Event Planning SHE goal Initial Demand Forecasting Method

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timer Asked: Jan 4th, 2019
account_balance_wallet $10

Question description

Use attached papers as references to complete assignment

Use own work

APA Format

Reference the course text and at least two additional resources

Operations Management William J. Stevenson McGraw-Hill Education Thirteenth Edition 2017 ISBN: 978-1-259-66747-3 Chapter 2 & 3

1-2 pages


The paper will be composed of two parts:

Part I: State the overall strategy to support S.H.E an event planning company to be a top choice for clients when planning any event no matter the size (small or large). In technical terms such as pricing, differentiation, and responsiveness.

Part II: Provide an initial demand forecast for S.H.E. for the first six months of operation. Discuss the technical rationale for your forecasting method and why it is better than other methods of forecasting.

( Product/Service Design)- Revision of current features or design of a new product/service

(Marketing)- Pricing and promotion, e-business strategy, global staryegy competitions



Spectacular Host Exceptional Event Designing & Planning By: Shirley Brite Harvey Final Project MBA 560 Executive Summary Spectacular Host, exceptional event designing & planning is the solution to your next event! Party planning, party decor rentals or both provided to you all in one place. Offering decor to go along with trending themes and going the extra mile to create a vision of your dreams. Spectacular Host, exceptional event designing & planning will lead the industry by providing quality results every time. Spectacular Host, can create & setup the event of your dreams or be available to assist in as much or as little as needed. Let go of all that stress and let the Spectacular Host help you create an event full of memories that everyone will remember. Branding and Idea Context Spectacular Host is a new event planning business that has been introduced to North Carolina! It’s unique style will makes it’s mark in the growing industry of event planning. Spectacular Host has a goal to become a top choice in the event planning market giving clients spectacular results every time. Spectacular Host strives to be the top choice of clients for all events large or intimate. It’s purpose is to provides exceptional event designing & planning at a reasonable cost. The idea is to provide individuals, parents and couples with a worry free event filled with their very own ideas and concepts making their event a vision of memories. Packages can be customized based on the amount of assistance needed to plan each event. Clients can have as much or as little assistance as desired with fulfilled expectations every time. Spectacular Host can be used for hire for the following events: 1.Themed Birthdays 2. Weddings, Receptions, and Showers 3. Anniversaries, Graduations and Holidays 4.Company Picnics, Banquets Meetings, Retreats and Award Ceremonies 5.Conferences and Workshops Mission Spectacular Host strives to be the top choice of clients for all events large or intimate. Through consistent professionalism, Spectacular Host eases the stresses of any event by helping ease planning burdens. Each event is ensured to be worry and hassle free at a reasonable cost. Spectacular Host will provide the same professionalism within the working environment to all clients, employees and contracted vendors. Staying current in trends, utilizing the latest technology within the event planning industry and ensuring clients receive the complete vision for their event, is the daily mission of Spectacular Host; Exceptional Designs and Planning. Implementing a client's vision for their event at a reasonable cost and having spectacular results each time is how the company aligns its service with the mission. Products/Services Spectacular Host is primarily within the service industry providing clients with as much or as little assistance as needed. Services can be offered for the following: 1.Consultations 2.Brainstorming Sessions 3.Full Service Planning 4.Partial Planning 5.Month of Planning 6.Day of Coordinator 7.Design Only Spectacular Host also offers products to assist clients in planning and implementing an event themselves by purchasing or renting the following: ⚫ Birthday sleepover rental ( complete indoor tent setup & themed decor included) ⚫ Party Packs (all decor mailed) ⚫ Themed decor for boys or girls ⚫ Handmade decor options ⚫ Candy table options ⚫ Game packages ⚫ Party favors ⚫ Outdoor movie/game night Rental ( projector & tents included) The party pack will be a kit complete for all event types. The kit will include all decorations to make the vision come to life. Items will include lighting, themed hanging decor, balloons, cutlery, plates, napkins, cups, snack/dessert bar, drink and snack recipes, tablecloths, invitations, thank-you cards, games and a step-by-step guide to planning, putting together and hosting the event. Spectacular Host will also provide clients resources of preferred vendors to book if requested to make the event even more memorable. Internal/External Marketing Spectacular Host wants to be successful in the event planning industry, therefore internal and external marketing must be in effect. “We’ve found that when people care about and believe in the brand, they’re motivated to work harder and their loyalty to the company increases (Mitchell, 2002)”. If employees are inspired and feel they have a sense of purpose they will believe in the brand and push the service more to potential clients. The internal audience would consist of those directly involved with the company which includes, all staff, contractors and vendors. All of these individuals will market the service internally with passion due to every staff person being assigned a particular agenda that is related to their specialty. If each team member is assigned a particular project that he/she is passionate about, the service will be spectacular granting the clients quality results each time. The internal marketing of Spectacular Host will be to attract employees/staff that has a creative background that will help clients create visions that come to life. All staff /employees must understand the principles of what Spectacular Host is offering to clients by providing the same quality service every time. “Enabling employees to deliver on customer expectations is important (Mitchell, 2002)”. By applying the principle of creating an event for clients worry free with quality results each time enables employees to “live” the vision in their day-to-day activities in the work environment. If staff/employees live that vision, clients will be much more likely to experience the company in a way that is consistent with Spectacular Host’s mission. Companies need to match internal and external marketing messages to get a clear understanding of it’s purpose. After getting internal marketing addressed for the company, the external factors must be considered as well. In order for Spectacular Host to be successful in the event planning industry, marketing from the outside must be done. Clients must know that the company is in existence. A major marketing tactic that must be done externally would include the use of promotion and advertising. Networking, advertising, and vendor shows are all techniques that can be used externally to draw in potential clients. Networking will engage a larger client base. By Spectacular Host engaging in networking, it will open the door to potential clients interested in using the services offered. Networks such as hotel's, event spaces, caterers, photographers and attending vendor shows are all great sources that Spectacular Host could successfully benefit from. The use of this type of networking could beneficial to both parties because it gives both parties the opportunity to use each others services as needed. This could also engage other potential clients to book spectacular Host by being recommended by networks. Social media is also a large factor of marketing for Spectacular Host because it can be used to reach multiple potential clients at once. Utilizing social media will allow clients to easily find the business and the services that are offered. Potential clients can support the business by engaging other friends to view the services/products offered therefore bringing more traffic to the business. Competition The event planning industry has competition in all forms. The company will face competition with