Sample Business Studies Paper on Event Planning

What type of client do I want to attract?

The business aims to attract clients from different market sectors this will consist of people of all ages, ethnicity, race, and different social class. The business Warton Fin has introduced a new type of peanut butter blue band that has a strawberry or raspberry topping on it. This will increase the net sale of its products and attracting a larger group of clients.  The customers to be attracted may include:

  • People of ages 6 and above
  • Anyone with no allergies to any of the ingredients
  • People interested in activities like picnics and night outs
  • High net worth clients with enough money to spare
  • Cafes and places that provide snacks for customers

This product is not affected by any climate factors including winter, spring, and autumn since it can be taken at any time of the day throughout the year.  One of the most convenient geographical areas that his product can strive for is a place with a school facility nearby for the scholars to access the product during recess. A busy area is also promising for people who are too busy to find a restaurant and have lunch.

How do I get them to attend?

Various ways can be used to attract clients to buy our products (Marus, 2017).. Some of the methods are costly and others can only attract a few customers.  For our business, we decided to attract clients through:

  • Media advertisements. Through adverts in various social media platforms, we will have an opportunity to reach many people since in the recent times every person as low as the age of 14 years has access to a social media platform thus making it easier to gain their interest
  • Discounts on sale. For every packet of the product bought we will provide a discount by offering a 2 for 1 sale. No one passes off a good discount thus it will attract a large group of people. These sales can be done at our shop and also using stands in marts and roadsides.
  • Free samples. We are going to package the products into small sachets and provide them as free samples to passersby for them to try out hoping they will be fascinated by the product and come back for more.
  • Handing out flyers. This will involve handing out flyers by the workers to the people of the surrounding community. This will also cover a large market group all at once.

What is the budget for the event?

The estimated budget of the event being planned is $ 30,000 of which we believe I will be enough to cover all the expenses needed (BEERS, 2019). Some of them include:

  • Catering: 12%
  • Promotions: 30%
  • Décor: 10%
  • Entertainment: 6%
  • Venue: 20%
  • Video production and photography: 10%
  • Internet cost: 7%

A 5% portion of the total amount is put aside in case of a “rainy day” situation that may involve (O’Leary, 2016):

  • Unexpected cost
  • A cancellation fee for a just in case situation

Does the budget match the business potential of the event?

   This budget matches the event’s potential. The budget has everything covered including the video production of which it will be uploaded later after the event to the various social media platform where we had advertised our product. The budget has also facilitated funds that can be needed unexpectedly before, during, or after the event.

Time, date and location of the event

 The event will be held at Walter’s alley on 2nd September 2020 from 5 pm to 10 pm. The time, date and location were selected by considering various factor including (“how to choose date for event”, n.d):

  • When will most people be off from work
  • The season since one loves going to events on a cold season you rather just keep warm back at home
  • The amount of work to be done from the time you plan the event to the actual event.
  • If the day concedes with any holiday or public event
  • Availability of the service providers

 

 

What is the agenda for the event?

The event has the objective of creating awareness amongst people about the new product that has entered the market chain across the nation. The product is outstanding amongst other products produced since it is a type of peanut butter that not only has blue band in it as an ingredient but also has strawberry or raspberry which is according to the customer’s liking. This product is suitable for people of all ages only restricted to anyone with an allergy to any of the hits ingredients. Our main aim is to attract as many customers as possible through this event and also assure quality products for them to be loyal customers of the specific product and also other products that have been in the market in the previous years. This event will also provide a platform for the customers to air their views about the previous products and the newest product in the market whereby this information will aid in manufacturing products to their preference.

How will I track the success of the event?

We are going to measure the success of this event by several approaches including:

  • After the event, we will monitor all social media platforms that we had advertised about the product and the comments after uploading photos and videos of the event. This will enable us to assess how the customers feel about this product and we will be able to make any necessary changes. This will aid in knowing if the event was a success or a fail
  • The number of people who attended the event will say a lot regarding the success of the event. For an event to be termed successful the number of people who attended the event should be almost equivalent to the number of people we had invited.
  • The sales of the product should also speak for itself since it is expected that we should have sold a large number of products to the customers and also the number of people who showed interest is counted as a win
  • Although the social media will help in getting reviews from people, providing a simple questionnaire at the end of the event will aid in measuring the success of the even and also getting a scope of what people think about the product.

 

REFERENCE

BEERS, G. (2019). Management Tips When Building an Event Budget [Blog]. Retrieved 12 July 2020, from https://www.thebalancesmb.com/the-complete-guide-to-event-budgeting-1223678.

How to choose date for event. [Blog]. Retrieved 12 July 2020, from    https://billetto.co.uk/blog/how-to-choose-date-for-event/.

Marus, S. (2017). how-to-attract-high-net-worth-clients [Blog]. Retrieved 12 July 2020, from https://www.advicentsolutions.com/resources/blog/how-to-attract-high-net-worth-clients.

O’Leary, B. (2016). BUDGETING, EVENT PLANNING AND WHAT MAKES A SUCCESSFUL EVENT [Blog]. Retrieved 12 July 2020, from https://www.501c.com/budgeting-event-planning-and-what-makes-a-successful-event/