Corporate Events Management: Types, Goals, and Feasibility

This document provides an overview of corporate events management, including the different types of events, their goals, and the importance of conducting a feasibility study. It also includes a step-by-step guide to developing a plan for a corporate event.

CORPORATE EVENTS
MANAGEMENT
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Contents
Learning Outcome 1........................................................................................................................3
Kinds of corporate event........................................................................................................3
Leisure event v/s corporate event...........................................................................................4
Learning outcome 2.........................................................................................................................4
Different types of corporate events and assess how they meet different strategic focus and
goals........................................................................................................................................4
Critical evaluation of success of corporate events in achieving goals...................................5
Learning outcome 3.........................................................................................................................5
Analysis of various criteria in order to identify potential audience for a new corporate event
................................................................................................................................................5
Key elements of a basic feasibility study for a corporate event.............................................6
Importance of feasibility study...............................................................................................7
Learning outcome 4.........................................................................................................................7
Develop a plan for a corporate event......................................................................................7
Evaluate the process taken for the planning and promotion of a corporate event..................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
A corporate event is defined as an any form of event, social or hospitality activity that is
funded or organized by a business association. The main reason of conducting such events is to
develop a new leads, launch a new product and services, promoting existing products, reward
employees and so on. It is determine that corporate events are conducted in a systematic manner
and involves proper planning in order to involve some factors such as formal meeting, brand
endorsement, staff addressing and so on (Ali, 2020). In the present report, Seven Events Ltd is
taken into consideration. The company mainly functioning in London, United Kingdom and is
specialized in conducting digital and live events that give high customer experience. The report
will going to cover different forms of corporate events along with difference with leisure events.
In addition to this, types of corporate events and how they meet with desired goals is covered in
the report. Moreover, a corporate event is plan by applying promotional principles and planning
in an effective manner. In the last, there is evaluation of process that is taken for planning as well
as promotion of corporate event.
Learning Outcome 1
Kinds of corporate event
Corporate events is consider as those events that take place formally and consist of set of
activities associated with professional work, institutions, industry and so on. There are various
forms of corporate events that is given below:
Exhibition: It is basically a public exhibition that is commonly attended by different
associations. In addition to this, these corporate events help an entity to enhance their brand
image within the market. In context to Seven Events London, it is analyzed that major role of
supervisory crew in such events is to install sponsorship rates with an objective to publicizing
corporate event effectively. Along with this, the company also offer stage service and
appropriate corner space so that staff members can easily implement or perform functions in a
best manner.
Sales meeting: It is basically a common meeting that is help within the premises on a
continuous basis. One of the main objective of such events is to consider every person that are
part of sales process in an effective manner. The person involved in such meetings are
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wholesales, employees, distributors, potential users, retailers and so on. With reference to Seven
Events London, its higher authorities conduct such kind of meetings that aid then to keep
innovative and fresh mind of staff members that directly leads to increase in productivity level in
an appropriate manner.
Leisure event v/s corporate event
It is determine that leisure events and corporate events are two main sort of events, which
take place in the industry. Both the events are different that is defined below:
Leisure event Corporate event
 It include events such as concerts,
recreational, entertainment, sports event
and many more.
 It mainly involve events such as
commercial events, charity based
events ads many more.
 The primary motive of conducting such
type of event is to give entertainment
service to large number of people
(Augustin and Subrahmanyam, 2020).
 The objective is promotion of
products, employee rewards,
facilities, charitable cause and so on.
 It is determine that Enthusiastic
candidates is being recruited for
developing leisure events in order to
retain audiences in an appropriate
manner.
 Herein, skilled, experienced and
potential candidates is recruited so
that they can implement every activity
in a professional and appropriate
manner.
Learning outcome 2
Different types of corporate events and assess how they meet different strategic focus and goals.
In an organisational context, it is analysed that there are different range of corporate events
that help in meeting with the objectives and strategic goals as well. In addition to this, organising
an event involves some advantages and help an entity to remain the competition level within the
market. the events are given below:
Seminars: Herein, a particular group is targeted by an entity with an objective to create
awareness about products as well as service and to provide relevant information to them. Such
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types of events is at small scale as differentiate to corporate meetings. In addition to this, it is
analysed that main motive of organising such events is to provide training & development
session to employees that increases skills and capabilities of providing service effectively at
marketplace.