seasoned and new event planners, all inclusive event venues, conference centers, and hotels. The company may even face Individuals working in an organization that may be assigned the task of planning an event, or even individuals who have an eye for creativity and wish to organize their own event. Spectacular Host may be similar to most event planning business but this business has a unique style differentiating it from the competition. The company is differentiating themselves from other competitors by not limiting services to large events only. Spectacular Host provides services for all events no matter how large or small they may be. The company is not limited to a particular group of events. The cost of services is also a major factor that must be considered because this could impact the business as a whole. Spectacular Host will set themselves apart from other competitors simply because of the low cost while still providing a quality event. Decorations and the extreme attention to detail will be the main focus of separation from the competition. Decor will be discussed with each client and suggestions will be made to purchase or have the team create personalized decor based on their vision of choice. The team at Spectacular Host has the unique capability to make no event look the same. However, on the other hand there are some competition that could potentially be a threat to the success of Spectacular Host. Although Hotels could be a positive network for the company, it could also be a hindrance as well. Hotels and Conference Centers have a upper hand at planning events due its ability to house guests after an event is held. They are also able to have an all inclusive option whereas Spectacular Host has to hire outside vendors for catering and the actual event space. The downfall of choosing a Hotel as an all inclusive event planner would be the exchange of a higher price versus the low cost at Spectacular Host. Hotels may also lack the attention to detail due to multiple events that may be going on at the same time. Brand Effectiveness & Alignment of Pricing with Mission Brand consistency is the key for success for the growth of Spectacular Host and any business. In order for the company to succeed the alignment of pricing with the mission statement must also be consistent. In the mission statement it states that Spectacular Host strives to provide exceptional event designing & planning at a reasonable cost. The cost of services will be low compared to those event planners charging more expensive prices for their services. Branding effectiveness is an important factor of growth for any company. If the brand is marketed internally as well as externally, the business will succeed due to it’s consistent measures to uphold the mission. Effective communication and involvement within the business with its staff as well as clients will allow the business to thrive within the industry. Target Market & Why chosen market is best choice The target market will generally be middle to upper-middle class families, couples, individuals, or private and public organizations. These groups are most able to afford event planners, and have the least amount of time to spare for event planning in general. “High-paying jobs are growing rapidly in this state, up by more than 25 percent in the period between 2001 and 2015 ( The Fayetteville Observer, 2017)”. Children are a great target as parents plan to celebrate their children multiple times over the course of their lives. Everyone loves a party and who has the most parties thrown throughout their life? Children that’s who, by their parent/s to celebrate their life.Trends of themed birthday parties have become a hit for children of all ages. “Far from the days when a party consisted of a cake, candles and some basic games, today's birthday parties have become more elaborate (Roberts, 2016)”. These target markets are a great choice because this particular market will allow the company to continue to grow with it’s repetitive events that will planned for years to come. Product/Service Fulfillment “Market opportunities are customer needs, wants, or demands that are not being met by the competition (Mullins, 2013)”. Spectacular Host fulfills the need by being available to clients in order to take the task of designing and planning each event to their liking. The company lessens the stress of the person planning the event in order to have a smooth event. This service will increase growth depending on the population and a rise in income. Spectacular Host fills the need by being able to take on the burden of planning an event so that the individual can focus on doing other things such as meeting with the guests and enjoying the actual event themselves. How the client seeks info to fulfill need Individuals who are planning an event and become overwhelmed would be the most logical way for them to seek outside help. Once determined that they need an additional person to help bring together the vision, a search for services will be begin. The search for such services can be done online by searching social media, web page or booking services through networks or vendor shows. How the product is purchased The service or products can be purchased by booking the company for its services. An inquiry form will be used initially to discuss the event in detail and that form will then be sent to the lead designer and owner. The designer will set up a meeting with the potential client and go over the form and discuss the vision for the event including any outside vendors that must be booked to fulfill wants. Decor and alternative options will also be discussed. After the meeting, the designer will follow up with the potential client with a contract outlining all the details discussed in previous meeting. The client will read and sign the contract if he/she is in agreement. After the contract is received with partial payment, event will be booked. The implementation of the event will immediately begin. Pricing- Explain fixed & variable costs/ company short & long term goals SERVICES (Variable Costs) Consultations/Brainstorming Sessions Free Full Service Planning $1800/6 months - 1 year Partial Planning $75/week $150/(2 weeks) Month of Planner $300 /month ( 4 weeks) Design & Set up only Wedding $75/hour Other Events $30/hour PRODUCTS Birthday sleepover rental ( complete indoor 4 tents set up with decor - $ 250 per tent setup & themed decor included) night Each additional tent $20 Party Packs (all decor mailed) $50 to include- balloons, streamers, wall decor, ceiling decor, lights, plates, cups, etc. Themed decor for boys or girls $50 to include- balloons, streamers, wall decor, ceiling decor, lights, plates, cups, etc. Handmade decor options $15-$100 Candy table options $20- $100 Party favors $10- $30 Outdoor movie/game night Rental ( projector 4 tent or bean bag set up $175 & tents included) $20 for additional 30% Discount if booked with sleepover package A variable cost is known as a constant amount per unit produced or used. Depending on the volume or activity, variable amounts will change according to the volume or activity. Spectacular Host direct materials would be considered a variable cost. Depending what decor the client wants will entail how much materials will be need to fulfill the need. A fixed cost is known as a cost that does not vary. A fixed cost is a basic operating expense of a business that cannot be avoided. A fixed cost that Spectacular Host faces will be the cost of rent for the office space in which the business will operating out of. These costs fit within the short and long terms goals of the company. It is a short term goal to have an office space for the company to operate out of and the fixed cost will allow the company to do just that. The long term goal of the company is to book as many events as possible per year and to become a top choice in the event planning industry. It relates to the variable cost because each event will be different which would include creative decorations and cost for each event will be based on the detail that is wanted. The cost of each event will vary from client to client, events may have similarities but no event will be the same. Pricing strategy Competitors pricing & differences The biggest difference between event planning business would be the difference in cost depending on services. A particular company that will be compared to Spectacular Host is P3 Weddings and Events also located in North Carolina. This company's biggest difference is it’s main