Event Planning: Marketing Strategy, HR Requirements, and Financial Planning

This report discusses event planning, including the marketing strategy, human resource requirements, and financial planning. It focuses on the organization of a fancy dress event in Metro Bar.

Event Planning

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing Strategy......................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Event Planning can be defined as the process of management of a project such as a
meeting, exhibition, ceremony, trade show, party, convention etc. The process includes
budgeting, selecting and reserving the sites for the event, acquiring permits, planning food and
coordinating transportation (Butz and et. al., 2019). The process begins with determination of the
project that the organisation aims to achieve. The event planners are involved in the process of
choosing the speakers, content and entertainment as well as organising the event so that the
information it wants to share with the guests is shared in an effective manner. The report
explains an event being organised in a Campus, the marketing strategy behind it, specific
requirements of the human resource and the financial details.
MAIN BODY
Marketing Strategy
A marketing strategy can be defined as an approach that is long term and involves
planning with the primary goal of achieving a competitive advantage by organisations against
their competitors. In simpler words, it can be defined as the way an organisation differentiates
itself from other players in the market in order to provide better service and value to its
customers (Coaffee, J. and Lee, P., 2016). On the other hand, marketing mix is a group or
collection of various actions that are user by an organisation to promote itself and its products
and services in the market. In context to the Campus, the event of fancy dress competition is
being organised at the Metro Bar. Thus, it is extremely important for it to plan and coordinate
various activities that will be a part of the event. The marketing mix for the same is described
below -
 Product – This is the item that is being sold in the market, delivers performance, fulfils
the customer needs and is of value for them. In context of the Fancy Dress Competition
that is being organised in the Campus at Metro Bar, the products include food and
beverages, music and dance floor, props etc. There are a lot of options available in food
and beverage category like various types of fruit juices, alcoholic and non-alcoholic
drinks. Food items like chips, sandwiches, crackers, popcorn etc. that will be offered to
the guests. The venue will also offer various kinds of games to entertain the guests.
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 Price – Price can be defined as the amount that is paid by the customers or the guests to
avail the different services and purchase the products that are offered by the organisation
and serves to be among the most important aspects for it as it contributes to the overall
profitability and sustainability of the same (Er and et. al., 2018). In context of the venue,
Metro bar, it will charge a moderate amount from the guests as through this, it will be
able to attract more number of guests and also boost its overall profitability against other
players within the campus.
 Place – Place can be defined as the point of sale. The main aim behind the place strategy
is to catch the attention of the customers and making the products of the company easily
available to them. In context to this report, the chosen place to conduct the event is Metro
Bar which is easily accessible to the students of the campus and also it will not take a lot
of time to avail the services. Metro Bar has a wide space and the guests will be able to
move around in the venue easily.
 Promotion – Promotion comprises of various activities such as advertising, promoting,
press reports etc. that are opted by organisations in order to reach out maximum number
of people possible and encourage them to purchase the product and avail services of the
respective organisation. Metro bar will promote its event through pamphlets, brochures,
and hoardings within the campus. Also, in order to attract a lot of guests special
discounted coupons will be distributed in the campus.
 People - This aspect is concerned with gathering the suitable people for the job who can
work up to their potential and make the event successful. People includes all the members
who will be involved in the event at Metro Bar directly as well as indirectly. This aspect
makes the role of every people clear that what is required by them to make the event go
according to the plan and how many people will be required to make it remember by
everyone. This aspect believes in quality over quantity which means that hiring more
people won't make it successful but hiring the right ones will make it a success (Thomson
and et. al., 2019).
 Positioning- It is necessary to position the event in the eyes of people by using a right
strategy so that they can attract large no of audience to the event. In order to do that they
need to market their event and put in more funds for that. More the no of people at the
event more they will be able to generate the income by the event. They need to target kids
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so as Metro bar is hosting the event of fancy dress competition (Nunkoo and et.al., 2018).
Only if they target the right and suitable audience they will be able to gather the amount
of audience which they are expecting.
 Physical Evidence- This aspect deals with where the event is taking place, what it is the
theme of it, how many people are invited to it all comes under this aspect. The fancy
dress event has one advantage that it has chosen the right place that is Metro Bar which is
already famous among people and to gain more popularity they have tied with the
manager to host the event. It is a suitable place for this type of event as it has a big stage,
facility for parking etc.
