Business Concept Statement Template
The business is of event planning. Rendezvous Events is the name of the event organizing business. The business will be making use of cutting-edge event planning software that will assist the event planner in leading the market as well as offering similar quality outcome all the time. The vision of the business is producing the same quality outcome all the time and the mission of Rendezvous Events is striving to be the optimum choice for the clients to assist them with their planning of events. The company will be using the newest technological aspects as well as trends, to ensure that the clients are receiving the personal attention they deserve.
The target market will vary with the market sector. For instance, regarding social events, it is required focusing on marketing activities in respect of individuals. In respect of weddings, the target market will be consisting of individuals or families being involved in the event. It is also considered significant for communicating with the venues that are hosting social events like hotels or banqueting suites, so that they might be recommending the services. The event management company will be providing event services for the clients and the target market for this service is the clients who will be using the event management services. The target market will get reached as well as the clients will get motivated for buying through the development of the product, price as well as promotional strategies.
1. Business Concept Statement Template
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Description of the business concept |
It is regarding a service for organizing events. An event organizer’s function is to do the networking with local venue owners and musicians by acting as a liaison between local entertainers as well as venues. In this regard, certain major social media channels are being used and website has been created for spreading the name of the company. |
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Difference from other products or services that are available |
Creating an online presence – This will be requiring the creation of invitations online to get maximum exposure. This needs to include the event in the newsletter for every contact to have knowledge of the upcoming events. To create an event hashtag for promoting the event, thus allowing the guests for promoting as well as talking in respect of the events with other attendees of the event. Preparing unique props – This will be requiring the creation of pamphlets for outlining the days the activity will occur, therefore making it easy in respect of the event guests to follow. There is also the requirement for making exceptional nametags having name, organization and occupation for sparking up conversations amongst the event guests during the actual event. Getting news coverage – For the growth of the visibility of events, a unique aspect can be used such as getting news coverage. There is the requirement for developing associations with media outlets for covering as well as promoting the event. Finding sponsors – It is essential for finding sponsors that will be suiting the event. Therefore, a sponsor is required to be found out having the willingness for providing gift bags, foods, T-shirts, or any other free merchandises, also partnering with cross promoters for ensuring that the event will be standing out as well as organizing raffles depending on what the sponsors are providing (Swaminathan 2016). |
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Market Drivers |
Certain problems that are currently existing with the event organizing services is including high conference centre costs that includes room rates, audiovisual fees as well as food and beverage costs. In contrast to these crisis scenarios, the current business concept will be considered attractive or successful with guerrilla marketing strategies, which will be including different activities as passing out flyers, putting up posters as well as interacting with various people to create a buzz amongst them (Oknowo 2016). There will occur a win-win situation regarding every party where venues will be getting increasing number of customers, musicians getting more exposure and the event company taking a percentage from cover charges as well as sales of tickets |
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Target Market |
The target market will vary with the market sector. For instance, regarding social events, it is required focusing on marketing activities in respect of individuals (Theng 2013). In respect of weddings, the target market will be consisting of individuals or families being involved in the event. It is also considered significant for communicating with the venues that are hosting social events like hotels or banqueting suites, so that they might be recommending the services. |
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Value proposition to the client |
This includes having better contents, unique event formats, having an attractive location, enhanced services, successfully applying one concept to another as well as making successful price differentiation. |
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Opening date for the business |
1st April, 2017 from 10:00 AM |
2. Preparation of business plan
Description of business: The business is of event planning. Rendezvous Events is the name of the event organizing business. The business will be making use of cutting-edge event planning software that will assist the event planner in leading the market as well as offering similar quality outcome all the time. The vision of the business is producing the same quality outcome all the time and the mission of Rendezvous Events is striving to be the optimum choice for the clients to assist them with their planning of events. The company will be using the newest technological aspects as well as trends, to ensure that the clients are receiving the personal attention they deserve (Kapferrer 2014).
Products/Services: The services of the company are providing event-planning solutions to the clients.
Market Analysis: There is a need to do the market analysis by using Porter’s five forces model for the events industry.
In this context, it needs to be mentioned here that the competitive rivalry within the organization is very low. The bargaining power of buyers is considered being the only factor that is considered being at a medium level whereas other factors are at low level. The threat of new entrants is considered being low since, in this business, the relationship as well as reputation are very important for creating a strong barrier in respect of the newcomers.
Suppliers are having no bargaining power in regard of Rendezvous Events, since the organization is majorly using its individual internal resource regarding operations that includes the human resource as well as tools. Since, there is a long using time of the equipments, there is a preference for the purchasing department to use discrete transactions and priority in respect of the suppliers is the competitive price.
