Feasibility Analysis and Event Planning

This document provides an introduction to corporate events and event planning. It discusses the wide range of corporate focused events, differentiation between leisure and corporate events, criteria for identifying potential audience for a new corporate event, and elements of feasibility study for a corporate event.

Feasibility Analysis
and Event Planning

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
Wide range of corporate focused events................................................................................1
Differentiation and contracts among leisure to that of corporate events................................3
LO 2.................................................................................................................................................4
Review of distinct forms of corporate events and assessment about how they fulfil diverse
strategic focus along with goals.............................................................................................4
LO 3.................................................................................................................................................5
Different criteria for identifying potential audience for new corporate event........................5
Elements of feasibility study for corporate event...................................................................6
LO 4.................................................................................................................................................7
A plan for corporate event along with application of planning as well as promotional
principles................................................................................................................................7
Evaluation of process taken to plan and promote corporate event.........................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Event is characterised as planned along with organised occasion for purpose of education,
reunion, celebration or marketing. Corporate event is termed to gathering of people in large
numbers and is organised by owners of any business. For arranging an event, various project
management techniques or tactics are applied to promote the event at large business level. These
are generally arranged for celebration purposes or launching of product in order to gain goals
effectively (Austin and Pinkleton, 2015). The report is produced by considering Story Events Ltd
which is corporate event planner and management organisation in London, UK (Story Events
Ltd, 2020). It was established in 2013 for the purpose of offering excellent services and is
passionate for its workings with storing twists. It organises events that ranges from summer
parties, graduation balls, product launch, birthday parties and many more by ensuring conception
to delivery. The report includes different kinds of corporate focused events, differentiation
between leisure events and corporate events and criteria for recognising potential audience for
some new event. Moreover, it highlight about essential elements of feasibility study and
evaluation of steps to plan and promote an event.
LO 1
Wide range of corporate focused events
Event in which mass population gathers at one set locations in order to celebrate, reunion
or other aspects are defined as corporate events. Stakeholders, board members, staff members
and prospective customers have huge role in corporate events. These engross set of functions
addition to tasks that are concerned with values as well as formal security that are arranged by
professional work groups or some other institution (Corporate events, 2017). Certain numbers of
corporate based events that are organised by Story Events Ltd are determined below:
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Figure 1. Types of corporate event. 2020
(Source: Types of corporate event. 2020)
Conferences and seminars: This type of event are generally organised for shorter
durations and hold target to meet large audiences needs as well as provide relevant information
to all participants. This event includes multiple sessions and wide number of speakers that
indulge all participants in same space. The objective to organise the event by Story Events Ltd is
for organisations plan as well as holding meetings with audiences for some durations.
Exhibitions: Being exhibition organiser, major focus is towards the ways to show looks as
well as treat exhibitors properly and provide effective guest experiences. These are the events in
which organisational products are presented and displayed to mass population. Such kind of
corporate events are attended by various associations and general public so to lead generating
actions. Managers of Story Events Ltd thinks that they design experiential exhibitions despite of
a particular event. For this, they approaches towards ensuring that best visitor engagement along
with exhibitor investment returns are delivered to all.
Business dinners: Another corporate event is business dinners in which dinner is
organised for business partners and colleagues of companies. The objective of organising
business dinners by Story Events Ltd is to rewards staff and entertains clients and business
partners. Along with this, the event has varieties from seasonal marquees to contemporary
building having roof top terraces. It is one of most exciting corporate event that the company has
organised till yet.
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Product and press event launch: Event management companies love to organise this
event type as it grabs attention of wide population from different areas of places across globe.
Launch events are organised in order to generate media coverage addition to industry buzz
preceding release of a product. Moreover, this is common event for business to consumer
organisations. In case with Story Events Ltd, it arrange product launch event through
entertaining along with engaging potential audiences with main purpose of product selling. It
takes care of launch event for other companies through emphasising on building relations with
prospective clients.
