Business Plan for Event Excel

Added on - 05 Jun 2020

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BUSINESS PLAN FOR EVENTEXCEL
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Part A...........................................................................................................................................1Business idea...............................................................................................................................1Reasons for working on business idea.........................................................................................1Inovative way to meet needs........................................................................................................2Key competitors and reasons for assuming them in competion..................................................2Part B...............................................................................................................................................2Four objectives of business..........................................................................................................2Ownership structure and its suitability........................................................................................3TASK 2............................................................................................................................................4PESTEL analysis.........................................................................................................................4TASK 5............................................................................................................................................6Operational, tactical and strategic decisions and relevant information system...........................6TASK 6............................................................................................................................................8Supply chain management...........................................................................................................8CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONStarting a business today become a very tough task and it is very important to followspecific approach in order to ensure that project will be carried out in proper manner. In thisregard firms need to prepare business plan. In current report, business plan is prepared on eventplanning and execution business. Excel Event is the firm for which plan is preared. In currentreport, business idea and its objectives as well as reason for working on business idea isexplained in detail. Along with this, PESTEL analysis of business is done and strategic, tacticaland operatiional decisions are discussed. Apart from that, relevant information system areidentified and discussed. At end of the report, different supliers are discussed reasons due towhich same are selected are discussed in detail. In this way, entire research work is carried out.TASK 1Part ABusiness ideaBusiness idea is to open event planning business. Event industry is growing at fastergrowth and due to this reason huge opporunity is observed and due to this reason it is decided toopen venture in mentioned domain. Varied services will be provided to the clients under serviceportfolio. Some of the services which will be provided to customers are wedding event, kidparties and anniverseries etc. USP of the business will be unique in which events will bepresented at site for clients. Thus, it is expected that good number of customers will be added inthe business within year.Reasons for working on business ideaThere are number of reasons due to which it is decided to work on idea. In comparison topast time period lots of changes comes in people behaviour in terms of making expenditure. Nowa days people are believing in show off of their economic capacity and due to this reason intendsto make more expenditure on conducting events in attractive manner (Wedawatta, Ingirige andProverbs, 2014). This attitude is increasing at rapid pace among people. There are few players inthe market and creativity of presentation is the key to success in this business. There is no needto make huge expenditure on large size machines and highly intellectual HR to great extent likeobserved in manufactuirng and IT industry. Thus, ample untapped opportunities are availablewhich can be explored with low investment.1|P a g e
Inovative way to meet needsVaried innovative ways will be adopted to create and retain customers. In this regardevents will be organized in specific manner. Under this, site selection will be done byconsidering number of factors. Apart from this, way in which stages are presented and startedwill also be innovated like in starting of these events some comedy event can be organized sothat interest of people can be created on event. In these ways events will be organized ineffective manner.Key competitors and reasons for assuming them in competionCompetitorsReasons for chossing competitorsFresh GroupIt is one of largest event managemet company that create event forcorporates. It condict events for banks and hotels in effectivemanner and due to this reason relevant entities prefer to conductevents from Fresh group.Twlfth Night EventsMentioned organization conduct all sort of training events frommarriage to birthday parties etc. Apart from this, it also conductmeeting for corporates at small scale. Such organization have wellbalanced team of proffesionals that have wide experience in eventmanagement programs (Kreibich and et.al., 2011). This is the USPof the firm and in past couple of years it increaae its business atrapid pace and due to this reason it is considered as majorcompetior.In order to remain in competition it is necessary to deliever services of excellent qualityto the clients so that good image can be created among them.Part BFour objectives of businessTo achieve growth of 10% within 2 year:Main objective is to increase growth rate by10% on yearly basis. This is because there are large number of growth opporutnity in theindustry and by working on same it is possible to achieve target growth of 10%. Thus,efforts will be made in the growth direction achieve growth rate of mentioned percentage.To create more customers in weeding segment by organizing event in best way:Othermain objective is to primarily focus on the people that intend to organized weeding event.Usually people make heavy expenditure on weeding related events. Thus, accoridng tocustomer expectation by creating event at own discretion fee can be charged. Because it2|P a g e
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