Business Practice Report: Valentine's Day Event at Metro Bar, Luton

This report provides a detailed analysis of the business practices involved in organizing a 'Valentine's Day Event' at the Metro Bar, Luton Campus, University of Bedfordshire. The report begins with an introduction to business practices and their role in achieving business objectives. The main body of the report is divided into three sections. The first section focuses on the marketing mix, including product, price, place, promotion, people, process, and physical environment. The second section examines the human resource requirements, detailing the roles and responsibilities of staff before, during, and after the event. The final section presents the financial details, including fixed and variable costs, and revenue projections for the event. The report concludes by summarizing the key findings and providing recommendations for future events. The analysis covers marketing strategies, human resource management, and financial planning, providing a comprehensive overview of the event's operational and financial aspects.

BUSINESS PRACTICE
EXPLORED

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
1. Marketing Mix of event Valentine's Day Event......................................................................1
2. Human resource requirement for event in metro bar...............................................................3
3. Preparation of financial details of 'Valentine's Day Event' in Metro Bar...............................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDICES.................................................................................................................................9

INTRODUCTION
Business practices are the ways in which a business or event is practised or attempted in
the most cost effective way. These are used to improve productivity and reduce cost related to
the event. These activities helps business to achieve its objective, which is making more money.
In this project a event named as 'Valentine's Day Event' will be organised at the Metro Bar,
Luton Campus, University of Bedfordshire. Valentine's Day Event is organised for couples to
make their day memorable and spend some quality together. Event will be hosted for maximum
200 people and to organise it well marketing planning needs to be done. This report consist
details regarding marketing strategy and marketing mix that will be used for the event.
Requirement of various human resource to organise event together with their roles and
responsibilities will be discussed (Aktar, 2013). Details regarding financial budget will be
mentioned in this report to calculate cost involved in the running event.
MAIN BODY
1. Marketing Mix of event Valentine's Day Event
Valentine's Day Event is specially organised for couples to celebrate love and romance.
This event is a theme based event in which all the decorations will be done in red colour. Event
will start with performance of a band who will rock the floor with some rocking tracks.
Marketing strategy is a long-term, forward looking approach to planning with the fundamental
goal of achieving a sustainable competitive advantage. This strategy involves selection of
business plan that outlines overall game plan for finding consumers for the event that is
'Valentine's Day Event'. Marketing strategy focus on objectives of business and a detailed plan is
prepared to achieve these objectives. Marketing mix has been defined as marketing tool that is
used to organise event 'Valentine's Day Event' to achieve targeted objective. This mix refers to
set of actions or tactics, that is used to promote event in the market. There are 7Ps that make a
marketing mix such as Price, Place, Promotions, Product, Process, People and Physical
Environment. The Ps that are used in the marketing mix plan of 'Valentine's Day Event' to make
it a successful event are as follows-
Product- Each successful event marketer at first needs to introduce its targeted
consumers about event organised as a product. Essential elements of a event must be present to
make it successful. Marketing an event requires that the products like food and various other
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services for entertainment in event is provided is worth the amount paid. Valentine's Day Event
will be marketed among students of university and this event will be described as a night to
celebrate love with rocking performance of band. Spend most joyful event in the town at prices
that will worth it.
Price- Price of the product is basically the amount that a consumer pays to enjoy it. It is
very important component of a marketing plan as it determines profits and success of the event
organised. Pricing of entry fee in the 'Valentine's Day Event' will help to shape perception of
event in consumers eyes. As capacity of Metro Bar is for 200 people a Skimming pricing policy
will be followed. As events that are organised in this bar follows it and it is necessary to make
profits. Price charged for one couple to enter in bar will be £60 and this amount will include
some complementary drinks (Marketing Mix. 2018).
Place- To make 'Valentine's Day Event' successful location of the event is very
important. As this is organised in Metro Bar, Luton Campus, University of Bedfordshire which
is very accessible. Place must have attractive lightings, a famous music band and good dance
floor and all these are present in Metro Bar that helps to attract couples to attend the event. As
pricing for the event is skimming which attracts consumers that are ready to pay high price for
event that is well organised and enjoyable (Beske and Seuring, 2014).
Promotions- Promotions is very important component of marketing as it boost sales.
