Eventurous Marketing Plan 0

Eventurous Event Planning Services Marketing Plan

Marketing Management MKTG 522

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1.0 Executive Summary

The ultimate event planning service is now here! Eventurous - Event Planning Specialists are bringing its extraordinary and cutting edge service to the SF bay area. Eventurous is an equal opportunity business that will head the market by providing high quality results with a reasonable cost.

With social networking and the economy on a rise, many are looking for new ways to get their name and brands out there. By taking advantage of the upcoming trend of new ways to network and have a good time, Eventurous will surely succeed. Event planning, as defined in Event Management, Constitutes of visualization, creativity, and meticulous planning and venue management. Visualization involves imagining the event to be a brand and then customizing and promoting it as per the needs and values of the brandIt boils down to the management and co-ordination of services and supplies (Mehndiratta 2008). With the creativity and drive of management and staff, Eventurous is the perfect way to help create a memorable time without the stress of planning and coordinating by ones self.

With target segments in both the business and social markets, Eventurous is able to offer services for a vast variety of occasions, including but not exclusive to family events, corporate events and social gatherings. Not only will Eventurous strive in its services, but will have the ability to assist clients who wish to plan their own events with customized products that make planning easier. Eventurous will pride itself in maintaining its place as the all resource company for event planning.

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2.0 Situation Analysis

Event Planning has reached a new era. With Eventurous, events will be cutting edge and unlike any type of gathering seen in its class. In order to maximize efficiency, marketing is crucial in the event planning business. Because event planning also helps other companies to market their name, Eventurous needs to market like no other event planning service has before. A major point that needs to be marketed about Eventurous is the ability to offer high quality service at a reasonable price. There will be emphasis of the benefits of having the stress taken out of planning events, allowing the client(s) to be able to enjoy the event for themselves instead of running around making sure everything is going to plan.

The key industries that Eventurous will begin marketing products and services to are as follows (in no particular order and not limited to):

Wedding industry (including bachelor/bachelorette events) Corporations (meetings, holiday parties) Marketing industry (promotional events, shows, etc.) Holiday Events

The largest hurdle will be the existing and future competitors. There is a vast range of competition, such as hotels that throw events, other event planners, a company that assigns an employee to organize events, and even potential clients themselves who try to plan without any assistance. Eventurous will need to illustrate to potential clients why the services and products offered are the best and should be chosen over all other options.

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2.1 Market Summary

Eventurous has two major markets: the corporate market and social market. The corporate market includes companies who hold events such as product launches, press conferences, corporate meetings and conferences. It could also include companies who have marketing events such as road shows, grand opening events, special concerts, award ceremonies, film premieres, launch/release' parties, fashion shows, etc. (Mendratta, 12). Although many companies tend to use current employees to organize events, Eventurous will make it so that it would be beneficial for all parties to allow our company to take care of the hassle of organizing any function.

The social market are those who like to hold private events such as weddings, birthdays, anniversaries, holiday occasions, graduations, bachelor/bachelorette parties, and any other social or personal occasion. Because the San Francisco Bay Area holds a vast number of cultures and populations, there are a different number of cultural markets Eventurous can gear its marketing towards. For example, Latinos tend to put together a huge celebration for a girls fifteenth birthday called a Quinceaera. Similarly, Filipinos also coordinate a big event for a daughters eighteenth birthday, called a Debut. Common cultural events such as these can generate more events for our company to grow and gain more experience.

Specific segments being targeted during the first year include professionals, corporations, large to small companies, and designers in the San Francisco Bay Area for the corporate market. In order to target the social market, we need to try and focus on young adults (20s-30s) and middle class, those who like to go out to events and socialize.

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With the economy slowly getting back on its feet, many companies are trying to get their brands and names out and known. With Eventurous help, the events put together will help market themselves in a positive light. Event specialist will help create an event that mirrors the vision of the client while creating a unique experience for attendees. Also, since the job market is starting to increase, more and more people are finding new reasons to celebrate and throw events.

