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Band, Baja, Barat A Banquet Hall Market Study

Band, Baja, Barat A Banquet Hall Market Study. Introduction. This market study presents a detailed study of Banquet Hall facilities from Bhayander to Borivali in the suburbs of Western Mumbai. The study covers.. Market size Need analysis Identification of target consumer

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Band, Baja, Barat A Banquet Hall Market Study

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  1. Band, Baja, Barat A Banquet Hall Market Study

  2. Introduction This market study presents a detailed study of Banquet Hall facilities from Bhayander to Borivali in the suburbs of Western Mumbai. The study covers.. • Market size • Need analysis • Identification of target consumer • Menu planning and • Pricing strategy, as well as • Forecasting future growth prospects and a Unique Selling Proposition (USP) for a new entrant

  3. The Market • Area covered – A 15-km residential stretch from Bhayanderto Borivali, including Dhaisar, Mira Road etc. A suburb of Thane in north Mumbai, the 2011 India census pegs the population at 814,655, comprising mainly of business/trading community, a big chunk of which is Muslim (30%) population. Borivali in the north-west in contrast has a population of over a million inhabitants of Maharashtrians and Gujaratis. Although cosmopolitan their outlook, they are largely vegetarian in their food choices. • Methodology – The data collection was from secondary, internet sources, followed up with discreet phone calls made at the top six Banquet Halls.

  4. Industry Analysis • A recession-proof industry, the Indian wedding business is estimated to be a staggering Rs 1,42,596 core, growing and how! • After education and career, Indians continue to place a huge value on marriages, parenting, and families • A typical, middle class wedding costs anything between Rs 25 to 70 lakh in metropolitan cities • The big chunk of this goes to banquet halls, catering and venue decoration, hi-tech lighting and fiber glass embellishments, fresh floral decorations, fountains, sprinklers and huge installations • A wedding dinner cost from Rs 700 to 1,500 per person. • In recent years, prices have escalated by 20 per cent

  5. Popular Venues for Weddings

  6. Banquet Halls DoingBrisk Business The banqueting business is worth Rs 10,000 core • A marriage hall with a capacity to accommodate 400 to 500 people (typical size of guest list) charges around Rs 5-10 lakhs. This covers hall rent, catering services, priests to perform rituals and decoration. • The package may cost more if you demand change in the fixed menu or theme decorations at the wedding hall. • Video shooting and photography costs anything between Rs 50,000 to Rs 1 lakh • There is no transparency. Prices are negotiated one-on-one.

  7. Business Challenges • At the six Banquet Halls we enquired with, there does not appear to be any particular revenue strategy. The six Banquet Hall owners we contacted were extremely cagey about sharing their pricing models. Although they all have websites, the rate card is not published on the site. • If the objective of a revenue strategy is to capture optimal profitability that can be produced from the projected demand, it appears that the market is so unorganized, Banquet Hall owners don’t have a lot of data to base their projections on • There is no market segmentation as in case of economy or star hotel properties • Business leads mainly come from word-of-mouth

  8. Other Bottlenecks • Most customize wedding menus by region – offering Gujarati, Maharastrian, Rajasthani, Punjabi, Italian, Mexican, Thai menus • Except for GCC Club, which can put for 300 guests for the night, others don’t have lodging facilities • The market is competitive, so all (without exception) take 50% to 100% cash down payment in advance, one week prior to the date of the wedding, no refunds on cancellation

  9. How They Create a Buzz Main Marketing Channel Used

  10. Competition Analysis -Top Six Players • GCC Club, Mira Road (East).(www.gccclub.com) • Venkatesh Banquets, Bhayandar (West.) (http://www.venkateshbanquethall.com) • Zaika, Bhayandar (West). • Milan Palace, Bhayandar (East).(http://milanpalace.blogspot.in/) • The Silverador Resort Club, Bhayandar.(www.silverador.com) • Golden Leaf Banquet, Borivali (West.)( www.goldenleafbanquet.com)

  11. Service Comparison

  12. Service Comparison

  13. Service Comparison

  14. Consumer/Demand Analysis While Bhayandar has a big composition of Muslim population (30%), Borivali is largely Hindu-dominated with a sizable business community of Gujaratis, Marwaris and Maharashtrians. They are big spenders on weddings and ritualistic. Although cosmopolitan in outlook, in food habits, they are overwhelmingly vegetarian. Elaborate decors, glitzy, Bollywood style pandals; huge cuts-outs, strobe lights, palatial set-ups, fresh floral decorations and Rajasthani-style thalis are a huge hit with the Marwari moneybags .

  15. Is There Room for Another Entrant? • There is with clear product and price differentiation. • Right now this market is very non-segmented. • Most service and value offerings are the same, and although there is customization in menu selection – assembling a good package can be a tedious, time-consuming task, ending with price haggling. • Because its still a very protected industry, most negotiations are settled in a non-transparent, ad-hoc fashion, face-to-face.

  16. Proposed USP For the New Entrant • The USP for the new entrant – could be a lodging facility with AC-rooms to accommodate at least 50-60 outstation guest families. A multicusine restaurant with a pool and a bar could be another value differentiators from the exiting players. • Good, multi-storey parking space with valet service would be another attractive feature, pegged at Marwaris and Gujarati customers with deep pockets

  17. Integrated Marketing Plan • An integrated marketing plan should definitely include a strong digital plan. Although all existing players have a website – they don’t have rich media features, such as walkthroughs, DIY menu planning, decorations, color/theme/DJ selection, shopping carts – to give a holistic, futuristic experience of a dream wedding • With travel and hospital sites completely migrating the business online, a secure e-commerce gateway will also give a strong boast to the banqueting business • Special packages can be introduced for the MICE industry during lean marriage seasons • Attractively structured early bird offers • Celebrity weddings and celebrity endorsements • Short video clips on You Channel and strong brand-building on TV should add to the buzz

  18. Getting the 4Ps Right Ultimately, its all about getting the 4 Ps in balance:

  19. Thank You

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