Business Plan Sample Assignment - Doc

BUSINESS PLAN

Table of Contents
MAIN BODY...................................................................................................................................1
Business Plan: Part 1........................................................................................................................1
Business Venture.........................................................................................................................1
Business Type.............................................................................................................................1
Market Research..........................................................................................................................1
Business Plan: Part 2........................................................................................................................2
Applying McCarthy’s 4Ps model for the market........................................................................2
Explaining job roles assigned to employees...............................................................................3
Merits and demerits of Zero-hour contract workers and Agency staff.......................................4
Identifying customer target market and customer cohorts..........................................................5
Business Plan: Part 3 Future Plans...................................................................................................6
Devising strategies how the business could expand in the future...............................................6
Financial Forecast.......................................................................................................................6
REFERENCES................................................................................................................................8

MAIN BODY
Business Plan: Part 1
Business Venture
The nature of business will be to provide effective planning services to people so that
they may be satisfied. Exotic Event Planners is a start-up which will be engaged in all types of
event planning and focus will be on organising music events to customers. The USP of business
is that organising events at affordable cost but with superior quality services which will have a
competitive advantage to firm as event management services are quite costlier in UK.
Business Type
Exotic Event Planners is a type of business which will be company formation. This type
of business is adopted as it has abundant growth opportunities as more funds are available
through which firm become able to enhance its operational activities at a much higher level. This
business model has been chosen as it has various advantages such as perpetual existence,
company is an artificial person etc. Hence, by adopting such business model, organisation would
be able to accelerate its operations and succeed in event industry of UK.
Market Research
The competencies are present in every field of business and event industry is also
dominated by event firms. Competitors are AOK Events, Live Music Quotes, Sound Artist
Management Ltd, The Fair are some notable firms which have to outreached by company. On
the other hand, demand for UK events industry is arising at a rapid rate. This is evident from the
fact that UK events industry values at £39.1 billion (New report values UK events industry at
£39.1bn. 2018). The industry has various bifurcations or it is a broad sector which is listed
below-
Conferences £19.9 billion
Trade fairs and exhibition £11.00 billion
Incentive travel and performance management £1.20 billion
Hospitality and corporate events £1.20 billion
Outdoor events £1.10 billion
Sporting events £2.30 billion
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Music events £1.30 billion
Festival and culture events £1.10 billion
Total £39.10 billion
Thus, it can be analysed from the above report that UK events industry is quite
progressive and music events' is £1.30 billion which highlights Exotic Event Planners will be
able to attain good growth in the market.
Business Plan: Part 2
Applying McCarthy’s 4Ps model for the market
Product-
The product in a marketing mix provides clarity what will be offered in the market by
company. It should be listed that company should conduct market research so that desired goods
may be provided in a better manner. It can be analysed that Exotic Event Planners will organise
music events which are in high demand in UK. The youngsters are fond of music and this event
will provide them with the highest level of entertainment in the best manner possible (Grant,
2016). Moreover, product will offer reliable services not only to customers or guests but also for
professional artists. It is essentially required as due to high profile events, professionals are to
treated quite nicely which will be beneficial for firm in making stronger contacts with artists.
This will provide various artists performing at events leading to success of business in enlarging
customer base.
Place-
The place is essential element in marketing mix as it provides company with desired
location from where maximum number of customers could come easily. It can be analysed that
firm should take proper location where people could visit in maximum quantum which will
provide with higher amount of profits. Seeking and analysing market, London is good place for
firm in gaining more customers so that profits can be generated up to a major extent. There are
various venues in London which will be approached by firm for organising music events in a
better manner (Raj, Walters and Rashid, 2017). It will be beneficial for the company as it will
provide with maximum music concert sales and organisation will be able to succeed in the
market with much ease.
Price-
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The price to be set for the music concert events is another important element in attracting
customers quite effectually. Price should be set at competitive prices so that desired quantum of
profits can be accomplished. However, Exotic Event Planners is new venture which will have to
create its customer base so that it can attain profits in effective manner. It means that firm will
implement penetrating price strategy for attracting customers. It is chosen because people will
avail services at lower price and they will be able to attain desired sales. Profits will be lower in
initial phase but customer base will be created leading to be beneficial for company.
