Mohammad Saleh Oqeili

2012
Coventry University 9/1/2012

Events Management- Where The Hell Are You?

Events Management- Where The Hell Are

Content

Introduction to the business idea ............................................................................. 3

Establishing the feasibility of the idea ...................................................................... 4

Market research and competitor analysis ................................................................. 6

Financing an enterprise ............................................................................................ 9

Operational issues

................................................................................................... 12

Pricing strategy ......................................................................................................... 13

Summary and recommendations .............................................................................. 16

Events Management- Where The Hell Are You?

References .. 17

Introduction to business idea

The following events management idea came from many thoughts and ideas about the world. With todays rapid growth of population and societies, it has become more complicated for most people to recognize and understand the changes around them. People are living in different levels in societies which have different views and thoughts about the world; therefore, the gap of understanding between them has dramatically increased regarding their differentiations in ages, ethics, cultures, religions, regions, ideas, thoughts and level of education. As a consequence, Where The Hell Are You? is the name of the business presented in the report and was created to motivate many target customers to discuss their ideas and thoughts about anything around them and to offer them a chance to have a deeper and fuller understanding of what is happing around them. Moreover, the business can offer a wide range of services to the customers exact requirements and specifications which could comprise conferences, entertainment, team building, theming & decoration, celebrations & weddings and catering. This project will devise a feasibility study to explore the potential viability of social

Events Management- Where The Hell Are You?

enterprise and present some findings about the proposed business; in addition, it will discuss some advantages and drawbacks of the idea.

Establishing the feasibility of your idea

The idea is profitable regarding its output or its perspective in the long term. William (2005: 2) notes that a business idea should involve an independent business that should not be manipulated; therefore, external parties cannot be blamed for failure or any misleading in the growths stages. Williams (2005: 5) argues that the sustainability of Where The Hell Are You? is dependent on many internal and external aspects such as money, working hours, risks, type of work, personal relations; as a consequence, surviving in the market is not an easy goal and should consider several aspects to achieve its feasibility.

Events Management- Where The Hell Are You?

Burke (2006:16) emphasizes that Where The Hell Are You? should answer some questions relating to some individuals characteristics as the main part of success such as what do you want? Why will you succeed? Why will you fail? In addition, the second part should be about the idea itself and some questions raised such as what are your skills? What are your ideas? Which is the best market? (Williams 2005: 2).

Desire should be obvious when starting a business and it can be variable to different people; furthermore, it relates to motivation such as monetary gain or comfortable working environment (Stutely 2007: 4). Williams (2005: 8) argues that failing can be a result of running a business and it can be derived from over/under estimating, failing in control or lacking sufficient skills. In addition, Williams (2005: 8) defines that Where The Hell Are You? should have unique skills to deal with any market; furthermore, skills such as leadership, the inner resources to deal with stress and risk-taking, personal

Events Management- Where The Hell Are You?

effectiveness, strategic management and building effective team. Moreover, events management is expected a medium growth track to operate in, which will require skills, character, income, funds and management (Stutely 2007: 8).

Market Research and competitor analysis

Making a crucial link between the service and the market is the key element in this paragraph (Burke 2006: 87). Entrepreneurs in events management company believe that sales and marketing functions are two sides of the same coin which focus on market research techniques to determine customers needs and wants (Burke 2006: 74). Where The Hell

Events Management- Where The Hell Are You?

Are You? uses mixed methods research designs which are quantitative and qualitative data collection; in addition, events management will use a secondary data collection respecting its low costs which can be available from a wide range of sources such as libraries, governments website, publications, surveys and reports in many forms (Stewart and Kamins 1993: 6). As a consequence, market research will help the entrepreneur to provide an optimum service which is events management; moreover, it will measure the difference between needs and wants of their target market (Brennan, Baines and Garneau 2003: 94).

Keeping an eye on the competitors is a vital issue of success because events management should offer a more attractive service than its competitors in form of sustainability (Burke 2006: 89). The table below will illustrate SWOT analysis in events management project. STRENGHTS High productivity, good at acquisitions, excellent R&D. WEAKNESSES No experience, burden of debts.