Differentiation and contracts among leisure to that of corporate events
Global event industry includes various types of events that are segmented as per revenue
sources, regions, types along with age groups. It is seen that Story Events Ltd operates in event
industry in which they organises leisure and corporate related events. The comparisons among
both are as outlined:
Definition: Corporate events are defined as the commercial and charitable activities which
are arranged for purpose on meeting business related functions (Das, 2017). In contrary, Leisure
events are defined to those happenings that involve arrangements for recreation, fun,
entertainment and so on for spending their times away from businesses world.
Purpose: The purpose behind corporate event is to create opportunities for inspiring new
customers, impressing potential partners, creating emerging leads and sharing overall impression
via social media or other communication mechanisms. Leisure events are arranged with the
purpose of attracting customers, offering distinct entertainment packages together with
entertaining facilities, improving wellbeing of society members and influencing them to spend
valuables together with quality time with family members or loved ones.
Promotions: Managers of Story Events Ltd promotes corporate event with the help of
effective invitations, amazing hand-outs, relationship marketing and attractive websites. In case
with leisure events, Story Events Ltd promotes them via event application, generating buzz about
the event, social media marketing, word of mouth and delivering information through e-mails to
wide audiences (Derman and Whiteford, 2019).
Planning: A company plans corporate event through following procedures related to
conceptualising big ideas, devising preliminary budget, views location, makes appointment with
vendors, establishes menu and other sets other requirements, creates invitations, delivers them to
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mass population, prepares to do list, properly checks all arrangement and conducts corporate
event (Epstein and Jackson, 2016). Event institutions plans leisure events after understanding
choices of targeted population, defines format, selects location and platforms, outline date and
time, promotion, developing PR strategy, arranges the event and evaluates it.
The similarity between leisure to that of corporate event is that both are organised by
Story Events Ltd as per the preferences of other businesses. Moreover, these events are arranged
with the aim of creating curiosity for taking part in them among prospective people (Hetterich
and Et. Al., 2016). Both the events benefit an organisation by delivering effective experiences
and making more margins of profit.
LO 2
Review of distinct forms of corporate events and assessment about how they fulfil diverse
strategic focus along with goals
The aim behind organising distinct kinds of corporate event is to share determined
objectives with key people and also helping in attaining them effectively. An event planning firm
arranges and executes diverse corporate events in order to fulfil strategic emphasis together with
goals. In context Story Events Ltd, review of various corporate events organised by it that
assisted in attainment of all objectives and strategic focuses are below:
Conferences and seminars: The event is organised with objective of generating attention
of large audiences and holding meetings for longer durations. Story Events Ltd organise
conferences for telling brand story as well as enduring that a key message is delivered in creative
manner to audiences. The event is arranged by Story Events for sharing the brand story with its
audience that impacts positively on the business as the story is told in creative manner that
strengthens interest of each person for the business. However, it is evaluated that organising the
event requires huge investment in form of resources and efforts that impacts negatively on
objectives related to profits. For this, the company works in forward thinking concept for
providing delegates with effective experience which are forefront of industry.
Exhibitions: The objective of Story Events Ltd behind organising exhibition event is to
increase sales through presenting products in attractive and unique manner. To accomplish the
identified objective, sales representatives arranges proper facilities and managers ensures to
deliver detaining information about the advantages that will be experienced by customers after
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buying and using particular product. It is evaluated that the event helps Story Events Ltd in
displaying the products in systematic manner that positive impacts the business in attaining the
recognised strategic objective related with increasing sales demand in current and future
duration. In contrary, exhibition is a large event and conducting each practice for organising it is
time consuming process that creates hurdles in attaining objectives.
Summer parties: The event is organised with the objective of entertaining employees and
clients in order to motivate their productivity and efficiency to work and contribute in business
goal achievement. This helps manager of Story Events Ltd in attaining its strategic focus of
encouraging manpower to work harder and show productive results. As per the past records of
Story Events Ltd, it is evaluated that variety of games is conducted that includes welly ranging to
festival worthy band, colourful lighting and so on that impacts positively in attaining objectives
to make employee happy. However, there are some employees that are unable to attend the event
because of personal reasons which impacts negatively on organisational objectives to motivate
them.
