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Pricing Strategy for Event Management

   

Added on  2020-01-06

8 Pages2296 Words24 Views
Digital Media and Video Games
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Financial decision making for creative events and projects1
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Table of ContentsINTRODUCTION ...............................................................................................................................3DESCRIPTION OF THE EVENT.......................................................................................................3COMMERCIAL VIABILITY OF THE EVENT.................................................................................3DETAILES OF THE VENUE AND FACILITIES OFFERED............................................................4EVENT BUDGET................................................................................................................................4SOURCE OF FINANCE......................................................................................................................5DESCRIPTION OF ALL THE RELEVANT INCOME STREAMS...................................................5DIFFERENT PRICING STRATEGIES ..............................................................................................6CONCLUSION....................................................................................................................................6References............................................................................................................................................72
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INTRODUCTION Event management is regarded as the process of making plan and managing an event,activity or project. There are different types of events like press conferences, trade shows,promotional events, charity functions, board meetings, consumer appreciation parties, seminars,product launches, award ceremonies etc (Allen and et.al., 2012). Financial decision-making is theprocess of collecting required quantity of funds and generate revenues to maintain properavailability of funds to organize an event. Wonderland event is an event marketing agency ofLondon which organize, launch, elevate brands across the world. In the present times, all of theorganization launch new and innovative products and services to grab larger market share andincrease competitive strength (Supovitz, 2013). Thus, the present assignment will address thefinancial decision-making for organizing an event for new product launch. DESCRIPTION OF THE EVENTLooking at the competitive market era, it is essential for the organizations to productinnovative products and services to meet customer demand. It also enable firms to competeeffectively with the rivalry organizations. Product launch and brand activations refers to providingplatform and ideas which helps corporations to showcase their new products. It assist firms to boosttheir sales and thereby maximize profitability (Stadler, Fullagar and Reid, 2014). By launchingproduct effectively in the market, companies can determine its survival. Thus, the present reportfocuses on launching a party to bring excitement in the consumers about new product and services.It plays a crucial role in the market introduction of the new product by covering greater mediacoverage. Perfectly presenting the new product will assist organization to build a stronger positionin the market and enhance competitive ability to a major extent. A well executive product launchattract attention of high level of consumers and create a strong impression in their mind (Allen andet.al., 2012). COMMERCIAL VIABILITY OF THE EVENTProduct launch event is of great significance which assure future survival of the businessorganization. It is an essential component of the organization's marketing mix. It providesinformation to the public about upcoming products, services, prices, availability etc. It's viabilitycan be seen in terms of attracting consumer attention, maximizing revenue, business yield, companybrand reputation and develop new relationships (Eisen and et.al., 2012). Larger the customer baseacross globe provide assistance to the firms to increase their potential turnover and profitability. Asa result, business enterprise will be able to compete effectively with the rivalry organization and3
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