PBIE 1st internal exam, December 2019. WEDDINGSHOOTERS.COM

Table of Contents 1.0 Introduction

1

2.0 Problem statement

2

3.0 Delimitations

3

4.0 Summary

3

5.0 Methodology

3

5.1 Philosophy of Science

4

5.2 Data Collection

5

5.2.1 Primary Data

5

5.2.1.1 Interviews

5

5.2.1.2 Own Observation

6

5.2.2 Secondary Data

6

5.3 Theories and Modules

6

5.3.1 Brainstorm and Mind Map

6

5.3.2 The 6 Thinking Hats

7

5.3.3 The 4 P’s

7

5.3.4 Stakeholder Analysis

8

5.3.5 Branding

8

5.3.6 Risk Assessment Matrix

8

5.3.7 NABC analysis

9

5.3.8 SWOT

9

5.3.9 Future vision – SMART Goals

9

5.3.10 Business Model Canvas

10

5.3.11 SCRUM

10

5.3.12 Tuckman’s Team Development Process

11

6.0 Idea development process

11

6.1 Idea generation

12

6.2 SCRUM

13

6.3 Innovation Log / Daily Scrum

15

7.0 The 4 P’s

18

7.1 Product

18

7.2 Price

19

7.3 Place

20

7.4 Promotion

21

8.0 Stakeholder Analysis

22

8.1 Internal Stakeholders

23

8.2 External Stakeholders

23

8.3 Future Stakeholders

27

9.0 Branding

28

10.0 Risk Assessment Matrix

28

10.1 Risk Assessment

29

10.2 Suggestions on how to lower the potential risks

32

11.0 NABC Model

34

11.1 Need

34

11.2 Approach

36

11.3 Benefit

36

11.4 Competition

37

12.0 Economics

38

12.1 Market Shares

38

12.2 Operating Budget

39

12.3 Sustainable Economy

41

12.4 Revenue Model

41

12.5 Pricing Strategy

42

12.6 Profitability

43

12.7 Operating profit margin ratio

44

13.0 SWOT analysis

44

13.1 Internal

45

13.1.1 Strengths

45

13.1.2 Weaknesses

46

13.2 External

47

13.2.1 Opportunities

47

13.2.2 Threats

49

​14.0 Future vision SMART Goals

50

14.1 2021 (1 year plan)

50

14.2 2026 (5 years plan)

51

14.3 2031 (10 years plan)

51

15.0 Business Model Canvas

52

15.1 Customer Segments

52

15.2 Value Propositions

55

15.3 Channels

55

15.4 Customers Relationships

56

15.5 Revenue Streams

57

15.6 Key Resources

57

15.7 Key Activities

58

15.8 Key Partnerships

58

15.9 Cost Structure

59

16.0 Project Plan

59

17.0 Group Dynamics

62

17.1 Stages of Team Development

63

17.2 Action steps

65

18.0 Conclusion

66

19.0 Bibliography

67

19.1 Internet Sources

67

19.2 Books

70

20.0 Appendix

71

20.1 Appendix 1

71

20.2 Appendix 2

71

20.3 Appendix 3

72

20.4 Appendix 4

73

20.5 Appendix 5

73

1.0​ Introduction

“​If the photographer is interested in the people in front of his lens, and if he is compassionate, it’s already a lot. The instrument is not the camera but the photographer.​” — ​Eve Arnold

‘Tofthøj Photography’ is a small photography business based in Kolding, Denmark, that was established in 2014.

The owner, Jimmi, has been a hobby photographer since 2010, but got the offer of co-starting up a new photography studio in Kolding with other photographers in 2013.

When the studio opened up, Jimmi started ‘photobytofthøj’ which is now called ‘Tofthøj Photography’.

“​Most of our childhood is stored not in photos, but in certain biscuits, lights of day, smells, textures of carpet​” —​ A ​ lain de Botton

From the beginning, ‘Tofthøj Photography’ has had the vision and the wish to create memories for people that they will look back upon with pride and happiness when they grow older - or for their relatives to remember loved ones when they’re no longer with us.

‘Tofthøj Photography’ wants to turn Alain de Botton’s quote upside down and make the photos be the physical memories that have people remember their childhood or special occasions.

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The company slogan is ‘Gør det personligt’, that translates into ‘making it personal’.

It has the double meaning of both that the service and products can be tailored to the customer’s specific needs and that the owner, Jimmi, performs each job himself and thereby give customers a personal experience. Continuing in the path of Alain de Botton, the vision of the ‘Gør det personligt’-slogan is to give the customers the sense of feeling safe and that ‘Tofthøj Photography’ is the photographer of choice to deliver lasting memories for their lives.

In the wedding season of 2019 ‘Tofthøj Photography’ has shot 25 weddings all over Denmark, but has often times experienced having had to turn down inquiries because of an already booked calendar for a particular date. Inspired by existing business models of having part-time labor, ‘Tofthøj Photography’ would like to go into the business of hiring freelancers on a day-to-day basis, to be able to cover more weddings under a new brand.

During the process of hiring freelancers, ‘Tofthøj Photography’ will be developing another branch of the business, called WEDDINGSHOOTERS.COM so that there is a clear concept that the company focuses on the wedding market and that the products are offered for a chosen target group. The following sections try to analyze the opportunities for an enterprise to create a new, self-sufficient brand that’s based on freelancers shooting weddings that in the past has been covered solely by ‘Tofthøj Photography’.

2.0 P ​ roblem Statement

‘Tofthøj Photography - Gør det personligt’ wants to expand business within Denmark, by connecting freelancers to cover wedding assignments that the company can not cover in its current form.

The idea has risen after the season of 2019, when there has been numerous times where the company has had to turn down customers, because the photographer has already been booked for a particular date. This paper analyzes how the concept is applicable for expanding in Denmark and whether it provides economical growth.

How could both ‘Tofthøj Photography’ and the customers benefit from the company developing, and what are the future potential markets?

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3.0 ​Delimitations

The time given for the project was not enough to make a proper research and gathering of primary data. The model of the six thinking hats was used in a different way, because it made sense for the current amount of group members to use limited number of hats at a time, and talk through between the group members present. The analysis of WEDDINGSHOOTERS.COM are only focused on expanding within Denmark in this project. Establishment and the start-up budget was not considered as a part of this project, because it is already existing company, so the decision was made that the operating budget is more suitable.

4.0 S ​ ummary

This paper is based on research of how to expand ‘Tofthøj Photography’ in the wedding market in Denmark. Report includes knowledge, skills and competencies of the group and answers to the question of how customers benefit from the company’s expanding and how it could positively affect potential future markets. As a part of the paper, economical analysis was made to see the potential revenue growth and its impact on the business actions​.

5.0 ​Methodology The Methodology for this project is divided into three sections. The Philosophy of Science will provide an indication of what Philosophical approach the writers take, in order to deal with the problem statement.1 Data collection will explain the primary and secondary sources of information that were used. Theories and Modules will elaborate on which models will be used in the paper to analyse the problem.

1

Holm A. B., 2014

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5.1 P ​ hilosophy of Science To be able to do a proper analysis for the project, it was necessary to define the approach and mindset. Accordingly, the choice was made to use Social Constructivism as our point of view from methodology of science perspective.2 The decision was established in such a way, because chosen philosophical approach stands for the idea that reality is constructed by interacting with others and is mainly influenced by history, culture and society.3 Constructivism holds that reality is based on biological forces and human mind and in this case, by combining this philosophical approach and social constructivism the focus is on reality construction on both social and biological factors.4 Accordingly, it has been influenced by both nature and culture.

Social constructivist theories are useful for practice in working with people, as they provide a theoretical basis for understanding how realities and views of the world are individual-specific and created through a combination of interactions with society, the societal structures of history, culture, rules, and norms, and the meanings that individuals attribute to such interactions.5 ‘Tofthøj Photography’ focuses on ASPM theory developed by Lev Vygotsky. It refers to elementary mental functions such as attention, sensation, perception and memory.

Eventually, through interaction within the sociocultural environment, these are developed into more effective mental strategies which leads to increased mental functions.

Therefore, these functions could be affected by the beliefs, values, and tools and be 6

socio-culturally determined.

Mentioned theory applies to this project because the organization is focused on business emotions, memories and storytelling. Based on this approach decision was made to use soft data and interviews to gather qualitative statistics. Accordingly, the choice of current way of communication for data gaining was made due to the business focus on personal attachment.

2

Holm A. B., 2014 ​Holm A. B., 2014 4 Holm A. B., 2014 5 ​https://www.sciencedirect.com 6 ​https://www.simplypsychology.org 3

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5.2 ​Data Collection 5.2.1 ​Primary Data 5.2.1.1 I​ nterviews

Since the Social Constructivist approach was chosen for this topic, it was relevant to focus on interviews as the main method for primary data collection. This research provides a great chance to gather sensitive data and focus on emotions and other important factors.

Compared to a questionnaire, a face-to-face interview allows the person to go more into depth with the topic, get sensitive information and it is also easier to read their body language.7 In the limited time given for this project, it was possible to make five interviews in order to gather important information from primary resources. This research was made with four customers of ‘Tofthøj Photography’, who have used the services a few times already and could be considered loyal to the company. The loyalty factor was very important for this specific project, since the customer’s trust is one of the pillars of the company’s development. The questions were prepared in advance by all the group members, to avoid any misunderstandings during the process. For the same reason, the questions were pilot tested by two different customers of ‘Tofthoj Photography’, to make sure they were easy to understand.

The interviews were conducted between different photo sessions, so there was a limited time available. Due to this reason, it was decided to only have three simple questions, which will not take more than 5-10 minutes to talk about. The questions were structured, standardized and open-ended.8 By having the questions prepared in advance and asking in the same order, it helps the interviewer to stick to the topic and ensure the same conditions for data collection from every respondent.9 The first question focuses on, through which channels the customers found ‘Tofthøj Photography’, which is very important for further marketing analysis. The second question helps to find out, what has been their experience dealing with the company. The third and last question gathers information on how the customer would feel, if somebody else shot their wedding with the same results and service. ​This question provides an indication related to the problem,

7 8 9

H ​ arboe 2013:74-75

H ​ arboe 2013:74-75 ​Harboe 2013:74-75

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if the customer’s trust in ‘Tofthøj Photography’ would create an obstacle in business expansion.

5.2.1.2 O ​ wn Observation Another part of primary data collection is own observation, since the owner of ‘Tofthøj Photography’, Jimmi Tofthøj is part of the team writing this project.10 Since he knows all about the company, the service, customers, as well as marketing and economics, own observations will be referred to in the analysis. Jimmi’s years of experience in the industry and the knowledge gained by building the company are essential in order to create a sustainable plan for business development.

5.2.2 ​Secondary Data The secondary data were gathered from reliable sources. Since ‘Tofthøj Photography’ has its own website, it was a great place to find basic information about the company.11 More information were found on different websites and articles, for example Denmark Statistics Institute.12 More secondary sources were used to learn more about theories used in the project, to ensure they are used correctly, and the analysis will provide reliable results.

