Event Planning: Marketing Strategy, HR Requirements, Financial Details

This document provides insights into event planning, including the marketing strategy, human resource requirements, and financial details. It covers topics such as the importance of planning, marketing mix elements, HR requirements, and cost estimation.

Event Planning

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing strategy ..........................................................................................................................2
Human Resource Requirements.......................................................................................................4
Financial Details..............................................................................................................................6
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Event planning can be referred to as the procedure which encompasses management of
various projects such as meetings, conferences, conventions, trade shows and parties. The
primary significance of this is that it provides assistance in ascertainment of those elements
which contribute to successful execution of an event (Ding and et. al., 2019). Event planning
encompass several key activities such as stipulation of financial budget and timeline, selection of
an appropriate location, receipt of permits, menu planning, arrangement of technological
resources, security & safety measures and many more. The event planning is done in a manner
such that the interest of stakeholders are taken into due consideration and met with the overall
execution of project.
The present report is based on the planning done to execute an event in the campus at the
location of Metro Bar and Kitchen. The event which is being conducted is Technical Skills
Development Workshop. The report consists of marketing strategy adopted to spread awareness
of the event. Also, it includes ascertainment of HR requirement for doing pre and post event
practices. Lastly, it constitutes formulation of financial budget to determine the cost needed to
run the event together with calculation of Break Even Point.
MAIN BODY
Planning is regarded to be a crucial element for any activity or task to take place in an
effectual manner within the predefined course of time. This process encompasses several
components which are of intrinsic and extrinsic nature and are regarded to place influence over
any activity. In this relation, planning holds immense significance within event sector also for the
purpose of event management and execution. Event sector is a rapidly evolving industry which
comes up with new technologies at rapid intervals of time (Ding, L. and et. al., 2019). These
technologies and measures need to be duly taken into account in order to stay aligned with
industry and customers' needs. Event planning inflates the scope of successful formulation of an
event. In the present report, event is being organised at Metro Bar and Kitchen. The activities
which would be part of this event would aim at development of skills of individuals. This event
would provide assistance to the students in college in enhancing their existing level of technical
skills and becoming competent for the outer world after the tenure of college. With the help of
this event, students would find it easier to handle as well as use technical equipments and
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software. This would aid them in utilizing this knowledge and practically applying the same in
future course of time while pursuing career in any of the corporate sectors. The workshop will
provide all the information associated with technical features, usage, demerits, merits and scope
of different types of software. The venue whereby the event would be held is Metro Bar. This is
located in the premises of University and contains the space to accommodate a capacity of over
200 students at one point of time. This location is thus selected looking upon 2 reasons, namely,
easy reach among the students and the large scale capacity to hold students.
Further, there are several other kinds of benefits that are linked to the selection of this
site. The most important one is that management of food and beverages can be easily done
hereby. In order to ensure the successful execution of event, it is important to carefully and
effectively execute the initial planning process (Zacks, 2020). The most crucial aspects upon
which the initial planning would lay emphasis are regarded to be marketing, human resources
and financial planning. In this relation, marketing consists of analysis and ascertainment of
effective strategies through which awareness can be created within a large base of audience and
thereby they can be influenced to give their participation in the event along with its word of
mouth publicity. This is of utmost significance as this activity will provide assistance in earning
money more than the Break even point of this event. Besides marketing, human resource
requirement determination is also an important part of planning for this event. In this regard,
individuals are needed for carrying out pre and post event activities. At the end, financial
planning is required for ascertainment of amount related to organising the event. Also, it
encompasses decision regarding the sources from which funds would be procured so as to ensure
that adequate fund is allocated to each activity related to the event.
Marketing strategy
This constitutes the initiatives or measures taken up in a bid to execute the marketing and
promotional activities of the event. Marketing strategy for creation of awareness of the event is
devised by making use of marketing mix (Chirieleison, Montrone and Scrucca, 2020). This is a
comprehensive framework consisting of 7 elements which collaboratively provide aid to a party
in effectively marketing an event. In this regard, the marketing strategy for the event named
Technical Skills Development Workshop is presented with the help of elements of marketing
mix (7 P's) as follows:-
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Product or Service: Event is about workshop conducted to disburse technical aptitude to
individuals studying within the university. For the purpose of this event, experts are welcomed
from the market that have extraordinary information in regards to advancements and
programming alongside their scope at marketplace. The various viewpoints in regard to which
information is given incorporates their highlights, use, application, extension and advantages.
This effectively contributes in inflating the existing level of technical skills possessed by
students.
Price: It constitutes the sum charged for participating in or attending the workshop. For
this purpose, low charge is taken from students studying within the respective university (Ejaz,
Sajid and Waqas, 2019). The sum that would be taken for their entrance would be £250. This
would incorporate everything where refreshments and nourishment would be given to students in
order to ensure that they attend the event for a long period of time.