Conference: Such events are conducted among the people of similar sector and consist
of professional activities that help in learning new things appropriately (Confente, 2019). One of
the motive of conducting such event is to gather more number of people at a single place in order
to share thoughts and ideas of each other that leads to one better solution for company.
Trade Shows or Exhibition: It consist of large gatherings and herein products and
service of particular company is exhibit with an aim to attract potential users, suppliers and to
develop good relationship with them. Organising of such events by a company help in with
meeting with other members belong from same sector. In addition to this, it also help in a
developing a good impression of brand towards customers that sometimes spread positive word
of mouth and enhance market reputation of company in an effective manner. Furthermore, it help
company to easily make comparison with other similar product and attain competitive advantage
in an effective manner.
Critical evaluation of success of corporate events in achieving goals
It is evaluated that there are different types of corporate events such as conferences,
exhibition and seminars conducted by companies with a motive to attain business objectives in
an effective manner. This help organisations to spread information about products and services
and attract large number of people towards brands. This will leads to increase in productivity as
well as profitability of companies and is consider as desired goals and objectives which is
achieved by organising corporate events.
Learning outcome 3
Analysis of various criteria in order to identify potential audience for a new corporate event
Seven Events London, grab a chance to organise an event for new restaurant that is
named as “ Foodie Flavour”. The restaurant is running business in the Porsche area of
London, United Kingdom (Henisz and McGlinch, 2019). At present, it function at a small
scale and is want to enhance their menu in order to make it attractive so that more number
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of people retain with it longer time period. It as a result help company to increase its profits
as well as revenue level in an effective manner.
The present event is associated with the establishment of unique products that can be
new drink or dishes in order to gain attention of large number of audience. For instance, if
gathering of effective implementation of activities, Seven Events London is needed to identify its
potential guest that is going to attend event. It is identify that in appropriate identification of right
audience may decline the overall image of entity and events is getting failure. So, it is significant
to set standards that is required to be undertaken by company in order to identify target audience
that is discuss below:
Income & purchasing power:
In order to choose potential audience, it is important for Seven Events London to identify
the buying power and income level of people so that things are arranged according to them. In
context to new launch of product by Foodies Flavour, the people who are freely spent their
money and consume quality is right and appropriate candidate for event that will help in
enhancing sales and profitability of Foodie Flavour.
Interest in drinks and Junk Food:
Another criteria that is required to be undertaken by Seven Events London to make event
successful is determining people who are interested in drinks and foods as well as it is beneficial
for Foodie Flavour. Using of artificial intelligence and focus on purchasing pattern and buying
behaviour is effectively determined in a proper manner (Kadiric and Korus, 2018). It will help in
identifying and tapping the audience that can remain longer with Foodies flavour after
consuming food and drinks develop by Foodie Flavour. Herein, people who are foodie and like
to consume different flavours of drink is targeted in an appropriate manner, which lead to raise in
sales of company and success of event organise by Seven Event London.
Key elements of a basic feasibility study for a corporate event
The key factors associated with the feasibility study for a corporate event is discuss below:
Time feasibility: It is significant to identify overall time that has to be taken for the
implementation of activities related with launching of new product. Herein, the main objective of
Seven Events London is to ensure that sufficient time is present for preparing, managing and
organising activity to event conducted for Foodies Flavours.
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Risk feasibility: Herein, it is important for event manager of to gain an in depth
knowledge about risk associated with corporate events associated with launching of new product
by Foodie Flavours. It is determine that there are various risk related with the implementation of
event such as damage of property, inappropriate development of activities, risk of injury,
unexpected circumstances and so on. For dealing with such risk, It is significant for Seven Event
London to develop a strategy that can be applied at the time occurrence of any issues.
Funding feasibility: It is determine that such risk is associated with the availability of
funds so that each and every activity is implemented in an effective manner or as per the Foodie
Flavours expectations. It is important for Seven Events London to prepare a budget by
considering all factors and activities that is going to be implement in launching of new product
(MOMENTE, 2020). By the assistance of sufficient funds, it is determine that higher authorities
of respective organisation implement activities in an appropriate and timely manner that leads to
attainment of profits and goals as well.