focus on one event versus another which are weddings. This company is focused on weddings and the price of services reflect such. The company has a $500 consultation fee to discuss what the client would like included on his/her wedding day or event. At Spectacular Host the consultation fee is complementary to brainstorm ideas no matter what event is being planned, payment is not a factor until after an event has been booked. The reasoning behind their cost is to encourage more wedding events and to stir away clients who are not serious about booking services. Spectacular Host’s approach is to include a free consultation in order for the client to seek other planners and they are not felt pressured to book because they have invested money already within the company. As a new business entering the event industry clients would be more acceptable in paying a lower rate for services. Due to the company not having a large portfolio, clients will know that the company is new and would prefer lower rates compared to a seasoned event planner whose price may be significantly higher. While on the other hand, clients will pay for what they see can be done. Clients will be willing to pay for decor or any other items that will give them the vision for their event. The pricing strategy that Spectacular Host will aim to market would be the penetration strategy. This particular strategy attracts new clients by offering lower prices on services provided. By utilizing this particular strategy, the company can gain more clients overtime with increased awareness of the low price for services. By having a low cost, it will help the company stand out from it’s competitors. In the future as Spectacular Host grows, the company hopes to keep prices low for appreciation to past clients that helped grow the company from the beginning. In order to determine what impacts Spectacular Host, the organization must identify it’s core competencies, strengths, weakness,opportunities and threats. The readiness of any company should consider the SWOT analysis before proceeding with operating the business and Spectacular Host is no exception.This useful tool is used in order to determine if a business is ready for start up. It is also used to determine business direction and serves as a good tool for determining the health of your business.This particular business model has the potential of being a great addition to the event planning industry and to all potential clients throughout North Carolina. A SWOT analysis is a tool that helps identify the internal strengths and weaknesses as well as external factors such as opportunities and threats in the business model. Below is a SWOT analysis that will go into detail describing factors that will affect the readiness of Spectacular Host to operate as a business while considering the categories company, people, and product. People: “We’ve found that when people care about and believe in the brand, they’re motivated to work harder and their loyalty to the company increases (Mitchell, 2002)”. If employees are inspired and feel they have a sense of purpose they will believe in the brand and push the service more to potential clients. The internal audience would consist of those directly involved with the company which includes, all staff, contractors and vendors.The internal marketing of Spectacular Host will be to attract employees/staff that has a creative background that will help clients create visions that come to life. All staff /employees must understand the principles of what Spectacular Host is offering to clients by providing the same quality service every time. “Enabling employees to deliver on customer expectations is important (Mitchell, 2002)”. By applying the principle of creating an event for clients worry free with quality results each time enables employees to “live” the vision in their day-to-day activities in the work environment. If staff/employees live that vision, clients will be much more likely to experience the company in a way that is consistent with Spectacular Host’s mission. Strengths ⚫ Have background in decor set-up/creativity ⚫ Network of vendors clients can choose from ⚫ Lower price points ⚫ Creative designer can create personalized decor ⚫ Re-create images seen online ⚫ Quality of services with same results each time Weaknesses ⚫ Seasoned events planners with years of experience ⚫ Other event planners may have a design studio to showcase what they offer ⚫ New company within the market ⚫ Smaller staff ⚫ Inventory low ⚫ Low brand recognition as a new company ⚫ Low social media following as a new company Opportunities ⚫ Outdoor weddings/ events have become a trend, and providing an outdoor event option would be ideal for many clients ⚫ Outdoor props could be created for any event ⚫ Get new clients by attending vendor shows ⚫ Provide design options in a location for potential clients to view free of charge ( park, in home conference room, etc) ⚫ Support from local businesses Threats ⚫ High competition within industry ⚫ Do it yourself magazines/website ⚫ Websites that give clients decor ideas ⚫ Seasoned companies with endless inventory The strengths, weaknesses, opportunities and threats discussed above will affect the branding and operations within the company in a positive way. By identifying the weakness and threats , the company can work together to offset the issues at hand that may arise and cause a decrease in profitability. Having the ability to know it’s strengths and opportunities will carry the company far because the company is aware of what is able to be produced and what potential clients may want that is not yet offered. Although there is competition within the event planning business, there are some aspects that Spectacular Host will be able to create that other event planners will not. Spectacular Host has core competencies that will help them stand out from the rest. Some of the core competences that the company offers is ensuring that each event has satisfied customers each time. This is an important competency for the company as it also helps with the reviewing process when managing performance. Building positive relationships with vendors and event spaces would also be a competency that the company should withstand in order to be successful. The main core competency that the company illustrates is strategic thinking. “Strategic thinking for the company means understanding it’s competitive position against others within the same industry (Cripe, 2002)”. The company can understand the strengths and weakness of the company and determine trends that may be affecting the competitiveness. All of these aspects are important in order for Spectacular Host to be successful. In order for Spectacular Host to thrive in the event planning industry the company must consider reviewing the market periodically to ensure that goals are being met and that the business is in the right position to continue growth. The company must also consider reviewing the actual products/services to stay on top of the competition and to keep new customers interested in what is offered. There are two main ways that Spectacular Host will evaluate the success of the new business and that is by profitability and customer satisfaction. Through consistent professionalism, Spectacular Host eases the stresses of any event by helping ease planning burdens. Each event is ensured to be worry and hassle free at a reasonable cost. Spectacular Host will provide the same professionalism within the working environment to all clients, employees and contracted vendors. Staying current in trends, utilizing the latest technology within the event planning industry and ensuring clients receive the complete vision for their event, is the daily mission of Spectacular Host; Exceptional Designs and Planning. Implementing a client's vision for their event at a reasonable cost and having spectacular results each time is how the company aligns its service with the mission. Customer satisfaction plays a major role in this mission which is a measure of performance each time an event is planned. Clients will have the opportunity to leave a review on the website and social media outlets. Having clients express their satisfaction of services will potentially prompt other clients to book as well. A drawback that may occur within the alignment of the customer satisfaction is that clients may become so satisfied with the product that the reviews will gain attention from other event planners. They may become a threat if they decide to add a