Occasion Software: A Business Plan for Event Management

This report presents a business plan for Occasion, an online software for event management. It includes an introduction, business concept, literature review, research methodology, data analysis and findings, and conclusion and recommendations.

REPORT ON OCCASION
SOFTWARE
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TABLE OF CONTENT
EXECUTIVE SUMMARY.............................................................................................................3
ACKNOLEDGEMENT...................................................................................................................4
CHAPTER 1: THE INTRODUCTION...........................................................................................5
1.1 The rationale of the business opportunity:.............................................................................5
1.2 Scenario chosen:....................................................................................................................6
1.3 Mission:.................................................................................................................................6
1.4 Vision:....................................................................................................................................6
1.5. Aim:......................................................................................................................................6
1.6 Objectives:.............................................................................................................................6
Research question:.......................................................................................................................7
1.7. Dissertation structure:...........................................................................................................7
CHAPTER 2: THE BUSINESS CONCEPT...................................................................................8
2.1 Introduction:..........................................................................................................................8
2.2 Description of business concept............................................................................................8
2.3 Product/ service description...................................................................................................9
2.4 The target market:..................................................................................................................9
2.5 Positioning strategy...............................................................................................................9
2.6 Value added...........................................................................................................................9
2.7Who is involved......................................................................................................................9
2.8Window of opportunity...........................................................................................................9
2.9 Chapter summary...................................................................................................................9
CHAPTER 3: THE LITERATURE REVIEW................................................................................9
3.1 Introduction:..........................................................................................................................9
3.2 Industry analysis:.................................................................................................................10
3.3 Chapter summary:................................................................................................................18
CHAPTER 4 RESEARCH METHODOLOGY............................................................................18
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Research type:............................................................................................................................18
Research approach:....................................................................................................................19
Research philosophy..................................................................................................................19
Research design.........................................................................................................................19
Data analysis..............................................................................................................................20
Data collection...........................................................................................................................20
Ethical consideration.................................................................................................................21
Reliability and Validity..............................................................................................................21
Research limitation....................................................................................................................21
CHAPTER 5 DATA ANALYSIS AND FINDINGS....................................................................22
Theme 1: Impact and benefit of new business concept:............................................................22
Risk:...........................................................................................................................................23
Risk mitigation strategies:.........................................................................................................24
Cost and cost projection for new venture:.................................................................................25
Performance review of business plan:.......................................................................................27
CHAPTER 6: CONCLUSION AND RECOMMENDATION.....................................................28
Recommendation:......................................................................................................................29
REFERENCES..............................................................................................................................32
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EXECUTIVE SUMMARY
Software is a set of program which is used by computer to provide the operating information
from where an individual can perform the work in definite manner. Using the software for
different work purposed it helps the people to perform their work activities in successful manner
and can deliver the result accordingly. In this current report, it will mention a business plan
where a software named Occasion will help the event management companies to manage their
events in definite manner and can furnish the events in definite way. Study will follow the
business plan and research structure where it will highlight the introduction, business concept,
literature review, methodologies and even findings and analysis along with recommendations
and conclusion sections.
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ACKNOWLEDGEMENT
I would like to acknowledge appreciation and support given by my professor in order to
complete this study. Before that I was always thinking that I will be able to complete this or not
but throughout the study my professor supported me a lot, for that I would like to give my
warmest thanks to my professor. I would also like to thanks my peers who have motivated me in
completing my study, I always got support from them whether it’s about resource arrangement or
other things they have always supported me. And finally I would thank my parents or other
family members who have shown trust in me that is why I am able to complete this project at
good point.
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CHAPTER 1: THE INTRODUCTION
1.1 The rationale of the business opportunity:
Occasion software is new business software which is best in planning small scale event
including birthday party, ring ceremony, wedding, music and dance and other community event
that require effective planning. This software application helps event planner to quickly get idea
how exactly an event will be going to look and how much will it cost, this software has certain
features that remind user to perform certain tasks to make an event more successful (Kutrzeba,
2017). There are many cases where event planning tools are used to bring human efforts low, this
business idea was carefully examined with proper understanding of market and demand of such
type of application. Every human work is not easy to perform because with the help of software
application that are designed in such a way that human efforts, time and money are saved in
proper manner.
Background to the research:
Business plan is one of the most common terms in business world, plan may include step
by step process to start a business idea and serve customer. Entrepreneurs who craft effective
plan knows insight and opportunity of the industry, they try to catch those opportunities and
convert them into business idea (Moro Visconti, 2019). This research is based on event
organizing software called Occasion, it is very clear that there is high demand of mobile phone
application, these demands occur according to change in customer preference and trend in the
industry. Every individual need smart phone to plan and explore different area, there are number
of application available that allow user to bring easiness in their daily work (Frederick,
O'Connor and Kuratko, 2018). This business plan is based on idea that can bring easiness in
planning important event or occasion, this software application not only plan event but this
allows user to add certain other things for example, add list of guest, timer, reminder, planner
and introducer that help user to make their event perfect and meet the demand according to
requirement. Everyone in today’s market looking for quick services and in event industry it is
necessary to arrange all arrangement earlier before the event. Therefore, this Occasion software
will help in arranging all necessary arrangement so that there will be no chances of any failure.
Current market data suggests that such software are in demand that helps in providing efficient
and quick result.
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1.2 Scenario chosen:
There are many cases where people miss important things in the party or event because
they have not planned properly, sometimes birthday and occasion get spoiled because of this
reason. It is very clear that there is less supply of those application that plan accurate event for a
user, this business idea will cover all those weak points or missed out features that are required
when planning a wonderful event. This business idea not only going to solve event related
problem, but this idea will generate surplus profit as occasion and event are ongoing activities of
human life. It is a new business Idea behind selecting ‘Occasion’ as business plan intents to
capture greater market where different platforms are available for different work but there is
limited platform that plan and organize events for special occasion (Ekanem, 2017).
1.3 Mission:
 Mission: This software application will include certain features and facility that allow
user to get super experience, and this will help them to avoid any mistake that bring down
excitement of the event.
1.4 Vision:
 Vision: Event planning is one of the most challenging tasks for individuals, these events
are either in large scale or in small house party. Vision is to become leading event
management application.
1.5. Aim:
To develop and assess a business plan for proposed idea of launching/ developing a new
application software named ‘occasion’. Its main functionalities is that it helps in providing best
booking experience and helps in creating more repeatable bookings (Balkan, 2019). It showcases
user’s experience with attractive and irresistible calendars as well as it let the event companies to
manage their occasions. Other functionality of this software also suggests that it cut down the
spent time on admin so event firm can easily focus on growing their consumer base.
1.6 Objectives:
 To propose the strategies for making a business venture successful.
 To identify the challenges in launching a new business idea/ venture.
 To measure effectiveness of proposed business idea ‘’Occasion‘’ in terms of profitability
or key performance indicator.
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Research question:
 What are the best strategies for making a business venture successful?
 What are the challenges in launching a new business idea/venture?
 How to measure effectiveness of proposed business idea in terms of profitability or key
performance indicator?
1.7. Dissertation structure:
Chapter one: The introduction with background of the research or study and background of the
organization chosen in the study. Later significance and statement of the problem describing why
this plan is important to solve an issue. For the completion of this research, aims and objectives
with research question will be discussed.
Chapter two: The literature review with proper themes covering every possible aspect to
complete this study in effective manner. LR will focus on best strategies for making an business
successful, challenges that will arrive in the process of introducing the idea and ways to measure
effectiveness of business plan with profitability and key performance indicator.
Chapter three: Research methodologies that focus on every element of research methods
including research philosophies, approach, strategy, design. RM will focus on data collection and
data analysing process with sampling and primary methods. RM will focus on ethics and
limitation of the research.
Chapter four: Data analysis and finding will be discussed where primary data will be used to
answer research question and with support from literature review and will focus on using chart,
diagram, tables, figures and finding to perform data analysis in effective and best possible
manner.
Chapter five: Conclusion and recommendation will be provided to complete this research and
summarizing the key point covered in every chapter from the study.
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CHAPTER 2: THE BUSINESS CONCEPT
2.1 Introduction:
Business context encompasses understanding of critical factors of business that have
potential impact business operability from various purposes like how decision are being carried
and how processes are managed (Harris, 2019). Present business concept is about Occasion
software which is mainly used in event industries because of its compatibility and efficiency
which it provides. Current data suggests that most of the event industries are facing several
challenges in arranging their event dates as well as other activities, acknowledging an event is