Human resource requirement
HR requirement help to fulfill a particular need it means specific skills and abilities that
an individual require to achieve their goals and objectives. Skills of an individual improve
effectiveness of organization and work towards achievement of goal. Human resource help in
smooth working of an organization(Getz and Page, 2016.) . Project manager of an event need to
prepare a list of Human resource requirement. Fancy dress competition is organized in metro bar
and for success of event manager need to prepare list of requirement and make all employees to
work according to requirement.
Supervisor
Supervisor selects workers with skills and interests that help in overall success of event in
metro bar. Supervisor need to put all energy in development of event and work towards
achievement goal.
Roles and responsibilities
Pre event activities
Guiding employees
Supervisor help to set guidelines to hire staff according to requirement of an event.
Supervisor need to hire employees with abilities to grow their business. Need to set team that
help in success of fancy event in metro bar. Supervisor need get employees who are able to
manage event and work according to requirement of event.
Setting incentives
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Supervisor need to set incentives or pay for every employee in an event on basis of their
jobs like need to pay for promotions. Promotion help develop presence of an event help to
engage people with an event. Supervisor pay employees on basis of their performance in
development of event.
Post event activities
After success of an event supervisor need to take proper care about cleaning of a place
where event is organized and need to maintain hygiene(Getz, 2018.) . Need to set duties of
employees to clean place of event. Need to collect all raw materials or equipment's that are not
used in event.
Catering
Project manager of fancy dress event need to meet catering manager to decide menu for
their event. Need to know expectations of their guests and their budget for event. Manager need
to organize food and beverage services that are provided to their customers or guests.
Role of catering manager
For fancy dress event in Metro bar catering manager need to supervise waiting staff in
event and consult with chefs about menu. Need to train staff motivate them for success of event.
Plan shifts for staff and ensure health and safety regulation in an event. Check quality of food,
and maintain budget for catering. Need to get required raw material and maintain stocks in
business. Manage issues between staff to ensure success of event.
Post event activities
Catering department need to take care about cleaning like manage wastage of in an event.
Each and every employees need maintain hygiene for an event. Due to large number of children's
are part of event which also increases wastage and catering department need to manage those
wastes.
Security department
Manager of security is one of the most challenging jobs. Security is required for overall
success of an event and to maintain positive environment in an event(Gursoy and et. al., 2017.).
Security department help in smooth working of an event.
Roles and responsibilities
Security manager of Fancy dress event in metro bar need to take care about success of an
event. Need to analyze risk and manage risk associated with event. Need to identify person
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responsible for risk. Security guard need to check each and every person in an event to maintain
security in an event and achieve overall effectiveness for an event. Manager need to prepare a
security plan for fancy dress event, like need to analyze exit gates and guests lists who are part of
an event. Control exit and entry in an event and respond to emergency when required.
Technical department
Technical department help in overall success of an event to achieve their goals and
objectives. Technical department help to analyze working of all machinery in an event. Event
performance largely depends on effectiveness of their technical department. Technical
department need to have skills to manage overall event success and make effective use of all
available technology for success of an event.
Role and responsibilities
Manager of technical department need to have ability of multitasking at a time. In context
of fancy dress event in Metro bar technical department need to check lighting in an event music
system(Jones, 2017.) . It any network issue arises in an event then they need to solve those
issues immediately. Replace or repair important parts for running of an event. Need to test all
technologies and support activities in an event. Safety check like electric wires and equipment.
Financial Department-
This department helps to cover the tracks of event which are related with the financial
aspect of the event. This department makes the budget of the event so that all the expenses can
be made under that and the income generated can be evaluated to figure out if the income made
profit or loss. Budget of the event is made according to the expected income through different
areas such as sales of tickets, money from the sponsors of the event, revenue collected from
parking, revenue made from advertising, sales on the basis of merchandise. Expenses of the
event is set on these basis such as administration cost, expenses for entertainment, expenses
related to decoration, expenses on marketing and promotion, transportation of the things and
equipment which are hired on rent. All these expenses are undertaken under the budget of the
event (McGillivray and Turner, 2017).
Medical Team-
This team is hired so that they can handle the situation of any kind of calamity or
accident with a person in the event. This team is hired for a limited period of time as it is high
expense for the manager of the event. If any person gets sick or injured at the time of event this
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team will be present to help them and treat them with the required medicines so that they can
attend the event in a better way.