particular product, service or theme to their business which will create competition for Spectacular Host. “Profitability for the company is the fastest way to determine if a company is successful or not and considered to be the most important measure of performance (Mullins, 2013)”. The company will keep track of the clients that have booked over a course of time and evaluate the profits made from each event. The company will then be able to determine which months are more popular than others and what events are clients likely to book throughout the year depending on the month or season. Feedback is an important factor to consider in the growth of the company. The customer is the base of Spectacular Host, therefore feedback from clients is what is most important in reviewing the business and listening to what the customer wants. Management at Spectacular Host will make it a priority to evaluate the success of the business. In order for the business to remain successful the team will evaluate the success by splitting up the year into quarters. There will be a new quarter every three months. By splitting the year into quarters it will help management keep up with inventory and hires. Monitoring the work over three months at a time will help to identify when a month is doing well or shows when business was slow. By identifying the profits from the business the company can easily tell which months do better than others. This will also help the company make a decision to continue business or make a conscious decision to stop providing this service. Every three months the team would meet up to discuss how many inquires were received as well as how many events were actually scheduled. The company will also compare the success of the company year by year. Spectacular Host will make decisions on what to change or what could be added to the packages to make clients more interested in the services. Spectacular Host must be able to adjust the functions of the business across to all staff. “Measuring the success after an event is one of the most challenging yet important tasks that event planners need to complete (Cheng, 2017)”. In order for the company to identify if it is successful or not is to not only have quarterly meetings internally but get feedback externally as well. Receiving feedback from customers will allow the company to determine if the product is supported by the public. Social media, customer surveys and inquires on the company web-page are all outlets where the company can see and recognize it’s growth through the eyes of it’s customers and potential clients. All of these outlets will be used to collect information on feedback. Moving forward, Spectacular Host will be faced with obstacles during it’s growth process. This will allow the company to think ahead and try to find ways to make the mission work by all means. Another aspect the company will have to consider while moving forward would be the location of a building where potential clients can come to create their vision for an event. Spectacular Host is a small business that has the potential of growing to be housed in an actual building. The company will have to consider a target amount of events over a period of time in order to afford the vision of a building. The quarterly meetings will help engage all staff on what the progress is and provide suggestions on what can be done in order to gain more clients. With having a building comes overhead and the company must also consider those costs as well. The system provided will allow the staff at Spectacular Host to evaluate the success of the business on a schedule every three months. During these evaluations feedback will be discussed that were given from clients. Suggestions, comments and concerns will all be considered during meetings and changes will be implemented as needed. Quarterly meetings will reiterate the mission of the company and the staff will be constantly reminded that the service that is provided aligns with the mission and provides customer value. References Cripe, E. (2002, September 3). 31 Competencies Explained . Retrieved July 25, 2017, from http://www.workforce.com/2002/09/03/31-core-competencies-explained/ Cheng, R. (2017, January 1). How to Measure Event Success. Retrieved August 4, 2017, from http://convene.com/how-to-measure-event-success/ Observer, F. (2017, July 7). Our View: Why our middle class is disappearing. Retrieved August 6, 2017, from http://www.fayobserver.com/opinion/20170709/our-view-why-our-middle-class-is-dis appearing Mitchell, C. (2002, January 1). Selling the Brand Inside. Retrieved July 5, 2017, from https://hbr.org/2002/01/selling-the-brand-inside Mullins, J., Walker, O. (2013) Marketing Management, A Strategic Decision-Making Approach, (8th ed.) New York, NY: McGraw- Hill. Roberts, K. (2016, January 13). Hello 2016: What's trending in kids birthday parties. Retrieved June 20, 2017, from http://www.lohud.com/story/life/2016/01/14/hello-2016-whats-trending-kids-birthday -parties/73652348/
FINAL PAPER Event Planning Business profile Spectacular Host has recently been revised to (S.H.E.) Shirley Harvey Experience. The business occupies the event and planning industry that mainly provides a variety of services. The business entails events planning ranging from a variety of event-related services such as themed birthday parties, photo-shoots, bridal showers, soirees, and weddings. These events are also coupled with the personalization of labels, signs, gifts, and favors for any occassiaon imaginable. However, these services depend on the clients or customer’s specifications and preferences. The main theme and motto for the business is “elegance, imagination, and creativity brought to everything styled”. Business’s Market share With the rise in events happening currently in the state and country, the business has managed to attract a sizable population in terms of its target audience. The business has also segmented the market that enables it to identify, evaluate and analyze the characteristics of the target market, as well as the dynamics entailed in the events and planning industry. Since the business is fairly new within the industry, the business is working towards a market share of 10,000 subscribers and customers that include companies, corporations, and individuals who would want a customized event that fits their needs and specifications. It is important to note that according to Dowson & Bassett (2015), for the success and prosperity of a business in events and planning industry, it is crucial to study the market’s topography in terms of the trend dynamics, color, decor, customer specification and finally customer satisfaction. This business takes into considerations the factors that have enabled it to stay at an edge in the market compared to other events and planning companies in the industry. Competitors Due to the competitiveness in the market of events and planning industry, some of the competitive companies in North Carolina’s market include: ✓ McLean Events ✓ Clarke Allen Events ✓ The Charlotte Destination Group ✓ Special Events Company ✓ Crescent Events ✓ Port City vents Planners and, ✓ Sterling Events Company Opportunities ✓ Some of the opportunities the business has included: ✓ Schools and Universities graduations ✓ Birthday events ✓ The company enjoys a large market share that enables it to penetrate the untapped parts through referrals ✓ Operating on the Customer-centering basis that ensures customers’ needs are met ✓ Lack of proper marketing strategy in the market that gives the business an edge over others Threats Some of the threats the business faces are competition from other companies like special Events, McLean events that continue to use innovative styles and methods in their services. The other threat to this business is the rise events businesses that create a market stall that forces the prices for organizing an event to go down. Since the supply of the events services are high in North Carolina, the prices go down that makes the company risk losing customers due to its prices, losses due to the pressure of price reduction and also reduction in the quality that will send away customers. The other threats to this business include copying and stealing of ideas that can lead to a serious strife in the business market. Governmental Action The government has played a significant role in ensuring that the market remains at an equilibrium in terms of service providence, law compliance, and a number of companies entering the events