Minicase Analysis
There is no minimum length, but the write-up should not be more than 2100 words, plus any useful exhibits, tables, etc.
BACKGROUND:
Olu Jr Photography LLC is a photography business based in Chicago, IL that focuses on wedding documentary and portrait photography with both international and domestic coverage with 80% of his wedding booking comes from US based clients and around 20% from international boarders mainly Nigeria West Africa and London United kingdom. Olu Photography creates artwork that captures lifelong memories for his clients that they can cherish for generations and takes pride in his ability to operate with integrity and deliver the very best services to his clients. Most of olu clients are from referral from past clients he has worked with. Olu currently uses social networking sites such as Facebook, Twitter and Instagram to advertise his company.Olu his proud of the fact that his company had remained debt free through its history. Now, he his wondered if such conservative financial strategy was limiting its potential. Olu Jr desperately needs to expand his business beyond the Chicago and U.S market
Below are Issues the company is currently facing. Please provide your recommendation that addresses each of these issues.
1. Dealing with client’s budget has become a problem for the company. Most of the clients that seek his service have low budget. Olu currently average booking price is around $3,500 which includes (engagement sessions, actual wedding coverage and hard photos and CD collection of wedding photos) and can go up to $10,000 depending on the location and other logistical factors. Olu cannot bring down his current price because of the fear that it will bring downthe value of his company brand. How should olu address this?
2. The company has a problem standing out in a saturated market.Chicago as a lot of wedding photographers and in other U.S cities in generally) how should olu address this?
3. Olu needs a strategy to appeal to cross cultural clients most especially the Caucasian segment. Most of Olu current wedding clients currently compose of around 85% of African descent with 10% Asian American descent and 5% Caucasian Americans. What strategy would you recommend?
Revenue for 2016
Revenue 64,300
Fixed(equipment, Photography Software) 10,000
Variable Cost(Transportation(airfare) 15,000
Total Revenue 39,300