5.3 T ​ heories and Modules 5.3.1 Brainstorm and Mind Map To come up with ideas for problem statement, the team decided to make a brainstorm and document all the information in a mind map.13 These creative tools helped to come up with innovative ideas on how to develop the business and which way to go. The process of brainstorming helped to get into the open mode, allowing the team to speak

​https://www.tofthoj.com https://www.tofthoj.com 12 ​https://www.dst.dk 13 Buzan T., 2006: 15 10 11

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freely about every idea related to the company. The mind map helped to illustrate the flow of ideas, so it is easy to see which idea is related to each topic.14

5.3.2 6 Thinking Hats When the problem statement was formulated, the creativity theory of 6 thinking hats was used to develop the idea and find solutions.15 This theory is based on 6 thinking hats, each with different ways of thinking. There is white hat, which should keep in mind all the information which is already known and try to learn from it.16 The red hat focuses on emotions and gut feeling, the person wearing the red hat does not need to explain their arguments.17 Blue hat thinks about process and controls the situation.18 For instance, when the problem requires more critical thinking, the person wearing blue hat can direct activity to black hat. Black hat is in charge of critical mindset, finding threats and risks and appointing possible issues.19 On the other hand, green hat needs to find solutions to the problems, and come up with creative and innovative ideas.20 Yellow hat represents positivity and should be able to find benefits and value.21 Since the team writing the project only consists of five people, the hats were changed after some time to ensure all important parts are covered. This theory helps to see the idea from different perspectives and find solutions to possible risks.

5.3.3 ​The 4 P’s The theory of the 4 P’s is one of the basic marketing theories.22 Since ‘Tofthøj Photography' has not done much research in this field, it was relevant to use it for this project. The theory consists of product, price, place and promotion, the 4 most important elements which are necessary to consider before starting a new business and updating them regularly.23 Because the main idea was to develop the business, it was used to

​Buzan T., 2006: 18 Carl W.J., 1996: 24 16 Carl W.J., 1996: 24 17 Carl W.J., 1996: 24 18 Carl W.J., 1996: 24 19 Carl W.J., 1996: 24 20 Carl W.J., 1996: 24 21 Carl W.J., 1996: 24 22 Hollensen S., 2014 23 ​Hollensen S., 2014 14 15

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describe the difference in product that the company offers, and what changes need to be implemented in price, place and promotion for the idea to be successful.

5.3.4 S ​ takeholder Analysis Stakeholders are an important part of every business, that is why it is essential to identify who they are, and how much power they have over the company. The analysis will help to divide the different stakeholders into groups, based on how much power and interest they have in the business.

5.3.5 B ​ randing The branding helps to create company’s image in the customer's eyes, and thereby is very important. The branding process consists of three parts – brand promise – to give customers an example of what service they can expect, Brand Values – what are the company’s values and Brand Attributes – which words the customer should associate with the business.

5.3.6 R ​ isk Assessment Matrix Risk assessment matrix helps to identify, analyse and get prepared for the biggest risks that could affect the company.24 This theory will be used, since the idea of this project is to develop the company, and there are many problems which might occur during the process. Assessing the risks helps to create a strategy on how to react in unforeseen situations.

24

Lloyd J., 2015

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5.3.7 N ​ ABC analysis The model is divided into four parts and focuses on value creation process. The need – is there a need for our product on the market?25 Approach – what innovative approach to the problem should the company take?26 Benefit – what benefits and value does the business create? Competition – who are the competitors?27 Is there already anything on the market offering the same product? This analysis creates an overview about the market, customer’s needs and value which is created by the company.

5.3.8 S ​ WOT SWOT model is one of the mostly used tools to summarize the analysis and create structure in different ideas. The analysis is done as one of the last things in the project, in order to include all the necessary information and findings. The model is divided into two sections – the Internal strengths and weaknesses within the company, and the external – threats and opportunities, which could affect the company from outside.

5.3.9 F ​ uture vision – SMART Goals The SMART goals are made for 1 year, 5 years and 10 years into the future to help maintain the focus to achieve the goals for the expansion from ‘Tofthøj Photography’ to WEDDINGSHOOTERS.COM.28 The SMART model stands for ​Specific, Measurable, Achievable,

Realistic,

and

Timely.29

The

goals

are

set

to

help

providing

WEDDINGSHOOTERS.COM’s target group.

25

Lloyd J., 2015 Lloyd J., 2015 27 Lloyd J., 2015 28 ​Lloyd J., 2015 29 Lloyd J., 2015 26

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5.3.10 B ​ usiness Model Canvas Business Model Canvas is a good starting point to sum-up of the discussion how the business innovation should be understood and what the business model actually is.30 The model is used as a concept that allows to describe and think through the business development of an organization, competitors or any other enterprise. This theory also allows to come up with different strategic alternatives. BMC are applied to the businesses all around the world and is one of the best described business models. It consists of nine building blocks that show the logic of how the company makes money.31 The separate parts cover four main areas of a business: customers, service infrastructure and finances, and it helps to build the innovative process successfully.32

5.3.11 ​SCRUM SCRUM is an agile framework in project management that helps to design the process of specific project.33 There are three roles which need to be assigned to the members, in order to create SCRUM. There is a Product Owner - who owns the idea, the Scrum Master - who manages the process, and the Scrum Team - which works on the tasks.34 For this project, the group also used sprint planning in order to keep a structure and overview of the whole project, using Trello.com as the main tool.35 Since the communication is an essential part of every project, the group decided to have daily scrum meetings to inform each other of what everyone did, and if they need any help.36 After every sprint, the group reviewed the work and moved on to the next task. The SCRUM will be used by the group to help manage the project, as well as create a project plan to implement the idea.

30

Osterwalder A., 2010 Osterwalder A., 2010 32 Osterwalder A., 2010 33 Lloyd J., 2015 34 Lloyd J., 2015 35 Lloyd J., 2015 36 Lloyd J., 2015 31

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5.3.12 ​Tuckman’s Team Development Process

Tuckman’s Team Development Model37 consist of different steps created from tasks and behaviors.38 The steps are forming, storming, norming and performing.39 Every step says something about the group dynamics and all steps prepare the group for the next. Each step builds on the previous one and between every two steps there are action steps.

6.0 ​Idea development process

The idea development process starts with idea generation, but what is that?

“Idea generation is the creative process or procedure that a company uses in order to figure out solutions to any number of difficult challenges. It involves coming up with many ideas in a group discussion, selecting the best idea or ideas, working to create a plan to implement the idea, and then actually taking that idea and putting it into practice. The idea can be ​tangible​, something you can touch or see, or ​intangible​, something symbolic or cultural.” 40

37

www://project-management.com Lloyd J., 2015 39 Lloyd J., 2015 40 ​https://study.com 38

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6.1 ​Idea generation

It is a worldwide problem that a lot of people are in need of a job, but how can that be solved? And how can we help solving that from Denmark?

‘Tofthøj Photography’ is an already established company in Denmark with a lot of loyal customers but also with a lot of new ones. ‘Tofthøj Photography’ is going great, so how can the company become better? With new methods? Or visions?

The biggest question of them all: How to create better jobs, and make ‘Tofthøj Photography’ a’ bigger, better and richer?

The brainstormed focused on all of the different options to reach the common goal.

First of all, the group figured out that they would need to expand the company internationally to help solving the job problem outside of Denmark.

Then that they would need to hire freelancers, instead of having employees, because ‘Tofthøj Photography’ is a one-man company and the business will not stay a success in Denmark if Jimmi Tofthøj has to travel around the world all the time to expand the company internationally. Jimmi will stay in Denmark and make his customers happy, while he once in a while can travel around to create and expand his network, so he can work with local assistants and business partners.

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To expand internationally ‘Tofthøj Photography’ it will require a new website or have a translated one on the domain. Since ‘Tofthøj Photography's website is a portfolio, it would make greater sense to create a second website for the international part of the company; with english as its main language and a international name: WEDDINGSHOOTERS.COM. The group will also need to have marketing in english for this website and put subtitles on the already existing Youtube channel for ‘Tofthøj Photography’.

While creating an international network it is important to understand the cultural differences that can occur in the business world and to research if people outside of Denmark use professional photographers or if the price setting is different.

The group will focus on expanding in Europe in the first run of this expansion.

The answer to the question in the introduction is that the group makes ‘Tofthøj Photography’ to a brand.

They establish the brand internationally and hire freelancers all around the world, which creates jobs in and outside of Denmark.

6.2 S ​ CRUM

“Scrum is a framework within which people can address complex adaptive problems, while productively and creatively delivering products of the highest possible value.” - scrum.org​ 41

In this project Trello has been the main tool to use the Scrum method. All of the sprints are divided so there is a greater overview of everything required in the formalia but also what to do and when in this project and for the client.

“Scrum is simple.

It is the opposite of a big collection of interwoven mandatory

components. Scrum is not a methodology. Scrum implements the scientific method of empiricism. Scrum replaces a programmed algorithmic approach with a heuristic one, with respect for people and self-organization to deal with unpredictability and solving complex problems.” - s​ crum.org ​ 42

41 42

https://www.scrum.org https://www.scrum.org

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The first sprint in the Scrum framework is called ‘resources’. ‘Tofthøj Photography’ is already public on Youtube, but the videos are in danish. The venues and the customers in the videos are also danish. The videos could also be used for an international company with english subtitles, but in the future it would be better with different venues in the operating countries and with local people and customers outside of Denmark.

When the owner of ‘Tofthøj Photography’, Jimmi, was studying to be a multimedia designer he made a report about the company with another group. This report is also a resource, because it creates a better knowledge of the company, which makes it easier to work with when understanding the company itself.

In a time like this, it is important to think about the world in general. “How can we make the world a better place together?” Of course everyone can come up with an idea, earn some money and have a good business, but if this company is creating more waste, is supporting child labour and etc. is it really a good business? Everyone should make the world better - not worse, and that is why it is important to focus on the creation of jobs and memories for people all around the world. This is also a sustainable development goal. Take a look at goal number 8; “​we must make sure that financial progress creates decent and fulfilling jobs while not harming the environment” - ​globalgoals.org

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There’s also researched different statistics, looked at websites and made personas that fits the idea in this sprint.

The second sprint is ‘to do’, which is just what needs to be done and what is prioritised.

The third and fourth sprints are ‘creativity and innovation’ and ‘entrepreneurship, economy and sustainability’ which helps keep the focus on the idea but also what it needs to be and how to fulfill the goals while solving different tasks in the report writing and problem solving.

The fifth sprint is ‘doing’ which is the most important sprint while writing the report and solving the problems. This sprint is also the one with the most interaction in it, because everything that have been researched, agreed on and all the different steps to our final report has to be moved into this sprint and made before it can be moved to our sixth sprint which is’ done’.

The seventh and the last sprint in this Scrum framework in Trello is ‘done-done’. Anyone who has ever worked with scrum before knows that ‘done’ does not always mean that the

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https://www.globalgoals.org

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assignment is actually done. Therefore ‘done-done’ is implemented which means agreed on, written, corrected, and ready for the final report.

6.3 ​Innovation Log / Daily SCRUM

22/11-19 Today was the first day of the project, the hand-out of the assignment and where all the work started. First a group contract was made and then a time schedule for when to meet in the following two weeks before the hand-in friday the 6th of december.

25/11-19 A plan for the project with all the different processes: innovation and creative process, business models, entrepreneurship, economy and sustainability, philosophy of science and methodology was made in Trello using the method scrum with product backlogs and sprints. Also a brainstorm to what kind of prototype to create was started.

26/11-19 Brainstorming ideas for the project and how to expand ‘Tofthøj Photography’ internationally was on the schedule.

Relevant problem statements were discussed, and from which angle because there are a lot of different ways to work on this issue. The main focus is on providing a good service and create jobs around the world, starting in Denmark and then later in Europe.