also common problem faced by event companies. Thus this software is basically designed for
mitigating all the challenges, it helps in prioritising the event and other network activities so that
better decision can came out at right period of time (Tcholtchev, 2020). Most of the time event
planner team forgets to track schedules and budget changes which imposed certain challenges for
business. For an example event planner need to follow up with their key stakeholders and also to
ensure better communication to one centralised platform, additionally, they also have to arrange
project note so no delay can be made, but this process consumer more time, that is why Occasion
online platform is made in order to eliminate all time consuming possibilities. Following
business context will cover the description about concept of business while it also highlights the
decryption about products. Further it discusses the target market, positioning strategies and other
value add factors.
2.2 Description of business concept
Business concept for this project revolve around the software named “Occasion” it is a user
friendly software that helps in managing any event. Most probably it is designed for the event
industry so event organisation can proceed with to use such devices that incorporates with their
desired business goals (Li and et.al, 2022). Ultimately this software helps in successful planning,
execution and other intermediator process of any event. Occasion work as central hub for the
event planners to manage all listings and bookings it also helps in analysing the customer
information and other things. This software also let the event team to motivate their former
consumer to come back to other event.
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2.3 Product/ service description
Here, business product is “Occasion” a software that lets the event firm to manage all their
system, it helps the businesses in providing group experiences and they can easily acquire new
consumers (Capilla, and et.al, 2019). This software is compatible to all type of screen so user can
easily use it at any interface, as well as it is user friendly product so that event planners can
easily use it for organising any event. Therefore, by using such devices organisation can easily
have simplified their decision making process as well as they will be able to receive more
reliable data by the use of software. In short Occasion software is designed to ease out the
business processes of event company. This software also helps in scheduling the event calendar
so there will be no confusion related to list of events, it actually cut down the costs by
automating the routine tasks as well as it enables the firms to enhance as well as measure the
work productivity.
2.4 The target market:
Target market is the precise set of audience who look for the products and services, for any
business it is important for them to positioned their products in the market that is able to gain
attention of large consumer base. Therefore, for the software product relatively target market are
those where audience are tech savvy and show more interest towards technological products and
services (Laato and et.al, 2021). For the occasion software product target market is event
industry, as especially this product is designed for them to ease out their event business.
Therefore, this market segment is suitable for this software as there are number of buyers who
are ready to avail services of this occasion software.
2.5 Positioning strategy
Positioning strategy is a type of technique which is used to highlight the uniqueness of the
product that distinguish the brand from their competitors and can deliver the appropriate stable
position in the marketplace. Accordingly, in this current project, there is a business planning for
an online software which is called as Occasion. This software is having main purpose of
providing the services of event management where this application plans the events itself by their
functions and allow the customers to have the proper planning in relation with the event
handling. However, it is important for the event planners to have the appropriate knowledge of
the Occasion application which helps them to position their organization (Fadil, Trentesaux and
Branger, 2019). This positioning strategy based on building the position of the brand or any
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business from where they can increase their reputation in the marketplace and can improve their
organizational performance. Therefore, the event management companies can use the Occasion
application for positioning their business in the particular market and can increase their sales and
revenues.
2.6 Value added
To run any business, it is important for the management to understand the effectiveness
and benefits of starting any business. Accordingly, in the current project the event management
companies can use the software for managing their event planning and work activities like listing
of the guests, timer of reminder and such more where using this kind of applications help the
event firms to perform the business activities in definite order. Occasion software can add value
in the event management companies where this app supports the firm to boost up the sales by
providing the efficient information and arrangements of the event from where company can
create a good business reputation and image in the market which overall increases their revenue
and profitability.
2.7 Who is involved
In this project, there is an idea of starting using an application for developing the growth of
the event management companies where they can use the Occasion software for better outcome.
Accordingly, in this business plan, technical department, employee, event management
companies and customers are involved from where the profitable outcome can be achieved. To
work on any project, it requires different types of stakeholders to work on the project from where
they can obtain the effective result and outcome (Maguire, 2021). Thus, for making an accurate
business planning for the betterment of the event management companies, the team members or
employees of the firms can create well-structured plan where they also can give the
responsibilities to an individual person to work on the business planning from where the
effective outcome can be achieved.
2.8 The window of opportunity
By using the application for the event management, it will provide the successful outcome
and results as well. Occasion software is one the best application which can be used by the event
management companies from where it will handle the events of the clients or customers in
fruitful manner from where the successful outcome can be received by the companies. However,
by using the event management applications it helps to track the moving parts of the event and
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helps to run the entire process in smoothly manner (Aneesh and et.al., 2020). Event management
is the business area who plans and organizes the social events from where the social purpose can
be achieved by the clients. Accordingly, usage of the applications who helps in tracking and
adding the guest list is an effective help from which the company can grow and develop at
successful manner and can provide the results accordingly.
2.9 Chapter summary
In this chapter, it highlights the overview of the business which helps the individual to
understand this concept in detailed manner from where the knowledge can be increased in
definite way. In this chapter, it covers the introduction section where it has performed the
overview of the new business plan (Onashoga and et.al., 2018). Along with this, the second part
involves the description of business concept from which the report can provide the definite
results. However, the third part has highlighted the illustration of the product and services which
helps the event management companies to grow and develop their business in definite order.
Moreover, after this process the target market has been mentioned in the report from which it
will allow to understand the target people for the product where positioning strategy is also
mentioned from where event management companies can make their company at stable position.
Furthermore, it also described the effectiveness of the product who can add value to the
profitability and provides the opportunity to the companies for better contract areas. Thus, it is
important for an individual event management companies to understand the different kinds of
tools and applications where in this current report, Occasion software should use by the event
management companies so that they can improve their productivity level.
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CHAPTER 3: THE LITERATURE REVIEW
3.1 Introduction:
The literature review with proper themes covering every possible aspect to complete this
study in effective manner. LR will focus on best strategies for making a business successful,
challenges that will arrive in the process of introducing the idea and ways to measure
effectiveness of business plan with profitability and key performance indicator.
3.2 Industry analysis:
According to McKeever (2018), Business plan consist of important element, from business goals
and objectives to market research, every factor design proper plan for new venture. Every idea
needs strategies that allow business to become successful, these strategies are effective method
that focus on key element. Every business plan was idea that later converted with the help of
effective strategies, it is very clear that pushing business toward success is challenging task. To
make a venture successful, there are certain strategies that venture need in making their idea
successful, these are:
Clear goals and objectives: Business need to provide clear business goal and objective
that allow them to understand where they are leading towards, unclear goals and objectives
might simply waste time and efforts of the company and simply waste financial section as well.
Occasion has clear goals and objectives; its goal is to develop an application that allow user to
arrange event according to their need and want. And objectives of this venture are to solve issue
faced by user when planning an event and to earn maximizing profit from selling of application
software.
Product and service: Every company have product and service that allow them to reach
consumer and make profit, without this business might have no meaning. Business success
depend upon clear statement of their product and service, user or consumer should know what
exactly business is selling in the market. Occasion service event organizing software that allow
user to plan event according to their need and want, for example if user want to arrange event for
birthday party, then they can use this application to design event and every essential thing to
make an event successful.
Market analysis: This is one of the most important elements in the business plan that
allow venture to perform analysis of the market and help business to understand current
condition of the market. For event organizing application software, performing market analysis is
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broad term as they must understand their target market and have to act accordingly. Success of
Occasion business plan depends on factors of market that are noticeable in the market research,
these are:
Political interference: every business organization have to craft business strategies according to
the political interference, it is very clear that venture success somehow depend upon political
factor. Government and its policy impact the smooth flow, this business plan focus on user and
their phone which means there is high interference of application in user phone and confidential
information. Firm success depends on approval of GDPR (General Data Protection Regulation)
and common law of the country to manage and secure confidential information of user while
using the application. Business plan will fail if they do not meet require standard of data
protection.
Economical interference: This is another important element that decide whether an
business will be success or not, economic factors means economic instability, low GDP rate,
high inflation rate and unemployment in the market. Business plan will fail if there is high
inflation rate and there is no proper planning of business to meet these economic factors.
Business plan of Occasion have to consider economic factors that decide success, if instability
can be seen the business might suffer in the market. The Best strategies is to act according to
economic development and keeping eye o government process to manage economic instability in
the country.
Social factors: Social factors are most important, here focusing on taste and preference
of consumer decide whether business will be successful or not. These factors are important
because company manufacture product for consumer and understanding consumer become
important. For Occasion event organizing software, understanding consumer and convincing
them to use this product is challenging task. Consumers need an application that brings easiness
in their daily work that means there is chance of survival of this business plan. However, this
idea needs to play with mind of user or consumer because pushing consumer to buy this product
is challenging.
Technological factors: This factor is important in business plan that focus on application
development, success of this venture depends on technological advancement. Business must
focus on adopting best and most advance technologies to make this plan successful. For example,
venture must build strong data bases and data pooling method that encrypt with user confidential
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information and keep it safe from any external attacks. Occasion is application software that
means technologies will be needed accordingly and have to follow guideline provided by the
data protection authority in country.
Marketing strategies: This is one of the most important elements in the business process
that allow business to plan out those activities and process that help them to reach as many
audiences as possible and sell their product and service. Marketing is key pillar of every business
organization that provide support to business, without this a business might fail to survive the
market. Marketing simply means to attract consumer and make product available for them,
company need to have certain strategies to make a product reachable to every user around the
world, these are:
Marketing mix: marketing mix is mixture of four or seven important elements that
decide and cover every marketing area, new business venture must consider element of
marketing mix to become successful in the market. New business plan needs to have marketing
mix strategy that help them to cover every important element in market, these are:
Product mix: This is key element; product means business have to be clear what exactly
they are selling in the market. Marketing relay on clear presentation of product, new venture has
to highlight purpose of product or service. Occasion has to highlight how this will ensure event
never fail, a clear propose of the application software that an user divert their plan to purchase or
install this application.
Price mix: Again, key element is deciding the price. Every product and service need to
have price before going into the market. New business venture has to decide pricing strategy, for
example; skimming pricing strategy or penetrating pricing strategy. Occasion is new to market;
they need to adopt skimming pricing strategy that allow them to become stable in the market. In
this pricing strategy, consumer will pay the highest price to use this application, but later price
will go down according to the demand in the market.
Place mix: This is one of the most important elements in the business organization that
allow firm to focus on supply chain and distribution strategy. Supply needs to be strong enough
to meet the demand of the customer, it is essential business requirement where place is decided
by the business to distribute their product and increase their sales. Sometimes premium product
is not available in the place which means business need to focus on distribution process.
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Occasion is new to market which means their supply chain is weak, they need to have clear idea
where their product will have to be distributed and where these products will be stored.
Promotion mix: This element is important, promotion mix means promoting product of the
company and focusing on sales, advertisement, personal selling, and public relation. It is very
clear, in today's digital world business must focus on promotion mix allowing them to reach as
many audiences as possible. Using social media campaign and sales campaign, company must
reach audience and sale their product. Promotion mix is key element in marketing mix because
marketing is impossible without promoting the product with right promotion strategy and right
budget for promotion.
According to Barrow, Barrow and Brown (2018), every business organization face
challenges in the market, fresh or new venture have to face tough competition even if they are
brining something new. Some new start up are good enough to survive the market whereas some
business venture face huge challenges that impact their processing. Every business face
challenges, these are related to external factors or internal ones, these challenges never end
because business keep exploring new market and gain as much knowledge as possible.
Competition is one of the biggest and most important challenge faced by the business
organization in the market, to cover or identify these factors causing competition, business have
to use different competitive analysis model. There are certain competitive analysis models that
allow company to examine market and capture those businesses who provide neck to neck tough
and challenging competition, these are:
Porter five force: This is one of the most common but important type of model to analyse
competition in the market, porter is being used by the business to examine those five force that
have great influence on the business, these are:
Rivalry: This is common but important element in the process that allow business to examine
competition in the market, business have to understand who real competitors are. If any business
dealing in auto mobile industry, then competitor or rival will be car manufacturer that have great
power in the industry and have great influence. Rivalry is important element to consider, already
established company provide tough competition to the business and become an issue for them to
survive. Sometimes new venture face challenges from already established company who have
brand image and reputation in the market allowing them to impact on this new venture in the
market.
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New entry: new entry has great impact on already established companies, they bring innovation
and huge capital investment in the business operation. There are many cases where new entry has
strong impact on other company, using their capital and funding power, new entry gains a place
in even highly competitive market. Occasion is new to the market, they need to face competition
from those new venture that have huge capital investment and have capacity to quickly adjust to
the market condition, new entry will face competition from already established company, but
they use competitive strategies to become stable in the market.
Power of customer: This is one of the most important elements, every customer have power that
impact business and influence their growth, bargaining power of customer means business have
to reduce cost of their product if they want to survive in the market. Power play vital role,
customer carry most of the power and have most of interest in influencing company's growth.
Power does matter, if business dealing in manufacture and operation process then they might
consider power of customer and reduce their cost of the product to make themselves stable in the
market.
Power of supplier: Supplier have infinite power in the market, every business is connected with
supplier who tend to provide raw material and supplies to business in their manufacturing
process. Supplier can stop supply of raw material which may be dangerous for the business, stop
of supply occur when supplier demand higher price for raw material and demand instant order
for the raw material. Sometimes business have to stock some of their raw material because
supplier might change in middle of the process and increase price of the raw material. Economic
factor also plays vital role in change behaviour of each supplier in the market. For example, due
to economic instability, supplier might increase price of raw material impacting business.
Threat of substitute: This is important element and important point to consider mainly when
business in introducing innovative product in the market, new entry tries to steal the concept of
product and introduce same product with lower price range. Price of product comes down if
substitute product arrives in the market, threat of substitute is common allowing business to face
huge competition. There are many cases where business failed to survive the market even with
innovative product because competition simply steal their idea. Substitute simply means copying
of the product, new entry and already established company try to copy those products that either
innovative or famous in the market.
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Budget challenges: This is one of the most common types of the challenge that impact company
internal stability, every business organization need budget to survive and become stable in the
market. Budget become a challenge when business plan to enter new market and plan to
introduce new product, if there is new product in the market then challenges will be accordingly.
Lack of budget is one of the most common but important type of barrier faced by the business in
the processing, budget simply means huge funding capital and funding for everyday operation.
Every new venture performs financial projection allowing them to understand how much capital
both working and fixed capital area required by the business. New venture means even financial
projection is not enough, this simply means business have to focus on strategic planning that
allow them to become secure even with less budget. Some business organization focus on
arranging funds from different source, these sources are best in every term but have challenges
included as well. There are certain budget challenges that will be faced by the business in the
market, these are:
Financial management: This is one of the most important elements in the business, the flow of
finance is blood in business body, without this flow, business will not survive the market.
Financial management is challenging task because arranging right and sufficient finance require
business to have unique product or service that help them to attract investor to show interest in
business plan. Financial management is broad term, new venture might face critical drawback
because they do not have experience in the market, financial requirement of business never ends
because finance is continuous process allowing business to maintain its position in the market.
Management challenges: This is one of the most common types of challenge faced by almost
every business organization, management is critical process, firm have to active to manage each
important element for example internal management process including marketing management,
people management, finance management, resource management, production management,
manufacturing management and overall growth management of the business. These are small
challenges that impact business in long run process, a new venture might have issue by analysing
this challenge and finding best possible solution, it is very clear that new venture is new in the
market which means without experience they will be going to face heavy challenge.
According to Tipu, (2018), Every business organization measure their success in terms of
profitability and effectiveness they maintained in the market, business success is measure by the
many elements including reviewing financial statement, customer satisfaction, change in sales,
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key performance indicator and by reviewing challenges as well. It is very clear that every
business has some area or success point where they measure their growth, and it is a compulsory
process because not measuring success might become a challenge for business and this simply
take away all budget and valuable resource of the company. There are certain KPI which a new
venture has to set to measure their effectiveness and their growth in the process, these are:
Profitability: This is one of the most important elements, measuring profitability means
measuring success of the company. It is very clear that business have to focus on those activities
that bring flow of money, selling goods and service is primary activity but new venture has to
focus on other source of income as well. Measuring effectiveness means analysing change in
profitability ratio, there is simply formal or process of measuring profitability in the business
process, by focusing on change in profit. Change in profit occur when business is really doing
well, new venture has to generate surplus profit to measure their effectiveness and success in the
growth process. Profitability is key element but still business need to keep eye on other element
as well, sometimes profitability does not provide exact area that need to be used in measuring
success or effectiveness of the business growth.
Customer satisfaction: This is another important indicator allowing business to measure success,
customer satisfaction does play vital role when it comes to measuring success. New venture has
to collect review from customer about their product and service and have to bring change,
accordingly, focusing on satisfying customer allow business to enjoy all success they dream for
because this is important element. New venture can review the feedback and demand of
customer to bring continuous improvement, converting potential customer into permanent does
matter in the process of new business success. It is very clear that every business organization
focus on gathering feedback from customer, these feedbacks contain those point that allow
business to bring improvement. Customer feedback contain improvement area, business review
these improvements area and bring change accordingly.
Return on investment: ROI is one of the most common and important elements in the process,
ROI simply means how much business invested in something and how much they got in return.
For example, if new business has invested their budget in product and manufacturing of goods
then they have to focus on sales measure or KPI set at sales point. Return on investment is the
best process to measure something in financial terms, good return means business and their
strategies are working well, moderate return means business need to improve, but they are
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earning profit. However, if there is no return on investment that means business is facing
continuous loss and need to change their strategies and might end the process in which they are
focusing on.
Performance review: This is another crucial element, this help business to review their own
perform with different methods, many successful organizations measure their success and
effectiveness, performance review is process to analyse change that occur due to efforts of the
business. For example, change in sales is process of performance review, if there is change
which means if there is increase in sales then business is performing as per the set criteria and if
not performing as per the requirement, then business need to improve their process of managing
these activities. New venture might have to focus on measuring performance of their business,
new venture can analyse instant change that occur due to activities.
Employee performance: Every business organization measure their success with the help of
employee performance because if employee is effective enough to provide sufficient work, then
business growth can be seen. Many businesses organization know that employee performance
highlight the culture of business and culture highlight the performance of business. Healthy
workplaces occur due to effective performance of employee, business can measure their success
with and by analysing performance and involvement of employee in continuous improvement
process. Employee performance drive business towards continuous growth, however, business
cannot depend upon reviewing growth of employee. It is very clear that if employee is
performing well that means new venture is meeting the standard and required criteria set by the
business to measure their success.
Customer retention: This is important element in the process, customer retention simply means
continuous growth. It is very clear that every business wants their customer to be permanent and
remain with business for longer period, business who focus on manufacturing and producing
goods want their customer to become permanent. New venture can measure their success with
the help of examining speed of customer retention in business, if customer retention is
unexpectedly low then business have to bring certain changes to manage their efforts and focus
on customer. Customer retention is only possible if business is had capabilities to bring change
after demand of customer for example analysing and including feedback from customer and
adding them to bring stability and growth in new venture.
20

