be with your loved ones. Be happy. Be kind. Andmostly, be assured that your wedding is going to be the most fabulous day of your life.Yes, all weddings have glitches. And yours will, too. But your wedding planner will makesure you never have to deal with or see them. You may never even know anything outof the ordinary happened. And that is the sign that you are a genius at weddingplanning. You started out with great ideas, hired a wedding planner to bring them to life,and sat back like a pampered princess on your wedding day accepting all the accoladesthat you deserve. OBJECTIVE  To find whether customer are inclined towards the wedding planner and the reason behind it.  To find the factors that influence the customer towards wedding planners. wedding planners in Chandigarh  Together Events Private Limited  Arizona Entertainers & Event Promoters  Party  ANB Event Fusion Pvt Ltd  Meal Makers-Caterer & Wedding PlannerWith a tough competition among different players, all are trying to increase their market share inChandigarh and are working continuously towards increasing it by bringing out newer productsin the weddings.
  7. 7. Situation analysisMarket characteristics and trendMarket sizeIndian weddings are getting bigger and better. The expanding wedding market in indiais pegged at rs 50000 crore by industry sources and is growing annually by 25-30%HistoryThe grandeur and chrisma of Indian weddings has enticed and enraptured many. The portrayal ofthe warmth, fun and frolic of Indian wedding owes a lot to bollywood.Market stageIt’s a new market . it is a latest trend to hire wedding party coordinators to take care of the entirewedding event.Market needsThe market needs for wedding planning services are strongly shaped by the customers desire tohave a perfectly planned and executed wedding ceremony. Although major customer segments,brides and grooms and family members, plan and budget for the weddingceremony as far as ayear or more in advance, they often realize that they cannot make all the necessary preparationsby themselves in a cost effective manner. Strongly affected by the established social values, suchcustomers seek professional advice to ensure that all the important aspects of the weddingceremony meet or exceed perceived expectations.Market potential
  8. 8. The wedding scenario in india is more than just getting married. The exotic destinations, likepalaces in Rajasthan and the successful usage of these palces in the form of imaginative themeweddings by Laxmi Mittal and Raveena Tandon have set up a world stage for Indian weddings.India’s burgeoning middle class- now 300 million strong – are turning weddings into showcasesof their growing disposable incomes and newfound appetites for the goodies of the global marketplace. The change is visible in middle class who want the flavor and ambience of elite weddings.Seeing the world around they too are spending and want the best available. It sort of coincidedwith he rise in disposable incomes of the rich and upper middle Indian class and over the yearsweddings have become aspiration. Your wedding should be better than your neighbor’s. INDUSTRY ANALYSISWedding planners belong to event management industry which is growing at fast andsteady rate. While this industry is still evolving, Indian event managers and weddingplanners have clearly demonstrated their capabilities in successfully managing severalbig fat weddings and mega national and international events over the past few years. Infact, event managers and wedding planners are also developing properties aroundevents. With the rising incomes, people are also developing properties around events.With rising incomes, people are also spending more on wedding, parties and otherpersonal functions. However, issues like high entertainment taxes in certain states, lackof world-class infracture and the unorganized nature of most event managementcompanies, continue to somewhat check the potential growth in this segment of theindustry.
  9. 9. Industry sizeThe size of the organized live entertainment business estimated in 2007 was aroundINR 9.4 billion having grown by around 17% from the previous year that is 2006. It wasestimated that the industry will grow at a CAGR of around 19% over the next five yearsto approximately INR 22 billion by 2011. This growth is mainly on account of increasedmarketing budgets, and an increased focus on the importance of live entertainment, aspart of the promotional spends of corporate.5. RESEARCH METHODOLOGYResearch Methodology is the specification of method of acquiring the information needed tostructure or solve the problem in hand. It is not only concerned to find out the decision of thefact, but also building upto date knowledge and to discover the new facts involved through theprocess of dynamic change in the society.Research DesignThe research design is the conceptual structure within which research is conducted, it constitutesthe blueprint for the collection, measurement and analysis of data. The present research beingconducted followed “Descriptive Research” as it describes the Trends of Wedding Planners. Adescriptive research is one in which state of affair is described as it exists at present. Theresearcher has no control over the variables.Scope of the StudyThe study was conducted in Chandigarh city. So, scope of the study is limited to Chandigarhonly.Data collection method: Information will be collected from both Primary and SecondarySources.
  10. 10. Primary Source: The data has been collected from primary source by way of questionnaire which included Open-ended, Dichotomous and Multiple choice questions. Secondary Source: Secondary Data has been collected through Magazines and Web sites. Sampling Plan Sampling is an effective step in the collection of Primary data and has a great influence on the quality of results. It is a definite plan for obtaining a sample from a given population. The sampling plan includes universe, population, sampling unit, sampling technique and sample size. Universe: All the people of the age of 18 years and above and are Unmarried. Population: All the people of the age of 18 years and above and living in Chandigarh. Sampling unit: Each individual of the age of 18 years and above and living in Chandigarh. Sample Size: The sample size consisted of 100 people. Sampling Technique: Convenience Sampling has been used to collect the sample. Analysis & Interpretation The data collected has been analyzed through tabulation based on percentage and actual numbers. Interpretation of the collected and analyzed data has been done through presentation in the form of appropriate figures i.e. graphs and pie – charts. Limitations of the study No study is complete in itself however good it may be, and every study has some limitations. The limitations of this study can be summarized as follows: I. Owing to the time constraint the study was restricted to Ludhiana city. A wider geographical coverage would have made it a more representative study. II. Although every effort has been made to include the respondents belonging to various age - group, even then the sample may not be truly representative of the universe.III. The size of sample taken was very small and hence the results of this study might not be fully reliable for generalization.IV. Every effort was made to extract the correct information from the respondents, but the ignorance on their part could have played its role.