2.2 SWOT Analysis Strengths Offering the most creative and well-thought out events at an affordable cost. Customer service and relations will be number one priority. Not only does Eventurous specialize in major events, but also smaller events for everyone such as bachelorette parties, birthdays, baby showers, graduations, etc. Expert staff Not only event planning services, but also offer event party kits Material rental also available if not using event services (such as sound system, chairs, tables, etc.) Weakness Because Eventurous has such an outstanding market, there will be many challenges, including: Market segmenting will be a big challenge. The type of events that are available are so numerous and range from such diversity that it will be difficult to segment towards

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specific demographics. Eventurous will try to keep market wide range so that it has the ability of expanding to other potential consumers/markets. Being a new company, no one knows who we are yet. Even though a major form of marketing strategy will be by word of mouth and referrals, Eventurous will try and stay ahead of the game. It will aim towards being known to coordinating various events, not only focusing or specializing in a specific occasion, like weddings, which most competition in the area already do. It is not a surprise that Eventurous is aiming to strive and expand greatly, making Eventurous the name to think of when consumers hear the words event planning. However, if there is an unexpected rapid increase in demand, there will be difficulty meeting that demand immediately.

Opportunities Because Eventurous has lots of market potential, there could be a lot of opportunities of growing companies that need event planning assistance. One of the biggest opportunities comes from the fact that Eventurous does not only specialize in weddings, it has an extensive range of planning specialization. Also, there is a relatively low overhead since initially Eventurous can be run from a home-base or small office. In an article from The Entrepreneur, start-up costs can be as little as $2,000 because it can have the option of being part-time and home operated (Wilson 2009). In addition, because Eventurous is more than a service, also offering rentals and event products, there is an advantage over competition. Most event planners only offer the service, therefore by being able to offer every aspect in an event, opportunities widen.

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Threats With the history of our unpredictable economy, there could be a huge effect on suppliers and clients, should there be another unforeseen slump. In addition, because event planning has high potential and relatively low start-up costs, it can be easy for more competition to enter the market. Existing or future competitors could pose a major threat if or when they begin to expand services or offer better deals and/or products. Another threat that could occur would be the possibility of losing qualified employees or even the ability to obtain qualified professionals.

2.3 Competition While there are not many popular current leading corporations in this trade, there is still a lot of competition in the area, such as Signature Events Company and the New Sunrise Events. However, most of the competition in our area specializes only in major events such as weddings & corporate events. Although it could lead to a disadvantage by have niche providers as competition because customers may seek them for specialized events, Eventurous will offer its vast knowledge and creative ways to entice them away from competitors. While also specializing in those types of events, Eventurous will emphasis the service to offer specialization in other areas other than weddings and corporate events. Eventurous will lead its market by offering the new generation a new way to throw parties/events.

2.4 Service and Product Offering

Because of all the planning that goes on for an event, especially big and important ones, the process can be very tiring and stressful. In fact, for some companies, by outsourcing the

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planning activities, it saves them time and allows them to worry about their duties in the day to day operations.

For many, throwing an event is difficult because they do not even know where to begin or what supplies or activities they want and may need for their guests. With Eventurous, they will not need to worry about any of the small details and can enjoy the festivities for themselves. Eventurous offers different services with full or individual packages depending on services needed. Sample packages would include the following:

Full service package: over-all planning and managing of the event. With this package, the client is essentially worry-free, by only providing basic preferences and any details requested leaving the rest to the event coordinator. Nothing is finalized without clients approval.

Supreme Service Package: Client already did initial planning, coordinator needs to execute plans. With this package, the client and event planner are working closely during the process.

Premium Service Package: With a premium package, a minimal fee is charged for overlooking the event, on the date itself. The client already did the full planning, the event professional is hired to manage the actual even and oversee and coordinate activities to ensure and monitor that everything runs smoothly, allowing clients to enjoy the event themselves.