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Numbers were discussed and a budget was started with all the numbers from the income and expenses and updated the Trello board with new assignments and made it visual.

(See Scrum).

The brainstorm was created in the programme ‘SimpleMind’ 44. (See Idea development process).

27/11-19 Problem statements were made and the decision to focus on getting freelancers in Denmark, and making goals for the future and the expansion in Europe.

The six hats were discussed and talked about, because the group also used this model in the beginning of the project. They talked about the different hats together as a group, instead of taking a hat each person in the group, because only four members were present that day.

The group started working with a stakeholder analysis, SMART goals for 1, 5 and 10 years ahead and then the group agreed on a new logo and name for the international version of the company.

28/11-19 Today the group wrote the introduction and also started on the real report. They talked about how to brand the new idea with a new name and logo outside of Denmark. The group made some different questions for interviews with customers at ‘Tofthøj Photography’ to figure out how to brand the company internationally.

29/11-19 The group started finishing the introduction, the branding part, the SMART goals and the Stakeholder Analysis. After finishing these parts they could start something new. So, today they started working on writing the idea development process for the report and used the brainstorming image they made on the 26th of November. Then they started working on the 4 P’s Marketing Mix, the Risk Management Matrix, the NABC model and all the different elements in the Economics part of this project.

2/12-19 New information and ideas came up during the weekend, so the team had to include these ideas in already written parts.

The team also worked on SWOT analysis, Project Plan and Business Model Canvas - which is the most important part of the project, it sums up the whole business concept.

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Programme: SimpleMind

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The group updated Trello, what is already done and what needs to be done for the next day.

The number of keystrokes was counted, so it is easy to see approximately how much more needs to be written.

The last parts were splitted, so everybody knows what they need to do for the next day.

3/12-19 Finishing projects was important at the group meeting today. The idea development process, the project plan, the SMART goals, the scrum, the methodology, the SWOT-model, the Business Model Canvas and philosophy of science were all parts that was finished today or worked really hard on to get done. The group also work on creating personas for the Business Model Canvas model and collecting all the answers from the interviews. Then a competitors description was started.

4/12-19 The group started to gather all different parts written and to work on the delimitations and conclusion. Keystrokes were counted to make sure that the report requires were met.

Pictures and signatures were found and written into the report.

5/12-19 The group started on the official document with all the requiries from the formalia. Things were made in Adobe Photoshop and the design of the report started to make the report look nice and readable.

6/12-19 Finishing setting up and designing the report so it was ready for the hand-in of the official report.

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7.0 ​The 4 P’s

7.1 ​Product

The brand will be marketed as a higher mid-level to high-end photographer service for weddings.

The varieties will be: -

Up to 3 hours/day (Basic)

-

Up to 6 hours/day (Regular)

-

Up to 12 hours/day (Luxury)

-

Up to 15 hours/day (Premium)

WEDDINGSHOOTERS.COM will aim to deliver as high a quality as possible.

WEDDINGSHOOTERS.COM will be looking to hire freelancers in the age of 20-30 years old, and preferably photographers that do not want their own business, but still shoot high quality photos.

The design of WEDDINGSHOOTERS.COM is contemporary, timeless and minimalistic. A design manual will be developed when the company rolls out.

For the time being, an icon, a logo and a product image has been created.

The finished product in the form of a USB-stick will be packaged in a custom made wooden box45 with the ‘W’ monogram etched into the lid and the USB together with a set of 5-10 high quality prints from the wedding.

45

​https://etsy.me

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Those customers who order prints after the wedding, will be directed to Pixieset46 where they will be given a personal username and password. On Pixieset, they can sit in the comfort of their own home and browse through the photos from their wedding and easily order the prints they want in the sizes they wish.

WEDDINGSHOOTERS.COM is a spin-off from ‘Tofthøj Photography’, but the service will remain the same high-level, personal service that the customers at ‘Tofthøj Photography’ are used to getting.

WEDDINGSHOOTERS.COM is creating memories for people to enjoy for many years, preferably generations, to come.

7.2 P ​ rice

The price of the service is based on an hourly rate of 1.500 DKK. There is an option of buying only prints or print mounted in a handmade frame, delivered to the doorstep of the customer.

Prices will be available on both the WEDDINGSHOOTERS.COM website and the Pixieset website when ordering.

WEDDINGSHOOTERS.COM will be giving discounts on a case to case basis, but will not be giving special offers. WEDDINGSHOOTERS.COM believe that discounts and special offers lower the perception of high quality and the sense of craftsmanship, so only returning customers and high value basket-sizes will be applicable for a discount - based on the individual case.

Bonuses will not be applicable, since the main focus is to have wedding couples, and WEDDINGSHOOTERS.COM hope that each customer only gets married once.

Credit terms: WEDDINGSHOOTERS.COM will be charging 20% of the total price agreed upon signing the photography contract. The remaining 80% of the agreed price should be paid at least 7 days b ​ efore​ the wedding.

WEDDINGSHOOTERS.COM does not offer payment plans.

46

​https://pixieset.com

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7.3 ​Place

WEDDINGSHOOTERS.COM is a part of the ‘Tofthøj Photography’, which has their retail location within the Lumo Photography studio at Dalbygade 40H, 6000 Kolding.

Customers are welcome to pick up orders at the studio, but general distribution and shipping will be through GLS Denmark. When WEDDINGSHOOTERS.COM enters the European market, shipping will be through GLS Europe.

Those customers who order prints after the wedding, will be directed to Pixieset47 where they will be given a personal username and password.

On the Pixieset website, they can sit in the comfort of their own home and browse through the photos from their wedding and easily order the prints they want in the sizes they wish.

The customers who have either ‘Up to 12 hours/day’ or ‘up to 15 hours/day’ will be able to get the aforementioned wooden box including the digital files on a USB stick, that are also available on the Pixieset website.

WEDDINGSHOOTERS.COM will ship the wooden box with the USB 3 months after the wedding in order to maximize the chance of the customer ordering as many prints from the Pixieset website as possible.

WEDDINGSHOOTERS.COM will start attending various wedding exhibitions with relevant marketing material.

47

​https://pixieset.com

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7.4 ​Promotion

WEDDINGSHOOTERS.COM will be advertising through a WEDDINGSHOOTERS.COM - website but also at wedding exhibitions, Facebook, Snapchat, Instagram and Youtube.

‘Tofthøj Photography’ has had a good experience with not advertising through radio or television. WEDDINGSHOOTERS.COM will not be advertising through those channels either.

When going international, WEDDINGSHOOTERS.COM will also be advertising through Twitter, because Twitter is not very big in Denmark.

Public relations will initially be handled by the owner, but the option of having a dedicated PR - manager is an option for the future expansion.

Personal selling will be in the form of freelancers shooting weddings and promoting company by handing out business cards to potential new customers. The freelancers are not​ allowed to advertise for their own business if they have one.

E-mail newsletters are not a thing that WEDDINGSHOOTERS.COM will be doing.

WEDDINGSHOOTERS.COM will sponsor hand picked local school initiatives, such as for example dyslexia and other children with learning disabilities. WEDDINGSHOOTERS.COM see the potential of being present in local communities as an opportunity to obtain goodwill in form of weddings being booked.

WEDDINGSHOOTERS.COM will not be doing sales calls. A survey48 show that 56% of 500 people

asked,

find

telemarketers

as

the

most

annoying

profession.

WEDDINGSHOOTERS.COM want to be the wedding photographer of choice, that is 48

https://www.avisen.dk

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known to deliver a high level of personal and individual service to the high-mid level and high-end wedding customers.

WEDDINGSHOOTERS.COM will be supplying the freelancers with merchandise in the form of polo shirts and business cards with the company logo and branding.

8.0 ​Stakeholder analysis Understanding the stakeholders helps to give an overview of all the people and organizations that are connected with the business. ​A stakeholder analysis is a process of identifying these people and/or organizations before the project begins, grouping them according to their levels of participation, interest, and influence in the project.

In this paper stakeholder analysis is made on ‘Tofthøj Photography’ and also, future stakeholders added for innovation idea of the new brand WEDDINGSHOOTERS.COM.

Keep satisfied: Customer Manage closely: Jimmi, Allan, Lasse and freelancers

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Monitor: ,,Lån & Spar Bank’’, Print suppliers, Frame suppliers, Family, Friends, Landlord, Power company, Alarm company, Internet company, Phone company, Goecker (Office supplies), Danish Government, European Union, WeOnServices.com, Pixelz, The Pixel House studios Keep informed: Anders and Jannie

Future stakeholders: The analysis is also made on a few future stakeholders for the WEDDINGSHOOTERS.COM. Initially, it would be interesting to see if the collaboration could be established, so therefore these stakeholders are in ‘’Keep informed’’ section. However, they will be moved to ‘’Monitor’’, because they are not that important to the company. ,,Vejle Limousine Service’’, ,,Interflora’’, ,,lilly’’, ,,Panayotis’’, Pixieset and hosts.

8.1 I​ nternal:

Jimmi – High power, high interest. Core stakeholder.

Jimmi is one out of three owners and photographers of LUMO studio. However, Jimmi has his own business named ‘Tofthøj Photography’ and is responsible for his success and further development. In order to cover more photoshoots, ‘Tofthøj Photography’ wants to expand within Denmark, hire freelancers and develop another branch of the business with the new name WEDDINGSHOOTERS.COM. The company will focus on wedding photoshoots. Jimmi has the high power in the business as he is the leading person. All decisions will be made by him.

8.2 E ​ xternal:

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Allan and Lasse – Medium power, medium interest. Primary stakeholder.

Allan and Lasse are two other photographers in LUMO studio. Together with Jimmi they are renting the studio. At this point, if one of them, Allan or Lasse, decide not to rent the LUMO studio anymore – ‘Tofthøj Photography’ will have to cover the rent by himself or look for other options, like searching for another place to rent. Which in the end might end up more expensive.

Jimmi, Allan and Lasse have to share the studio. They are using a simple Google calendar to make the planning for the studio and who is working when, so it is easier for them to plan their work. However, even though they are three owners in the studio, all of them do their own work and that does not have any other influence for each one of them.

Freelancers – High power, high interest. Primary stakeholder.

Freelancers are one of the most important stakeholders to develop the main idea – expanding

‘Tofthøj

Photography’

business

and

creating

a

new

brand

WEDDINGSHOOTERS.COM. As already mentioned, ‘Tofthøj Photography’ wants to hire freelancers and expand the business within Denmark. The new innovative idea will not work without the freelancers, so they do have a lot of power for the business. Main work for freelancers is to shoot pictures and deliver them to ‘Tofthøj Photography’ which will do the rest of the work. This would be also an opportunity for freelancers to get a workplace and experience.

Customer – High power, high interest. Primary stakeholder.

Target group – people who are getting married in the higher end of the segment – weddings.

WEDDINGSHOOTER.COM will have their focus on weddings all over Denmark. Customers have a big influence on the business - company cannot reach its goals without having the customers. Treating customers well creates more business. Currently, ‘Tofthøj Photography’ estimates to get around 70-80% of new customers via word-of-mouth, and has a growing regular customer base, who, coincidentally already refer to ‘Tofthøj Photography’. One goal of WEDDINGSHOOTER.COM is to have existing customers from ‘Tofthøj Photography’ refer into WEDDINGSHOOTER.COM. The new business idea will be covering customers needs and keeping them satisfied in this way focusing on reaching every customers trust.

Print suppliers – Low power, low interest. Primary stakeholder.