Place: It is the site whereby the occasion would take place. The spot picked in this
relation is Metro Bar and Kitchen prevailing within the campus of university (Zorn and
Shamseldin, 2015). This is regarded to be one of the most effective settings within the confines
of University. This would provide assistance to the students in easily reaching the campus
without any type of additional expenditure or challenge. Likewise, this spot is well prepared
where course of action in regard to nourishment and drinks is taken along with stipulation of
capacity equivalent to more than 200 individuals.
Promotion: This element is concerned with the application of promotions tools and
techniques with a view to create awareness among people regarding the event. In this relation,
the methods which would be taken into use for the purpose of promoting the respective skill
development workshop would include placement of ads over college notice boards (Henness and
Ball, 2019). Also, the promotion for this event would be done by way of oral announcements in
the classrooms. In addition to this, pamphlets would be distributed in order to gain the attention
of large number of students at one point of time. By creating awareness among people, the event
would be able to meet its goals or even exceed the BEP.
People: This element of marketing mix is related to the number of persons who would be
required for the purpose of completing the event activities (Preuss, 2015). The personnel who
would be engaged in event management and organization would be provided with proper
knowledge regarding the proper manner to execute the activities associated with Technical Skills
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Development Workshop. This would provide an opportunity to earn huge income by way of
execution of this event within confines of Metro Bar in the University campus.
Process: This element is concerned with the procedure aimed at effective execution and
management of event activities within the campus of University (Getz and Page, 2016). The
event execution process encompasses stages such as planning, organising, monitoring,
controlling etc. All of these together provide assistance in ensuring timely and successful
implementation of the event as per the requirements. When all the stages take place effectively
and efficiently, it implies receipts of event exceeding Break Even Point.
Human Resource Requirements
This aspect is associated with determination of HR needed for the purpose of effective
formulation of the event. This is considered as the core foundation upon which conduction of
different types of event activities is based (Müller, 2015). A number of arrangements have to be
made to make the event successful. Such arrangements consist of nourishment and refreshments,
seating planning, invitation to technical experts, arrangement of podiums and other such
arrangement. The various types of HR requirements associated with execution of event at Metro
Bar and Kitchen are provided below:-
Marketing team
It is highly essential for the company to develop separate team for event company so that
they can aware maximum people about their program and enhance footfall towards it in effective
manner (Matthews, 2015). The customers for this company are students who will be attending
meeting for reaching BEP point. Various number of individual who will be attending meeting in
the respective is described as below effectively. It is stated below in the tabular form:
Personnel Roles and responsibilities
1 Determination of several kinds of promotion
1 Work associated with the promotion
1 Analysis of their last impact and develop final strategies
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Here, there will be requirement of 3 members as per the requirement of event. All of
them will perform their work with hard work. All the promotional activities of event will be
executed pre event.
Human Resource Team
Here, human resource team of the company will emphasise on selecting higher number of
individuals especially professional. The main responsibilities that will be performed by personal
are described as below:
Personnel Roles and responsibilities
1 Hiring of candidates and professional
1 Work associated with preparation of salary and wages
In this department, there will be requirement of 2 people. Here, one will perform the
work of hiring professionals on the other hand; another will handle the work of developing
salary.
Finance team
Finance team is mainly working for allocating available resources in all respective
departments effectively. Roles and responsibilities performed by this respective department is
stated as below:
Personnel Roles and responsibilities
1 Identification of sources of fund
1 Preparation of budget and allocation of fund
1 Final settlement
This team specifically requires 3 candidates for executing several activities. In this, 2
people will execute work related to pre event activities (She, Tong and Chen, 2015). On the other
hand, remaining perform work associated to final settlement of work.
Operating team
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The respective team involves workforce who would manage as well as execute all the
functions associated with the event at Metro Bar and Kitchen. Individuals required for the event
along with their roles and responsibilities are described as below:
Personnel Roles and responsibilities
2 Developing stage
2 Supervision of all activities
2 Making effective sitting arrangement for 200 students
4 Refreshment distribution
4 Cleaning after end of event
Operating team includes 14 people in total who will manage overall functioning of the
event effectively. In this, 2 will set stage for event, another 2 will supervise or guide others in
effective execution of their work, the responsibility of other 2 is of making effective manageable
sitting arrangement for around 200 students. All of these activities belong to pre event
preparation. Apart from this, 4 among 14 will perform the work of distribution food to all
available people. This team ensures that all one have received snacks and other required
amenities. Besides this, remaining 4 people will perform the work of cleaning event place after
accomplishment of event in order to make it normal.