Events Management- Where The Hell Are You?

Internal factors

External factors

OPPORTUNITIES Growing market, available skills.

THREATS Meeting new standards increases cost, loss of data.

Figure 1: SWOT analysis of events management. (Burke: 57)

As a consequence of SWOT analysis, Where The Hell Are You? should improve the strengths, exploit opportunities, fix weaknesses and find a way to deal with threats (Stutely 2002: 49).

In addition, competitor analysis can be considered in events management as the following:

Events Management- Where The Hell Are You?

JLPevents Service strategies

High standard of quality

PERI PERI
Extensive research with private individuals Depends on the Target customer, including a party packages as a discount.

amethyst
Multicultural, offers services to fit your budget. Suitable prices to all their target customers.

Pricing Strategies Distribution Strategies Promotion Strategies

Depends on the Target customer.

Intensive, Exclusive

Intensive, Exclusive

Intensive, Exclusive

Effective website, suppliers

Other websites, companies and newspapers, magazines.

Clients, suppliers.

Strengths and Weaknesses

A strong team, experiences & economy of scale

Reasonable, effective team members, & poor communication.

A personal connection, Customers loyalty.

10

Events Management- Where The Hell Are You?

Figure 2: competitor analysis- Where The Hell Are You?

Financing an enterprise
Raising money is the core element in this paragraph. Williams (2005: 260-261) points out that Where The Hell Are You? should forecast realistic figures of sufficient funds as a guide for the business for the future. Burke (2006: 114) states that Where The Hell Are You? needs funds to start up capital, stocking capital and working capital; in addition, raising capital which will obtain free uses of resources to gain competitive advantage and it can be as the following: (Burke 2006, p.115116).

Personal funds (15,000) Banks ( 20,000) family & friends ( 10,000)

11

Events Management- Where The Hell Are You?

Short-long term ( 5,000): credit card, business angles and venture capital.

The diagram below will illustrate the sources of funds (Burke 2006, p.117).
Figure 2: Source of Finance (as a breakdown structure)

In addition, Where The Hell Are You has calculated the Net Cash Flow for the first 3 years of the business and its forecasting to be as the following: Yr1 Cash inflow Capital Sales Total inflows Cash Outflows Purchases 26,000 3,000 1,500 30,500 50,000 3,000 53,000 Yr2 0 4,500 4,500 Yr3 0 6,000 6,000 Total 50,000 13,500 63,500

12

Events Management- Where The Hell Are You?

2,000 2,000 400 100 30,500 22,500 0 22,500 0 2,000 400 100 5,500 (1,000) 22,500 21,000 0 2,000 400 100 4,000 2,000 21,000 19,000
Stutely (2002: 283)

Van Rent & Rates Electricity Gene. Expenses Total outflows Net Cash Flow (in) Cumulative cash b/f Cumulative cash c/f

2,000 6,000 1,200 300 40,000 23,500 19,000

Operational issues
Stutely (2002: 283) states that Where The Hell Are You? should shift the business plan to actions with a few people, without ever having separate business premises. Lovelock (2001: 124) suggests that in respect to customers, prepurchase stage is where individuals needs and expectations are made; therefore, its a vital stage because alternative

13

Events Management- Where The Hell Are You?

customer might influence them. Where The Hell Are You? is offering excellent conditions with respect to corporate social responsibility and it contain safety stock, healthy environment, security, low risk and flexible payment methods to their customers (Hooley, F.piercy and Nicoulaud 2008: 515). Stutely (2007: 290) notes that you put on your shoes before you tie your laces; therefore, Where The Hell Are You? has a standard operating procedure to avoid breaking the law which can be documented and used by applying three steps which are set polices that guide activities, develop rules and eventually create procedures (William 2005: 327). In addition, Where The Hell Are You works within supply chain and it has three components which are suppliers, these provide them with materials that can be used in their events, manufacturing process which convert materials to a suitable goods for their events and distribution channels of some products that might be an income (Burke 2006: 92).