  11. 11. V. Best efforts have been made to incorporate all the important variables in the study yet chances of some of the variables not appearing in the study cannot be ruled out.VI. Open-ended questions were added to provide flexibility to the respondents but many of them were left unanswered.VII. The consumer behavior being dynamic in nature, there is every possibility that over the time findings of today may become invalid tomorrow. Following table shows the Demographic Profile of the respondents according to Age, Gender : AGE GENDER 18-25 67% MALE 42% 25-35 32% FEMALE 58% ABOVE 1% 35 6. RESULTS AND DISCUSSION This chapter contains the various research results and discussions in detail regarding the various aspects and parameters of the study. Information collected has been tabulated and presented on graphs according to the defined parameters so as to interpret the general statement in a better way. In the present chapter an attempt has been made to analyze the data collected from hundred respondents to know about the Trends of Wedding Planners in Chandigarh. Table 6.1 Number of respondents getting married in coming 5 years Options No. of Respondents Yes 100 No 0
  12. 12. Total 100 Fig. 6.1 No. of Respondents getting married in 5 years 150 100 50 0 Yes NoInterpretation :- As the purpose of the study is to find out the inclination of wedding plannerstherefore, this query helps to know about the respondents (out of the sample) who are gettingmarried.Table 6.2 Number of respondents aware about wedding planners (N=100) Options No. of Respondents
  13. 13. Yes 88 No 12 Total 100 NO. OF RESPONDENTS 12 YES NO 88Interpretation :- As the purpose of the study is to find out inclination of respondents forwedding planners, therefore, this query helps to know about the respondents (out of the sample)who are aware about wedding planners.Table 6.3 if yes, from where you heard(N=100) Options No. of Respondents advertisements 20 friends 32 relatives 26 others 22 Total 100
  14. 14. Fig. 6.3 Respondents source of awareness 60 50 40 30 20 10 0 Advertisments Friends Relatives others Interpretation :- This query reveals the views of respondents about the awareness of wedding planners and we came to know that 20% respondents feel that ads are informative while 32% came to know through there friends For 26% relatives are source and 22% came to know through other sources.Table 6.4 Respondents interested for knowing about wedding planners(N=100) Options No. of Respondents Yes 95 No 5 Total 100
  15. 15. NO. OF REPONDENTS 100 80 60 40 20 0 YES NOInterpretation: 95% of respondents are interested in knowing about Wedding Planner wheras5% are not6.5 Factors that influence the respondents while chossing the Wedding Planner Factors Mean score Result1.Budget 1.48 Strongly Agree2.Venue 1.26 Strongly Agree3.Food Quality 1.18 Strongly Agree4.Interior Decoration 1.07 Agree5.Wedding Dress 1.06 Strongly Agree6.Gifts for Relatives 2.04 Agree7.Music and Entertainment 2.26 Agree8.Photography 1.08 Agree9.Catering 1.96 Agree10.Logistics 2.56 NeutralGraph 6.5 showing the mean score for the factors which influence the respondents mostabout Wedding Planning
  16. 16. Column1 1.Budget 1.48 2.56 2.Venue 1.26 3.Food Quality 4.Interior Decoration 1.96 1.18 5.Wedding Dress 1.07 6.Gifts for Relatives 1.08 7.Music and Entertainment 1.06 8.Photography 2.26 9.Catering 2.04 10.LogisticsAnalysis and Interpretation: The factors which influence the respondents with strongly agreestatement while choosing Wedding Planner are budget, venue, food quality, weeding dress.Whereas the factors like interior decoration, gifts for relatives, music and entertainment,photography are categorized under agree statement and the factor logistic is least considered. FINDINGSThe study was conducted to know the Trends of wedding planners . By analyzing the datacollected, following are the findings from this study: Majority of the respondents between 18 to less than 35years were unmarried, which was useful because they are the suitable respondents for study the emerging trends of wedding planners. Majority of the respondents (88%) responded that they are aware about wedding planners whereas 12% are not aware about wedding planners.
  17. 17.  When asked from the respondents about the source of awareness about wedding planners 20% respondents considered ads as an informative source followed by 32% from friends whereas 26% get information from their relatives and 22% from others.  95% of respondents were interested in knowing about wedding planners whereas 5% are not.  Another observation made from the respondents the factors that effect them most are: budget ,food quality ,wedding dress, venue followed by other factors. CONCLUSIONWedding Planning has become a emerging trend, the main focus of has become a significanttool for creating awareness of products. The important point in celebrity advertising is theeffectiveness with which they are endorsing the product. By the mere presence of celebrity, theproduct will not make a sale as majority of the respondents who were not influenced by theadvertisement responded that they did not find the persuasiveness in the advertisement. And fewpeople who purchased the product(s) responded that they were influenced by the productinformation given in the advertisement and would have bought the same product(s) had they notbeen endorsed by any celebrity.The use of celebrities in advertising is like a double-edged weapon. It is to be carefully planned,thoroughly analyzed and properly executed. It may or may not influence the consumer and itmay not be always effective, as it depends on the celebrity, the product, the message, theexecution and the media.
  18. 18. The conclusion of this study is that people of Ludhiana find advertisements being endorsed bycelebrities to be less attractive and that the use of celebrities may not change the buying behaviorof consumers significantly