My wedding venue business involves the provision of products, services, and a venue for couples intending to have a wedding (Wilkolaski, 2007). It is a package of products and services, including décor, flowers, wedding planning services, photography, and entertainment—my business excludes catering services for the event. The cost associated with this business are the prices of purchasing the goods required to prepare the venue. It is also inclusive of the labor costs and the cost necessary to rent the venue.
I would use mark-up based on the selling price for this business, whereby I would get the total cost of purchase and setting up the venue and add the mark-up price to obtain the selling price that I would offer the customer. As the manager of the business, I would determine the mark-up price by evaluating various factors. The first factor to consider is the customer’s preferences and expectations. A customer might require a luxurious wedding where the selling price will be high, thus increasing the mark-up price. The other thing to consider is the discount, which is necessary when attracting a client. The location of the venue would also be a determinant in establishing the mark-up price.
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There are some instances that would require the lowering of the mark-up price. For example, when the wedding season is low, which is usually at the beginning of the year or after a festive season, I would need to reconsider the mark-up price and lower the selling price of my services and products in order to attract customers. A piece of advice I would give on the management of this business is to always meet the client’s demands and specifications, keeping in mind that a wedding is an important day and a simple mistake could ruin a lifetime memory.
References
Wilkolaski, S. (2007). How to start a wedding planning business . Lulu. com.