Pricing strategy
Events management is expecting to generate high sales volume by offering a best package of benefits to several target customers (Burke 2006:127). In the other hand, Stutely (2007: 239) argues that market rate plays a vital role in terms of

14

Events Management- Where The Hell Are You?

determining the price which will influence the sales volume; however, events management has a strategy to determine the price which can be as the following:
Figure 3: Setting a price- Where The Hell Are You (William 2006: 170)

15

Events Management- Where The Hell Are You?

Concept Phase

Start-up Phase

Survival Phase

Growth Phase

Maturity Phase

Declining Phase

Figure 4: New Venture Growth Phases (Burke 2006: 127)

Events managements first stage of life cycle can be described as creating ideas, search for opportunities and test their feasibility (William 2005: 295). Managing a few events should be the next stage which may face a few challenges because the entrepreneur will not have the same knowledge or information as the competitors; therefore, communication should be a vital issue in the second stage (William 2005: 295). Funding the business and developing sufficient income to pay the bills can be the third stage; in addition, niche market should be established which formed a solid customer base and built a sound reputation for the service (William 2005: 296). (Stutely 2002: 195) notes that sustainability growth which is a lifestyle company using retained profits will be used in terms of direct distinct growth. Where The Hell Are You? uses Horizontal growth which can be achieved by making more events towards more customers by developing some ideas and

16

Events Management- Where The Hell Are You?

attracting new target customers in the long-term (Brennab, Baines and Garneau 2003:128). Where The Hell Are You? tends to invest their capital and effort into improving and optimizing their current offerings which will lead to a stable growth; in addition, it will try to avoid declining by using new technology, new skills and making some changes towards market requirements (Burke 2006:126).

Summary and recommendations

Where The Hell Are You? is a creative idea for a successful business offering many services designed to guide the entrepreneur towards growth. It meets different target customers needs and expectations; therefore, it should be selfsustaining and grow rapidly regardless of its competitors. Events management uses different market research as a tool to illustrate its target customers; it will therefore offer best services with affordable prices to all the target customers thereby gaining a competitive advantage. Raising funds is an essential component of the business plan; therefore, events

17

Events Management- Where The Hell Are You?

management uses both equity and debt to survive in the market. In addition, the entrepreneur should consider many elements in terms of truing the plan into reality such as customer loyalty and supplies offers. Finally, Where The Hell Are You? is following a set of strategy in terms of prices to attract their target customers.

The proposed company will reduce the gap between people and will express their ideas and thoughts around the world. However, lack of confidence and some barriers to entry could be a drawbacks to the business; however, a solid plan and effective team members can cope with the market and can meet customers needs and expectations to become the market leader.

References

William, S., 2005. Small business guide: an essential for many small businesses. 18th ed. London: The Vitesse Media Group. Burke, R., 2006. Entrepreneurs toolkit. Burke Publishing.

18

Events Management- Where The Hell Are You?

Stutely, R., 2007. The Definitive Business Plan: the fast track to intelligent business planning for executives and entrepreneur. 2nd ed. Great Britain: Pearson Education Limited. Burke, R., 2006. Small business entrepreneur: guide to running a business. UK: Burke Publishing. Lovelock, C., 2001. Services Marketing: People, Technology, Strategy. 4th ed. New Jersey: Prentice Hall. Brennan R, Baines P & Garneau P., 2003. Contemporary Strategic Marketing. Great Britain: J. W. Arrowsmith Ltd, Bristol. Hooley G, F.Piercy N &Nicoulaud B.2008. Marketing Strategy and Competitive Positioning. 4th ed.England: Pearson education Limited. PERI PERI: Perfect Events Perfect Time, Armchair Leisure. 2008. Retrieved January 8, 2012. < http://www.periperi.co.uk/index.php >. JLPevents, JLP EVENTS LIMITED. 2006. Retrieved October 201. < http://www.jlpevents.co.uk/flash.html >. Amethyst events, Amethyst Events. 2010. Retrieved June 2010. < http://www.amethystevents.com/contact/ >. Lecture notes David Wick: Be Your Own Boss. Graham Sadler: 250FIN & Philip McCosker: 280ACC.