Business Practice Explored

Business Practice Explored
BSS005-1

Table of Contents
MAIN BODY...................................................................................................................................3
Marketing mix..............................................................................................................................3
Human resource requirements ....................................................................................................5
Costs of running the event...........................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Business practice refers to the tactic or conduct of business to attain the business objectives. This
is the way or the manner in which practices are implemented or attempted in the most cost
effective way. Every organization has certain set and predetermined rules for business practice
which ensures that its employees are effective with their work and must abide by all the
applicable laws (Kingsnorth, 2019). This report covers the depth of understanding about the
Farewell Party Event which is been organized at the Metro Bar, Luton Campus in the University
of Bedfordshire. Report provides the good understanding about certain topics that include
marketing mix, required human resources and finance and the cost involved for the organizing
this event.
MAIN BODY
Marketing mix
Marketing mix is a tool used to develop an effective marketing campaign. Marketing is
an improve the functional activity that support the organisation to cherish the overall operations
of organisation. IT involve product, price, place, promotion and other such factors that company
needed to cope up with in against to cherish the busi9ess objectives.
Product: The event in Metro Bar is the main product here. The event is a farewell party of the
students who are pass out this year. The main attraction of the party is the key factor to attain the
farewell party (Key and Czaplewski, 2017). It includes all ancillary activities that occurs at party
and may be after party including the pre-event media days and event like contest happen in party
on website and social media, while the event day registration process, food and beverages, gifts
and giveaway are conducted at party. Post event parties and awards and recognition of the best
student of the year. To make it success events is focused on the groups are willing to pay the
price for this event.
Price: It is the most important component of marketing mix. It helps in determining how much
must be charged for the particular product or service so that the desired level of profit can be
achieved. For this there are several strategies that has been followed like cost-plus pricing,
competitive pricing and value based pricing. The price must be decided by taking into
consideration the strategy practices by other players in the same industry. Here we are planning
an event of farewell party where we have to decide upon per member charges. By looking at the