Influence: This is important element, influence of organization on their target customer does
matter. New venture has to build that ability which can influence customer and their retention,
sometimes business develop those products and service which allow them to gain customer
retention. Some innovative products have great and bigger level of influence of customer,
retention become easy task if business have those capabilities. New venture has to be effective
enough to influence customer, they can measure their effectiveness and continuous growth by
analysing influence they had on customer. Influence simply means reach of business towards
their customer, higher influence means higher success.
3.3 Chapter summary:
Literature review is one of the most important elements of research allowing researcher to
analyse words of other author and conclude their study, researcher examine viewpoint of author.
Literature review is process of understanding what other author and researcher think about one
particular topic, by examining key element, researcher can complete their study and provide final
outcome and result (Snyder, 2019). This chapter has great impact on the study because without
literature review, researcher cannot understand meaning and significance of chosen topic. Every
literature review carried out with different and relevant theme that demonstrate viewpoint of
author and provide final conclusion in the completion of the study.
21

CHAPTER 4 RESEARCH METHODOLOGY
Research methodology is key element in research, these are methods of collecting and
analysing data and bringing final result or outcome (Pandey and Pandey, 2021). Methodologies
are set of process and methods that can be used to gather data relevant to study, research and its
effectiveness depends upon methodologies selected by researcher for the completion of their
study.
Research type:
Research type is way that can be used to collect data and analyse solution outcome from these
data, type simply means ways to collect and interpret data. Research is incomplete without type
because this allows researcher to focus on completing their study by consider one of the best
ways and methods. There are two types of research, these are: Qualitative research type and
quantitative research type (Mohajan, 2018). Qualitative research type means researcher has
focused on observation and description rather than facts that are already available, this is
important element. By choosing qualitative research type, researcher focus on evaluating
knowledge, attitude, behaviour and opinion of people or participant whereas quantitative
research type means researcher must focus on systematic research including number, statistically
figure, facts and simulation of the data. Researcher interprets quantitative data by analysing large
scale set of numeric data, this type provides relevant information about the topic without any
confusion and misunderstanding of the topic chosen by the researcher (Panneerselvam, R.,
2016). For the completion of this study, researcher has chosen quantitative research type
allowing them to focus on facts with numeric and statistical data, this form helped them to cover
every essential.
Research approach:
There are mainly two types of research approaches that are basically used by the research
scholar in order to conduct research. They are inductive research approach and the deductive
research approach. The inductive research approach is specifically used for the data that is
qualitative in research (Zangirolami-Raimundo, Echeimberg and Leone, 2018). The inductive
research approach is helpful in building of theories with respect to analysing and interpreting the
information collected. On the other hand, the deductive research approach is used to analyse the
data collected in the form numbers. However, since, the present research is qualitative in nature,
the inductive research approach has been chosen in order to develop and assess a business plan
22