Business dinners: The event is organised with the objective of rewarding employees as
well as entertaining business partners. Managers of Story Events Ltd achieve the objective
through organising the event at large level and ensure that all the invited participants attend the
event. It has been evaluated that business dinners is the event that entertains people with various
activities resulting in positive impacts on image of business. Moreover, various other
achievements inform of monetary and non monetary rewards are given to staff members at this
event that encourages all to meet efficiency and attain targeted revenue.
With mentioned events and their objectives, managers of Story Events Ltd can gain
success in fulfilling diverse strategies objectives and focus in coming period.
LO 3
Different criteria for identifying potential audience for new corporate event
In the competing scenario, Story Events Ltd team has achieved the chance to organise a
new event that is trade fair for a local firm that is Bakers and Juicers. The small company has
planned to expand it on large scale for enlarging profit holding potentials, huge customer base,
reinforcing image as leader in the area. For this aspect, Story Events Ltd will get its team
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involved in advertising, promotion, sponsorship rates for boosting spaces and speaking
opportunities.
The event will be based on present and displaying bakery products of the small company.
The event planning company has huge responsibilities to conduct the new event in successful
and effective aspects. For this, the main is to set criteria through which they will identify
potential audiences for the trade fair (Kurbel, 2016). This will help Bakers and Juicers in
establishing image in the market which will aid in enhancing overall profits with sales.
Following are the criteria with the help of which Story Events Ltd will be able to identify
suitable audience for trade fair:
Income as well as powers of purchasing: It is another criterion that will be considered by
Story Events Ltd players to identify potential audience for the event of trade fair for Bakers and
Juicers. It is because the products offered by the small business are generally expensive. Through
this criterion, the company will ascertain abilities of the audiences to buy the healthy yet
expensive bakery products. Considering the both aspects, population who are ready to spend
their income on offerings by Bakers and Juicers will be considered as right audience for the trade
fair.
Capacity and size: It is also a criteria that is required to be considered by managers of
Story Events Ltd while recognising potential audience for the event. In this criteria, the main
focus will be made on the capacity of population and size of place where the event will be
organised. For example, if the event is organised for huge potential audience then it is necessary
to organise it at large capacity hall and mass size area.
Interest in organisational items: This is the one criterion through which administrators of
Story Events Ltd will identify its audiences for new event. In this, the team of the company will
use social media platform and artificial intelligence for understanding behaviours of mass
population for buying juices and confectionary commodities. Through this, the event planner will
recognise effective audience and tapping those people who have keen interest in eating healthy
bakery products and drinking organic juices which will be provided by Bakers and Juicers.
Addition to this, the people that will likely to stay connected with the small business will only
identified for the new event (Lichfield, Kettle and Whitbread, 2016).
From the above information, it is evaluated that there are many factors or criteria that are
required to be considered by an event planning company while identifying potential audience.
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When they meet the criteria they gain success in attracting large audience. However, it is also
evaluated that when managers of Story Events Ltd fails in considering important criteria then it
impacts negatively in identifying effective audiences for the event.
Elements of feasibility study for corporate event
Success of the corporate event is generally dependent on feasibility study (Mahulea,
Kloetzer and Gonzalez, 2020). It is expressed as an evaluation of practicality related to some
proposed system addition to project. It plays important role in determining viability of particular
idea and associated risks within it. With the help of this element, Story Events Ltd administrators
will be able to identify risks related with the proposed event. Basic elements related with
feasibility study for proposed corporate event by Story Events Ltd are as examined:
Availability of resources: Resource availability is key element in feasibility study as
resources plays essential role in conducting entire feasibility study for gaining success. In case
with Story Events Ltd, managers are required to ensure that they have required resources
available on time and must be used effectively in the entire study for organising event.
