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Photo Studio Marketing Plan

By:   •  Business Plan  •  2,710 Words  •  May 18, 2010  •  5,474 Views

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Photo Studio Marketing Plan

Contents

Executive summary 4

Corporate strategy 5

Corporate mission, objectives and keys to success 5

Summary of overall position and corporate strategy 5

External and internal analysis 6

Overview of market 6

Competitor analysis 6

Future trends 8

PEST analysis 8

SWOT analysis 8

Marketing objectives 9

Financial objectives 9

Marketing objectives 9

Marketing strategy 10

Market segmentation and targeting 10

Competitive advantage 10

Marketing strategy 10

Growth plans 11

Specific marketing programs 11

Marketing mix 11

Implementation 12

Schedule of key tasks 12

Budgets 12

Assumptions 13

Sales forecast 13

References 16

Appendix 17

Executive summary

No matter your area of photography, today you must deal with a permanent change in the photography industry. Simply put, you can no longer be just a photographer. The future belongs to the owners of photography business, so if you have recently said to your self, "All I really want to do is to be a photographer," you need to reexamine your objectives1 (The photographer's guide to marketing & self-promotion, 2001, p. 1).

Most people use professional photo studios only on rare occasions, such as weddings, yearbook pictures, or baby portraits. Because the client has to initiate the call, many special moments are lost and the studio loses potential business2 (Photography Studio Business Plan).

This marketing plan made for a new company "IVolgin studio", which belongs to professional photo industry and had been established at the end of year 2009. Early days it had been just a professional hobby of company's founder Igor Volgin, but after examining the market of professional photo studios he decided to join this business.

The US photo studios and commercial photography industry includes about 13,000 companies with combined annual revenue of about $7 billion3 (Photo Studios and Commercial Photography, 2010). The portrait studio segment is fragmented: the 50 largest companies generate less than half of segment revenue. The commercial photography segment is highly fragmented: the 50 largest companies generate about 20 percent of segment revenue4 (Photo Studios and Commercial Photography, 2010).

Russian photo studio market now days is just forming. Total annual revenue is about $0.2 billion5 (according National Statistics). Demand on professional photo raises especially at time of economic growth and Russians changed their habits from hand-made feast photos to portfolios and photo books. According to Abendrot, today the market of photo books is rapidly growing, from 71 000 items sold in 2005 up to 2.6 million ones in 2008. By 2011 it's planned that the turnover of this market will reach 2 500 000 dollars a year6 (The main results of Conference 
"Russian Imaging Business: Essential Aspects and Development Prospects", 2009).

Entering this business Igor Volgin believes that "IVolgin studio" will grow at an annual rate over 20% by diversifying its business into four parts: portrait photos, photo studio rent, photo classes and commercial exhibitions.

Corporate strategy

Mission

IVolgin studio is your place where you still most wonderful moments of your life, where you can learn and show you masterpieces to everyone. We help you to make a first step to the world of professional photo.

Objectives

• To generate a net profit by the end of second year

• To get diversification (by income generation) portrait photo – 5%, photo studio rent – 40%, photo classes – 50%, exhibition – 5%

• To build professional

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