industry. According to Allen (2005), some of the state and government regulations and laws present in the event planning industry include insurance and vendor compliance, security, beverage safety, distribution, advertising tents, and amplified sound laws. Sometimes clients may request items to be present at their event but some states forbid some decor aspects for events such as lantern releases. “Whether the client wants fireworks or horse-drawn carriages, it is the job of the planner to figure out what can be pulled off within the constraints of the law (Aleit Group, 2018)”. These laws ensure that the business has a certified permit to organize and plan for an event, distribute services for instance in a wedding the event will have drinks. Another reason for these compliance's is to ensure the safety of the attendees that is the government’s main agenda. Organization and teams The Shirley Harvey Experience (S.H.E) is an event planning firm that provides its customers with an opportunity to have a customized event to match the special occasion. The firm, organizes and plans the customers’ events according to their specifications and within the limits of the law. In as much as the firm tries to fully meet the expectations of the customers, it also has a responsibility to comply with the legal and regulatory limits. At the moment, S.H.E has a single branch in North Carolina. The firm has a simple hierarchy from the senior management to the employees. Basically, the manager is in charge of all the activities of the firm. The manager contacts clients, coordinate the preparation of their events and dedicate adequate funding to cover the full cost of the event. The manager obtains the full details of the events from the customer to get a clear picture of what the customer needs and gives a budget estimate that would facilitate successful planning and organization of the event. S.H.E has a small team which is charged with the responsibility of sourcing different components for the events, and participates in deriving the most appropriate plan for an event given the client’s budget. The owner and assiatnst also has a responsibility of presenting the event plan to the client prior to the actual date to allow the customer to make adjustments to the plan. The purpose of the prior presentation is to ensure that the entire plan is to the liking of the client which goes a long way in promoting customer satisfaction. The planning team is responsible for ensuring that the company is abreast with changes in regulation and government policies. Considering the stiff competition in the events planning industry in North Carolina, it is paramount that firms remain vigilant at all times. Any distraction from the organization’s objectives can be detrimental to the success of the entity. For this reason, the planning team must at all times ensure the firm is in full compliance with these policies for purposes of sustainability and retaining the focus of the firm. In the past, S.H.E has organized a variety of themed events such as bridal showers, photoshoots, weddings, soirees, and birthday parties. In most of these events, the firm provides personalized labels, signage, and gifts. All these extras are customized according to the taste and preference of the customer and also on the basis of the overall theme of the event. The firm makes it its responsibility to advise the client on all the available alternatives and which alternatives are the best for the client’s events. Providing this information allows the customer to make an informed choice. Some of the strengths of the company include its ability to customize the event to match the clients’ expectations, and the ability to organize class leading schools and university graduation events. However, with firms such as McLean, Special Events, Crescent Events, and Clarke Allen Events in the equation, growing the market share has been an uphill task. Nevertheless, S.H.E is able to capitalize on its ability to study trends in events planning, decor, and customer specifications to deliver the class-leading events that are meticulously planned and well organized. The firm operates under the mantra of ‘elegance, imagination, and creativity brought to everything styled’. Consequently, the company, through its organizing committee, attempts to stay abreast with any emerging trends and innovative approaches in events planning to constantly revolutionize the customers’ experience. In order to stand out from the many competitors in the North Carolina market, it is imperative that the firm is able to devise innovative strategies for positively improving customer experience. Besides, the customer can only return to the firm if they were impressed during their first encounter which makes it necessary to go above and beyond with each customer to ensure they are satisfied. In an attempt to gain a competitive edge against the competition, the firm has segmented its current and potential market. Market segmentation enables the firm to identify and analyze the characteristics of the current and potential market. In addition, it enables the firm to remain abreast with the emerging trends in events planning which makes its services valuable and unique to the market. High proliferation of event organizing firms is likely to compromise the quality of services in the long run. However, with the current focus of S.H.E, its customers can be guaranteed consistently improving quality each time they choose S.H.E. Stakeholders The firm’s stakeholders at the moment are few because the company is still relatively new in the industry. As a matter of fact, the current customer target is 10,000 subscribers. In the firm’s objective, this is a reasonable number considering the short duration that the firm has been in operation and the stiff competition in the market which is occasioned by the everrising number of firms in the industry. Internally, some of the stakeholders are also considered founding members due to investments to make the company possible. The company was co-founded by three members. All the three members are internal stakeholders and major shareholders in the company. The planning team is composed of seven members. Out of the seven three are shareholders in the company. Having the members of the organizing committee being shareholders ensures that they have the best interests at heart at all times. In addition, this ensures that the organizing team plans all activities with full knowledge of the legal and regulatory framework governing events planning. As a result, the management does not dedicate additional resources refining the plan to conform to the available policy measures. In the past, the organizing committee has gone out of its way to sponsor the organization and planning of local events. The rationale of such activities is to market the firm in the local community and allow potential clients to witness the quality of the services the firm offers. Using this approach will not only enable the firm to endear itself in the local community but also increase its current subscribers substantially in future. Current environment At the moment, the firm is working on strategies to expand its client base to meet the 10,000 mark. A variety of measures, as highlighted herein, have been deployed to facilitate the achievement of this major goal. In addition to sponsoring the planning of local social events, the firm is also working on other projects that will improve its market share in the regional market. Financially, the firm has managed to move from break-even to profit generation. Initially, the firm was operating at break-even because it did not have an adequate market share to warrant profitability after deducting all the operational expenses. The harsh economic times at the time of inception made it increasingly cumbersome for the firm to achieve any profit. The internal stakeholders almost gave up on the company after a series of losses. However, as the economic times improved, the company began growing its market share and making marginal profits. As the number of customers grew, the company moved to marginal profitability to slightly significant and consistent profit making. Stiff competition in the industry has been the major barrier to profitability and growth in the market share. With major competitors such as Special Events and McLean, the company has managed to achieve admirable profitability and growth in market share. Policy changes have also impacted the firm’s performance. Some of the current legislation