Furthermore, after few years of proper establishment, prices will be hiked for recovering low
profits made in initial stage (Billy and et.al., 2016). Hence, firm will be able to succeed in the
market by applying penetrating pricing strategy.
Promotion-
It is another important element which makes aware customers of product offerings by
company in effective manner. It can be assessed that since target customers will be between 16-
45 years of age, new and modern techniques needs to be implemented so that firm will be able to
attain profits by adopting proper method of promotion. In relation to this, social media marketing
will be adopted as it is a modern technique which will attracted people a lot. The channels of
social media such as Twitter, Instagram, Pinterest, Facebook will be utilised for posting event
related information and will be viewed people instantly. Moreover, discounts will be offered on
first-come-first-serve basis to customers by offering 100 tickets at 60 % discount. This
promotional strategy will attract consumers quite effectually.
Thus, it can be analysed that Exotic Event Planners will be able to attain desired growth
in UK events industry by targeting music lovers and events would be organised in a better
manner. This will attract large number of customers to avail services in effectual manner.
Moreover, by pricing tickets at lower costs, organisation would gain customer's attention and as
a result, desired amount of profits will be collected leading to establish good place in the market
(Carlsson-Wall, Kraus and Karlsson, 2017).
Explaining job roles assigned to employees
Role of Event Manager
High interpersonal and organisation skills are required in the company so that desired
productivity can be attained in the industry. In a fast-paced environment, Exotic Event Planners
will recruit Event Manager which will plan, organise promotional and music events for the target
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audience. The customer engagement in event is necessary for the company which will be
marked by Event Manager. The job role assigned to Event Manager will be to liaise with clients
for finding out their exact requirements, producing detail proposal for events, research venues,
suppliers and contracts and negotiate with prices. Producing post-event evaluation for informing
about future events and research for meeting new clients.
Role of Event Coordinator
Good communication skills is one of the important skill for Event Coordinator.
Communicating to clients is required, listening to clients and their requirements and presenting
suggestions are part of job role of him. Computer skills is required and to be assigned to Event
Coordinator as he rely on computer to make and prepare budget and communicate plan.
Coordinating with clients and then relying on negotiating with prices of organising event is
required. The problem-solving skills are required and is assigned to Event Coordinator so that he
may resolve problems as when event goes wrong as per the plan.
Role of Event Designer
The job role assigned to Event Designer is to identify client design goals by interviewing
with them and then properly design events as per their requirements. Creating design plans by
referring to use virtual event design software is also part of Event Designer job role. Meeting
with vendors and approaching clients are required so that people may be attracted to avail
services (Meretse, Mykletun and Einarsen. 2016). Moreover, he has to collaborate with Event
Coordinator so that everything goes seamlessly and event success can be accomplished.
Merits and demerits of Zero-hour contract workers and Agency staff
Merits of Zero-hour contract workers
 The main merit of zero-hour contract is that staff are called as per the needs of employers
and employers' don't have to assign work to them.
 It is quite useful for employers whose businesses have unpredictable daily outcomes with
reference to work.
 Another benefit of having zero-hour contract workers is that employers can test and
analyse skills of part-time employees and seeking their potentials, they may be hired
long-term (Advantages and Disadvantages of Zero Hour Contracts. 2015).
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 This option is also good for firm in assessing staff requirements as it provides them
clarity regarding productivity of employees.
Demerits
 Major disadvantage of having zero-hour contract is that no financial stability is found of
staff which work under them. This means that no guarantee of work is provided to them.
 It is also disadvantageous as it does not provide firm with better services in effectual
manner.
 This type of work cannot be done by University student as he/she is unable to commit too
much time on job, thus, financial uncertainty prevails.
Merits of Agency Staff
 One of the major advantage of Agency staff is that quick help can be taken from them by
employers and temporary help can be attained.
 Agency staff have pool of qualified applicants which can be chose to surround needs in a
better manner. Not only agency pre-screen candidates but also provide test, which must
be passed by him (Heldt and Mortazavi, 2016).
