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Business Plan Assignment - MUSIC FESTIVAL UK

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Added on  2020-10-22

Business Plan Assignment - MUSIC FESTIVAL UK

   Added on 2020-10-22

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BUSINESS PLAN MUSICFESTIVAL UK
Business Plan Assignment - MUSIC FESTIVAL UK_1
Table of ContentsMAIN BODY...................................................................................................................................1PART 1- BUSINESS PLAN............................................................................................................1Describing business venture........................................................................................................1Choosing type of business formation..........................................................................................1Market Research of UK..............................................................................................................1PART 2- BUSINESS PLAN............................................................................................................1Discussing McCarthy’s 4Ps model.............................................................................................1Job roles assigned to workers......................................................................................................3Discussing advantages and disadvantages of Zero-hour contract workers and Agency staff.....4Enumerating customer target market and customer cohorts.......................................................5PART 3- BUSINESS PLAN............................................................................................................5Business strategies for expansion in the future...........................................................................5Financial Projections...................................................................................................................6REFERENCES................................................................................................................................8
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MAIN BODYPART 1- BUSINESS PLANDescribing business ventureThe business is started in order to offer goods and services to people in exchange ofmoney. Music Vibes Ltd is a business start-up which will be starting its music events business byfocusing on all types of music such as rock, electronic, dance and country musics. Firm will offerquality music events in effective manner which will enhance customer's satisfaction in effectualway. USP (Unique Selling Point) is organising events at affordable cost and as a result, firm willhave advantage over competitors (Getz and Page, 2016). The company will offer services ofsuperior quality at affordable prices which will outreach rival businesses.Choosing type of business formationThe business formation is required to be opted so that desired sales may be accomplishedwithin the shortest possible time. Out of various options available, company formation will bechosen by Music Vibes Ltd. The company type is quite advantageous as it requires that companyis an artificial person which cannot die. Moreover, it cannot sue and nobody can sued on it. It hasperpetual existence making it quite feasible for firm. Thus, in accordance to various benefits ofcompany, this type of formation has been chosen.Market Research of UKThe UK events industry has been taken good pace in recent time. It remains quitecompetitive and it is required that Music Vibes Ltd should implement well-mannered strategiesin the best manner possible. This will provide company with an edge over competitors up to amajor extent. There are various rivals in music festival events such as Live Music Quotes, AOKEvents, The Fair, The Famous Company, MAMA Festivals, Bassline Productions etc. These allfirms are well-established ones and requires gaining market share by Music Vibes Ltd. UKevents industry is worth £39.1 billion as it is presented in new report (New report values UKevents industry at £39.1bn. 2018). It can be enumerated that there music events has £1.30 billionin the market which represents that organisation will have to be competitive to gain large share.PART 2- BUSINESS PLANDiscussing McCarthy’s 4Ps modelThe model is presented with reference to Music Vibes Ltd below-1
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Product-The product that will be offered by Music Vibes Ltd is to organise music festival event inorder to provide higher level of satisfaction to people in the best way possible. This will bebeneficial for firm as there are variety of events took place in UK and planning music events willbe great entertainment for youngsters and all music lovers. It means that firm will be able toprovide satisfaction in effective manner and as a result, people will get attracted to organisationand become loyal towards it (Jones, 2017). Apart from customers, professional musicians andartists coming for music festival will also be provided with better amenities. This will boostcompany to build stronger contacts in effectual manner. Thus, shows will be organised quiteeffectually.Place-The place specially in the context of music festival event is utmost crucial. It is requiredthat firm should locate and organise event in that place where large quantum of people couldeasily visit and enjoy the shows. In relation to this, business will organise music festival events atLondon as it is the largest city in UK and mostly people could visit for witnessing events. Thismeans that Music Vibes Ltd will be able to attain more number of people at the place and as aresult, desired profits would be garnered in a better way. Moreover, it is required that should takeinto account that people are attracted by making appropriate strategies so that event could besuccess.Price-The price plays crucial role in the company and people come to know at what price, theywill be provided service. In relation to this, Music Vibes Ltd will have to set ticket prices inaccordance to purchasing power of people and also according to competencies in the market. Itcan be said that firm is a start-up and market share is required by it. For accomplishing this,suitable pricing strategy needs to be implemented. The age group between 18-45 of people sothat they may be attracted in a better manner (Meretse, Mykletun and Einarsen, 2016).Penetrating pricing strategy is best available option for company which will set lower prices ontickets of music festival and attain desired customer's base. After establishment of goodcustomer's base, prices will be increased for recovering losses occurred in initial stage by quotinglower prices.2
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