relating to event planning such as insurance, vendor compliance, and security maintenance, beverage safety, advertising tents, and amplified sound have limited the range of event dynamics that the firm can engage in. Often times, the firm is faced with a tough decision where the clients’ needs fall outside the legal and regulatory framework. Though the firm has an obligation to meet the clients’ needs, it is its responsibility to ensure that the client understands the legal and regulatory policies limiting the range of activities. During such times, the firm is forced to reach a compromise between client needs and the regulation to ensure that the client’s needs are met in the most practical manner without violating the legal framework. By so doing, the company is able to give its clients the best event experience while at the same time managing to safeguard its certified permit for event planning. Besides, S.H.E also ensures that the safety of the attendants is guaranteed. Since the attendants are also potential customers, it is the responsibility of the firm to ensure that their safety is guaranteed. Ensuring that the customers are also satisfied has been a major selling point that has positively impacted the growth of the company’s subscribers. At the moment, the company is in good relations with the subscribers, its stakeholders, and the shareholders. Plans for improving subscription and expanding the market share are also underway to promote the future of the company. Business environment The government has played a significant role in ensuring that the market remains at equilibrium regarding service Providence, law compliance, and some companies entering the events industry. According to Allen (2005), some of the state and government regulations and laws present in the event planning industry include insurance and vendor compliance, security, beverage safety, distribution, advertising tents, and amplified sound laws. Sometimes clients may request items to be present at their event, but some states forbid some decor aspects for events such as lantern releases. “Whether the client wants fireworks or horse-drawn carriages, it is the job of the planner to figure out what can be pulled off within the constraints of the law (Aleit Group, 2018)”. These laws ensure that the business has a certified permit to organize and plan for an event, distribute services for instance in a wedding the occasion will have drinks. Another reason for these compliance's is to ensure the safety of the attendees that is the government’s main agenda. Policy changes have also impacted the firm’s performance. Some of the current legislation relating to event planning such as insurance, vendor compliance, and security maintenance, beverage safety, advertising tents, and amplified sound have limited the range of event dynamics that the firm can engage. Often, the firm is faced with a tough decision where the clients’ needs fall outside the legal and regulatory framework. However, this will serve as an opportunity for the business financially. For instance, in the case of security provision, although we will pay for the services, it is for the advantage of the firm since we will be dealing with doing away with any risk of theft of our resources. However, in many occasions firms of our category and those who provide the same services as we do have faced situations of being robbed of their tool which incurs a loss to the particular firm. Therefore, when we are provided with security, we have reduced the chances of getting robbed of our tools, a possible profit at the end of the event. Also, this means that security is an opportunity for our firm since it secures our financial cases. Moreover, insurance provident by the government is very significant towards the success of an organization because its facilities are secured from possible damages that may occur due to disastrous events thus the organization gets indemnified. Therefore this serves as an opportunity for our firm. However, the majority will argue that we will spend money on paying for the insurance services thus according to them is a loss to the firm. Besides, based on the long-term view, it will be of high profit for our firm due to possible disasters which may cause damages which would bring a loss to our firm which will be compensated by the insurance policy thus a significant advantage to our finances (Miller, 2017). On the other hand, government interference can be a threat to the firms financial status. For instance, our firm is just a small one which is on the verge of growing and has a target of attaining about 10,000 subscribers. Moreover, as a growing firm, we are using so many finances in the marketing sector thus making us unstable to subscribing to the insurance policies, beverage safety, overall security, and distribution among others. Also, we are not stable and not authorized to borrow financial support or funds from credit lending firms or banks thus it might lead to collapsing of our business if we dare to subscribe to such governmental regulations. Moreover, the business is required to provide tax revenues to the government in return and since it is a small business which is unable to raise taxes. Therefore, due to this constraints, it is likely to be faced with financial challenges, and as a result, it may collapse. In conclusion, in our case, the business will face more threats in these circumstances than the opportunities because it is a growing business Sustainability Small businesses faced by challenges of political and government interference cannot be sustained in the market. This will lead to threats due to competition from other companies like special Events, McLean events that continue to use innovative styles and methods in their services. These competitors are already stable hence their sustainability is assured. Also, the other threat to this business is the rise events businesses that create a market stall that forces the prices for organizing an event to go down. Since the supply of the events services are high in North Carolina, the prices go down that makes the company risk losing customers due to its estimates, losses due to the pressure of price reduction and also reduction in the quality that will send away customers (Noe, 2006). Though the business must meet the clients’ needs, it is its responsibility to ensure that the client understands the legal and regulatory policies limiting the range of activities. During such times, the firm is forced to reach a compromise between client needs and the regulation to ensure that the client’s needs are met most practically without violating the legal framework. By so doing, the company can give its clients the best event experience while at the same time managing to safeguard its certified permit for event planning. Besides, S.H.E also ensures that the safety of the attendants is guaranteed. Since the attendants are also potential customers, it is the responsibility of the firm to provide that their safety is assured. Ensuring that the customers are also satisfied has been a significant selling point that has positively impacted the growth of the company’s subscribers. At the moment, the company is in good relations with the subscribers, its stakeholders, and the shareholders. Plans for improving subscription and expanding the market share are also underway to promote the future of the company. Internal resources The business stakeholders at the moment are few because the company is still relatively new in the industry. The current customer target is 10,000 subscribers.This is a reasonable number considering the short duration that the business has been in operation and the stiff competition in the market which is occasioned by the ever-rising number of firms in the industry. Internally, some of the stakeholders are also considered founding members due to investments to make the company possible. Three members co-founded the company. All the three members are internal stakeholders and significant shareholders in the company. The planning team is composed of seven members. Out of the seven three are shareholders in the company. Having the members of the organizing committee being shareholders ensures that they have the best interests at heart at all times. Also, this provides that the organizing team plans all activities with full knowledge of the legal and regulatory framework governing events planning. As a result, the management does not dedicate additional resources refining the plan to conform to the available