Branding Strategy
The developed name for the company is Memorable Moments, a full-service event planning company that provides décor, catering, and venue security services. The name Memorable Moments suggests that clients will experience memorable moments of their lives if they hire the company as a service provider for their parties. The logo for the company should be recognizable but fitting into the aesthetic of the event planning industry, which focuses on the latest trends in social media and graphic design. The suggested logo can look something like the image below:
The slogan for Memorable Moments should represent what the company offers to customers as well as what it stands for as a business: “Memorable Moments: making your dreams come to life with every celebration.” Based on the fact that the company tightly cooperates with florists and flower shops to design unique centerpieces and décor for parties, the brand extension for Memorable Moments can be a flower delivery service that will employ the most creative florists to design beautiful bouquets for any occasion.
Marketing Strategy
The marketing strategy for Memorable Moments will be focused predominantly on capturing the attention of the online community since the company needs to reach as many people as possible, and the Internet is the most effective tool for doing so. First, the company will create a website where it will list the services it provides as well as corresponding prices to practice trust and transparency with clients. Second, Memorable Moments will create social media profiles to reach customers on the go. The company will encourage clients who already received services to leave feedback and post photos to their social media with tags so that potential customers see that Memorable Moments values its clients. Moreover, it is also important to offer discounts and promotional codes for subscribing and following; in this way, potential customers will be encouraged to buy the offered services (Keller, 2010). The appropriate timetable for the plan implementation will include the following steps:
The timetable for the marketing plan suggests that the promotion of a brand with the help of social media is not a lengthy process, but it can bring successful results. It is important to sort the social media profiles and create a website before spring since spring is a season for starting outdoor parties, birthdays, weddings, and other celebrations.
Position Statement & Perceptual Map
The majority of event planning companies are striving for high quality since there is a lot of competitors that can take all clients if other companies lose on quality. In this kind of business, high quality means high prices due to the high costs of materials, transportation, and food products that are all part of event planning services. Therefore, Memorable Moments is planning to combine high quality with reasonable prices. The brand’s position statement is providing everyone in need of event planning with amazing quality and reasonably priced services that will create memorable moments because memories are worth more than money. the perceptual map below shows the position of Memorable Moments against its competitors such as Bloom, Weddings 4 Life, Damon, A Little Soiré, and Oh So Chic:
Consumer Behavior
Consumer behavior is one of the most important factors Memorable Moments should take into account during its marketing activities. If to analyze the consumer behavior of the target audience for the company, the customer segments behave differently according to their paying capabilities. While some are looking for a small party to celebrate their child’s birthday and have a very tight budget, others prefer ‘going big’ and want to have a party of their lifetime. What is common for everyone looking for event planning services is the combination of high quality and reasonable prices since the majority of clients would like to pay for what they are getting. The developed positioning statement, logo, slogan, and brand extension all go hand-in-hand with the behaviors of the target audience since the focus of the brand is giving customers the memorable moments for which they are looking. The extension of flower delivery services will work perfectly for clients that don’t want to organize a big party but want to treat their loved ones to something special. The slogan is clear and understandable without extra information, so clients know what to expect from Memorable Moments.
Situation analysis is needed to describe where the company is now, what are the strengths and weaknesses that either facilitate or limit its success (Vrontis & Thrassou, 2006). With the current situation on the market of event planning services where many companies compete for the attention and recognition of customers, the key strength for Memorable Moments is associated with providing high-quality services at prices lower than its competitors. On the other hand, the weakness is in being new to the market with strict competition, so it will be hard for Memorable Moments to find clients.
Mission Statement and Introduction
According to Dermol (2012), the development of a cohesive mission statement for a brand is directly associated with the successful performance of an organization since there is a clear direction in which all employees and the management are moving. Therefore, developing a mission statement for Memorable Moments should become an important step in implementing the company’s strategy. While there are thousands of examples of successful mission statements, Memorable Moments should develop a statement that will be representative of what the company is standing: Memorable Moments: making your wildest party dreams come true. Apart from the mission statement, the company also has to develop an introduction that will be available to anyone who wishes to get to know Memorable Moments a little better. Company introduction usually consists of two ‘chapters’ that include brief information about the organization and the description of services or products it provides:
Memorable Moments: Introduction
About Our Company
Memorable Moments was created by three sisters: Tamechia Davis (CEO), Tessa Gardner (Chief Designer), and Lekeyshia Davis (Financial Manager). From the very beginning, the sisters wanted to create something beautiful and bring it to as many people as possible, so offering event planning services went hand-in-hand with their vision and goals.
What Do We Do?
Memorable Moments offers décor, catering, and venue security services for any occasion. Whether customers want a carefree celebratory cocktail evening in a circle of the closest friends or a massive theme party for their children, our company is ready to cater to any needs and budgets to make the celebration memorable.
References
Dermol, V. (2012). Relationship between mission statement and company performance. Web.
Keller, V. (2010). Sales promotion as a strategy and tactic among small independent retailers. Web.
Vrontis, D., & Thrassou, A. (2006). Situation analysis and strategic planning: An empirical case study in the UK beverage Industry. Innovative Marketing, 2(2), 134-151.