for launching a new application software (Hafidz and Elihami, 2021). The inductive research
approach has been found helpful to the research scholar in the development of new theories
while analysing the data collected using secondary sources.
Research philosophy
Research philosophy refers to a belief about the ways by which data regarding a phenomenon
has to be collected, analysed as well as used (Nayak and Singh, 2021).it can also be considered
as the basis of any research. Research philosophies can be divided into three categories, these
are, Interpretivism, positivism and realism. Positivism means the researcher will gain maximum
knowledge from observation and will focus on more factual information, it precisely states that
only factual measurements and knowledge is trustworthy and reliable. Interpretivism is one of
the most important elements of research philosophies that allows the researcher to focus on
principles that are set for particular roles. Realism on the other hand refers to the philosophy that
basically relies on the idea of autonomy of reality from that of the human mind, realism can be
further categorised into critical realism and direct realism (Basias and Pollalis, 2018). The best
suited philosophy for this research is interpretivism. Because this research philosophy is based
specifically on the interests of the researcher and that is specially required for the research.
Research design
Research design basically refers to the strategy that is implemented overall and an individual or
organization can choose different components that can be integrated in a logical and coherent
way or manner. There are specifically three types of research designs, these are descriptive
design, case study and exploratory design (Bairagi and Munot, eds., 2019). Descriptive design
refers to the research design which aims obtaining information for systematic description of a
phenomenon, population or situation. This design also supports in answering the questions like
where, when, how and what rather than asking why questions. Exploratory design refers to a
design that is particularly conducted for the purpose of solving research problems in a situation
where there is no or limited data in the hands of the researcher. Case study research design is that
design which is used for the generation of detailed and multi-faceted learning and understanding
of complex issues in the real-life context of the issues (Zawacki-Richter and et.al., 2020). The
most suitable research design for this report is descriptive design model. Because it allows
evaluation of facts in a detailed and understandable manner.
23