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‘’Nordic digital lab’’ - it is a state-of-the-art-image lab. ‘Tofthøj Photography’ is getting prints from this company. Anyhow, these suppliers can always be changed with others, so it does not have a big influence on the business.

Frame suppliers – Low power, low interest. Primary stakeholder. ,,Rammefabrikken Kig Ind A/S’’ It is a high quality company that produces high quality frames. However, it can be changed with any other suppliers, so it does not have a big influence for the company.

Anders and Jannie – Low power, low interest. Secondary stakeholder.

Anders is a tenant. He uses studio sometimes, has his office space, but does not have any influence as a stakeholder.

Jannie is also a photographer and is starting to work in LUMO studio as a “full” member from the 1​st of January. ‘Tofthøj Photography’ is considering to offer Jannie to be the first Freelancer for WEDDINGSHOOTERS.COM. ,,Lån & Spar Bank’’ – Low power, low interest. Secondary stakeholder.

‘Tofthøj Photography’ is using the bank only for transferring the money. It can also be changed to another bank if there is a need. So, the bank does not have an influence for the company.

Family – Low power, low interest. Secondary stakeholder.

Family does not have a big influence on the ‘Tofthøj Photography’. All they can do is respect and support Jimmi and his business. Although, they might spread the word about the company, so in this way they support the company by word-of-mouth.

Friends – Low power, low interest. Secondary stakeholder.

Do not have an influence for the company. Just like his family, all they can do is respect and support ‘Tofthøj Photography’.

Landlord – Low power, low interest. Secondary stakeholder.

The landlord is basically renting out the place that Jimmi, Allan and Lasse are renting, so they can have their studio there and work with their business. The landlord should be

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satisfied as long as the rent is being paid and there is no damage made in the place.

However, the landlord does not have any other big influence for the business.

Power Company – Low power, low interest. Secondary stakeholder.

Provides electricity for the LUMO studio. It is important not only for everyday, but also good lightning is needed for photoshoots in the studio.

Alarm company – Low power, low interest. Secondary stakeholder.

In case of the alarm getting hacked it is important for the company to secure the assets of the ‘Tofthøj Photography’. So, the alarm company has influence for the safety of the studio.

Internet company – Low power, low interest. Secondary stakeholder.

It is necessary for the subscription for the internet. Some photoshop programs need the internet connection, so it is important in order to get the pictures done. Also, the internet connection allows to have contact with the customers who reach ‘Tofthøj Photography’ on Facebook, messenger or e-mails.

Phone company – Low power, low interest. Secondary stakeholder.

It is necessary with a subscription to be able to communicate with the customers who reach ‘Tofthøj Photography’ by calls or messages.

Goecker company – Low power, low interest. Secondary stakeholder.

Goecker is a camera and accessories store in Denmark where ‘Tofthøj Photography’ buys background paper. Their quality is high and accessories can be bought from a few shops, so they are important for the business. Anyway, it does not have a high power for the business, because it can always be changed with any other suppliers.

Danish government – Low power, low interest. Secondary stakeholder.

Does not really have big influence for ‘Tofthøj Photography’. Although, they have to answer to EU whether some new laws are implemented.

European union – Low power, low interest. Secondary stakeholder.

EU does not have a big influence for the company. However, in 2018 they made a new law, GDPR, that prohibited any business to store any personal information. Which means that ‘Tofthøj Photography’ is not able to keep customers phone numbers, emails, addresses or

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any other personal information after the work with the customers is done. When getting the information from the customers ‘Tofthøj Photography’ has to make a contract and with it customers sign that they accept that ‘Tofthøj Photography’ is storing their information. After the customers receive the pictures from their photoshoot - ‘Tofthøj Photography’ has to delete all the information, because the work with those customers is done. This law was made to protect people's privacy.

WeOnServices.com - Low power, low interest. Secondary stakeholder.

WeOnServices.com is a photo editing company in India. ‘Tofthøj Photography’ uses it to get photos edited, so it saves time and pictures can be delivered faster to Jimmi’s customers. This service charges around 300 DKK per wedding. However, ‘Tofthøj Photography’ used it only 3-4 times.

WEDDINGSHOOTERS.COM could use this service as well. Freelancers would send the pictures to the core stakeholder - Jimmi, then he would send it to India and later get them back already edited.

Pixelz - low power, low interest. Secondary stakeholder.

Pixelz is another photo editing company. However, their services are relatively expensive, so it was used only 2 times. (1 picture costs around 12 DKK). 49 ,,The Pixel House Studios’’ - low power, low interest. Secondary stakeholder.

Third photo editing company. Haven’t been used yet, but could be used for WEDDINGSHOOTERS.COM, because this company has relatively ,,good deals’’. (10 cents per image if the number of images is less than 500 and a flat rate of 50 cents for images above 500).50

8.3 ​Future stakeholders

Vejle Limousine Service - ​Jimmi Tofthøj is also working as a limo driver. Since limos are used for weddings, there could be possible collaboration between Vejle Limousine Service 49 50

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and WEDDINGSHOOTERS.COM. Companies could offer each others services for their customers and in this way attract more potential customers.51 Pixieset - Online gallery – WEDDINGSHOOTERS.COM would upload pictures on this gallery, customers can choose the pictures they like and the gallery will send the pictures printed right to the customers address. 52 ‘Tofthøj ​Photography’ has a big network. There could be few other companies that WEDDINSHOOTERS.COM would like to collaborate with: Interflora ​- flower company. WEDDINGSHOOTERS.COM would offer brides to order bouquets from this company.53 Lilly/Panayotis - Wedding dresses.54 55 Hosts ​– Jimmi Tofthøj also has some network with hosts that could collaborate with WEDDINGSHOOTERS.COM.

9.0 B ​ RANDING

By branding the company creates its name, symbol and design that is identified as belonging to the company. Branding is important to make the product or service original and memorable for the customers and also to let them know what they can expect.

9.1 ​Brand Promise

The WEDDINGSHOOTERS.COM brand promise is : ‘’ – Your memories.’’ Photography is not only

pictures

–

it

is

unforgettable

memories.

By

this

simple

promise,

51

https://www.facebook.com https://pixieset.com 53 ​https://pixieset.com 54 https://www.lilly.dk 55 https://www.panayotis.dk 52

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WEDDINSHOOTERS.COM wants to mark that it will do its best to make every customer’s wedding even more special day by catching every moment.

9.2 B ​ rand Values The company’s values are based on ​memorable and ​meaningful moments that create ​a story in every picture. Weddings are stories that are so important for everyone. That is why WEDDINGSHOOTERS.COM freelancers know their job which is also their biggest passion, so the company can guarantee to make every moment s​ pecial and timeless​.

9.3 ​Brand Attributes WEDDINGSHOOTERS.COM attributes are ​personal, memorable, unique​. These three words fit as the most important ones in every picture. That is what the company is aiming to give for every customer.

10.0 R ​ isk Assessment Matrix

10.1 ​Current Risk Assessment Risk management is a process of identifying potential risks that might affect the company, analysing what could cause them and see what could be done to prevent them from happening. It is also necessary to have a strategy on how to deal with the unexpected situations in a way that will not ruin the business. In order for WEDDINGSHOOTERS.COM to develop a successful business, it is essential to identify the biggest risks and know how to prevent them.

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Title and description: The company did not manage to find freelancers to work with Category: Moderate Trigger/cause: Lack of Network Current state: It is relatively hard to find the right people, but the company is working on improving its networking.

Possible impacts: The business existence is highly dependent on finding the right partners, it would not be possible to even start without finding the freelancers.

Actions/responses: WEDDINGSHOOTERS.COM could lower the risk by developing wide network within amateur photographers, photography and graphic design students.

Owner: WEDDINGSHOOTERS.COM

Title and description: Unreliable freelancers Category: High Trigger/cause: Lack of freelancers experience and unrealistic expectations from WEDDINGSHOOTERS.COM.

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Current state: The company is searching for the right partners to work with.

Possible impacts: If the freelancers work would not be able to live up to the company’s level of quality, it could cause a bad reputation for the future business.

Actions/responses: WEDDINGSHOOTERS.COM needs to make sure to find the right people and provide them with appropriate training of what is expected from them to ensure the highest customer satisfaction.

Owner: Wedding Shooters

Title and description: Wrong target group Category: Moderate Trigger/cause: Lack of experience and knowledge about different segments of customers.

Current state: ‘Tofthøj Photography’ has customers from few different target groups since the business does not only focus on shooting weddings, but on studio photography as well. The business was built on word-of-mouth promotion, and on high level of customers trust. This could eventually become a problem, if the customers would only trust Jimmi to shoot their Wedding.

Possible impacts: Lose of trust in the company, bad reputation.

Actions/responses: The company needs to make sure to have the right marketing strategy, as well as channels on how to target the right group.

Owner: WEDDINGSHOOTERS.COM – Marketing

Title and description: Unprofessionally designed marketing channels Category: Low Trigger/cause: The problem could be caused by having small budget for the business development, not finding the right people to design the website or social media accounts.

Current state: The owner of ‘Tofthøj Photography’ has an education within Multimedia Design and Communication, as well as wide network in the Graphic Design industry.

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Possible impacts: When the customers are searching for their wedding photographer, they put high emphasis on the design of the company’s website and Social Media accounts, and if they do not like it, they will probably choose a different photographer for their wedding.

Actions/responses: The company needs to invest in the promotion on different digital platforms, since it is the most common way to search for a wedding photographer.

Owner: WEDDINGSHOOTERS.COM – Marketing

10.2 Suggestions on how to lower the potential risks

The biggest risk is related to the freelancers reliability and the fact that they will not provide the same quality of service as the customers are used to from ‘Tofthøj Photography’. This risk could be lowered by providing the employees with the training and making sure they have enough experience dealing with customers. It is also relevant to consider, what expectations Jimmi Tofthøj has from the individual freelancers, and making sure they can fulfill them.

The second risk was identified to be that the WEDDINGSHOOTERS.COM will not manage to find any freelancers to work with. This risk would affect the business moderately, since it relies completely on co-operation between freelancers and the company. The owner Jimmi Tofthøj is already working on expanding his already wide network in the photography industry and finding people for future collaboration. The networking part is very

important

in

order

to

lower

the

risk,

because

the

owner

of

WEDDINGSHOOTERS.COM needs to find reliable partners he can trust. As was mentioned above, another option would be to search for the talented freelancers between graduated students from schools focused on Photography and Graphic Design and provide them with necessary training to sustain the quality of service. By doing these things, the

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company would lower the risk of the business failing. The impact of the risk would stay the same, but the likelihood could be moved to 0-25%.

The company needs to make sure that the new website under the created brand WEDDINGSHOOTERS.COM is reliable and that it is interactive to customers. An enterprise also needs to make sure that web page is located in one of the first searching places in google and pay about the fact that it is visible in one of the first sections when consumer is looking for a wedding photographer. The owner also needs to make sure that clients can see the offered products in an easily accessible place, like Facebook, so they can get an idea of the level of quality. The company needs to build trust around existing and new clients, so they are sure that they are buying the quality with the new brand and that even if in fact the owner is not present in the photo shooting process, they will still get the best outcome from this.

Another risk is that the company chose the wrong target group. Since WEDDINGSHOOTERS.COM was created to develop an existing company ‘Tofthøj Photography’, the owner must keep in mind the differences between customer segments on the market. The original business was built on word-of-mouth promotion, and the owner has to work on different marketing channels to attract new customers and build their trust. That means, ‘Tofthøj Photography’ can not rely on his current customer base and needs to take care that the new market has been reached successfully through a variety of distribution channels. That also gives an opportunity, that if the current customer basis is not stable then the owner still reaches new clients by promoting the company.

