Eventilia is a sole proprietorship firm which is been founded and managed by Jatan Desai and it falls under Event management industry. Company is going to provide various services to all customer segments i.e. corporate, social and UK Government. Company is to come with innovative events such as green, sustainable, ethical events etc.
Industry is growing because of growing demand of event organizer, planners. Organization will also be coming with new technology i.e. beacon, project mapping, event diagramming and chatbots etc. which will be differentiating factor and shocking for peers in the industry.
Eventilia is going to produce maximum it’s in- house services. It is going to use HOT relations with its supplier and utilize EOQ and asset tracking solutions in order to maintain proper inventory. Company is going to obtain profits from 6th month of commencement.
Balanced scorecard is prepared in order to evaluate company’s performance and various contingency plans have been adopted at time of failure of sound systems and inclement weather conditions. In order to fulfill customers’ demand, company is going to take feedback and create R&D department for bringing innovations.
1 The Opportunity
1.1 The Opportunity
1.1.1 Market Research
• There is growing demand for outsourcing of event planning activities. Growth is observed in the industry from past couple of years. Personal functions such as marriages and Birthday parties, social programs such as meetings, seminars, conferences, exhibitions, and product launch etc. companies give whole work to these companies (Jepson, 2018). It can be big opportunity for Eventilia Company to cover whole market;
• Company can also go for providing concentrating services to particular niche markets such as schools, colleges, Government etc.
• Also, relatively overhead cost in this industry is less because company has to not go for fixed investment in purchasing any particular assets.
1.1.2 The gap
Eventilia will be providing all the services to all markets such as corporate, social, personal etc. Currently, there are a smaller number of companies that provides all types of services to all the markets. Eventilia will offer all services under one umbrella which will differently company from its rivals. Also, there are many companies who take order for full event but Eventilia will be providing only the service which is asked by the customers. For example, any customer who need only catering services and does not require food services than company will be providing catering services only to customers (Jones, 2017). This is the main challenge many customers face when they go for taking event services. Additionally, company will be providing ethically sourced events and suppliers & Green events. This will be creating a different market for Eventilia and also attract greater number of customers.
5.2 Main conclusions from the project
• Eventilia is having favorable PEST analysis in order to set up its new business in UK;
• Company is going to enter into market with innovative services such as green events, ethical events etc. and that too with new technology such Beacon technology, Project mapping etc. which will be differentiating factor for company in industry;
• Organization is having moderate pricing strategy which will be affordable to all income level of group;
• Company will be earning positive cash inflows from 6th month of first year which is showing good sign for the company;
• Eventilia has even prepared Balanced Scorecard in order to know performance of company which will be guiding management to improvise their services.
5.3 Limitations and future directions
Highly unorganized sector: It is unorganized sector as company has to regularly launch new services with more creativity and also maintain proper quality (Kumar, 2016, January). In such a case, Eventilia can take feedback from events attendees and moreover, organization can create research and development department that will regularly updating on changing technology, fashions, behavior of customers etc.
Meeting up client’s demand: This is the most typical task in this sector i.e. meeting up the client’s demand. In this case, company can go for regular feedbacks for knowing that what actually client’s requirements are.
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