Students are to complete a business feasibility study with regards to preparing an event
CONTEXT
You are to assume the role of a consultant specialising in Events Management. You currently work for an organisation called: “We Make it Happen”.Your company is very successful as it considers all aspects of events including thefinancial, marketing and operations management.
Recently, you have met with a client, Mr Beiers, Deputy Principal Mission at Brigidine College, Indooroopilly. The meeting has produced the following summary:
To propose and subsequently research the feasibility of a fundraising event for the theme of “An afternoon in paradise”, with regard to specific marketing, operations and financial management and strategies.
TASK
You are to prepare a business feasibility study(1000-1500 words) to present to the client, as to the feasibility of launching the event based on the report of Marketing, Operations and Financial Managementstrategies. You are toprovide validrecommendations and well-reasoned justification.
Business Feasibility Study: TASK GUIDELINES:
You are to complete a written business feasibility study of 1000-1500 words.
• Feasibility studies do NOT include: definitions or appendices.
• Feasibility studies may include:subheadings, bullet points, tables, charts and diagrams.
• Ensure you present findings (from primary and secondary research) in the written document.
o Primary research must be gathered using a market research survey such as survey monkey (https://www.surveymonkey.com), interviews with relevant key business representatives and the collection of data from observations.
o Secondary research must be included. In-text referencing and a reference list must be used (refer student diary). Ensure your work is in your own words, if referencing include author’s details, do not plagiarise.
BUSINESS FEASIBILITY STUDY STRUCTURE
(complete in report format)
TITLE PAGE
• Business Feasibility Study, Product / Business name, Prepared by: (Your name, your title)
EXECUTIVE SUMMARY
• The main purpose is to gain the reader’s attention.
o Give a brief and clear overview of the key points of each section of your feasibility.
o This is writtenlastonce all sections have been completed.
TABLE OF CONTENTS
• Include page numbers and appropriate formatting.
PROFILE OF THE EVENT – 50-100wds
a) Write a descriptionof your proposed event, using relevant examples. KU
o the client has requested for the event to be based on the theme of
“An afternoon in paradise”,
o propose a concept and format for the fundraiser.
Some examples may include:
o a catered afternoon tea within the proposed theme,
o a carnival atmosphere with stalls in the theme
o taking the tropical theme as it is in support of the recent cyclones in Fiji
b) Identify and explain the target market for the proposed event (KU)
RESEARCH– 150-200wds
a) Select and organise business informationto manage the proposed event, by conducting research into similar concepts, with specific focus on:
o Marketing, Operations and Financial management.
This will include primary (eg create your own survey) secondary sources (eg texts, publications)
o This may include aspects such as
pricing, entertainment, suitable venue, determining what the market needs.
b) Present your research results in diagrams, charts, bullet points as appropriate.
o You may consider to include research in the format of websites, journals, textbooks, interviewing techniques with events managers or financial managers
c) Interpretand analysetrends, patterns and relationships in the market with regard to organizing events of this nature. (AA)
FINANCIAL MANAGEMENT STRATEGIES– 400-500wds
a) Explain relevant financial management processes that could be used to achieve the business goals and objectives for this particular event KU
b) Apply financial knowledge to identify key financial issues with regard to organising events. KU
c) Prepare a graph to record the comparison of possible expenses and projected revenue from the information prepared in the budget for the event.AA
d) Interpret the meaning of financial tables/graphs that you have prepared for the client with regard to the financial requirements to conduct the event and compile statistics of financial records to analyse and make management decisions
e) Evaluate the options this client has to obtain funds for this event.Compare and contrast financial options from internal and external sources. EC
1. Financial Forecasts and Analysis, Sources and Uses of Funds:
(Cash Budget)
There will be a request for funding
a) Prepare an estimated budget (use the template provided)
b) Compare estimated expenditure and revenue.
c) Financial analysis, advise the client on the following:
(how much money is needed to plan, implement and evaluate this event?)
provide a budget breakdown based on estimated resource requirements and make a funding request to the client. (outline possible sources of funds) (EC)
d) Explain key considerations in formulating these strategies. (KU)
o include relevant graphs and charts to compare data
e) Analyse the sales and profit projections?
Break even analysis: explain and analyse this strategy and it’s relevance in financial management for the event.
• When will break-even be achieved?
• prepare a chart depicting this
• How readily can costs be reduced/covered?
2. Risk Analysis:
a) Prepare a SWOT analysis of the event
b) Identify and evaluateany possible risks and discuss and recommend strategies to minimise the risks. EC
c) Analyse how the issues identified will impact on the likely success or failure of the event. (AA)
PROMOTIONAL STRATEGIES: Marketing Aspect – 200wds
a) Identify promotional strategies that could be used (KU AA)
Must include but not limited to:
o Create a possible logo for the event.
o Select and organise business information to design a flyer or poster that highlights the event and your logo.
b) Explain key considerations in formulating your promotional strategy. Evaluate the effectiveness of this strategy and justify your recommendation.
OPERATIONS: 400Wds
a) Evaluate the most effectiveoperational strategiesand the requirements to organise the event, referring to your research, in order to manage the event, provide justification for your recommendations. EC
b) Recommend and justify strategies to implement to ensure quality control at an upcoming event.
• Develop strategies to improve quality of the product/service KU
c) Prepare a sample GANTT chart for the client to indicate the process involved in the management of this event.
d) Explain how to acquire key resources such as equipment, services/supplies.
e) Discuss the concept of strategic and operational planning and how it may apply in this case.
CONCLUSION – 50wds
• Based on your research, formulate recommendations on the viability of launching this product in the market. You must justify this using evidence. (EC)
REFERENCE LIST
• ensure that you include a complete bibliography