Funding feasibility: In this, assessment is done for available financial resources with
event planning company for the purpose of arranging and managing new corporate event as per
clients expectations. In case with Story Events Ltd, the managers will take a look towards current
funds available to organise, run and manage trade fair according to requirements of Bakers and
Juicers. For the purpose of effectively achieving suitable results of the event it is necessary to set
proper budget for managing expenses and eliminating unproductive costs. Moreover, it will also
aids in reducing risks associated with the event so that the end results are satisfactory (Martin
and Et. Al., 2016).
Resource feasibility: Another element of feasibility study wherein focus of the event
planner are towards analysing availability of required resources in desired aspects for organising
upcoming event without any hurdles. Herein, Story Events Ltd team managers make certain
aspects about availability of resources such as tools, manpower, materials, technology and tactics
for conducting practices to organise trade fair for Bakers and Juicers so that all the objectives are
met on time.
Economic and technical elements: Feasibility study is done through considering the
economic and technical elements that can influence the activities and success of event. In
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ciontext to Story Events Ltd, it is necessary to identify economic factors and technological
factors to achieve effective results of the study for the event.
For Story Events Ltd, it is essential to demeanour proper feasibility study in order to
assess existing workings and evaluating them effectively to determine operations that will
provide a path for success of new corporate event. Moreover, feasibility study will help in
analysing circumstances or emerging situations so that effective strategies are set for eliminating
issues for the event.
LO 4
A plan for corporate event along with application of planning as well as promotional principles
Story Events Ltd is planning for an event which is trade fair for Bakers and Juicers to
present and display its organic and healthy items. For this, a plan is devised by the event planner
which will be taken as blueprint for executing further activities systematically (Oliver and
Lauermann, 2017). The plan for trade fair is underneath:
Setting goals along with conceptualising theme: Herein, goals for the event are set and
themes are also conceptualised with discussion with entire team and Client Company. In case
with Story Events Ltd, the stage includes setting objective for event of Bakers and Juicers.
Further, theme for the event is also conceptualise with discussion to the small business.
Planning financial resources: Hereby, Story Events Ltd plans budget for upcoming event
and also focuses on the principles related with planning. The set budget for trade fair for Bakers
and Juicers is around £ 180000 for the trade fair. Principles of planning that the Story Events Ltd
will adhere include Principle of time, Principle of information and Principle of balance. Principle
of time that says that all the planned practices will be carry out on determined time (Raj, Walters
and Rashid, 2017). Principle of information states that it is important to share all the information
with Client Company that is set in planning the event. Through principle of balance, all the
operations and activities are implemented by Story Events Ltd in balance to others for the event.
Understanding audience: In this stage, all the needs and choices of market audiences are
recognised and accordingly suitable segments ate targeted by Story Events Ltd for trade fair. In
this stage, all the essential requirements, decision making procedures and other aspects are
studied my marketers to know each and every detail about targeted audiences.
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Making appointments and promotions: At the phase, team of Story Events Ltd makes
appointment with different vendors and chooses suitable venue for the purpose of organising
meetings along with discussion for introducing the event. Along with this, all the marketing
related activities, strategies, tactics and techniques are set for promoting an event. Few of the
principles of promotion which Story Events Ltd marketers will follow are principle of impartial,
principle of uniformity and principle of great responsibility. As per principle of impartial, all the
promotional activities are required to be implemented in impartial manner for promoting the
event across the nation. Principle of uniformity outlines c-about the ways to set distributing
promotional chances with uniformity (Seraphin, 2018). Principle of greater responsibility defines
the tasks must be executed by company in responsible manner for delivering accurate
information in market.
Risk management along with backup plan: In this phase, all the related risks are
recognised and managed effectively through setting mitigation actions. Addition to this, Story
Events Ltd also devises a backup plan for dealing with uncertain situation. With the backup plan,
the company is able to move towards goal attainment in case if the actual plan fails. All
companies set a backup plan to achieve objectives.