 Long-term benefits can be attained as exceptional worker can be converted into long-term
employee. Thus, converting employee as permanent in firm, productivity may be
accelerated.
Demerits
 It is disadvantageous as employees cannot predict how long assignments will be and as a
result, no financial stability could be gained from the same.
 It is not suitable as salary provided on contract basis is much lower than normal pay
offered to permanent workers. This can be costly for employees because it has fewer
benefits.
 The experience gained from different work leads to less attention in the market. This is
because technical work misses which can be gained from similar work.
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Identifying customer target market and customer cohorts
The target customer's will be of age group 16-45 which will be targeted in order to
benefits. Moreover, Exotic Event Planners will be organise events in London which will attract
customers in huge quantum. On the other hand, customer cohorts are group not having similar
characteristics and they are placed in same cohorts in effectual way. It is useful element to
prepare group so that they share similar traits and can be targeted by firm.
Business Plan: Part 3 Future Plans
Devising strategies how the business could expand in the future
There are various strategies that could be used for expanding business and are as follows-
Market share-
It is a market growth strategy which is implemented by firm to effectively capture bigger
market share of existing products which are at present in the market (Settembre Blundo and
et.al., 2017). It can be analysed that firm may be able to attain efficiency by enlarging events in
whole of London.
New markets-
It is another strategy where company aims to attain growth in new market by selling
current products. It can be assessed that Exotic Event Planners can reach to more cities of UK by
garnering good amount of profits in effective manner.
Diversification-
The diversification is a strategy which company aims to produce new goods to current
market or new ones. It should be implemented by company only when proper market research is
conducted by firm (Sweetow, 2016).
Acquisition-
Exotic Event Planners can apply strategy of acquisition. It can acquire another event
planning company to maximise market share in a better manner. This will be beneficial for firm
as it adds value to business and operations can be enlarged with ease.
Financial Forecast
Cash Flow Forecast
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Particulars 2019 2020 2021
Sales revenue 12000 14000 16000
Total cash inflows 12000 14000 16000
Marketing expenses
Office furniture
expenses 4500 4560 4700
Advertising
expenditures 1250 1350 1500
Sound charges 800 900 1000
Salaries 3500 3600 3900
Telephone expenses 1000 1100 1400
Facility Insurance 500 500 500
11550 12010 13000
Net Cash flow 450 1990 3000
Opening cash balance 0 450 2440
Closing cash balance 450 2440 5440
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REFERENCES
Books and Journals
Billy, I and et.al., 2016. Case study of institutional growth in entrepreneurship at Medgar Evers
College. American Journal of Entrepreneurship.9(1). p.1.
Carlsson-Wall, M., Kraus, K. and Karlsson, L., 2017. Management control in pulsating
organisations—A multiple case study of popular culture events. Management Accounting
Research. 35. pp.20-34.
Grant, R. M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Heldt, T. and Mortazavi, R., 2016. Estimating and comparing demand for a music event using
stated choice and actual visitor behaviour data. Scandinavian Journal of Hospitality and
Tourism. 16(2). pp.130-142.
Meretse, A. R., Mykletun, R.J. and Einarsen, K., 2016. Participants' benefits from visiting a food
festival–the case of the Stavanger food festival (Gladmatfestivalen). Scandinavian Journal
of Hospitality and Tourism. 16(2). pp.208-224.
Raj, R., Walters, P. and Rashid, T., 2017. Events management: principles and practice. Sage.
Settembre Blundo, D. and et.al., 2017. Sponsorship and patronage and beyond: PPP as an
innovative practice in the management of cultural heritage.Journal of Cultural Heritage
Management and Sustainable Development. 7(2). pp.147-163.
Sweetow, S., 2016. Corporate video production: Beyond the board room (and OUT of the bored
room). Focal Press.
ONLINE
Advantages and Disadvantages of Zero Hour Contracts. 2015 [Online] Available
Through:<https://www.capify.co.uk/advantages-disadvantages-zero-hour-contracts/>
New report values UK events industry at £39.1bn. 2018 [Online] Available
Through:<https://www.hbaa.org.uk/content/new-report-values-uk-events-industry-
%C2%A3391bn>
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