Wedding industry in hong kong

3% annually within the last decade (Fu, G. et al. , 2018, pp. These figures are not surprising considering the importance and seriousness of marriage in China. A wedding is a top priority for both the Chinese men and women. The county congress members are elected through voting by the people (Lozada Jr, 2006, pp. After five years term, the president and vice president are re-elected or new ones elected by the people’s congress. The political environment in China is stable in recent years. Some of the political factors include rules, conventions, laws, tax tariffs and restrictions affecting business such as wedding business. The Chinese government has made it flexible for new couples regardless of origin to hold weddings in China as a destination.

, 2018, pp. In terms of taxation, the nation taxes business tax and income tax. With the recessions taking over world economies, inflation is a creeping problem. This coupled with the Chinese population, many people are not employed, and hence it is difficult for the wedding companies and planners to attract clients. Social The Chinese demographics and overpopulation have resulted in major economic crises such as unemployment. Through their strategies coupled with the implementation of advanced technology, more information is gained improving their production, research, transport, infrastructure and the convenience of using such technology. The technological advancements have made it easier for working professionals. With the new software, operational planning has become easier for the technological Hong Kong wedding planners. Tiara wedding planning management and wedding Maestros in Hong Kong utilize some of the latest software’s in the market for operational planning and giving the clients what they want.

Environmental Along with the other parameters, the seasons, as well as the environment, motivate couples as well as affect the wedding business. et al. , 2018, pp. Market Segmentation In 2017 approximately 10. 64 million weddings were recorded in China. With the revenue recorded to amount at least $24. The affordability issue is also critical considering that weddings are not cheap and unemployment as a factor for income is a problem in Hong Kong (Fu, G. et al. , 2018, pp. Geographic Segmentation Geographic segmentation refers to the division of consumers in accordance with their locations. This analysis focuses on the Hong Kong population and location. Considering that marriage is more common among the youth or people aged between 18 and 40, it is critical for the business to focus on regions with such populations.

The aging population of China does not affect major cities such as Hong Kong considering that they are crowded by the young technology loving youths. Hong Kong is also characterized by the shrinking middle class and a rising income. The marriage business target high-income earners and the middle class. Depending on the type of company, the target consumer is dependent on the individual ranking and costs by the different companies. In other words, marketing objectives define the marketing strategy that is put in place to achieve the overall organizational goals. The wedding industry in Hong Kong is controlled by several objectives like any other business; firstly increasing sales. This is one of the most important goals or objectives in marketing. Marketing required a good return on investment.

This means that for wedding firms to be successful, the sales of their services should exceed the costs of marketing. ” With the increasing competition, a turnaround is critical. The oldest of all the market penetration strategies is price penetration (Armstrong, G. , 2015, pp. This involves dropping the price of the services to increase the attractiveness of the service. This strategy also doubles to challenge the competitors. This strategy is etched on the idea that the services are channel driven. The companies can find better channel dealers and channel partners. The primary trick with this concept is to keep the partner motivated at all times. By having the services concentrated not just in Hong Kong, the companies ensure that the clients regardless of the geographic and regional disparities (Zhuang, Y.