While Eventurous is a service business, products are offered to those who choose to plan an event themselves. The following products are used to maximize profits but also help those who cannot afford the service packages:

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1. Party Event Pack (Various size packs offered, ranging from full to exclusive packs)

This pack is designed to help customers with most of the supplies needed for any occasion. Packs are designed especially for each event, according to occasion and event size. It will include everything from decorations, disposable cameras, eating utensils, plates, napkins, cups, punch mix, snacks, tablecloths, center pieces, music (if needed), invitations, thank-you cards, and a step-by-step guide to planning events.

2. Event Supply Rentals

When throwing an event, it is hard to find supplies all in one place. Eventurous will have everything needed to rent, from chairs and tables, giant slides and playgrounds for children, to DJ booths and speakers.

2.5 Keys to Success In order for Eventurous to be thriving establishment, many factors need to take place. First and foremost, keeping loyal and satisfied customers will need to be a top priority. Customer satisfaction will aid in generating repeat business and also assist in promotion for the company by spreading the word out to others. In addition, a major ingredient to success is by making sure Eventurous achieves market visibility. There will not be much effectiveness of service if potential clientele are not aware of the companys existence. Keep employees up to date with current technologies and trainings with constant trainings and meetings.

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2.6 Critical Issues Because Eventurous is still a start-up company, there are many critical issues that it will eventually face. Eventurous needs to establish itself as the best event planning Service Company in the SF Bay area. In order to live up to the promise, the company will have to find cost effective suppliers and services to help aid in the event process. Also, need to be able to take a steady approach to expansion to meet needs of customers.

3.0 Marketing Strategy Marketing strategy is described as, A process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Mehndiratta 2008).

In order to ensure future contracts, Eventurous will be constantly pursuing and trying to attract potential clients. Even though there is a wide range of services offered, superior service is guaranteed at an affordable cost. By staying in tune with clients needs and the newest fads and trends, Eventurous will be able to stay on top of others and outperform competition. With methods such as company websites, networking, advertising to local companies and businesses, Eventurous will become a more visible company. The company website will be a powerful tool and offer clients in-depth information in services and products offered. Also, there will be the cost savings information that can be achieved if using Eventurous. Networking is a

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very important way of getting Eventurous name out in the market. By building relationships with vendors, previous clients, friends, colleagues, etc., it is easier to get known.

3.1 Mission Eventurous strives to exceed customers expectations and to make sure customer leaves beyond satisfied. Through the professional attitudes and communication skills that Eventurous holds, our company will ensure a hassle free experience with a great price. By creating a never seen before experience, Eventurous promises to keep up with latest technology and trends, while making sure clients receives all the individual attention they deserve and ask for.

3.2 Marketing Objectives The companys objectives are as follows: - Increase awareness of services and products offered, which is quantified by 3% increase of Unsolicited requests per quarter. - Generate an increase in repeat customers quarterly by 5% - Participate in well-known events and increase visibility, which can be seen with an increase of 5% new referred customers

3.3 Financial Objectives Eventurous financial objectives include: -profitable by 2nd year -monthly growth

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-10% quarterly growth in social market -15% quarterly growth in corporate market -5% decrease in training and production fees

3.4 Target Markets According to the US Census, San Francisco County alone had 105,030 firms in 2007 and 30,490 private nonfarm establishments in 2009 (U.S. Census Bureau, 2012). With such a large number of establishments, it creates a large possible market for event planning. Middle to upper class families and individuals will be first targeted in the social market because they tend to have the least spare time to plan events with all their activities they hold. Because Eventurous is more cost efficient and takes away the burden of time consuming event planning, the demand for this service will increase. Since society today is so fast paced with most people taking on way more than time allows them, many need to hire others to take care of other matters in their lives that they simply do not have time for. Eventurous will be able to take away any burdens of planning an even so that clients can go about and take care of other important matters. With the economy rising, the demand in this industry has a lot of potential to increase and according to Bureau of Labor Statistics, Employment of meeting, convention, and event planners is expected to grow 44 percent from 2010 to 2020 (Bureau 2012).