policy measures. In the past, the organizing committee has gone out of its way to sponsor the organization and planning of local events. The rationale of such activities is to market the firm in the local community and allow potential clients to witness the quality of the services the firm offers. Using this approach will not only enable the firm to endear itself in the local community but also increase its current subscribers substantially in the future. S.H.E has a small team which is charged with the responsibility of sourcing different components for the events, and participates in deriving the most appropriate plan for an occasion given the client’s budget. The owner and assistant also have a responsibility of presenting the event plan to the client before the actual date to allow the customer to make adjustments to the program. The purpose of the prior presentation is to ensure that the entire project is to the liking of the client which goes a long way in promoting customer satisfaction. The planning team is responsible for ensuring that the company is abreast with changes in regulation and government policies. Considering the stiff competition in the events planning industry in North Carolina, it is paramount that firms remain vigilant at all times. Any distraction from the organization’s objectives can be detrimental to the success of the entity. For this reason, the planning team must at all times ensure the firm is in full compliance with these policies for purposes of sustainability and retaining the focus of the firm. Therefore, we can conclude that based on the evaluation, the firm is well organized to address the opportunities and threats it may incur. For instance, the whole team including the owner of the business have allocated duties among ourselves which means we are readily and adequately organized for any opportunity which presents itself or for any threat which intends to affect the industry. Moreover, we will be in a situation to face and make amends or progress in either way. Communication The business has a simple hierarchy from the senior management to the employees. The manager is in charge of all the activities within the business The manager contacts clients, coordinate the preparation of their events and dedicate adequate funding to cover the full cost of the occurrence. The manager obtains the full details of the events from the customer to get a clear picture of what the customer needs and gives a budget estimate that would facilitate successful planning and organization of the event. Since the stakeholders are within the organization communication is easy due to the availability of their presence. In no situation has the business ever conducted a public hearing or utilization of social media such as television, radio, newspapers, and magazines. The business’s communication is done within the organization and in cases of any issues or situations stakeholders who are members of the organization and the planning committee easily get the information. Company image The situation has impacted the companies public perception positively. For instance, at the moment, the business is working on strategies to expand its client base to meet the 10,000 marks. A variety of measures, as highlighted herein, have been deployed to facilitate the achievement of this significant goal. In addition to sponsoring the planning of local social events, the firm is also working on other projects that will improve its market share in the regional market. Also, financially, the business has managed to move from break-even to profit generation. Initially,it was operating at break-even because it did not have an adequate market share to warrant profitability after deducting all the operational expenses. The harsh economic times at the time of inception made it increasingly cumbersome for the firm to achieve any profit. The internal stakeholders almost gave up on the company after a series of losses. However, as the economic times improved, the company began growing its market share and making marginal profits. As the number of customers increased, the company moved to marginal profitability to slightly significant and consistent profit making (Heath et al., 2008). However, the company’s image has also faced some negative aspects due to this situation. For example, stiff competition in the industry has been the primary barrier to profitability and growth in the market share. Also, another negative aspect is that the company has not gone public and they communicate within the organization making it difficult for them to market their services within the universe thus slowing down profitability. Response For instance, the success and prosperity of business in events and planning industry, it is crucial to study the market’s topography regarding the trend dynamics, color, decor, customer specification and finally customer satisfaction. Therefore, it is advisable that the company should focus on activities that will help it to survive in the market. The business can major on using innovative styles that help it to be sustained in the market environment. Also, it can look for ways to obtain a competitive advantage in the market; this can be done by learning on the competitors’ sources of raw materials. The firm can also steal ideas and innovative styles of their competitors so that they can get sustained in the market (Kluegel, 2017). Impacts The short-term impacts of the company include its ability to customize the event to match the clients’ expectations, and the ability to organize leading class schools and university graduation events. However, with firms such as McLean, Special Events, Crescent Events, and Clarke Allen Events in the equation, growing the market share has been an uphill task. Nevertheless, S.H.E can capitalize on its ability to study trends in events planning, decor, and customer specifications to deliver the class-leading events that are meticulously planned and well organized. The business operates under the mantra of ‘elegance, imagination, and creativity brought to everything styled.’ Consequently, the company, through its organizing committee, attempts to stay abreast with any emerging trends and innovative approaches in events planning to revolutionize the customers’ experience continually. To stand out from the many competitors in the North Carolina market, it is imperative that the business can devise innovative strategies for positively improving customer experience. Besides, the customer can only return to the firm if they were impressed during their first encounter which makes it necessary to go above and beyond with each customer to ensure they are satisfied (Mcniff, 2013). On the other hand, the long-term impacts comprise of attempts to gain a competitive edge against the competition; the firm has segmented its current and potential market. Market segmentation enables the firm to identify and analyze the characteristics of the current and potential market. Also, it allows the firm to remain with the emerging trends in events planning which makes its services valuable and unique to the market. Event organizing businesses are likely to compromise the quality of services in the long run. However, with the current focus of S.H.E, its customers can be guaranteed consistently improving quality each time they choose S.H.E. External resources For instance, within the business, third parties who are the lobbyists are the closest competitors. The company is a small scale business which has not yet attained its required number of subscribers, therefore, our firm will not do well in situations involving government and political interference. As for the lobbyists, they will support the issue of enforcing government regulations because they will not be impacted since they have already acquired enough market share and stability in the market. Therefore, they will do well when these government and political issues are enforced because our business may collapse since it is still growing and also a small-scale (Miller, 2017). Memorandum f Business Situational Analysis SHE is in the business of events organizations. The company has various stakeholders that focus on the implementation of the change in the performance of the company, The assessment of the sustainability measures is important as there is focus on the rates of satisfaction of the consumers and the application of the responsibilities that guides the success of the business. The company is aware of the changing environment and this helps in