Staffing feasibility: It is determine that human resource plays vital role in
implementation of activities and attainment of higher growth and development as well. It is
important for Seven Events to focus on need of employees that are linked with organising of
corporate event of new product launch. In relation to Seven Events London, it is analysed that it
has effective and talented staff members that implement and perform all the functions in an
appropriate manner. In addition to this, the company also provide training session to all the staff
in order to raise their skills and capabilities of performing activities and fulfilling expectations of
its client in an appropriate manner.
Importance of feasibility study
One of the main motive of conducting feasibility study is to examine operational methods
& various substitute methods that is available in order to deal with any kind of risk. By the
assistance of this study, activities is implement in a timely and proper manner as it ensure
appropriate availability. The feasibility study conduct by Seven Events London help them to
organise event of Foodie Flavours in an appropriate manner and fulfil the expectations of them.
In addition to this, it help company to ensure skills and capabilities of its employees is enough
for execution of functions that will lead to success of event. Moreover, it also aid Seven Events
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London to timely complete the task and meet with the expectations of client in an effective
manner.
Learning outcome 4
Develop a plan for a corporate event
In the present context, Seven Events London is organising event Foodie Flavours and
herein, it is launching new product in the market. In order to implement this event, it is require
for event manager to develop a well-structured and effective plan that help in performing
activities in a proper manner and result out as a favourable outcome (Pacelli, 2019). It is
analysed one of the key essential factor for creating a plan is effective strategy and promotion as
well. It is important for event manager to consider all such factors as it help in making corporate
event success and also develop a brand image in market as well. Some of the factors that is
essential for developing a corporate event plan is given below:
Conceptualisation of theme:
One of the essential factor that is needed by the event manager is developing an attractive
theme for event that help in gaining eyes of people and develop positive mind set towards its
services. For the launching of new product, the theme that is decided by event manager is “Eat
and Repeat”. This theme signifies that come & consume different variety of food on continuous
basis. By the help of this, it is analysed that Foodie Flavours attract new customers towards new
offerings of restaurant and increase their level of customer base.
Set preliminary budget:
It is consider as another important factor, which help an entity to execute all the activities
in a proper manner. For this, it is important for Seven Events London to consider all activities
and finds associated with it so that there is availability of money at the time of implementation
(Pollach, 2018). One of the main objective of conducting event by company is to attract more
number of people and to create awareness about new product and offerings of Foodie Flavour in
market. It is analysed that the overall budget estimation of corporate events is 1500-2000 pounds.
Make appointments with owner of venue & vendors:
Herein, Seven Events London is entering in contact with other vendors in an effective
manner that will lead to development of good relations in market. It is important for company to
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conduct meeting with such vendors so that each and every condition is clear to them and there is
effective implementation of overall activities.
Identify right service for the potential guests:
It is important to determine appropriate set of service that is required to be given by the
Seven Events London to their guest in an effective manner. Providing of appropriate service will
help company to promote Foodie Flavours in an effective and best manner that will leads to raise
in sales and profit level of restaurant properly.
All the above principles are essential and is associated with promotion and planning that
is needed to be undertaken by Seven Events London in order to make event successful.
Principles for planning
 It is needed by Seven Events London event manager to ensure all activities is planned in
a systematic and appropriate manner.
 It is important for event manager to have knowledge about potential audiences so that it
can be targeted in a proper manner.
 It is significant for higher authorities of Seven Events London to analyse performance
and monitor activities in a proper manner so that it result out as a positive outcome.
Principle for promotion
 It is analysed that Seven Events London can make use of social media applications and
online resources for promotion of event.
 It is recommended to event manager that requirements of potential customers is fulfilled
as it help in gaining best results and make event successful as well (Ryan, 2020).
Evaluate the process taken for the planning and promotion of a corporate event
It is identify that promotion and planning are two significant factor for succession of
corporate event. It is determine that event managers of Seven Event London used promotional as
well as planning procedure with an aim to launch of new product of Foodie Flavours in a proper
manner.