Parking Attendants-
These people are hired so that the people attending the event can get the luxury or option
of valet parking which will obviously be more in price. Other than that this team of people will
help to adjust the amount of vehicles by parking them in a proper place so that their vehicles
don't get stuck. Other then that they also provide them with the safety of their vehicles from the
case of theft or any kind of damage to the vehicle as this will affect the image of the event
manager and the owner of the vehicle will put them responsible. In order to avoid that they need
to make sure to hire the right people for the job (Legacy, 2017).
Financial planning for event and detail of break even point
Fixed expenses Amount
Metro bar hiring 300
leaflet 150 26.6
leaflet 100 23.75
flyers200 25.65
Hiring DJ 420
Insurance 83
Cleaning products 2
cloths for cleaning 10
Decoration 20
Total 911
Variable cost
Catering
11.5 (Per
person)
2 waiters 65.68 =8.21*4*2
2 cleaners 32.84
=8.21*2*2
Total variable expenses 110.02
Selling price per person 130 (Assumed)
Variable cost per person 110.02
contribution per person 19.98 =130-110.02
Fixed cost 911
BEP 46 =911/19.98
BEP in amount 5927 =46*130
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Interpretation- Break even point is that where a business neither meets profit nor does it meets
loss. This is the cost of sheet for the event which includes fixed as well as variable cost of the
event. Fixed cost includes the rent of Metro Bar which was 300 Euros, cost of flyers, cost of DJ,
cost of decoration, cost of insurance and other miscellaneous costs which gave a total of 911
Euros. Variable cost includes the list of cleaners, waiters and caterers and the overall total of
variable cost is 110 Euros. According to the calculation evaluated in the table it states that the
revenue generated after the Break even point is 5927 Euros which is a profit for the event. This is
because of the right people in the job and the proper utilization of financial resources with proper
positioning of the event (Kassens-Noor and Lauermann, 2017). All this helped to attract a large
no of audience which made the event successful.
CONCLUSION
In this report we organize an fancy dress event in Metro Bar. Event success largely
depends on coordination between all departments. Marketing strategy help to establish success
for an event and manage all working involved in an event and maintain their success at a large
scale. Marketing help to attract customers towards an event, marketing mix analyze overall
performance of an event to know its effectiveness towards achievement of goals and objectives.
Human resource requirement need to be analysed effectively because all other departments like
catering, technical, supervisor department help to fulfil all requirement of an event and maintain
effectiveness of an event. Analysing financial details help to maintain effectiveness of
organization need to set budget for achievement of goals and objectives. Budget help to analyse
cost required for overall success of an event and maintain effectiveness of an event. It help in
smooth running of an event.
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REFERENCES
Books & Journals
Butz, M.V. and et. al., 2019. Learning, planning, and control in a monolithic neural event
inference architecture. Neural Networks. 117. pp.135-144.
Coaffee, J. and Lee, P., 2016. Urban resilience: Planning for risk, crisis and uncertainty.
Macmillan International Higher Education.
Er, M. and et. al., 2018. Analysis of production planning in a global manufacturing company
with process mining. Journal of Enterprise Information Management. 31(2). pp.317-337.
Getz, D. and Page, S., 2016. Event studies: Theory, research and policy for planned events.
Routledge.
Getz, D., 2018. Event Impact Assessment. Goodfellow Publishers.
Gursoy, D. and et. al., 2017. Impact of trust on local residents’ mega-event perceptions and their
support. Journal of Travel Research. 56(3). pp.393-406.
Jones, M. L., 2017. Sustainable event management: A practical guide. Routledge.
Kassens-Noor, E. and Lauermann, J., 2017. How to bid better for the Olympics: a participatory
mega-event planning strategy for local legacies. Journal of the American Planning
Association. 83(4). pp.335-345.
Legacy, C., 2017. Infrastructure planning: in a state of panic?. Urban Policy and research. 35(1).
pp.61-73.
McGillivray, D. and Turner, D., 2017. Event bidding: politics, persuasion and resistance.
Routledge.
Nunkoo, R. and et. al., 2018. Public trust in mega event planning institutions: The role of
knowledge, transparency and corruption. Tourism Management. 66. pp.155-166.
Thomson, A. and et. al., 2019. Sport event legacy: A systematic quantitative review of literature.
Sport management review. 22(3). pp.295-321.
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