Description of the Business Concept
Rendezvous Events will be supplying a huge range of services that will be covering almost significant aspect within the events industry (Hankinson 2015). As a result, the threat of substitute services needs to be seen. The only force that is contributing mostly is considered being the bargaining power of buyers. It needs to be stated here that, informal clients are having the most power for demanding a fair price. Therefore, in general the rivalry environment that surrounds Rendezvous Events in its area of business is regarded being medium (Oeppen, 2014). Considering the business mission of the event company, this rivalry will be making a favourable condition for actualizing the objectives of the organization.
Marketing Plan: The event management company will be providing event services for the clients and the target market for this service is the clients who will be using the event management services. The target market will be reached as well as the clients will get motivated for buying through the development of the product, price as well as promotional strategies (Reijonnen 2015).
The product development strategy needs to use the marketing mix. The product aspect states that the event is considered being the product and this means observing every supplementary event that might be occurring before, during as well as after the event. This includes the pre-event media days, contents or promotional aspects on the company’s website as well as social media pages, the process of registration relating to the day of the event, spectator activities as well as post-event parties, awards as well as recognition.
There is also the requirement for surveying potential participants as well as holding focus groups for finding out what will be requiring them for attending as well as what prices they are interested in paying when a fee will get charged. The price aspect states that when a fee will get charged regarding the event for covering the costs or for making a profit, there is the requirement for creating a budget that will be detailing every expense. There is a requirement for including the planning costs as well as advertisement of events and marketing activities that are associated with pre as well as post-event aspects.
The promotion aspect requires the use of a detailed demographic profile relating to the target audience, choosing print publications, broadcast stations as well as websites to advertise in respect of the target attendees depending on what they are reading, watching, listening to as well as visiting (Hurr 2014). There is also the requirement for creating campaigns associated with public relations as well as social media, which begins much earlier than the event and keeps continuing for maximizing the benefit that is being received from the event.
The place aspects is required choosing the best sites that requires using three criteria that states considering the locations that are most suitable in respect of the event planning. Then, it is required considering the easiest way for the target clients for reaching the location of the events that will consider the driving time, traffic congestion as well as parking (Carmignani 2015).
Difference from Other Products or Services That Are Available
The pricing strategy that will be used is considered being Everyday Low Price Strategy where three aspects need to be undertaken that are committing to a pricing strategy, communicating the pricing strategy as well as continuously delivering the price-point that has been promised. In this context, there is a need for undertaking a long-term commitment for true delivery of reduced prices daily. For communicating the pricing strategy, the client is required receiving the correct message. The event company’s name, logo as well as position statement will be forming the foundation in this respect. All the aspects that will be following in advertising, promotions, public relations and at the point-of-sale will be reinforcing the company’s position (Buil 2013).
The promotional strategy is focusing on the target market that are considered to be the clients that require events to get planned and for reaching them, the social media will be used in an effective manner. The promotional strategy used for motivating the clients to use this event planning services includes Facebook as well as Twitter. Facebook can be used for creating a page in respect of the event planning business and then to do business promotion (Malik 2013). With the help of Twitter, quick messages can be tweeted to the subscribers for reminding them regarding the event planning business. With the growth of the Facebook as well as Twitter audiences, there is the requirement for staying creative. There is the need for inventing new methods for encouraging the audiences as well as encouraging them for inviting their friends (Flores 2015).
Financial Forecast
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START-UP REQUIREMENTS |
|
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Start-up Expenses |
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Legal |
$200 |
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Stationery etc. |
$300 |
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Brochures |
$185 |
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Consultants |
$200 |
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Insurance |
$145 |
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Rent |
$150 |
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Expensed Equipment |
$1,985 |
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Other |
$200 |
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TOTAL START-UP EXPENSES |
$3,365 |
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Start-up Assets |
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Cash Required |
$2,300 |
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Start-up Inventory |
$0 |
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Other Current Assets |
$0 |
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Long-term Assets |
$0 |
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TOTAL ASSETS |
$2,300 |
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Total Requirements |
$5,665 |
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START-UP FUNDING |
|
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Start-up Expenses to Fund |
$3,365 |
|
Start-up Assets to Fund |
$2,300 |
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TOTAL FUNDING REQUIRED |
$5,665 |
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Assets |
|
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Non-cash Assets from Start-up |
$0 |
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Cash Requirements from Start-up |
$2,300 |
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Additional Cash Raised |
$0 |
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Cash Balance on Starting Date |
$2,300 |
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TOTAL ASSETS |
$2,300 |
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Liabilities and Capital |
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Liabilities |
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Current Borrowing |
$2,000 |
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Long-term Liabilities |
$0 |
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Accounts Payable (Outstanding Bills) |
$0 |
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Other Current Liabilities (interest-free) |
$0 |
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TOTAL LIABILITIES |
$2,000 |
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Capital |
|
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Planned Investment |
$3,400 |
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Other |
$265 |
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Additional Investment Requirement |
$0 |
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TOTAL PLANNED INVESTMENT |
$3,665 |
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Loss at Start-up (Start-up Expenses) ($3,665) |
|
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TOTAL CAPITAL |
$300 |
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TOTAL CAPITAL AND LIABILITIES |
$2,300 |
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Total Funding |
$5,665 |
Service Business Analysis
Rendezvous Events is having an exceptional competitive position. The event planning company is competing against hotels having conference facilities, conference centres, other event planners both on large as well as small scale, individuals within the company that are assigned the task to organize an event, as well as individuals who are wishing to organizing their individual events without the benefit of support.