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The Risk Assessment analysis helped to identify the four biggest risks that could harm the company. However, since the owner of all four of them is the company itself, it is up to WEDDINGSHOOTERS.COM to make sure they do the proper analysis and minimize the risks before the business starts. The second part of Analysis shows, how the company could lower the potential risks in the Risk Assessment Matrix.

11.0 T ​ he NABC Model The NABC Model is used to develop the innovation process and the business idea, analysing , if there is a Need for the idea from the target group, what Approach should the company have, if there are any Benefits in Value Creation process and if there is any competition on the Danish Market.

11.1 N ​ eed In 2018, there had been a total of 32.530 of marriages and registered partnerships in Denmark.56 From the table below, it is easy to see that there is a tendency for this number to grow in the future, since the number is increasing in the last couple of years. This number proves, there is a need on the market, because the majority of the people wants to capture their special moments in photographs. ‘Tofthøj Photography’ had shot 25 weddings all over Denmark in 2019, which is only 0,07% of the market share.57 Since the owner Jimmi Tofthøj does not have any employees and does all the work by himself, the amount of work he can do is very limited.58

56

57 58

https://www.dst.dk ​Own observation

​Own observation

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The wedding season in Denmark is usually from April to October, mostly on weekends.

Even if the ‘Tofthøj Photography’ is booked for the whole season, there is a limited amount he can earn for that time. That is why the idea to expand the business crossed the owner’s mind a few times already, there never was any push factor to actually do it.59 The weddings are, of course, not only limited to weekends, there are also some popular dates when people decide to get married. For example, in 2013, the most popular date was 7th of September (07-09-2013), because of the „magical numbers“.60 Another popular date was the 18th of august 2018 (18-08-18).61 ‘Tofthøj Photography’ was booked for that date already in 2015, so during 2018, ‘Tofthøj Photography’ had to turn down no less than 16 requests to shoot weddings on the 18th of august.62 By expanding the business and co-operating with freelancers, the company WEDDINGSHOOTERS.COM could take up much bigger piece from the market share and develop a sustainable business.

​Own observation Own observation 61 ​Own observation 59 60

62

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11.2 ​Approach

Throughout the years, ‘Tofthøj Photography’ managed to build a solid customer base and brand, only by word-of-mouth promotion. There is no doubt, there is a need for Wedding Photographers in Denmark. Majority of the photographers are independent entrepreneurs, which makes it very hard to stand out and do something different. By hiring freelancers and starting WEDDINGSHOOTERS.COM company, Jimmi Tofthøj would be able to develop the brand and expand the business. From the customer’s perspective, it would also be easier to choose a photographer for their wedding, since most of the people trust well-known brands with many reviews, rather than just an individual person.

The uniqueness of WEDDINGSHOOTERS.COM will be in its trustworthiness, years of experience and co-operation with different high quality photographers.

When starting WEDDINGSHOOTER.COM, Jimmi wants to start collaborations with his existing network. Also, WEDDINGSHOOTER.COM will be collaborating with the international florist Interflora, but also utilize his network of make-up artists, DJs, limousine service and use the power of the existing brand to collaborate with Lilly Brudekjoler and Panayotis (wedding gowns). In the future, when hiring freelancers, WEDDINGSHOOTER.COM will be optimizing time by sending the raw photos to a subcontractor for editing. That will roughly save around 6-10 hours of editing - per wedding, and thereby maximizing earnings.

11.3 B ​ enefit

The benefits and value creation process of WEDDINGSHOOTER.COM could be described from different perspectives. First, the idea behind was to create a value for photographers all over Denmark, so they could develop their network, develop their photography skills, gain more experience and travel around the country to shoot weddings. Jimmi Tofthøj started the business in 2014 and knows how hard it is for starting entrepreneurs in photography to develop the network and build a customer base. That is why he would like to help the amateurs photographers to pursue their dream career and earn more money than they would if they worked individually. Second is the value created for

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customers. As was mentioned before, ‘Tofthøj Photography’ had to turn down many weddings, simply because he was already booked three years before.63 With limited resources, he is only available to shoot one wedding per day, but with hiring different freelancers, the customers would have a much higher chance to get a photographer for their chosen date. It would also help them to know it is a bigger company with great reputation, so they can be sure to be provided with the highest quality service. Last but not least, there is the value created for the owner - Jimmi Tofthøj. Expanding the business would create an economical value for him, since he would take percentage for every wedding shot by the company. It would also mean more recognition and more experiences in management and leadership.

11.4 C ​ ompetition

The biggest competition to WEDDINGSHOOTERS.COM would be ​Forevigmindet. Morten Elsborg owns and runs ​Photography By Elsborg and ​ME-foto.dk​.64 ​Forevigmindet is the equivalent to ​Photography By Elsborg and ​ME-foto.dk what WEDDINGSHOOTERS.COM will be to ‘Tofthøj Photography’.65 The owner of ‘Tofthøj Photography’, Jimmi Tofthøj, used to study to become a multimedia designer and since he knows Morten as a colleague and private friend, Jimmi did his internship with Morten’s business, designing the website for forevigmindet, business cards, banners and other relevant work.66 This inspired Jimmi to borrow the idea of having freelancers connected to his business. Morten has recently changed his focus into aiming at just shooting weddings for couple’s that has a wedding budget at DKK 200.000,- and above.67

The Forevigmindet website does not clearly state that it’s a wedding service based on freelancers shooting the photos, but Jimmi has the insider knowledge that Forevigmindet booked 20 weddings during the 2019 season.68 This indicates that a unified design, the unified type of communication and using high quality hand-picked freelancers makes the consumers choose the model for their weddings. Jimmi has been

​Own observation ​Own observation 65 ​Own observation 66 ​Own observation 67 ​Own observation 68 ​Own observation 63

64

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talking to Morten about renting freelancers from Morten’s business, which Morten agrees to do for a 25% fee.69 Another competition to WEDDINGSHOOTERS.COM was identified to be various wedding planning agencies offering package services. These services usually include everything needed for a wedding – such as catering, venue, as well as a photographer and videographer. The agencies also work on the same principle – hiring freelance photographers to shoot different weddings. The wedding planning agencies were identified to be the competition, because their well-known brand, many reviews, as well as the package service are very close to the service provided by WEDDINGSOOTERS.COM. Another competitors are individual photographers, who have already built their brand and reputation, same as ‘Tofthøj Photography’. They already have their loyal customers, which could be hard – but not impossible - to compete with.

12.0 ​ECONOMICS

12.1 ​Market shares By taking into consideration the plan of 2021 and the future strategy, it is necessary to observe how big is the market share for the company compared to the market of Denmark. In 2018 there were 32.530 partnerships and marriages registered in total.70 At the same time ‘Tofthøj Photography’ participated in 25 weddings that year, what makes a market share of 0,08%.

69 70

​Own observation ​https://www.statbank.dk/VIE7 WEDDINGSTHOOTERS.COM -​ YOUR MEMORIES​ -​

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12.2 O ​ perating Budget For ensuring that personal finances have been properly provided for, there is a need to prepare an operating budget (Figure 1; Figure 2). Chosen type of estimated finances consists of all revenues and expenses over a year, which the company uses to plan particular operations. It has been prepared in advance of the year 2020, based on statistics from 2019 and shows the goal that the business expects to achieve during this period of time.

Figure 1

Figure 2 By looking at the operating budget it is possible to point out the assets what the company has for realizing all the activities for business development. By keeping in mind

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that an enterprise needs to make successful flow between the money earned and the money that can be invested back in business, it is necessary to point out how big assets will be returned back. In that matter, by taking the overall profit of 132.343 DKK and calculating that at least 50% of all assets will be directed to the company's further development, the conclusion is that ‘Tofthøj Photography’ will have at least 66.171 DKK budget to spend for marketing and other development activities per year. Accordingly to the fact that chosen business type is seasonal, the period of a high season has been pointed out, what in this case is the time period from April to October (Figure 3)

Figure 3 By researching the seasonality of the business, high season brings in 47% higher revenue than the low season. Considering the goal to increase the number of weddings for 50% during the year 2021, it is valuable to calculate that the raise of the earnings is going to reach 141.200 DKK, which in total makes revenue of 423.600 DKK. Based on the fact that company rejected at least 10 weddings in year of 2019, the plan is to develop the business by having 2 freelancers working under the enterprises’ brand. Accordingly, 10 weddings bring in income of approximately 50.000 DKK, what in this case is a loss for the company. By realizing 1-year plan, and having 2 photographers in the territory of Denmark, it gives the company an extra revenue of 25.000 DKK per year (every freelancer is getting 50% shares of the income per client). Therefore, by calculating increase of wedding for at least 50% and money what brings every photographer, the total revenue of the year 2021 is expected to reach 448.600 DKK, what is 59% higher than during the year of 2019.

By looking at a 5-year plan and expecting a revenue growth of 20% every year from 2021 until 2026, and by having 2 domestic and 2 international freelancers working in the company, the revenue in year 2026 is expected to reach 1. 166.259 DKK (Figure 4; Figure 5)

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Figure 4

Figure 5

12.3 S ​ ustainable economy

Economic sustainability is referred to practices or actions that support long-term economic growth without putting a negative impact on social, environmental and culture of the community. In this case, by having freelancers ‘Tofthøj Photography’ maintains current work industry and provides job opportunities, what is a benefit to communities.

Chosen development strategy of the company provides resources and services to customers, improves capital, provides employment and develops existing market in a qualitative way, what all results in sustainable economic growth.

12.4 ​Revenue models

A revenue model is a theoretical structure that explains the earning strategy in the company. These theories are important for the long-term business plan of the company, because it gives an overview of the company’s current finances and future potential to earn profit.

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The structure of intermediation model could be applied in the nearest future. Starting from the point, when the company is going to get 2 freelancers, ‘Tofthøj Photography’ becomes a middle man between the photographer and a customer and plays an important role by connecting clients to the service providers. After some time the franchising model can be applied to the business. The involvement of freelancers doing the wedding photography is a possibility for them to be a part of a brand and bring the word of ​WEDDINGSHOOTERS.COM out in the world. Accordingly, it makes them a part of community, what provides a chance for extra income. The structure of raising revenue in a current time is professional, what provides ordered services based on an agreement, which includes the specifications of time and materials and customers are getting charged by the hour.

12.5 ​Pricing strategy

Effective pricing is essential for a business. That’s the only way to know at what price to offer a product, while maintaining a good profit margin and keeping up with the competition. A business can pick from a variety of pricing strategies and the selection depends on different factors. 71 ‘Tofthøj Photography’ service is based on competitors’ prices, so in this case the company chooses to implement competitive pricing strategy. The company is out in the market and fighting with a big number of substitutes, so observation of other organizations could be one factor driving enterprises’ income. When ‘Tofthøj Photography’ sets a price equivalent to the competition, then the differentiating factors are not existing anymore.

The focus shifts to the service itself, and if it is possible to offer more (and better) features at the same time, it’s a win-win for the company, and its competitors are falling behind.