Their are various promotional activities that can be done to make 'Valentine's Day Event'
successful. Promotions will be done in such manner that targeted consumer group can be
influenced. For this event posters in campus of university will be pasted. A mail on each students
mail box will be send to make them aware about event. Advertisement on University's page on
social media will be done and students are allowed to invite individual with their loved one.
People- It is important to decide target market to ensure that services can be provided
according to their demand. Workers who are hired for the event are very important as they
provide services. Quality of their service will help to make the event more successful. For this
purpose trained and experienced employees will be hired in 'Valentine's Day Event'.
Process- System followed by the organisation affects execution of services provided by
the organisation. A well tailored system will be followed to organise 'Valentine's Day Event' to
incur minimum cost. Process will describes the manner in which all the activities like
promotions, arrangements for workers, decorations will be arranged. First of all consultation will
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be done with a planning team of event management who will make a plan to organise
“Valentine's Day Event”. After planning all the activities will be performed as per plans such as
marketing, setting price of product and arrangement of workers will be done as per plans (Ortiz‐
de‐Mandojana and Bansal, 2016).
Physical Environment- Event which is unique and provide services as per consumers
expectations leads to create positive brand image. In competitive scenario it is very important
that a company have a good brand image as this will help to attract more consumers who relay
on brand image. Good brand image leads to mouth publicity which is one of the best method of
marketing 'Valentine's Day Event'.
This marketing mix plan will help to organise event named as 'Valentine's Day Event' and
object to earn profits will be fulfilled. As Metro Bar have limited space for 200 people, event
will be designed in such manner that it will attract consumers who can afford expensive entry to
events. As this event is open for students of university and together with relative and friends are
also welcomed with their couples. Targeting 200 consumers is a small group that will be
provided some complementary drinks, best DJ of the town and also food and catering services
will be a centre of attraction of the event (Ferguson and Souza, eds., 2016).
2. Human resource requirement for event in metro bar
Human resources are the people who make up the workforce of the organisation or for
the event. Human resource is also the organisational function that deals with the people and
issues related to such people such as hiring employees, performance management, training and
development of culture in organisation and its impact. Human resource plays very import role
while arranging an event 'Valentine's Day Event' as all the task related to arrangement and
perform event will be done through human resource. Staff is require before starting of the event
and also post-event. Recruitment of employees will be done through publishing in local
newspaper for staff that requires qualification and expertise. Staff that do not required any
speciality will be arranged through metro bar as various events gets organised their and this will
reduce cost of recruitment. Various human resource required before event for performing
activities like-
Planning team- To organise an event in best manner a event team who makes planning
for event will be consulted as innovative ideas appreciated by targeted consumers. Planning team
provides innovative ideas that leads to organise 'Valentine's Day Event' in a unique and attractive
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manner. Effective planning will provide desired results and profits will be generated by the event
organised. Planning in regards to theme of the event, which famous band will perform in the
event and strategies that will followed to market the event. Recruitment process of various
workers that is cost effective to event. All these planning will be done by team to make event
more successful.
Promotion staff- Promotional activities like making attractive posters and pamphlets,
creating online marketing of the event requires staff who is efficient to prepare attractive posters
is required. Employees those who are making promotions should be competent to make targeted
group aware about the 'Valentine's Day Event' and convince them to be part of the event.
Decorators - An event should be decorated in new and innovative manner no repetition
of decoration will be done. As event is named as 'Valentine's Day Event' so basically theme is
red and all the decorations should be done on red colour. To have eye catching decorations at
event a team of human resource will be appointed who is experienced and expertised in such
attractive of decorations (López Aymes and Salas-Porras, 2012).
Catering staff- Event will be turned out to be successful when all the guests who
attended the event are satisfied with the services provided in the event. As food plays important
part and also with this staff who is entertaining guests with drinks and food must be very keen to
serve people. To serve will delicious food in 'Valentine's Day Event' a team to chef and caters
who is good in preparing variety of food and serving consumers will be hired.
Human resources that are require during the event are-
Manager- Manager is the person who helps in coordinating various activities in the
event. While organising an event and during the event, manager takes care that event should start
on time and also all the guests are served well. Guests in the event will be attended well to
resolve any issue involved. Manager will coordinated in timing to serve drinks, foods and special
performance that will be performed in the event is performed on time as per plans (Gallagher
and Buckeye, 2014).
