The Business Industry of Choice
The chosen business industry is the photography business, which will be targeted to the coverage of weddings and events, regarding both photography and video recording. According to Gao, Liang, Li and Wang (2014), photography is both a profession and a hobby as it is generally what someone does that he or she likes most. It is my passion to see pictures taken which are of high quality without bad lighting and other forms of distortion. Moreover, the demand for high-quality pictures is always elevated in the industry. For instance, major events require that video coverage is done on the same. According to Johnston, and Bate, (2013), the market for this business is large but also competitive. Moreover, it is also very profitable. The business I would like to have would be ventured near Hotels and Restaurants where students will be around and will make up the market for the same.
My connection to this business setting is that I like pictures and retaining memories of given events and days. It is important that these memories be maintained because they remind people important aspects of their lives and activities, which they are involved in. I believe that taking pictures and recording videos of an event is important and would like to participate in the process. Sources of information concerning this type of business are available from a variety of areas. According to Wells (2015), information about photography, how to start the business, the business plan, marketing, and all other related aspects are readily available in many ways. Therefore, starting the business will be guided through a variety of proper information on the same.
Prices of these Businesses
A significant aspect of undertakings and their development is the prices. Price is vital because it depicts the value of which the videos and photographs will be sold to the final consumers. In this regard, it would be important to consider some of the various prices in the market for the same products and services in the industry. Different factors might affect the general pricing of the services especially the location and competition. The following table will show ten business prices in the industry, the demand for the same, and the country these are offered.
|NAME||PRICE PER PHOTO SESSION||LOCATION|
|Concord Company||$70 – $120||Hollywood, Fl, United States.|
|Dwayne’s Photo||$50 – $100||Parsons, Kansas, United States|
|Gitting Studios||$65 – $115||Southern Region, United States|
|Image America||$70 – $120||Texas, United States|
|LumiQuest Company||$50 – $100||New Braunfels, Texas, United States|
|Sam Gibson Photography||$65 – $115||United Kingdom|
|Danio Jeram (INDIVIDUAL)||$70 – $120||United Kingdom|
|Unique Photo||$90 – $160||Fairfield, New Jersey, United States.|
|The Little Photo Company||$65 – $115||Chippenham, United Kingdom|
|Seattle Filmworks||$60 – $90||Seattle, United States|
Range of Prices
The range of the prices for the photography work is somewhat similar to the United States. This is primarily because of the wide variety of photography companies that offer these services in the given state. Most of these firms provide corporate services. In addition, they do not target particular industries. However, there are some of the companies providing the same services at higher prices. According to Breton-Miller and Miller (2015), the demand for the photography is large when the focus is put on a given area. The firms rendering the provided services at higher prices may have centered on a market that is not crowded with the photographic services, and hence manage to be monopolies and submit their services to more senior services.
According to Johnston and Bate (2013), another factor that may have attributed to the higher prices of selling is proper marketing. Marketing is pivotal especially in the field where there is stiff competition in the market. In this regard, the approach applied to promote the products of a given photographic firm impacts, to a large extent, the selling prices for the services that this company may offer. According to Giones, Zhou, Miralles, and Katzy, (2013), proper marketing will result in many customers having knowledge of the awareness of the service, where to find it and may help in showing the potential consumers the previous works done on the same. This, therefore, leads to more customers obtaining these services even at higher prices.
Also, the quality of photography offered influences the value of which these services are paid for. In this regard, the best quality of photography must be paid for at a higher price, and similarly, a low-quality picture may not be paid for at such prices. I believe the demand for the product will be elastic. This is because there is a wide variety of people offering the same kind of profession and hence chances of the requirement for the services shifting depending on the price and quality of the products is high. Therefore, the requirement for the same will be elastic as opposed to being inelastic.
Breton‐Miller, L., & Miller, D. (2015). The arts and family business: Linking family business resources and performance to industry characteristics. Entrepreneurship Theory and Practice, 39(6), 1349-1370.
Gao, L., Liang, J., Li, C., & Wang, L. V. (2014). Single-shot compressed ultrafast photography at one hundred billion frames per second. Nature, 516(7529), 74-77. From https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4270006/
Giones, F., Zhou, Z., Miralles, F., & Katzy, B. R. (2013). From ideas to opportunities: Exploring the construction of technology-based entrepreneurial opportunities. From http://timreview.ca/article/692
Johnston, R. E., & Bate, J. D. (2013). The power of strategy innovation: a new way of linking creativity and strategic planning to discover great business opportunities. AMACOM Div American Mgmt Assn.
Wells, L. (Ed.). (2015). Photography: a critical introduction. Routledge.