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https://www.intelligencenode.com

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12.6 P ​ rofitability

Due to the fact that the company’s main improvement in case of income is getting freelancers involved, it is important to look at how profitable it is and how sustainable the development could possibly be. In order of that, following charts illustrates company’s income from one freelancer and accordingly how it grows when the company has either more freelancers or more hours gained from their work. (Figure 6, Figure 7)

Figure 6

Figure 7

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12.7 O ​ perating profit margin ratio

This ratio provides information about current earning power. It offers a good look at how efficient the company is. Operating profit margin ratio is the most useful tool of analysis, based on the chosen competitive pricing strategy, because it compares the company’s returns to others in the industry.

Operating profit margin ratio per 2020 = (operating income / sales) * 100 OPMR per 2020 = (132 343 / 282 400) * 100 OPMR = 46 % The operating profit margin measures how much profit a company makes on one Danish krone of sales.

13.0 ​SWOT analysis

SWOT analysis is a very powerful strategic analysis tool that helps to identify strengths, weaknesses, threats and opportunities of the company.

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13.1 I​ nternal 13.1.1 ​Strengths -

Big experience

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Multimedia Design Education

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Quality-minded

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Service-Minded

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Customer-oriented

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Modern branding

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Well-known in local community

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Suppliers with high level of quality

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Wide network

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Expert in the core areas

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Can cover more weddings

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Supports starting photographers

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Build bigger customer base

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Build a strong brand

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Flexible

The strengths of WEDDINGSHOOTERS.COM is the existing experience of shooting weddings under the ‘Tofthøj Photography’ brand since 2011.

Jimmi has a big personal network and that is an advantage for ‘Tofthøj Photography’, and that network will become the basis of expanding WEDDINGSHOOTER.COM from the beginning.

‘Tofthøj Photography’ has wide network which gives an opportunity to collaborate with different vendors and become a one-stop-shop for couples getting married. (Vejle Limousine Service, Interflora, Lilly - more discussed in section OPPORTUNITIES).72 73 74 72

73 74

​https://www.vejlelimousineservice.dk ​https://interflora.dk

​https://www.lilly.dk

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Another strength is the big customer base from ‘Tofthøj Photography’. A lot of people know Jimmi and how he works. They choose him not just because of his quality of work, but also because of his personality as a photographer. Jimmi chooses suppliers with the high level of quality, so he can deliver the best results for his customers.

However, because of the high quality, Jimmi’s customers sometimes tell him that he should actually have higher prices than he has now.

WEDDINGSHOOTERS.COM will be able to cover more weddings, because the company will have not only Jimmi as a photographer, but also other freelancers. This will also be a good opportunity for the beginning photographers to start.

‘Tofthøj Photography’ has a good experience with time management to increase efficiency of the service, and optimize earnings.

Flexibility is also a big advantage. Jimmi can always choose another freelancer if the other one cannot do the work.

13.1.2 ​Weaknesses -

Small company

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Limited Funding

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Known in local community

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Focusing only on weddings

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High dependance and level of trust in the company between each other

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Freelancers starting their own business

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Service quality

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Search Engine Optimization (SEO)

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Vendor

‘Tofthøj Photography’ is a small company that belongs to one person. ‘Tofthøj Photography’ does not have millions to spend on branding, so funding is limited.

‘Tofthøj Photography’ has weddings all over Denmark, but is known mostly in local community and not in the extended community.

WEDDINGSHOOTERS.COM only focuses on Weddings. That could be a disadvantage if Jimmi is busy with Studio Photography.

WEDDINGSHOOTERS.COM will consist of more than just one person in the company. So, there will be high dependence and level of trust between each other.

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Some customers choose ‘Tofthøj Photography’ because of the quality that Jimmi provides, so it could be a problem if Freelancers do not provide the same service quality.

There is also a risk of Freelancers starting their own business.

The new company needs to work on Search Engine Optimization (SEO). Company should create more relevant and better keywords to get a better ranking.

Same vendor - GH CAFE - to edit pictures as the competitor Morten. However, the vendor does not care about who is the customer, they just do the job.

13.2 E ​ xternal

13.2.1 ​Opportunities

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Increasing number of weddings

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LGBT community

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Customers income

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Population growth (Immigration)

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Improved infrastructure

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Self-focused generation

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Collaboration

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Hiring competent freelancers who don’t want to be self employed full time

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Start offering ‘pre-wedding’ photography sessions

Number of weddings in Denmark are increasing every year. So, it also means a chance of more potential customers. However, the marriages are not just between different sex.

WEDDINGSHOOTERS.COM will be friendly to all kinds of weddings, including LGBT. (Appendix 1).

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Since photography is a „luxury“ people always make time for it when they have enough income. Statistics also show that Denmark is on economic rise, so people can afford to spend the money on luxury like photography. (Appendix 2).

As known, there are a lot of people from other countries coming to Denmark to work and live. This is another opportunity to get more potential customers. (Appendix 3).

Improved infrastructure allows quicker transport. For example: If there are more highways WEDDINGSHOOTERS.COM do not have to be stuck in traffic when they are on their way to any other cities in Denmark. (Appendix 4).

Self-focused generation are people who want to have pictures to post on social media.

People take their pictures on the smartphones and post them on platforms such as Instagram, Facebook. In this way people want to show off, that is why people want to get a photographer.

‘Tofthøj Photography’ has a big network. That can be an opportunity to start some collaborations with companies such as: ,,Vejle limousine service“ where Jimmi is working as a limo driver, ,,Interflora“ – flower company where brides could order bouquets, DJS and wedding venues (like Volkerts Fylke, a restaurant close to the LUMO photo studio where ‘Tofthøj Photography’ is located or Koldinghus - an old castle in Kolding).75 76 77

‘Tofthøj Photography’ sees a tendency in countries like India and the US that wedding couples are requesting what is called ‘pre wedding’ photography session. It is a session prior to the wedding where the couple gets photos taken for use to send to guests for so-called ‘save the date’ cards or even the invitations for the wedding itself78. Under the WEDDINGSHOOTERS.COM there is a big potential in offering pre-wedding sessions as well as the more traditional wedding photography session.

​https://www.vejlelimousineservice.dk ​https://www.vejlelimousineservice.dk 77 ​https://interflora.dk 78 ​https://www.slrlounge.com 75

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13.2.2 ​Threats

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Depending on wedding industry

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Natural disasters

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Economic crisis

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EU regulations (GDPR)

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Government policies

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Smartphones

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Family members shooting pictures

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Price drops on DLSR cameras

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Freelancers who wants to become wedding photographers themselves

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Irresponsible freelancers who do not embrace the task they have been given

WEDDINGSHOOTERS.COM will have their focus on weddings, which mean that the company will be depending on wedding industry.

Photography is a „luxury“ and people choose it when their economy as good, they feel safe and happy. Even though Denmark is not a big risk environment, if some natural disaster happens - WEDDINGSHOOTERS.COM will be losing customers.

If people face any economical crisis (being fired from work, etc.) they will not be thinking about getting a photoshoot. Photography is not in the list of the most important things for the people.

European Union does not really influence ‘Tofthøj Photography’. However, back in 2018 EU made a new law that prohibited any business of storing any personal information. This means, Jimmi is not allowed to keep customers phone numbers, emails, addresses or anything when he is not working with them. Law was made to protect people’s privacy.79

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https://gdpr-info.eu

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Government does not legislate anything that would affect Tofthoh Photography, but they have to answer to EU.

Smartphones became a very big part of our lives. Cameras on smartphones are also getting better all the time, so people mainly take pictures with their phones and in their opinion it is good enough, so they do not want to use photographers for their pictures.

In order to save money, some people ask their family members to shoot pictures.

Anyone will be able to buy a DLSR cameras if the price drops. Then people will start taking pictures by themselves pretending that they are “photographers” and they will not be willing to use a professional photographer anymore.

14.0 ​Future vision SMART Goals

“SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Timely. Therefore, a SMART goal incorporates all of these criteria to help focus your efforts and increase the chances of achieving that goal.” 80 In the creation of the SMART model there are

3 different scenarios for ‘Tofthøj

Photography’s’ expansion to the international WEDDINGSHOOTERS.COM. A 1-year, a 5-years and a 10-years plan which easily shows the settings and achievements for the goals in the specific time set.

14.1 2 ​ 021 (1 year plan)

S - Specific: Creating more jobs in Denmark by hiring freelancers to work for ‘Tofthøj Photography - Gør det personligt’ and expanding the company.

M​ - Measurable: Hire 2 danish freelancers before 2021.

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​https://corporatefinanceinstitute.com WEDDINGSTHOOTERS.COM -​ YOUR MEMORIES​ -​

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A - Achievable: Get 50% more weddings to photograph with the two new freelancers working for ‘Tofthøj Photography - Gør det personligt’.

R - Relevant: More danish people are interested in using more money on their weddings and to hire a professional photographer to take pictures to remember the day forever.

T​ - Timely: These SMART goals are reached before 2021.

14.2 ​2026 (5 years plan)

S - Specific: Creating more jobs in Europe by hiring freelancers to work for WEDDINGSHOOTERS.COM and expanding the company internationally.

M - Measurable: Hire 2 international freelancers in one other country than Denmark before 2026.

A - Achievable: Create a network in one other country with the 2 freelancers and have them work on their first 2 jobs.

R - Relevant: Weddings are memorable days and people all around the world book photographers to catch all the best moments to save these memories forever.

T​ - Timely: These SMART goals are reached before 2026.

14.3 2 ​ 031 (10 years plan)

S - Specific: Creating even more jobs in Europe by hiring freelancers and assistants to work for WEDDINGSHOOTERS.COM expanding the company internationally by creating a

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network for the brand with bases around in Europe, so the owner does not have to travel around and check up on everything, but have assistants to do that for him outside of Denmark.

M - Measurable: Hire 10 international freelancers and 2 assistances in 2 other countries than Denmark before 2031.

A - Achievable: Create a network in another country with the freelancers, have them work on their first 2 jobs and establish a business structure for the assistance to follow in both other countries.

R - Relevant: Weddings are memorable days and people all around the world book photographers to catch all the best moments to save these memories forever.

T​ - Timely: These SMART goals are reached before 2031.

The 3 different SMART goals shows a nice movement in the expansion of ‘Tofthøj Photography’ / WEDDINGSHOOTERS.COM and how we are creating new jobs while creating memories all over the world.

15.0 ​The Business Model Canvas

15.1 C ​ ustomer Segments​

Right now, Tofthøj Photography is focused on providing service to profitable customers.

Accordingly, based on customer income, company’s main target group is people with upper middle-class and high-class income range. For better understanding of chosen client segment, two personas are described in the following section.

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Persona 1:

Louise (26) and Kim (29) have been dating for 3 years, but have already been living together for almost a year. Now, Henriette is pregnant with their first child who’s due to arrive during the summer of 2020. Louise moved into Kim’s house in Esbjerg, when they had been dating for 2 years. Kim bought the house when he finished the formal training to become a mechanic, and Louise has had the garage rebuilt into a fully functioning hairdresser’s salon. She is a self employed hairdresser and enjoys the option of working out of her house. She hopes it will enable her to spend quality time with future children Both Louise and Kim’s parents live in or close to Esbjerg. They have a strong family relationship, and all of the grandparents are looking forward to receiving their first grandchild. Louise has been referred to Tofthøj Photography by a friend, and is planning to have her maternity photos shot by Tofthøj Photography.

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Persona 2: Henriette (31) and Jacob (30) live in a rented house in Helsingør, not too far from Copenhagen.. They had been dating for 8 years before they decided to get married in early summer of 2020. They contacted Tofthøj Photography to shoot the wedding after searching for a photographer in various facebook groups. They decided on the 6th of June, because Henriette wants a special date to remember. She likes the sound of 06-06-2020.

