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Local business Locals Income level $35,000 above P/A Not applicable Not applicable Purpose Celebration Product launch, building business relationship Celebration Frequency used Once in a life time (average) Rare occasion Rare occasion The overall market of Beaufords is based on its services provided and its establishment size includes almost every type of customers because anyone can held birthday parties at Beaufords. Corporate can held small size functions at Beaufords, unmarried couples or married couples can hold wedding functions there. Due to Beaufords establishment size it could not secure its place in the corperate function market, most corporate functions requires higher capacity for number of guests. Birthday parties are often held at home and rarely held outside in places such as Beaufords. As most of the profits are generated through holding wedding functions, it is decided the primary competitors of Beaufords are companies that can held wedding functions. This has leaded the report to analysing the potential customers out of the overall market. The rationale to choose wedding function customers as Beaufords target market is due to most business comes from providing this service since operation started. Beaufords are more experienced in providing this type of service and is building up its reputation as an excellent wedding function provider. Below is the break down of how Beaufords segments its target market. First, the minimum legal age for marriage in New Zealand is currently sixteen years old. Potential customers in overall market include any singles who are aged sixteen or over. This is because anyone who just got married or are getting married may require Beaufords’ services. Therefore, they are all potential customers of wedding functions. However, statistics shown from Statistics New Zealand (2008) says marriage rate have been decreasing since 1961 and is continuing to decrease today. In contrast, the population of New Zealand has tripled during these decades. This was due to New Zealanders not saving for their future and resulted in government introducing the ‘kiwi saver’ to help people save for their future. Further statistic has shown the majority of married couples got married between the age of twenty five and thirty four. At this stage, our market segment has been broken down to age group of twenty five or above, because they have stable income, more savings to be able to afford wedding functions. The current market segment will further break down into ethnic groups. This is because owner of Beaufords stated majority of customers (around 80%) are white people (Europeans) and remaining are Maoris and pacific islanders. Other races tend to return to their country of origin to celebrate their wedding therefore Beaufords had almost no customers from other origins. This is due to most of their relatives are over sea and it would be inconvenient for all of them to come to New Zealand for wedding. |
