Man3147 Business Plan : Basis Assessment Answers

Answer:

Introduction:

The report analyses the business plan of an event planning company. It discusses the important of a business plan to build a new business as well as run the agency. It conveys an institutional framework to the business. A business plan is essential for the authority to focus on the company’s objectives, service and most importantly the requirements of the clients (Raj, Walters and Rashid 2017). The business plan is an over view of the current position of the company in respect to the market trend. It is a kind of management tool that enables the company to meet its goals as well as operational milestones.

The case study here is a Scotland based event management company named First Choice Events. The company has its main office in the capital Edinburgh from where it operates. The company serves for everyone but has expertise on Afro-Caribbean culture. Therefore, it is easy for the agency to flourish in less competitive market of Scotland. The company has special expert group for adding traditional touches in Afro-Caribbean events or weddings.

The report discusses about the company in brief, the services provided by them, the places where the company has arranged events and aims to arrange in future. The discussion provides complete information about the company’s sales and margins, the people connected with it and effective marketing plans that helped the company to prosper and promised to make it a most known company in Scotland.

Company summary:

First Choice Events is a small event management company operating in Edinburgh, Scotland. The company combines traditional values with modern fashion thus leads the market and provides supreme quality result, each time. First Choice Events provides expertise and products to their customers in such a way so that they can plan their own events. Complete party kits, disposable themes, lighting effects and catering for all especially the Afro-Caribbean community in Edinburgh at large Scotland (Deresky 2017). The clients can also get information or even book from the official website. The company provides affordable services and products with the help of event planning software that can interact and customize according to customer’s requirements. First Choice Events aims to be one of the leading event management companies of Scotland (Casper and Pfahl 2015). As the company specializes on the culture, society and food habit of the Afro-Caribbean community, it is quite easy to expertise in this field. The company attempts to be the first choice of the clients by helping to reduce the planning burden. First Choice Events produces the same quality services and leave a lasting effect. For the company, communication with the customers is essential which helps to complete a hassle free event (Marcella and Rowley 2015). The company provides the employers a professional working ambience and compensates the staffs, contracted vendors and sponsors. First Choice Events has both internal and external clients to serve. The company ensures to serve the customers at a reasonable price. The company also arranges accommodation for the clients and their guests in luxurious hotels in Edinburgh city. The company fulfils the client’s desire consistently and accurately at reasonable price as well as makes significant profit.

Services:

First Choice Events arranges various kinds of events throughout the year in Edinburgh and guarantees contentment in the grounds of performance, selections and appearance. The company plans-

• Meetings
• Retreats
• trainings
• Workshops
• Conferences
• Birthdays
• Wedding ceremonies
• Anniversaries
• Receptions
• University Graduations
• Company or family picnics
• Holidays
• Banquets
• Award ceremonies

Beside these, First Choice Events plans for other cultural events and weddings especially for the Afro-Caribbean communities as well as Scottish section (Hottle 2015). The company’s website provides detailed information about the wide range of offerings of the company. It also has software for event planning which allows the client to visualize the events arranged by the company (Agamirova 2014). The software allows customizing or decorating themes, theme music, designing thank-you, invitation cards and using calendar for interactive planning. The cutting-edge technology helps the clients to arrange a successful event saving both time and money (Getz and Page 2016). The software provides reviews for all the resources and services of the company like decoration, catering, bands, facilities so that the customers can have freedom to select the services according to their desire. The company provides complete party kit for every event so that the clients can plan a party themselves. This kit includes decorations, disposable themes, lighting effects, theme music, punch mix (or recipe), food supplies (or recipe), plates, cameras, cutlery, napkins, tablecloths, invitation cards, thank-you cards, and a step-by-step handbook for planning, arranging and hosting an event (Geus, Richards and Toepoel 2016). This guidebook includes a planning calendar and the method to arrange the whole thing by putting together recipes, games, musicians, speakers, decoration even dresses ( where applicable).