Security staff- Security services will be provided to guests as while an event is going on
safety of guests will be taken care off. When guests attend a event their vehicles should be
parked in valid parking and proper security will be provided to them. Security will help
managers to have watch on uninvited guests that entry is not provided to any person who is not
authorised to attend the event. A proper system of entry will be followed in the event.
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Entertaining persons- Having good food and fabilious decoration does not make an
event successful. Entertaining guests who are in attendance of the event is also very important. A
famous DJ and a dance performer are invited in 'Valentine's Day Event' to entertain all the
guests. This working staff plays important role in attracting large consumers to the event.
Human resource that is required to perform activities after event are-
Cleaning staff- Most difficult and physical work that needs to be performed by cleaning
staff to clean the place of event. As event is full of crowd and they are served this creates a mess
when event lasts and cleaning is required when event gets over and this is performed by cleaning
staff (Hansen, Panwar and Vlosky, eds., 2013).
3. Preparation of financial details of 'Valentine's Day Event' in Metro Bar
Financial details involves all the information related to finances that will be required
while organising a event or establishing a business. Financial details involves costs that needs to
be incurred to make an event successful and also revenue that is expected to be generated from
the the event. In this information regarding per unit cost and profit will be mentioned. Units must
be specified that shows break even point in the business.
Fixed cost- Fixed cost are business expenses that are not dependent on the level of goods
and services produced or provided by business entities. This cost does not change with increase
or decrease in the number of goods or services produced and sold. Organising 'Valentine's Day
Event' in Metro Bar will involve various type of fixed cost such as fixed production overhead,
fees and insurance expense, expenses involved in adopting invitation process and also cost to
hire a venue to organise event. Cost like hiring managers, security services and cleaning activity
will also be fixed. All these are fixed cost that do not very with the number of persons invited to
the event (Glass and Cook, 2018).
Variable cost- Variable cost is the cost that changes in proportion to the goods or
services produced by the business. Variable cost is the sum total of marginal cost of all the units
produced. Variable cost depends on the volume produced by the organisation. Higher production
will provide high variable cost and low production will leads to low variable cost. Organising
'Valentine's Day Event' will involve variable cost like food, drinks, catering services and cost of
printing entry tickets all are considered as variable cost (Talent, 2013).
Break-even point- The break even point is the production level where total revenues
equal to total expenses. This is a point on which fixed and variable cost of a business becomes
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equal to its total revenue. At break even point a business neither earns profits nor suffers any
loss. Break even point is considered as zero profit point. Calculation of break even point is very
important for 'Valentine's Day Event' because it tells owners and managers of business about
sales volume required to cover all variable and fixed expenses of business. Sales after break
event point starts to generate revenue in business.
Profit- Profit is a financial benefit that is realised when the amount of revenue gained
from the business activities is higher the the amount of cost incurred. Profits are parts of revenue
that lies with owners after reducing it with cost and taxed paid. Every business is operated with
the object to earn profits and all the activities performed for 'Valentine's Day Event' is also to
earn profits.
Contribution- Contribution is the amount that is used to calculate how much the
company is contributing to cover its variable cost. When fixed cost is added to profits then also
amount of contribution is calculated. Contribution plays important role in business as in short run
business needs to cover its variable cost (Godwyn and Stoddard, 2017.
Calculation of Profits of 'Valentine's Day Event' Events
PARTICULARS AMOUNT(£)
Sales (90*2*30) 5400
Less: Variable Cost
Food (90*2*3) -540
Drinks(90*2*10) -1800
Tickets Printing Fees(90*2*1) -180
Catering services(90*2*2) -360
Contribution 2520
Less: Fixed Cost
Hiring venue -500
Managers -200
Security Services -200
Decorations and Lightings -300
Promotional Expenses -100
PROFITS 1220
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NOTE: Since total capacity of the Metro Bar is for 200 persons but it is assumed that
only 90 couple tickets will be sold that will bring 180 persons. Rest of the tickets will be
distributed free to some staff members of university and some of them will be unsold with us.
Total variable cost incurred by 'Valentine's Day Event' is £1880. Fixed cost incurred by
event is £1300. Potential profits earned by selling 180 tickets of business is £1220 (Shapiro,
2016).
calculation of profit per unit = Total profits earned by selling 180 units/ 180 units
= £1220/180
= £ 6.77 per ticket
calculation of PV ratio = Contribution/ Sales* 100
= £2520/ 5400*100
= 46.66%
calculation of contribution per unit = Total contribution/ 180 units
= £2520/ 180 units
= £ 14 per unit
Break Even Point will be calculated by following contribution margin method under this
method total fixed expenses are divided by contribution per unit to calculate break even units.
