Festival Business Plan Assignment
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Added on 2020-11-23
Festival Business Plan Assignment
Added on 2020-11-23
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BUSINESS PLAN FORSUMMER FESTIVAL
Table of ContentsMAIN BODY...................................................................................................................................1Business Plan: Part 1........................................................................................................................1Nature of the business.................................................................................................................1Stating USP and explaining why business would have a competitive edge...............................1What type of formation is chosen for business and outlining business model...........................1Identifying existing competitors.................................................................................................1Using UK and local statistical data and assessing demand or market for your service..............2Business Plan: Part 2........................................................................................................................2Applying McCarthy’s 4Ps and relevant models..........................................................................2Explaining job roles assigned to employees...............................................................................3Discussing advantages & disadvantages of having Zero-hour contract workers and Agencystaff..............................................................................................................................................4Identifying customer target market and customer cohorts..........................................................5Business Plan: Part 3........................................................................................................................5How business could expand in the future and listing strategies..................................................5Financial Forecast.......................................................................................................................6REFERENCES................................................................................................................................8
MAIN BODYBusiness Plan: Part 1Outlining Business VentureNature of the businessReliable Events Ltd will be engaged in event planning business and would organisesummer festival held in UK. The business would be able to provide higher amount of satisfactionto the people as they like summer festival a lot. This will enhance profits for the business andwill be able to establish a place in UK market.Stating USP and explaining why business would have a competitive edgeUSP of organisation is offering unique quality of event entertainment that the eventindustry has to offer to attendees in the summer festival. Reliable Events Ltd will organise eventsin a better manner by adhering artists' needs with much professionalism (Laakkonen, 2017). Thebusiness would have a competitive advantage as it will be able to provide effective summerfestival which will offer customers with quality entertainment and that too at affordable prices inthe best manner possible. Business TypeWhat type of formation is chosen for business and outlining business modelThere are various business formation such as partnership, company, sole proprietorshipand many others. Business will choose company formation as it has many advantages. This isevident from the fact that company is an artificial person which cannot die. Moreover, largeamount of funds can be gathered by arranging from borrowings, raising money from shares,venture capital etc. Thus, direct sales business model will be applied as direct tickets will be soldto customers (Piazza and et.al., 2018).ResearchIdentifying existing competitorsThe competition is fierce as event planning companies are AOK events, AshfieldMeetings & Events, Banks Sadler and many more competitors leading to have immensecompetition in the industry.1
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