Evaluation of process taken to plan and promote corporate event
In an event, various processes are devised for planning and promotional purposes.
Moreover, organisational managers also evaluate them time to time as per pertaining or emerging
situations. For this, administrators of Story Events Ltd evaluate set planning and promotional
processes for trade fair which are below:
Planning and promotion processes
The process that is set to plan and promote the event of Story Events Ltd which is trade
fair for Bakers and Juicers is evaluated below:
Setting objectives: Herein, top management team of Story Events Ltd evaluates
situations for framing goals for new event. This benefits in making proposal for stakeholders and
sharing confidential information with internal organisational team. However, this stage requires
huge resources and involvement of top management (Tyson, Jordan and Truly, 2016).
Discussion with client: Hereby, marketers of Story Events Ltd promote the event with
proper discussion with probable client. This benefits in gaining more views and ideas to promote
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event in accordance with clients which will make them happier. However, this involves more
time and resources that adds additional expenses too.
Understanding audiences: The next planning and promotional step is knowing audiences
through communicating them, analysing their needs and sharing information through word of
mouth about the event. It helps Story Events Ltd in gaining perceptions of audiences and making
changes in the event. However, it fails to provide required outcomes for audience preferences
(Veal and Burton, 2015).
Devising plan: Outlining the plan is most crucial working in planning stage as it draft of
plan act as blueprint that is followed by organisational people in entire process to achieve results.
In this phase, Story Events Ltd administrators devise outline plan for gaining information about
all resources that will be used in conducting the event. In contrary, this involves leaking of
information that can create hurdles in workings.
Detailed planning: Planning in detail covers about the actions that are to be taken art what
duration and how the actions will help in meeting success. Hereby, detailed planning is done by
Story Events Ltd managers that help in analysing additional requirements in operations, budgets
and other aspects. It is evaluated that the stage involves huge numbers of risks that create issues
in further processing.
Leveraging strategies: In this phase, all the promotional strategies are leverage and
implemented by Story Events Ltd marketers to promote trade fair event. This benefits in
improving awareness for event within large market audience and making relationships also. But,
huge investments are made by the company that reduces profits.
Implementation actions: The stage benefits Story Events Ltd team members to focus on
executing actions as per determined ways for achieving objectives. At same time, this stage
involves changing in the plan that creates confusions and hurdles.
Evaluating results: At this stage, all the workings or standards set in planning and
promotions are evaluated with the actual performances so that real situations about attainment pf
profits are analysed by Story Events Ltd managers. The stage benefits the managers in
recognising the loopholes and complexities that are faced in achieving workings so that they can
eliminate them in next event. At same time, the stage generally de motivates people as if
effective results are not evaluated then it hampers productivity of human resources to work in
other events.
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As per mentioned planning process, it is evaluated that positive results are achieved by Story
Events Ltd managers when all the activities are effectively implemented according to planning
criteria. Along with this, managers build effective relations with multiple people in the planning
process that strengthens its position in event planning market. However, it is also evaluated that
it is quite impossible for managers of Story Events Ltd managers to consider all the aspects while
implementing planning procedures as dynamic situation force them to make changes in the plan
that influences the efforts drastically.
CONCLUSION
As per above report it has been concluded that various attempts and actions are taken to
manage corporate event for achieving success. The event that is sponsored by an organisation for
its potential clients, current employees and targeted customers is said to corporate event.
Seminars and conferences, exhibitions, summer parties and many more are corporate based
events. Leisure events are arranged for fun and recreational purposes while corporate events are
organised to meet business objectives. Main criteria used in selecting audience for the event
includes are interest organisational offering along with income and purchasing ability to
recognise potential population for an event. Major elements related with feasibility study engross
funding feasibility and resource feasibility. The process of planning and promotion of the event
assist organisation to effectively set upcoming activities and ways to market the event so that
large audiences takes part in it.
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