Planning
In depth planning: It is termed as a procedure of effective planning in order to
implement event in a proper manner. Detailed & effective planning help in doing all activities of
event in a systematic manner. It help company to deal with issues in an effective manner that will
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directly leads to organising of event in a successful and accurate manner. In addition to this, it
will also help in enhancing sales and profitability of Foodie Flavours.
Data of the audience: This process is linked with the collection of knowledge about
guest of event. It is determine that if Seven Events London does not have knowledge about
audience so it enables to fulfil requirements and needs of guest.
Promotion
Strive for repeat business: It is consider as one of the main principle that is linked with
launching of new product event. Seven Events London is need to examine sales of Foodie
Flavour in order to identify their number of daily customers (Wu, 2020). It is determine that
collecting data for new and potential customers is essential but it is also significant to focus on
existing or old customer so that they can retain with them for longer time. The event managers
asked to Foodie Flavours to give some discounts in order to attract more number of customers
and enhance their level of loyal customers.
Adopt online resources: It is determine that for promotion of event, online tools and
applications plays vital role. Using of social media applications such as YouTube, Facebook,
Instagram to promote event help in reaching large number of audience within short span of time
(Yang and Yen, 2018). It is identify that millions of people using such application and promoting
about new launching product here has positive impact on sales as well as profitability of Foodie
Flavour.
CONCLUSION
From the above study, it has been concluded that there are various forms of corporate
event such as seminars, exhibitions, conferences, trade shows and many more. It is important foe
event manager to conduct feasibility study in order to develop alternative method and deal with
the situations that occur at any place of time. Moreover, it is significant to identify potential
audiences by considering factors such as buying behaviour, income level and so on. It has been
analysed that social media application is an effective tool of promoting event and gain success in
an appropriate manner.
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REFERENCES
Books and Journals
Ali, W., 2020. Role of Option Prices in Analyzing the Valuation Impact of Corporate
Events. Available at SSRN 3607326.
Augustin, P. and Subrahmanyam, M.G., 2020. Informed Options Trading Before Corporate
Events. Annual Review of Financial Economics, Forthcoming.
Bao, J., O’Hara, M. and Zhou, X.A., 2018. The Volcker Rule and corporate bond market making
in times of stress. Journal of Financial Economics, 130(1), pp.95-113.
Confente, I.,and et. al., 2019. Effects of data breaches from user-generated content: A corporate
reputation analysis. European Management Journal, 37(4), pp.492-504.
Dayanandan, A., Donker, H. and Nofsinger, J., 2018. Corporate goodness and profit
warnings. Review of Quantitative Finance and Accounting, 51(2), pp.553-573.
Graham, J.R., Kim, H., Li, S. and Qiu, J., 2019. Employee costs of corporate bankruptcy (No.
w25922). National Bureau of Economic Research.
Henisz, W.J. and McGlinch, J., 2019. ESG, Material Credit Events, and Credit Risk. Journal of
Applied Corporate Finance, 31(2), pp.105-117.
Kadiric, S. and Korus, A., 2018. Effects of Brexit on Corporate Yield Spreads: Evidence from
UK and Eurozone Corporate Bond Markets (No. disbei251). Universitätsbibliothek
Wuppertal, University Library.
Kolari, J.W., Pynnonen, S. and Tuncez, A.M., 2019. Further Evidence on Long-Run Abnormal
Returns after Corporate Events. Available at SSRN 3264757.
MOMENTE, F., 2020. Corporate Social Responsibility and the Market Reaction to Negative
Events: Evidence from Inadvertent and Fraudulent Restatement Announcements.
Pacelli, J., 2019. Corporate culture and analyst catering. Journal of Accounting and
Economics, 67(1), pp.120-143.
Pollach, I., 2018. Issue cycles in corporate sustainability reporting: A longitudinal
study. Environmental Communication, 12(2), pp.247-260.
Ryan, W.G., 2020. Managing International Events. Routledge.
Wu, W., 2020. Foreign versus Domestic Investors: Implications on Cross-sectional Returns and
Corporate Events.
Yang, H.T. and Yen, G.F., 2018. Consumer responses to corporate cause-related
marketing. European Journal of Marketing.
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