planning industry is not a new industry. It has been around for many years and
in fact, it is expanding and growing at a quick pace. According to the U.S.
Bureau of Labor Statistics, the Event Planner industry is expected to rise by
10% by 2026 (Bureau of Labor Statistics, 2017).
Everyone can be an Event Planner. It does not take a college degree to become
one but instead, it takes creativity and skills. As of 2016, the number of jobs
available in the event industry was approximately 116,700 with a median pay of
$48,000. Although the events industry was hit hard during the recession
in 2007, it has since recovered, with revenue of $5 billion and an annual
growth of 3.9%. (IBIS, 2017) According to DataUSA, the top locations with high
attentiveness for the Event Planner industry are in Illinois,
DC, and New York, being home to approximately 41.9% of
the industry. This is leading to an increase in events, and an increased need
Our target markets
are individuals, upper-middle class families, older couples and elderlies.
Individuals under the age of twenty-four, preferably college graduates or young
couples, will focus mainly on themes with moderate to high energy appeal such
as graduation. Furthermore, our targeted markets for Middle/Upper class
families between the ages of 25-55 are employed. They may choose event planners
because they are too much to plan events for themselves, therefore, the
majority of special occasion will befall in this segment. Older couples,
between the ages of 20-45 may hire an event planner, specifically to plan for a
wedding. However, this segment may be very low because the average person
prefers to be marriage at a later time in their life, decreasing the event
planning industry. (SBA, 2017) In fact, there has been a 50% decline in
marriage from 1970-2016. (The State of Our Unions, 2011)
Our targeted customers are
people from all walks of life no matter their status, religion, shape or color.
There are no boundaries of who our customers are; whether local or
international, big or small businesses, lowly placed or highly placed people.
We have designed our products and services to best suit all people, events
and/or organizations: potential couples/young adults, corporate organizations,
religious organizations, families, schools, sports organizations,
The overall needs of the combined
markets are that the schedule or hours of operation remain flexible to cater to
the needs of both the commuting and seasonal work schedules. There is also a
strong need for consistency and high quality in planning. The winter season
will be a slow month due to the lack of events because of cold weather, but the
cycle begins its upturn in the fall and summer with an increase in events such
as graduation parties and weddings.
The size of the primary target
market is quite large, at about a 20% growth rate for the first year, for ages
under 24. Meanwhile, those in the age range of 25-55 will have a growth rate of
40% in the first year, 31% for ages 20-45, and 29% for ages 56 and over. The
estimated percentage of market share is going to be average, allowing for a
greater competition from all similar industries. (Bureau of Labor and Statistics, 2017).