the assessment of the strategies that guide the success of the business in the competitive environment. The sustainability of the business in the changing environment creates the need to focus on the role of the business in North Carolina and this helps in the assessment of the compliance measures that guide the operation of the businesses. It is important to focus on the success of the entity as this guides the presentation of the changes in the institution and the implementation of the critical success factors that help in embracing different opportunities as they arise in the market. Business Project Teams The responsibility of the team is sourcing of the different components of the events and this is based on the budgets that the client sets. The success of the project is enhanced where there is motivation of the team and the analysis of the changing environment helping to focus on the success of the different events. Employee engagement is important as there is increase in the commitment of the employees towards the success of the events. In the case, the organization needs to focus on the indication of the satisfaction of the employees and this means there is focus on the conditions that help in the elimination of the dissatisfaction of the employees. The engagement of the employees is through the improvement of the culture of the company and this focuses on the empowerment of the employees’ and the assessment of the challenges that they continue to face in the organization. Strategic alignment focuses on understanding the various contributions of the employees and this guides the management of the roles that they continue to play in the organization (Macey & Schneider, 2008). The cohesiveness of the team is important as it helps in increasing their performance and this involves the analysis of the different expectations of the organization and the need to increase the accountability towards performance. There is increase in the delivery measures in the results as the employees are aware of the productive measures expected. Communication The communication processes in the organization are not efficient and this has affected the profitability. It creates the need to analyze the changes in the communication measures and this ensures there is improvement of the competitive factors that help in the reduction of the inefficiencies in the organization. In the communication process, the company should ensure that the messages sent out are concise and complete on the services offered and this creates efficiency in the actions taken in the different events. The communication strategy that SHE should embrace is the regular connection with the customers and this means is focus on the platforms that are important in reaching out to the consumers (Thill & Bovée, 2006). The use of media such as social media and advertisements on television and radio enhances the need to focus on the building of relationships and the creation of the messages that identify with the target market. The need to ensure there us accuracy in the information in important as this helps in the creation of the communication measure that is effective in the establishment of relationships. Solution The slow growth in the company market share creates the need to focus on the change in the business environment and the application of the processes that help in the management of growth. In the case, the set strategies are important in the formation of a team that is aware of the business critical success factors and this encourages the need to focus on the role of the management and that of the employees in growing the company market share. One of the factors that the company needs to consider is innovation and this is important as it helps in the management of the business prospects and the assessment of the changing environment. The assessment of the changing needs of the consumers in the events industry is important as this creates the need to assess the innovative measures that increase the satisfaction rates of the consumers. Enhancing the relationships of the customers is important as there is focus on the need to increase the company revenues and the change in market prospects (Goldman & Hino, 2005). The factors employed in increasing the benefits of the consumers are important as they lead to the increase in the productivity of the employees and the improvement of the satisfaction rates of the consumers. The need to enhance the attraction of the customers is through offering superior services as this guides the assessment of the changes in the market. Innovation will focus on the actions of the government through analysis of the compliance measures and the political strategy that guides the operating environment. Political Influence Political influence affects the operation of the business. In the case, there is focus on the targets that the business makes and the structure of the economy in achieving their targets. The analysis of the laws and regulations of the business is important as this creates the need for compliance to the changing environment. The analysis of the business external factors shows the increase in the competition for the business and this means focusing on the right legal channels to apply in becoming complaint. In the case, there is increase in the stability of the business where there are different cycles of the business. The stability of the market is assessed from the influence of the politics in the operation of the business and this means there is need to attain the efficiency that is required in the long run. Analysis of the tax structure is important as this helps in the assessment of the demand of the services and the liability that the company owes the company (Philip, 2011). In the case, the change in the political structure guides the application of the elements that influence the patterns of demand and this means the constant assessment of the laws. It is difficult to predict the political factors and this means there is need to analyze the developments in the market and the survival that the business have in the management of the value accrued from the consumers. The levels of tariffs are also important in guiding the success levels of the organization in the market. References Aleit Group. (2018, July 20). 15 Event Management Challenges & How to Overcome Them. Retrieved October 14, 2018, from https://thealeitgroup.com/event-management-challenges/ Allen, J., & Allen, J. (2005). Festival and special event management. Dowson, R., & Bassett, D. (2015). Event Planning and Management: A practical handbook for pr and events professionals. Kogan Page Publishers. Heath, R. L., & Palenchar, M. J. (2008). Strategic issues management: Organizations and public policy challenges. Sage Publications. Kluegel, J. R., & Smith, E. R. (2017). Beliefs about inequality: Americans' views of what is and what ought to be. Routledge. Miller, P., & Rose, N. (2017). Political power beyond the state: Problematics of government. In Foucault and Law (pp. 191-224). Routledge. McNiff, J. (2013). Action research: Principles and practice. Routledge. Noe, R., Hollenbeck, J., Gerhart, B., & Wright, P. (2006). Human Resources Management: Gaining a Competitive Advantage, Tenth Global Edition. McGraw-Hill Education. Goldman, A., & Hino, H. (2005). Supermarkets vs. traditional retail stores: diagnosing the barriers to supermarkets’ market share growth in an ethnic minority community. Journal of Retailing and Consumer Services, 12(4), 273-284. Macey, W. H., & Schneider, B. (2008). The meaning of employee engagement. Industrial and organizational Psychology, 1(1), 3-30. Philip, M. (2011). Factors affecting business success of small & medium enterprises (SMEs). Amity Global Business Review, 6(1), 118-136. Thill, J. V., & Bovée, C. L. (2006). Excellence in business communication. Prentice-Hall, Inc..

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Ben95
School: Rice University

Attached.

Running head: EVENT PLANNING

1

Event Planning
Student Name
Institution Affiliation

2

EVENT PLANNING
Event Planning
Introduction

Event planning is an essential industry in both official and nonofficial purpose. The
primary goal of the plan is always to ensure maximum satisfaction of both the host, the audience
and other attendees. For that reason, it is still essential to have an amicable plan for the event
satisfaction by choosing the most appropriate event planning company that will satisfy the
occasion. The pa...

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