Break even point(Units) = Total Fixed Cost/ Contribution Per Unit
= £1300 / 14
= 92.85 units or 93 units
Break even point(£) = Fixed cost/ PV ratio
= £1300/ 46.66%
= £ 2786.11
CONCLUSION
From the above project report it is concluded that marketing mix plays important role in
success and failure of a business. A well designed marketing mix plan helps business to achieve
its objectives and survive in long run. Most important resource in an organisation is human
resource and they are required from business planning till after sale services. Various human
resources that are specialised in performing various activities are hired to organise event.
Business activities are performed to earn revenue and cost such as fixed and variable should be
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minimised to increase profits. Break even point of business is calculated to know that revenue of
business can cover cost related to business.
REFERENCES
Books and Journals
Aktar, I., 2013. Disclosure strategies regarding ethically questionable business practices. British
Food Journal. 115(1). pp.162-193.
Beske, P., Land, A. and Seuring, S., 2014. Sustainable supply chain management practices and
dynamic capabilities in the food industry: A critical analysis of the literature.
International journal of production economics. 152. pp.131-143.
Ferguson, M. E. and Souza, G. C. eds., 2016. Closed-loop supply chains: new developments to
improve the sustainability of business practices. CRC Press.
Gallagher, J. and Buckeye, J., 2014. Structures of grace: The business practices of the economy
of communion. New City Press.
Glass, C. and Cook, A., 2018. Do women leaders promote positive change? Analyzing the effect
of gender on business practices and diversity initiatives. Human Resource Management.
57(4). pp.823-837.
Godwyn, M. and Stoddard, D., 2017. Minority women entrepreneurs: How outsider status can
lead to better business practices. Routledge.
Hansen, E., Panwar, R. and Vlosky, R. eds., 2013. The global forest sector: changes, practices,
and prospects. CRC Press.
López Aymes, J. F. and Salas-Porras, A., 2012. Korean companies in Mexico: business practices
and national identity. Journal of Asia-Pacific Business. 13(4). pp.349-374.
Ortiz‐de‐Mandojana, N. and Bansal, P., 2016. The long‐term benefits of organizational resilience
through sustainable business practices. Strategic Management Journal. 37(8). pp.1615-
1631.
Shapiro, B., 2016. Using traditional narratives and other narrative devices to enact humanizing
business practices. Journal of Business Ethics. 139(1). pp.1-19.
Talent, A., 2013. Corporate Environmental Sustainability and Employee Recruitment:
Leveraging” Green” Business Practices to Attract Talent. Green organizations: Driving
change with IO psychology, p.231.
Online
Marketing Mix. 2018.[Online]. Available
through:<https://entrepreneurhandbook.co.uk/marketing-mix-definition-overview/>.
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APPENDICES
Job Description
1. Job details
Title of the job :- Event manager
2. Job Purpose
 To manage event and attract
more audience
 Cost effective and marketing
plans,
 Efficient managing skills to
compress budgets
 To Promote the visible
organisational image
3. Roles and Responsibilities
 Planning for events and
finishing requirements,
objectives and targeted people
 Assemble requirements for
successful of event
 Managing communication
channels among vendors and
suppliers
 Coordinate event operations
 Management of promotional
activities
4. Required Skills
▪ Proficient communication and interpersonal skills
▪ Negotiation and legal knowledge
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▪ Hiring personnel
▪ Managing skills (Staff management, DJs, waiters,
decorators, volunteers)
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Job Description
1. Job details
Title of the job :- Security Guard
2. Job Purpose
 To Secure premises and assets of business and monitoring the equipments
 To obtain traffic directories and interacting signatures
 Protecting and monitoring precious stuffs
3. Roles and Responsibilities
 Protecting the powerhouse and highly prohibited areas
 Securing all security doors
 Checking out the security cameras and regular physical check
 Figuring out unauthorised and suspicious activities performed by people
4. Required Skills
 Certified experience with in security services or guard
 Knowledge of keeping records
 Surveillance skills
 Registered as security guard
 Trained in First Aid/BLS and self-defense
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