Financial Details
This is concerned with the data regarding cost required to execute the overall event. The
budget is presented below that help to determine the total amount of cost required to setup the
whole event successfully:-
Particulars Amount (£)
Direct cost
Direct Material
cost of card, ink, envelopes, cellophane, label 200
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Direct labour
Human resource 200
Operational 1500
Direct expense
royalty per card payable to freelance designer 250
Two Technical professionals 1000
Indirect cost
Indirect production costs (Overheads)
Metro Bar and Kitchen 2500
Food and Beverages
Starter 300
Drinks 200
Lunch 1500
Other indirect cost (Overhead)
Marketing 300
Finance 200
Cost sheet:
Particulars Amount
Variable costs:
Marketing 300
Finance 200
Starter 300
Drinks 200
Lunch 1500
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Total variable cost 2500
Fixed costs:
Cost of card, ink, envelopes, cellophane, label 200
Human resource 200
Operational 1500
Royalty per card payable to freelance designer 250
Two Technical professionals 1000
Metro Bar and Kitchen (rent) 2500
Total fixed cost 5650
From the above cost sheet it has been estimated that total variable and fixed cost for
conducting the event will be 2500 and 5650 pounds respectively. It has been decided that the
cost of one ticket of the event will be 75 pounds and the highest capacity of attendees is 200.
Calculation of per unit cost is as follows:
Variable cost per ticket:
= 2500/200
= 12.5
Fixed cost per ticket:
= 5650/200
= 28.25
The profit per ticket will be as follows:
Particulars Amount
Selling price 75
Less: Variable cost 12.5
Contribution 62.5
Less: Fixed cost 28.25
Profit 34.25
Calculation of BEP in Units (Tickets):
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Formula: Fixed cost/ contribution per unit
= 5650 / 62.5
= 90.4
In order to be at the situation where all the costs will be recovered by the organisation it
is very important to sale at least 90 tickets.
Calculation of BEP in Pounds (Amount):
Formula: Fixed cost / PV ratio
PV ratio: Contribution / Sales *100
= 62.5 / 75*100
= 83.33%
BEP = 5650 / 83.33%
= 6750
If BEP required to be achieved by the event organisers then they are recommended to
attain the revenues of 6750 pounds.
The total amount of money required to effectively setup the event will be around £7700
in accordance to the above budget. The major amount of expense is visible in venue, food and
beverage and hiring of professionals. So, it is the duty of one of the financial personnel regarding
ascertainment and identification of the sufficient amount of sources which funds can be raised
easily (Almgren, Alshahrani and Lee, 2015). The main major source from where funds can be
raised at initial level includes personal investment, loan from management and through the
management Metro Bar and Kitchen as sponsor of the event.
Total period that required for planning of an successful event will be 1 month. The
activities performed at different time duration within overall period of one month is understood
from the below provided Gantt chart.
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CONCLUSION
On the basis of above discussion, it can be said that planning is a crucial component in
relation to successful execution as well as formulation of an event. In addition to this, it is
inferred that event planning has to be done encompassing several aspects such as stipulation of
marketing strategy, determination of human resource requirements and financial analysis. With
the effective execution of all of these 3 activities, it becomes easier to implement an event as per
the pre defined requirements. In relation to marketing strategy, marketing mix serves to be an
effective framework. Human resources have to be allocated for different types of teams such as
HR, marketing, finance and operations. Apart from this, it is acknowledged that financial
analysis provides assistance in ascertainment of cost as well as allocation of funds to different
types of activities.
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REFERENCES
Books and Journals
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Event Planning Disasters.
Getz, D. and Page, S., 2016. Event studies: Theory, research and policy for planned events.
Routledge.
Matthews, D., 2015. Special event production: The resources. Routledge.
Müller, M., 2015. The mega-event syndrome: Why so much goes wrong in mega-event planning
and what to do about it. Journal of the American Planning Association. 81(1). pp.6-17.
Preuss, H., 2015. A framework for identifying the legacies of a mega sport event. Leisure
studies. 34(6). pp.643-664.
She, J., Tong, Y. and Chen, L., 2015, May. Utility-aware social event-participant planning.
In Proceedings of the 2015 ACM SIGMOD International Conference on Management of
Data(pp. 1629-1643). ACM.
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events for future planning. International Journal of Disaster Risk Reduction.13. pp.158-
166.
Henness, S.A. and Ball, A., 2019. Engaging Youth as Influencers in Leadership Event
Planning. Journal of Human Sciences and Extension, 7(1).
Ding, L. and et. al., 2019, June. Utility-Time Social Event Planning on EBSN. In 2019 20th
IEEE International Conference on Mobile Data Management (MDM)(pp. 182-190).
IEEE.
Ejaz, Z., Sajid, U.A. and Waqas, M.Z., 2019. Event planning and management system (Doctoral
dissertation, Department of Computer Science, COMSATS University Islamabad,
Lahore campus).
Chirieleison, C., Montrone, A. and Scrucca, L., 2020. Event sustainability and sustainable
transportation: a positive reciprocal influence. Journal of Sustainable Tourism, 28(2),
pp.240-262.
Zacks, J.M., 2020. Event perception and memory. Annual Review of Psychology, 71, pp.165-191.
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