3.5 Positioning Eventurous will position itself as the main go-to event planning company to serve the San Francisco Bay Area social and corporate market. The market will identify the value that

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Eventurous has because of the special services and products offered. With the strategic relationships Eventurous plans to build, the company can gain an edge over competition, letting the market know how competitive the prices of products and services are. Although Eventurous acknowledges that we cannot possibly be good at areas, at first, we will strive to concentrate on weak areas to increase expertise. Because of that, Eventurous will be able to offer top of the line service. 3.6 Strategies The main goal of Eventurous is to be the number one pick of event planning serving both the social and corporate market in the San Francisco Bay Area. The marketing strategies are geared to create awareness, establish customer base and build customer loyalty. In order to initiate awareness, the Eventurous website will be used as a great marketing tool, communicating what makes the company the best. Also, networking will be a main strategy to communicate to potential clients. A popular way to network is now through social networks; in fact through the use of websites such as Facebook, Instagram, Linked-In, etc., you can connect with and find potential customers. By becoming a member of various associations and clubs in the community, networking will help build many relationships. With a networking strategy and building a strong network, it is seen that the more number of contacts he has the more successful he will be. Any kind of business can be only expanded through contacts and you must therefore have the skill and aptitude to go out and talk to people (Mehndiratta 2008). Eventurous has the uniqueness of being able to offer affordable prices for such extravagant and trendy events. It has been found pricing is very important when it comes to marketing because it, should reflect the value of your services... low price may undermine the quality of service

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you present as you may not be able to afford the best vendors and suppliers... overcharge, however, your clients may feel that they are being treated unfairly (Fulbright, 2005). By being able to offer quality service at a reasonable price creates a competitive advantage because there are very few event planners in the area that offer specialties in all areas of events. With staying on top of trends, Eventurous will never fail on having the latest technologies and/or include latest fads in throwing the best events. 3.7 Marketing Mix The marketing mix that Eventurous lays out is composed of approaches to advertising, promotion, customer service, pricing, and even distribution. The services of Eventurous will be performed all in the San Francisco bay area. Products can be distributed nationally with the convenience of different shipping opportunities, which can all be purchased through the companys website.

In regards to how pricing strategy will occur, Eventurous will have to follow the lead on how most companies charge in the industry. According to Vaibhav Mehndiratta, author of Career in Event Management has found that The industry standard is to charge the client in advance of the event. Upfront fee schedules vary from company to company but it is not uncommon for the client to be charged 10% upon booking confirmation, 40% three months prior to the event with the balance 50% payable a month before the event actually taking place (Mehndiratta 23). Charging a percentage upfront guarantees a commitment between both the client and company that Eventurous will carry on with their services until contract ends. In terms of actual pricing, we will work around the customers needs, wants, and budgets and adjust accordingly.

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Advertising and promoting for services can tend to be more difficult than product marketing, simply because services are intangible. However, a good one to getting Eventurous name out is mainly by getting out in the market and letting companies and others know we exist. Eventurous will network and showing up at various events and giving flyers with discounts or even party sample bags.

The main concern and priority will always be customer service and satisfaction. In order to make the business a success, Eventurous believes that service and satisfaction should be beyond 100%. We do not want any clients leaving without knowing they got exactly what they wanted and even more.

3.8 Marketing Research

In order to be successful in any industry, research is a critical step that cannot be over looked. As pointed out in the article, Market Research Tips: Event planners should engage in market research to....

1. Gauge the acceptability of your service or product 2. Isolate the specific needs of your target market 3. Estimate the scope of your target market 4. Decide on the best strategy to adopt 5. Identify your biggest competitors, and 6. Find a way to make your service more unique (Norris)

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In order to make sure Eventurous stays on the top of the industry, several types of methods will be used to ensure thorough research.