Data analysis
Data analysis refers to the practice which deals with working with information or data to obtain
the required and useful details, that can be further used for taking planned and strategic
decisions. Analysing data means the researcher will find out major and relevant information
which can be required as well as used in the completion of the study (Patel, M. and Patel, N.,
2019). It can be easily defined as the process of transforming, modelling and cleaning data for
the discovery of useful and relevant information regarding business. Data analysis can be
categorized into two types, thematic analysis and statistical analysis. Statistical data analysis is a
scientific tool that allow researcher to analyse large amount of data available in statistical form
whereas thematic data analysis means researcher will focus on analysing those relevant data
which was collected in qualitative form (Audu and et.al., 2021). According to this research the
most suitable data analysis technique will be thematic analysis, as this is the method used for
analysing of qualitative data.
Data collection
The process of collecting the required data with respect to the subject of the study in
order analyse the data gathered and form relevant conclusions can be described as the process of
data collection. the data can be collected into two ways, they are from primary sources and the
secondary sources (Dodds and Hess, 2020). However, in the present study, the data has been
gathered using secondary sources of research. In the present study, for the purpose of developing
a business plan that helps in launching a new application software within the market, the data has
been gathered from various websites, books, journals (Bhardwaj, 2019). These sources have
helped the research scholar in gathering of relevant and reliable data for the purpose of
conducting the study.
Ethical consideration
The ethical consideration refers to a set of principles and guidelines that needs to be
followed by the research scholar during the research. Since the present study is a secondary
research, the research scholar has made sure that the data that has been gathered for the purpose
of conducting the study is relevant to the subject of the study (Patel and Patel, 2019). The
research scholar has made sure that the data that has been gathered has been de identified before
its release in front of the researcher. The research is inclusive of a list of references at the end of
the report in order to provide due credit to the books, authors and other sources where the data
24

has been gathered for the purpose of conducting the study (Stehman and et.al., 2022). The
research scholar has effectively para phrased the data that has been collected from various types
of secondary sources within the research.
Reliability and Validity
The reliability of research refers to the dependability of the data gathered within the
research. Similarly, the validity refers to the extent to which the data gathered for the purpose of
conducting the research is effective in order to form conclusions (Sileyew, 2019). In order to
ensure the reliability and the validity of the data, the research scholar has made sure that the data
gathered and taken into consideration is specifically collected from the copyright protected
sources. Also, only those data have been considered which has been published within or after the
2018. To ensure that the data is reliable and valid, certain keywords has been used in order to
search specific terms with respect to collection of the data effectively (Meyer, Cashman and
Gaglione, 2021).
Research limitation
The research limitations can be defined as the restrictions of the research scholar with
respect to conducting the research. With respect to the present research, the major limitations
associated with the research has found to be the limitation of time, restricted budgets and limited
access to resources for the purpose of conducting the study (Fidahic and et.al., 2020). Due to
limited time, the SPSS technique of analysing the data has not been chosen. However, the
present study makes effective use of thematic perception test technique. This technique is
effective in analysing the data that is qualitative in nature. Further, keywords that are relevant to
the subject of the study have been used effectively in order to make sure that the data collected
for the purpose of the study is associated with the subject of the study (Heap and Waters, 2019).
Since many websites from where the information could have been gathered were not accessible,
therefore, relevant articles, books and journals have used which has helped the research scholar
in effectively gathering the data that is relevant with respect to proposing the development of an
application software.
25

CHAPTER 5 DATA ANALYSIS AND FINDINGS
Theme 1: Impact and benefit of new business concept:
Every company focus on continuous development, this simply means they add new
strategies to become stable in the market. Occasion is new business start-up where event
management software is primary service, this company is ready to provide event planning
service to guest or consumer who demand event and other planning. Impact of this company will
be greater because this not only solve the issue of event planning, but this can be used for better
management of certain occasion (Blake, 2016). Focusing completely on new concept, this
software fulfils every requirement of the consumer and help them to manage their event. There
will be certain impact of this new venture on event industry and user’s process of planning an
event, these are:
High chances of event success: Occasion is design in such a way that it will bring event
success, this software include every important feature and key process that allow user to plan an
event in effective manner. For example, Occasion include feature like auto mate scheduling
where user can schedule each activity and can set reminder, if user have ability to follow every
activity on time, then Occasion can assure that event will be successful (Sandhu, Shamsuzzoha
and Helo, 2018). Event planning will become easy, this software also provide feature like
budgeting where accurate budget is being set by the software which means there will be no extra
costing, it is very clear that every user want event to be successful, but this is only possible when
budget meet the require standard. Occasion provides service of setting budget according to each
activity which means if activity change then software will change the expected cost of the event
and will bring down any issue. This feature is used by the company to provide high tech service
to user.
Profitability: This is one of the most important areas were company need to focus, every
new venture has to answer one important question which is related to survival of the company. It
is very clear that every business needs continuous flow of profit which allow them to become
stable, new venture needs to clear that query regarding profit making ability (Suddaby and
Jaskiewicz, 2020). Occasion needs to have ability to generate profit with focusing on innovative
service, event planning is not new to the market, this is already being used and service has been
provided by many other organizations. Profitability is managed when innovation is included,
however, firm cannot generate profit if they lack behind in finding best suitable strategy for their
26