Jacob is a financial advisor in a local bank, where he started working when he was studying financial management and landed a full time job when he graduated.

Henriette enjoys doing yoga and likes to take care of herself and her body. Jacob is an average guy who prioritizes family but also likes to spend time with his friends when he has the opportunity to do so.

They are saving up money to buy their own house, but as of now, wedding plans has first priority.

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15.2 ​Value Propositions

The company’s value proposition is a collection of products and services, what seeks to solve customer issues and satisfy their needs. Current value proposition is similar to existing market offers, but with added features. ‘Tofthøj Photography’ offers touchable memories to satisfy the needs of esteem, in this case clients wants to feel recognized and respected. By delivering special experience and story, the company ensures that customers are feeling a sense of connection and family. Service stands out by having a vision to provide a unique total experience and thus deliver the absolute best products, made from the best raw materials - uncompromisingly hand-picked from the very best suppliers worldwide. 81 Being flexible, more natural and dealing with all the issues with smile positively improves the level of delivered service.82 Based on the fact, that typically women are decision makers when it comes to wedding organization, it is important for an enterprise to focus on satisfying the needs and wishes of women.

Jimmi is improving the service performance, by taking away customer’s worries of finding the vendors and suppliers, so the value is created just by helping the person to get the job done. If the company cooperates with WEDDINGSHOOTERS.COM it means that clients can take advantage of the network within the wedding industry, not just the part of photography.

15.3 C ​ hannels

Accordingly, value propositions are delivered to clients through communication and distribution channels. Social media network is one of the touch points that play an important role in customer experience. Facebook and other channels is raising awareness about company’s products and services, and helps to get in touch with the service provider. Right now ‘Tofthøj Photography’ has a website in myportfolio.com what helps customers to evaluate the value proposition, but as soon as the new brand called

81 82

​https://tofthojphotography.myportfolio.com ​See Appendix 20.5 (Interviews) WEDDINGSTHOOTERS.COM -​ YOUR MEMORIES​ -​

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WEDDINGSHOOTERS.COM is going to reach the market, company is going to create a new website with an according domain. At the same time, everything mentioned in this section so far only provides for 20% of communication between the business and a client.

Mostly, customers will buy on the basis of the perception of reliability, created through personal experiences or in this case - word of mouth. Based on the fact that 80% of the company’s connections are dependent on word-of-mouth, this is also the most cost-efficient channel across all.

15.4 C ​ ustomers Relationships​

Relationships are created and maintained with the customer segment. Current relationship model involves dedicating a customer representative (Jimmi) specifically to an individual client. It represents the deepest and most intimate type of relationship across the business industry and normally develops over a long period of time. Clients are expecting professionalism, personality, kindness and pleasant experiences. The company establishes and maintains relationships by having the same customers coming back again and again because they are happy with provided service. ‘Tofthøj Photography’ clearly states for what an enterprise stands for, therefore clients knows what to expect from results, knows the procedure and activities and gets used to the place. By choosing different service from the market, customers are not feeling the same connection and based on the fact that photography service is accessible for a limited time, relationship must be built up in a very short time. That is the reason why ‘Tofthøj Photography’ has its own network of clients.83 The company spends untouchable assets as time in this case, to reply to people, ensuring that the service and relationship has been built in highest quality. Therefore, it takes longer time to edit pictures and do administrative work like accounting and at the same time trying to stay visible on the social media platforms.

83

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15.5 R ​ evenue Streams​

When the value propositions are successfully offered to customers it results in revenue streams. In this case the chosen type of a revenue stream is transaction, what results from one-time customer payments. Customers currently pay for the service quality and memories, and that is also what they will be willing to pay about, in the future. The company provides fixed, predefined prices that are based on the competitive market and is applied to the type and characteristics of a customer segment. Currently, payment methods are the following: cash, card, bank transaction and MobilePay. At the moment, ‘Tofthøj Photography’ receives payment for work done in the studio via MobilePay and payment for weddings are offered via bank transaction or cash. ‘Tofthøj Photography’ does accept debit card, but so far has only received a few actual payments by this way, since all customers now have MobilePay on their smartphones.

WEDDINGSHOOTERS will primarily be shooting weddings and therefore primarily be paid via bank transaction or cash. WEDDINGSHOOTERS will not be offering the possibility to accept card payments, since the customers will be paying 20% upon signing the contract and the remaining 80% 7 days before the wedding. That means that bank transactions will take up the far majority of payments.

15.6 ​Key Resources​

Key resources are the assets required for offering and delivering the value propositions to the target group. Resources of photography and IT equipment allow the company to create and offer mentioned value proposition, take care of relationships with customer segment, reach the market and earn revenue. In this case an enterprise owns intellectual, physical and human resources. Physical assets in this case includes photo camera for shooting the pictures, IT equipment (computer and hard drive) for editing the product, a car to be able to reach the customer and so on. Intellectual resources such as knowledge,

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partnerships and customer databases are difficult to develop, but when successfully established, they may become important components of a current business and create substantial value. Every company requires human assets and especially crucial they are in creative and knowledge-based industries, such as current organization is in. It is important to take into consideration the time as well. By knowing that Jimmi is fully designated to do the business, his priority is to always find time to reach the clients.

15.7 ​Key Activities​

Key activities are the main actions what company needs to take for ensuring the delivery of value propositions. Communicating with clients, shooting the pictures and editing them are the most important actions ‘Tofthøj Photography’ must take to operate successfully. These activities relate to delivering the service in superior quality. The company works through different distribution channels, which depends on varieties of the service levels provided.

Right now, when shooting photos and having an interaction with clients, an enterprise provides service by direct-to-consumer model, where Jimmi sells pictures directly to the end customer. By having a new brand and new partnerships, the company is going to use GLS postal service for delivering prints, framed photos and photo books and will create online cloud-based service for the pictures, what in this case represents indirect distribution channels.

15.8 ​Key Partnerships

Some activities are outsourced and some of the resources are gathered from the outside of the company, that’s why it is important to state the key partners for the current business. In this case, freelancers, Vejle limousine service, Interflora, Lilly (wedding gowns) and Panayotis (wedding gowns) are partnership by strategic alliances of non-competitors and it helps to reduce risk in a competitive environment. By knowing that not many companies are able to perform all the activities described by their business model, it is

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necessary to mention key activities, which partners perform, such as expands customer base, provides network and sparring, raises income and awareness. Key suppliers in the current case are the following: frame company what creates handmade frames from best materials; printing company what creates all the necessary prints in the highest quality and editing service, what helps to get the pictures to the end consumer.

15.9 ​Cost Structure​

Creating and delivering value, generating revenue and taking care of customer relationships all incur costs. Most expensive key resources are photography and IT equipment and most costly activities are picture editing by Adobe. The company is less concerned about the costs of a particular business and instead focus on value creation.

Current value proposition and a high degree of personalized service characterizes value-driven business model.

16.0​ Project Plan

Project Plan for the extension of ‘Tofthøj Photography’ and the beginning of WEDDINGSHOOTERS.COM using Scrum.

Product owner: Jimmi Tofthøj Scrum master: Jimmi Tofthøj Scrum Team: Freelancers

Sprint 1: Before starting a company is Denmark there are a few things that need to be figured out.

For example, is it necessary to find out what type the company is, what tax and VAT rates there are in Denmark, how to tax - and VAT report in Denmark, if an accountant is necessary and to figure how who should do the bookkeeping.

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‘Tofthøj Photography’ is a personally owned business (Danish: Enkeltmandsvirksomhed) which means that there can be 1 owner who then is personally liable if the company is not profitable.

Evaluation of assets 84 There are many different kinds of company types in Denmark, but the most common are A/S, Aps and IVS. Starting an A/S (Danish: Aktieselskab – English: Public Limited Company) company requires a minimum capital of 500.000 DKK. Starting a IVS (Danish: Iværksætterselskab – English: Entrepreneur company) company requires a minimum capital of 1 DKK. ‘Tofthøj Photography’ is a personally owned business, because it is a one man company, but it is also a part of a shared photo studio. There is a required minimum 1 director, but no shareholders or other directors.

WEDDINGSHOOTERS.COM WEDDINGSHOOTERS.COM will initially be just an online identity.

As the company grows, the plan is to register both Tofthøj Photography and WEDDINGSHOOTERS.COM as each their Aps and then have a Holding company as the owner of both, and thereby removing the personal liability for the owner, Jimmi..

The international company will have the same values as the danish company.

The difference will be paying taxes in other countries and if there is other requires in operating a business in other countries, even though the company is Danish and should follow the danish rules for registration.

Sprint 2: Hiring freelancers For WEDDINGSHOOTERS.COM to go abroad and hire freelance photographers the owner, Jimmi, will need to travel around a have interviews with the job seeking photographers.

All contracts and official documents must follow the rules for both danish and the country’s hiring.

Sprint 3: Official matters

84

h ​ ttps://www.companyformations.ie

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WEDDINGSHOOTERS.COM will also need to find an accountant to all the economics for all international matters and a lawyer so everything happens correct across the different countries.

Sprint 4: Extended market research and customer segments For the international website to get out on the market and attract new customers and create new networks it will need to expand. There is a lot of new customer segments, because there is a lot of cultural differences inside of Europe and to get the international but still danish embossed website on the market, the marketing strategy needs to fulfill all the different needs of a general European person. Also the use of technology can be different from country to country, so a Facebook Ad can attract all the right customers in one country, but will get no view in another.

Sprint 5: Investments The owner of ‘Tofthøj Photography’ have a lot of equipment, but only to his own needs and what he prefers to use to create the perfect memories for his customers. An expansion in Europe will require that all needed equipment is made available to the freelancers.

Every freelancer who would be interested in this job might have their own equipment, but this expansion is not just a company expansion. It’s building a brand, and creating memories and jobs around the world. Therefore there are required equipment so the customer will get the same experience using a freelancers such as hiring Jimmi himself to do the job.

To get the same result and quality every time using the service from WEDDINGSHOOTERS.COM, the company will need to invest some money in courses for the freelancers. It can take a lot of time and practice to take a perfect picture, but when this company is selling itself as a brand and a service, people will expect the same result booking WEDDINGSHOOTERS.COM twice, but with two different freelancers. Therefore the owner, Jimmi, will be in charge of holding courses where all of the freelancers can learning teqhnics, lights, how to act professional and to interact with the customers so they will book the service another time and hopefully recommend the company to some else.

The courses will involve training, and on can always learn from another, so all of the freelancers and even Jimmi should benefit from these training courses to get even better photographers.

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To get the international website out on the market ‘Tofthøj Photography’ needs to invest money and time into marketing channels. There is a need for a new website in english, which is not a portfolio of Jimmis work, put a portfolio of the international company, the service it provides and a huge portfolio of all the freelancers work around the world, so even customers will be inspired just by going to the website.

Social Media is an important marketing channel. There is a lot of users everyday, so it would be worth it having some marketing material on Google Ads, Facebook and Instagram to connect with a large part of the customers who want quality pictures to share on their social media profiles.

Sprint 6: Negotiate contracts with partners Hopefully, after a few good years creating jobs around Europe there will be the opportunity and a stable economy to hiring assistants in the cooperating countries, who will function as partners in the company. There will therefore be a need to negotiate contracts with them so they get enough responsibility and will be in charge of the country or city they work in depending on the size.