Location issues:

First Choice Events is a home based event management company that works within the city territory of Edinburgh, Scotland. The meetings of the executives with the clients are usually conducted in a social setting like cafes, restaurants, client’s home and sometimes over phone. The clients may visit the executives at the place where he wants the event to be arranged. As a new start up enterprise, First Choice Events only has office at Edinburgh but gradually the company will be opening branch offices in different cities of Scotland like Glasgow, The Hebrides, Aberdeen, Stirling and Perth. The company will move from a home base into a large office complex in the centre of the city. All offices will be well equipped with all technologies needed for the business such as internet, computers, duplicators, printers, scanners, emails, fax machines and developed software. The event venues have secured storage for the technical team to work. They have different areas for supplies and apparatus used in the events like walkie- talkies, cell phones, laptops, microphones and speakers. The company arranges musical bands and dance troops in different cities according to the client’s desire. The company keeps detailed information about the venues where the client wants to arrange it (Robertson, Junek and Lockstone-Binney 2014). It finds venues for any events at negotiable rates. First Choice Events finds high standard hotels for the clients to stay in other cities. The venues are booked provisionally so that the client has time to decide. Above all, the agency chooses the places that fit best for the event as well as the customer’s requirement.

Marketing strategy:

The client base of the company is basically middle and upper middle class families, individuals, couples. It has some private or public institutions of Scotland to cater so it needs to analyze the market (Guerrón Montero 2015). In order to produce same results every time, the company must understand the current trend and fashion therefore shape them according to the customer’s needs and budget. The company’s goal is to organize worry free events for the customers so that they can spend more time with their family and friends and enjoy (Haines 2016). The concept is to strengthen the bond with the client by freeing him from the tension and it is the chief marketing strategy of the company. The marketing strategy is predominantly performance based which includes visual and verbal connection to big events in which the individuals have participated previously. In case of working with private or public organizations, the chief concept is to execute the event more efficiently and professionally (Jones 2014). These groups usually try to escape the tensions regarding the events, so they obviously opt for error free event organizers, which appear to be the best choice. The strategies include networking or referrals with more people. Event planners must be social by nature. Nurturing and building relationships with other vendors to get reference is vital in this business (Lugosi 2014). The company has good connections with renowned hotels in Scotland, which refers party clients to the planners instead of which the company arranges charitable functions for the hotels. The former clients are the best network to reach a new. Therefore, customer satisfaction is the chief factor for the business to grow. The company has reputable and reliable references that help it winning customer’s trust (Mason 2015). The company has well- developed connections over social media like Facebook and Instagram. First Choice Events has built up a fan page where has got huge appreciation from friends, clients and networking partners. By posting in regular basis has increased the rank as well as marketing. These social proofs have helped the company in marketing over internet. The company also uses the official website as a strong marketing tool (Masterman 2014). Beside these, it has driven visitors through Google Ads and Bing Advertising to the website. The company has blogs that focus on company’s purpose, aspects and services. It has boosted the organic search results of the events and acted as additional promoters. Event planners of the company have utilized the email service for marketing and attracted the attention of the new as well as existing clients. The existing clients get regular mail from the company so that it can stay on the top of the mind and call for new event panning. The planners keep in touch with referral and prospect partners and share the company’s expertise with them (Morris 2015). The company passes information back and forth among the group members. First Choice Events attend trade shows and wedding shows and interact with people among whom there can be a perspective client or a group. The company decorates booths in the trade fairs and distributes printed flyers as well as brochures. Sometime it performs individually or share stage with other vendor to make people feel its prominent presence. It features guest speakers to speak for the company’s offerings and create promotional, interesting piece for the company’s promotion (Müller 2015). The venues where the company arranges events are part of its marketing plan. The venue selection reflects the company’s status as well as taste. First Choice Events always try to present the best experience to the customers. Had it been a professional workshop, or a traditional Afro-Caribbean wedding, the company has its expert team who is well accustomed and informed with the culture and provides service accordingly (Luonila and Johansson 2015). As mentioned before, the company provides systematic guides for the clients, which ask for opinions and questions. These initiatives have made the company more engaging and enthusiastic.

Margin and sales:

The company has been established on 2014. It had some start up costs. The following table describes the company’s sales and margins in last three financial years.