business growth (Dias and Teixeira, 2017). Occasion’s profitability ability is quite stable which
means they are clear about their concept and strategies which will be used to generate surplus
profit.
Risk:
Risk is one of the most common things which need to be managed in the process of
business management, it is very clear that new venture not only contain normal business risk, but
this contains risk of failure as well which impact their chance of success in the market
(Sadgrove, 2016). Risk is common thing but have greater impact on the company, risk need to be
managed before this impact internal stability. Occasion is new business venture which contain
high risk of failure, this company is focusing on event organizing application which means user
might not use of the audience is limited in this area. Event planning is common thing, there are
number of other event planning tools and software that allow user to organize an event and plan
every details. Event application include certain risk; these are:
Risk of failure: This is one of the most common risks which is faced by almost every new
venture that plan to bring something new, innovation include highest level of risk which means
business need to be active while entering in the market (Fiedler and et.al., 2021). Risk of failure
simply means firm know that starting or introducing new product contain high risk because
customer is not aware about product. Failure occurs when there is no clear vision about the
company’s direction, failure arrive due to certain other factor. Occasion will be going to face risk
of failure which impact their future, this company focus on service-based business model which
means they might fail in providing effective and professional service to the user. It is very clear
that due to innovation or due to lack of awareness about the product, Occasion might face risk of
failure and get impacted in long run.
Lack of budget: Budget is one of the most important elements of every business
organization, here lack of budget can even impact already established business organization
which means new venture will be impacted if they do not have enough budget to bring this plan
to success (Polinkevych and et.al., 2021). Budget become an issue when everything goes well,
new venture and its growth is immediately stopped due to insufficient budget. However, firm is
ready with all measure to manage this risk with advance dealing with investor who will be
providing enough budget. It is very clear that firm need budget, designing on application will be
needing sufficient budget, adding new feature will demand budget and even normal process.
27

Budget is an issue, new venture has to find best source which can provide sufficient budget on
time, Occasion is new venture which continuously need budget, lack of budget will be dangerous
for the company.
Operational risk: This is most powerful risk which need to be managed in the business
organization, firm need to be active when focusing on operation. It is very clear that new venture
carries no experience in managing operation of the company, they do not know how operation
and other management work. Operational risk arrives when business fail to craft effective
strategy which means strategies in operation does matter, new venture demand continuous flow
of strategy mainly focusing on operation management. For Occasion, risk is quite high in the
area of operation, firm need to develop a pattern to manage operation. For example, if they are
planning to focus on supply chain management then they need to manage risk associated with
supply chain.
Risk mitigation strategies:
Risk is continuous process in every business organization, but when it comes to new
venture, risk always remain high. It is very clear that some business organization might take
certain steps to bring down risk, new venture might craft certain strategies which allow them to
reduce risk and make their plan successful (Harel, Schwartz and Kaufmann, 2021). Occasion
needs to focus on risk and related strategies, there are certain type of risk mitigation strategies
which can be used to manage new venture, these are:
Risk avoidance: Every business organization stay prepared when it comes to mitigating risk, ne
venture might face certain risk from market condition. Occasion is new, they have to examine
current market and analyse the key risk and their impact, some risk might have less impact while
other have high (Lampadarios, Kyriakidou and Smith, 2017). For example, change in market
trend is low risk which have less impact on business, here new venture can avoid risk whereas if
there is major change in buying behaviour of consumer then firm might not avoid this risk and
take certain steps.
Risk acceptance: This is one of the most common types of process in which firm might accept
the risk and take further action accordingly, new venture has to take risk and focus on crafting
effective strategies. For example, due to crisis, new venture might need to accept the risk of
unstable economic condition. Due to high inflation rate, there is change in pricing which
28

impacted spending capacity of consumer that simply means Occasion must keep their prices low
which allow them to consider consumer spending habit.
Risk transfer: Every business organization have different department and different key area
where they need to focus on, risk might arrive in this area where firm need to bring change
accordingly. For example, if there is risk in production and manufacturing process then Occasion
might transfer this risk to R&D team (Research and Development) to bring change in the design
of service and application then manufacturing unit will process further and will going to take
further action, this is how risk is transferred in the business itself.
Risk monitoring: This is another effective strategy which allow firm to monitor risk and keep
back up plan ready to manage it, new venture craft certain strategies to manage sudden risk. For
example, there is change in political environment or change in government policy then new
venture will monitor this risk but will not act until and unless it impacts the business. Risk
monitoring allow firm to become active, when risk impact business, firm have ability to manage
themselves and act according to crafted strategy.
Cost and cost projection for new venture:
Start-up is not common term in business and financial world, every business organization
need start-up funds to manage their future growth (Snider and Davies, 2018). Funds are
continuous process in which firm need to add new budget and need to perform financial
projection allowing them to cover one of the most important parts. Occasion have crafted
financial projection, there are certain expenses covered in this part, these are:
Start-up expenses:
Start-up expenses
Legal £1600
Logo & patent £100
Licence £4000
Application contract £5000
Web development £1000
Insurance £2000
Computer and accessories £10000
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Event management software £6000
Other £1000
Total start-up expenses £30 700
Start-up funding:
Start-up funding
Liabilities
Account payable £18000
Notes payable £5000
Current payable £10000
Short term liabilities £20000
Midterm liabilities £40000
Long term liabilities £80000
Total liabilities £173000
Capital
Owner and stakeholder £50000
Investor £10000
Venture capitalist £5000
Own funding £1000
Other £1000
Total capital £67000
Total start-up funding £134000
Start-up assets:
Start-up assets
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Cash required £50000
Start-up inventory £20000
Current assets £10000
Short term assets £5000
Mid term assets £15000
Long term assets £30000
Other current assets £1000
Total assets £131000
Total requirement £151000
Start-up summary: It is very clear that every business plan needs more than sufficient budget to
make business successful in the market, firm need to have more budget to reduce risk and overall
impact on the firm (Kunnathuvalappil Hariharan, 2018). Occasion is ready to introduce in the
market with sufficient budget and cost projection highlighting capital available with the company
and investor who are ready to provide funds to manage projects. Total cash requirement is less
than projected that means business is process in much safer manner and will going to have
surplus funds to manage budget and operation of the company.
Performance review of business plan:
Every business organization need to set certain performance review criteria allowing firm
to become active while performing certain operation in the business (Maté, Trujillo and
Mylopoulos, 2017). It is very clear that firm might have performance KPI which allow them to
review performance according to certain point, Occasion have set certain KPI to measure their
success, this is important part in the process of introducing new business plan where firm need to
measure performance and need to make certain changes to bring betterment and stability
(Alexander, 2018). There are certain KPI set by the Occasion to measure their success, these are:
ROI: Return on investment is the best possible way to measure performance in the business,
every business invests some amount of money to either long term or daily business operation
(Badawy and et.al., 2016). ROI is effective in all terms, for example, if Occasion have set ROI in
terms of sales per month, then they can review increase and decrease in the sales. However, firm
31