Hotels and Conference Centres
Strengths: On-site facilities, equipment as well as assistance staffs. These centres need to have the capability for transporting as well as house persons regarding overnight stays. Having the ability for internalizing transport costs as well as tools (Huang 2014).
Weaknesses: Most of the time very expensive, not personal and relying on unprofessional labour in respect of assistance staffs. The discrepancy rate is high because of high volume as well as traffic from other events occurring simultaneously.
Other Event Planners
Strengths: Existing in the market for a long period of time, having the establishment of a reputation as well as base of clients
Weaknesses: Reputation is preceding them, no designing of system-based businesses are done for producing steady outcomes, focusing on smaller events, specialized events are majorly focused rather than every events, not having the supporting products for marketing with services related with event planning (Solomon 2014).
Staffs or individuals wishing to do it themselves
Strengths: To internalize cost to plan the event, having the ability for adding tiny personalized touches that are having the meaning within the group or family.
Market Drivers
Weakness: There occurs the consumption of time that could be used regarding other matters, not having accessibility regarding the optimum prices, services, as well as other resources that are having the requirement for availability.
Conclusion
In this assignment regarding innovation as well as entrepreneurship, Rendezvous Events will be supplying a huge range of services that will be covering almost significant aspect within the events industry. As a result, the threat of substitute services needs to be seen. The only force that is contributing mostly is consi1dered being the bargaining power of buyers. It needs to be stated here that, informal clients are having the most power for demanding a fair price. Therefore, in general the rivalry environment that surrounds Rendezvous Events in its area of business is regarded being medium. Considering the business mission of the event company, this rivalry will be making a favourable condition for actualizing the objectives of the organization.
The promotional strategy is focusing on the target market that are considered to be the clients that require events to get planned and for reaching them, the social media will be used in an effective manner. The promotional strategy used for motivating the clients to use this event planning services includes Facebook as well as Twitter. Facebook can be used for creating a page in respect of the event planning business and then to do business promotion. With the help of Twitter, quick messages can be tweeted to the subscribers for reminding them regarding the event planning business. With the growth of the Facebook as well as Twitter audiences, there is the requirement for staying creative.
Reference
Buil, I., Martínez, E. and de Chernatony, L., 2013. The influence of brand equity on consumer responses. Journal of consumer marketing, 30(1), pp.62-74.
Carmignani, G. and Zammori, F., 2015. Lean thinking in the luxury-fashion market: evidences from an extensive industrial project. International Journal of Retail & Distribution Management, 43(10/11), pp.988-1012.
Flores, J. and Vasquez-Parraga, A.Z., 2015. The impact of choice on co-produced customer value creation and satisfaction. Journal of Consumer Marketing, 32(1), pp.15-25.
Hankinson, G., 2015. Rethinking the place branding construct. In Rethinking Place Branding (pp. 13-31). Springer International Publishing.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
Hur, W.M., Kim, M. and Kim, H., 2014. The role of brand trust in male customers’ relationship to luxury brands. Psychological reports, 114(2), pp.609-624.
Kapferer, J.N., 2014. The future of luxury: Challenges and opportunities. Journal of Brand Management, 21(9), pp.716-726..
Malik, M.E., Ghafoor, M.M., Iqbal, H.K., Ali, Q., Hunbal, H., Noman, M. and Ahmad, B., 2013. Impact of brand image and advertisement on consumer buying behavior. World Applied Sciences Journal, 23(1), pp.117-122.
Oeppen, J. and Jamal, A., 2014. Collaborating for success: managerial perspectives on co-branding strategies in the fashion industry. Journal of Marketing Management, 30(9-10), pp.925-948.
Okonkwo, U., 2016. Luxury fashion branding: trends, tactics, techniques. Springer.
Reijonen, H., Hirvonen, S., Nagy, G., Laukkanen, T. and Gabrielsson, M., 2015. The impact of entrepreneurial orientation on B2B branding and business growth in emerging markets. Industrial Marketing Management, 51, pp.35-46.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.
Swaminathan, V., 2016. Branding in the digital era: new directions for research on customer-based brand equity. AMS review, 6(1-2), pp.33-38.
Theng So, J., Grant Parsons, A. and Yap, S.F., 2013. Corporate branding, emotional attachment and brand loyalty: the case of luxury fashion branding. Journal of Fashion Marketing and Management: An International Journal, 17(4), pp.403-423.
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