Sprint 7: Networking For the owner of ‘Tofthøj Photography’ to succeed as owner of WEDDINGSHOOTERS.COM network is the key. It is important to travel around in the countries he wants to work with and expand in, to find a network who he trusts and can work with, because that combination can be tricky, also because of natural reasons as cultural differences.

17.0 G ​ roup Dynamics

To reflect on the group dynamics the decision was made to use ‘Tuckman’s Team Development Model’ which was discussed in Project Management class.

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17.1 ​Stages of Team Development

Stage 1: Forming The first step of the project was to form the group. The members got together two weeks before the assignment was launched and agreed on doing the project together. In the day when the case was opened, the structure of the assignment was defined and split into work tasks. In the beginning, no one in the group knew what that project would be like or about. This was new for everyone, but the ideas came and it was easy to agree on something, because of good argumentation.

The first day of the meeting, the decision was made to create a group contract, where the team set some ground rules about how the members should cooperate and work together. It also helped to set a common ground in case if there are any misunderstandings or problems. There were some disagreements about this contract.

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Stage 2: Storming After the discussion about how to change the group contract, so it would benefit all members and mention the differences between group members . The successful communication made everything better for collective so we got a really nice ‘forming’ of our group after the miscommunication ‘stormed’ the group. The contract basically said the members should respect each other, accept constructive criticism and not to be afraid to share their opinion. The group members moved their boundaries, because no one in the group likes arguments and therefore it can be difficult to say what’s on your mind if you are surrounded by new people.

4 out of the 5 group members had worked on another project before, which worked really well. It was new to have the fifth member and to figure out how that would work out, because there had not been any group work experiences with the fifth member.

Stage 3: Norming The team wants to do a great job and do their best. Everyone has different qualities and things they are good at, so it was really simple to start up this project after everyone started trusting everyone and figured out who is good at what.

After disagreeing on the group contract trust was slowly build after everyone began to feel comfortable telling their opinion and point of view to the whole group and not just talking in pairs. When all issues that made the group vulnerable were solved and everyone felt more motivated to start the project the team got more creative on how to solve different parts in the report. The group have in both weeks had totally commitment from all members towards the common goal.

Step 4: Performing The group made a really good Project Plan and divided some assignments out so everyone could work on their assignment the way they want to and concentrate the best.

All team members Felt very motivated making this report and there wasn’t any serious surprises, because everything was worked on and the structure for the report was performed really good. The group work was in general really good and effective because everyone was on the same page and reaching for the same goal. Everyone cheered for each other and gave compliments, because every little success was a big wn in the long run. The group didn’t face any serious trouble within the group work, and every “I” was replaced with “we”. All in all the group worked out really good; there were room for confrontation, but also communication to figure everything out as a group. Everyone trusted and supported each other.

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17.2 A ​ ction steps

Forming to Storming The group started setting goals and agreed on a common mission: the idea.

Communication was used to move forward from issues, but also to address them. This also help gaining trust within each other. It is in this action step that all members decides within themselves that they are a part of the group and that they will give the group their full support and commitment.

Storming to Norming The group started to talk about expectations and setting deadlines for different project within the report. Different assignments and responsibilities were handed out in the group and followed up on by the other group members. Communication became a more important part because there are five people with five different minds and opinions, so it was necessary to remember to listen to one another and give feedback. But also to take the time needed for the group to understand and agree on the process of the idea to the report. Trust was naturally build by committing to the group work and by doing the given tasks and adhere to the deadlines. Everyone in the group started to share the same vision for the project in this action step: ‘we can and will succeed’.

Norming to Performing Compliments and constructive feedback began to become a natural part of the group dynamics. Roles of who-does-what was shared equally and fair to those who are best at different parts. Communication still worked as key in the group work and the reward of good communication was to be felt in the work handed-in from every member. All responsibilities were shared equally, so no one had to do everything. Help and support was offered to those who struggled with words, motivation or time. From every part done writing, the bar was set higher, to get the most out of the time given and to hand-in the best idea, report and project possible with the time given. The action step was that the group started talked about working together in future group assignments, because of the good communication. understanding, and the good interaction with the fifth members add on to the previous four man group.

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18.0 C ​ onclusion

To sum up, this paper analyzes the innovation idea for ‘Tofthøj Photography’ - expanding the business within Denmark with the new brand WEDDINGSHOOTERS.COM. This paper gives an answer to the previously stated question, of how ‘Tofthøj Photography’ and its customers benefit from the company’s development and what are the potential future markets. Accordingly, the analysis of the project consists of research about how the concept is applicable for expanding in Denmark and whether it provides economical growth. It has been discussed whether the company’s development plan is sustainable based on world goals and how it impacts the future plans.

When asking current customers of ‘Tofthøj Photography’, there is a tendency towards customers choosing this photographer, because they are emotionally attached to the person performing the job and how the service is being delivered. Currently, ‘Tofthøj Photography’ wants to grow. Unfortunately, the actual experience is that the business has to turn down customers, because the company is a personally owned business with just the owner being able to perform work. Luckily, the amount of tasks assigned is growing every year. Therefore, the opportunity of expanding is relatively limited. In the fact that the volume of revenue for ‘Tofthøj Photography’ lies in wedding photography, it makes sense to focus on expanding that part of the business.

With current customers in ‘Tofthøj Photography’, the possibility to expand with the same brand is not an opportunity. The innovation idea of building a secondary brand that will be known as a wedding photography provider that delivers freelancers, called WEDDINGSHOOTERS.COM is the opportunity to grow. That way, the owner of ‘Tofthøj Photography’ avoids having the customers becoming too attached to his person, and instead choose WEDDINGSHOOTERS.COM, because of the quality and the general service provided, not the individual person behind the business. By building the brand WEDDINGSHOOTERS.COM, ‘Tofthøj Photography’ can then expand both it’s existing business but also build up a much bigger business under the WEDDINGSHOOTERS.COM - brand, and thereby scale business.

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Looking at direct and indirect competition, there is a true potential for ‘Tofthøj Photography’ to build the WEDDINGSHOOTERS.COM-brand to become a real competitor outside of Denmark as well, by the year 2025 and onwards.

19.0 ​Bibliography 19.1 ​Internet sources

​https://www.avisen.dk https://www.avisen.dk/smaek-og-bandeord-se-arbejderen-alle-hader_216312.aspx (05.12.2019) https://www.companyformations.ie https://www.companyformations.ie/company-formations/denmark-company-formation/ (04.12.2019) www://corporatefinanceinstitute.com https://corporatefinanceinstitute.com/resources/knowledge/other/smart-goal/​ (03.12.2019) https://www.dst.dk https://www.dst.dk/da​ ​(27.11.2019) https://www.dst.dk/en/Statistik/dokumentation/documentationofstatistics/marriages-and -divorces​ ​(28.11.2019) https://www.dst.dk/en/Statistik/emner/befolkning-og-valg/vielser-og-skilsmisser (26.11.2019) https://www.dst.dk/en/Statistik/emner/befolkning-og-valg/indvandrere-og-efterkommere (27.11.2019) https://www.dst.dk/en/Statistik/emner/geografi-miljoe-og-energi/infrastruktur​ (27.11.2019) https://etsy.me

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https://etsy.me/33BG1g4​ (​ 05.12.2019) https://www.facebook.com https://www.facebook.com/pxlhousestudios​ (04. 12. 2019)

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https://www.liveplan.com https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-exam ples/?fbclid=IwAR0dZXb4-v7xYMN3cyq2J2vIj4t4T0HEI_7wiuhvJYkUEukeO4KbNwLeLxE (30. 11. 2019)

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https://www.pixelz.com https://www.pixelz.com​ (30. 11. 2019)

https://pixieset.com

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https://pixieset.com​ (30. 11. 2019)

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19.2 B ​ ooks

Buzan T., (2006): 15 Tony Buzan (2006): 15, M ​ ind Mapping​, 1st edition, BBC Active

Carl W.J., (1996): 24 Carl W.J., (1996): 24, ​Six Thinking Hats, Argumentativeness and response to thinking model

Harboe (2013): 74-75 Harboe Thomas (2013): 74-75, ​Questioning Techniques, Method and Project writing​, 2nd edition, Samfundslitteratur

Hollensen Svend (2014) Hollensen Svend (2014), ​Marketing Management​, 3rd edition, - A Relationship Approach

Holm A. B., (2014) Holm Andreas Beck, (2014) ​Philosophy of science : an introduction for future knowledge workers​, 2nd edition, Samfundslitteratur

Lloyd J., (2015) Jenifer Lloyd (2015): ​Power in projects, programs and portfolios

Osterwalder A., (2010) Alexander Osterwalder, Yves Peigner, Yves Pigneur, Tim Clark & Alan Smith (2010), Business Model Generation - A Handbook for Visionaries, Game Changers, and Challengers

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20.0 ​Appendix

20.1 A ​ ppendix

20.2 A ​ ppendix

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20.3 ​Appendix

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20.4 A ​ ppendix

20.5 ​Appendix Interviews

1: Through which sources did you find Tofthøj Photography?

2: What is your experience dealing with Tofthøj Photography as your photographer?

3: How would you feel if somebody else was shooting your pictures with the same result and service?

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“1. Your colleague recommended you as she was even prevented in our appointment!

2. We only have good experiences, especially communication has been great! He knows how to speak to the target audience he is dealing with, as well as quickly getting some natural setups that provide real images.

3. That would be nice enough. But we enjoy the recognition and credibility of using the same photographer.”

-D ​ orthe and Michael Bjørnholt

“1. My first meeting with Tofthøj Photography was through a friend. She used me as a model for her hair/make-up case.

2. He is very committed to his work, calm and funny too. He makes you feel comfortable and relaxed and is never rushing.

3. Hmmm... That's a good question, I think I choose Tofthøj Photography because of Jimmi But if someone else could do it as good as Jimmi, in the same way - then why not.....?”

-

Henriette Schmidt-Hansen

“1. think we found you via the "word-of-mouth" method. You had photographed for a party in the immediate family.

2. professionalism, personality, kindness, pleasant experiences, super nice pictures, a relationship has been created through the many times we have now been with you, which just makes us happy to come again

3. we know what you stand for and therefore have a clear picture of what to expect from results, know the procedure, know the place. By blindly choosing a new one that is otherwise recommended, there is not the same connection that must then be built up / created in a very short time ... would be feasible, but would definitely choose Jimmi as the first choice.”

-

Tanja and Lars Bøge Bruun

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“1. I have known Tofthøj for Years and when i needed pictures, it was the natural choice.

2. Tofthøj is the best! I have tried several photographers, at Tofthøj, i get a flexible , more natural result. There is exceptional service, a comfortable environment, and time to deal with challenges, with excess and smile.

3. I would definitely prefer Jimmy, but if recommended by Tofthøj, sure, i Would go for it.”

-

Maria Sascha Boysen

1. I actually can't remember where I found you, Jimmi .. But maybe through Facebook?

2. Jimmi is always welcoming and comfortable to be in the company of during the photo shoot. on the lip and the mood becomes relaxed.

Our impression is that Jimmi is sympathetic and a good human viewer, which is important in the work as a photographer. He is a chameleon who adapts to the types that land in the studio. At the same time, he is honest, loyal and masters at finding a good balance between being a good friend and professional photographer.

3. We would clearly prefer Jimmi, at any given time. He is not just a photographer. He is our personal photographer.

-

Line and Michael Stage Jørgensen

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