set ROI for long term because investment and return are two major factors which take time to
came in action after introducing something in the market.
Revenue increase: This is most common and effective KPI set by business to measure their
performance, in simple term, if there is increase in revenue that means there is increase in
business growth (Bishop, 2018). Success of new venture does not depend on increase of revenue
because new firm will get better result in starting days but later, due to change in the market,
firm can not generate revenue, Occasion needs to examine; if there is continuous increase in
revenue then business is performing as per the requirement in the process.
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CHAPTER 6: CONCLUSION AND RECOMMENDATION
This study has discussed new business plan and its key operation, report has focused on
introducing new venture and highlighted each and every step to start and run business successful
in the market. At chapter one, this study has discussed introduction in which researcher have
introduced topic, aim, objectives, researcher question, rationale and scope, this chapter has
detailed topic providing clearly understand what exactly new venture means and how it can be
started, a basic introduction to new business idea also have been discussed in this chapter. Later,
chapter two has discussed literature review which is one of the most important parts of the
researcher, here researcher have collected the finest evidence and viewpoint of author and
included this in study to get the finest answer. Literature review related to starting a business,
this chapter includes certain themes that cover each and every important area for research. For
example, theme one have focused on how to start a business which is key theme related to
chosen topic. Every theme covers important aspect to run a new venture include detailed analysis
of market condition and business environment for completion of this study.
Later, chapter three have focused on research methodology which is another key pillar of
every research allowing researcher to conduct detailed searching using effective methods.
Research methodologies are forms of methods which is used by researcher for researching on
particular topic, in this study, researcher have chosen the finest methods to collect and interpret
data. Inclusion of reliable data can be seen in this study where researcher have covered every
aspect to collect relevant information regarding the chosen topic. Chapter four have focused on
next step of researching; data analysis and finding are one of the most important area of every
research where researcher try to analyse collected data and filter the data to get result. Analysing
data is process of clearing information and using it for completion of the study, researcher
ethically interpret data and avoid changing facts and figure to make study more reliable.
This chapter also provided key finding from the research allowing researcher to conclude
the final result, reader can review findings to get understanding what exactly happened in the
research and what are key learning or finding arrive in the process. At last, chapter five is
discussed where conclusion of study and recommendation is provided. Researcher have provided
key recommendation to both, researcher and on chosen topic, these recommendations have
covered weak area of study and gaps found in starting new venture. Last chapter highlighted key
recommendation where reader can understand how business can bring improvement according to
33

need, certain effective recommendation has been provided to get next research effective enough
in terms of effectiveness and reliability of collected data.
Recommendation:
Recommendation is one of the most important parts of every research in which researcher
try to provide recommendation on those areas where they felt weakness, this weakness in related
in terms of gap that have arrived during conducting and finalizing study (Domínguez and et.al.,
2019). There is certain recommendation for both, researcher and on chosen topic to make next
research effective enough in terms of reliability and validity, these are:
Collection of data: Collection of data is most important feature of every research in which
author need to collect relevant data for the completion of their study, it is very clear that methods
of data collection are chosen by author according to the topic, in this research, author have
chosen secondary data which is best in terms of information and enough knowledge (Hristov,
Appolloni and Chirico, 2022). However, researcher should have chosen primary data to make
this study more reliable, primary data simply means new and fresh which have not been used
before. Although, researcher have done right by choosing secondary data because this topic is
related to starting a new business which means source of primary data will be limited that would
have impacted validity of the study that is why researcher have chosen secondary data.
Literature review: LR is most important area to understand chosen topic, viewpoint of author
needs to be considered to make research more effective. It is recommended for researcher to
carefully review literature established by author, for the completion of this study, researcher have
focused on limited authors that is why it is important to focus on consider viewpoint of different
author to make study more effective. However, selected authors and their viewpoint are valid
enough to make this research effective, researcher have carefully analysed literature of different
author making this study valid. Reader and next researcher need to understand importance of
literature review in research, this area not only cover viewpoint of different author but this cover
half of research in terms of completion, focusing on ethical consideration, researcher need to
follow every standard set to maintain ethics regarding reviewing literature of other author,
literature review depend on ability of researcher to find best author.
Consumer behaviour: Consumer behaviour is one of the most important elements in starting
new venture, it is recommended to understand behaviour and action of consumer before
introducing something new in the market (Suddaby and Jaskiewicz, 2020). In this study, new
34

business venture is ready to deal in the market, this research has covered almost every important
area including market research. However, there is lack of understanding on consumer behaviour,
as this venture is focusing on event management software but first it is important to understand
what exactly consumer is demanding in the market. Events manage software is current demand
of consumer where they can plan small, medium and large event, behaviour can be analysed
when consumer will demand new feature regarding planning an event. It is highly recommended
for every entrepreneur who is planning to introduce new venture in the market, they need to
examine behaviour of consumer and need to make further decision to reduce chances of failure.
Sufficient budget: Every business needs continuous flow of finance to make venture successful,
it is very clear that without budget, it will be impossible to make venture survive the market
(Mrabure, 2019). It is recommended for new venture to clear their budget gap before introducing
new product or completely new business unit in the market. Sufficient budget does play vital role
when it comes to starting a new venture, firm might face failure due to insufficient budget and
lack of financial projection. In this new event business plan, budget and financial projection is
clear, business is ready to deal in market, financial projection can be seen in which researcher
have highlighted how much budget will be required in the starting phase and making business
boom the market. Sufficient budgeting is important area which need to be covered, this element
cannot be left behind as business depend on this important pillar.
Marketing: Every business knows the importance of marketing; this is not an easy process to
cover every important area related to market. Marketing is process of selling goods and service
with relevant techniques and reliable tools, new venture might perform market research before
marketing but there is certain area which needs to be covered when it comes to new venture
(Dias and Teixeira, 2017). In this research, event management software is new venture which
means marketing should be done in effective manner to complete the process of making business
successful. It is recommended for new venture to focus on keywords which allow them to cover
every important area, for example, marketing on keyword like event planning or birthday
planning will generate more result allowing firm to be more effective in the market. Marketing
does matter when it comes to business management process, this element cannot be ignored by
new venture, or they have to face drawback in the process.
Unique selling proposition: USP is the finest element in every business which allow business to
enjoy continuous growth, it is very clear that USP is set according to the product design and
35

service effectiveness. Every product has unique selling point which have ability to attract
consumer from all around the world, this is important area in which business enjoy continuous
growth. In this research, new venture has focused on event management and adding new feature
which was never introduced before making the product more unique in terms of effectiveness.
USP can be seen in the design of the product, here new feature has been added in the event
management software to make product more unique. It is recommended that business should set
USP according to features of product not on design because consumer will be attracted on the
basis of features.
36

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