One type of research that can be helpful in the event planning industry is Qualitative Research. This type of research allows perceptions, attitudes, and motivations to be explored and to understand how they are formed. Several examples of qualitative research include workshops, interviews, mystery shopping, etc. This way we can hear from consumers their experiences and attitudes towards Eventurous versus other competitors. This method, however, relies heavily on mediators and lead researchers skills and results with relatively small samples and subjective (Mehndiratta 2009).

Another type of research that can be done is called Quantitative. Quantitative is very descriptive because it provides in-depth information with hard data on numbers and stats. Although it allows large number sampling, this method is very structured and does not account for reasons for behavior or attitudes. (Mehndiratta 2009). These types of research usually include different types of data and populations collections. Also, collecting secondary data, such as information that has already been collected from others surveys or records can be helpful as well. Even if the data may not be exact to our intentions, it is less time consuming and more cost effective. It can aid in finding out which direction to head in terms of collecting specific primary research. Especially if the marketing budget gets tight. By finding out which methods are more cost efficient, we can safe by not pouring too much money into a method that will not be effective.

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4.0 Controls

In order to measure performance, the following controls need to be monitored:

customer satisfaction revenue (monthly tracking) new customers repeat customers expenses employee satisfaction sales calls/meetings referrals

4.1 Implementation

Milestones are needed to make sure everything is completed on time and within allowed budget. Milestones are as follows:

Milestone Marketing plan Website completion Networking (contacts) Networking (online) Sample Showing Product Showing

Start Date 9/9/2012 10/22/2012 11/1/2012 11/1/2012 11/24/2012 11/24/2012

End Date 10/21/2012 11/30/2012 12/1/2012 12/1/2012 11/24/2012 11/24/2012

Budget $0 $1000 $1000 $500 $1000 $1000

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Advertisement Giveaways (pens, key chains) Rental Marketing Party Kits Marketing

11/1/2012

12/1/2012

$1500

11/1/2012 11/1/2012

12/1/2012 12/1/2012

$500 $1000

4.2 Marketing Organization

Initially, Daphne Cruz (Chief Marketing Officer) will handle all marketing functions. However, once company starts to grow and budget allows, management staff will help support marketing strategies and eventually possible interns.

4.3 Contingency Planning

Difficulties, Problems and Risks: o Many social events are generally only weekends and holidays. Will need to find ways to fill in the gaps, such as with corporate events. Make it known that we do not only do seasonal events, there are other events, such as conferences, birthdays, anniversaries, meetings, etc. that we can cater to. o Generating visibility is a difficult task; however we will be able to market and get the companys name in the industry by networking. o It is a risk to try and specialize in multiple areas; however with direct training and frequent staff meetings, we will try our best to keep on top of everything.

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5.0 Conclusion

Eventurous is a one of a kind event planning business that will be a great investment. Not only will its innovative staff and products produce great events, but it will come at a cost that will allow many to experience memorable events. By not having to worry about the little details at big events, all attendees are able to actually experience and take part in the occasion Eventurous has specifically designed to customers satisfaction.

By choosing Eventurous for all and any event need, you are signing yourself up for not only a great time, but an experience you will never forget.

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REFERENCES Bureau of Labor Statistics (2012, March 29). Meeting, Convention, and Event Planners., U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Editions. Retrieved from http://www.bls.gov/ooh/business-and-financial/meeting-convention-and-event-planners.htm Fulbright, J. (2005, March 28). How to Start an Event and Meeting Planning Business. Power Home Biz. Retrieved from: http://www.powerhomebiz.com/vol153/eventplanning.htm#Introduction Mehndiratta, V (2008). Event Management. Abhishek Publications. Retrieved from: http://site.ebrary.com/lib/devry/Doc?id=10416533&ppg=8 Mehndiratta, V (2009). Career in Event Management. Global Media (268). Retrieved from http://site.ebrary.com/lib/devry/docDetail.action?docID=10416599&p00=EVENT+PLANNI NG Norriss, C. Market Research Tips for Event Planners. E-zine Articles. Retrieved from http://ezinearticles.com/?Market-Research-Tips-For-Event-Planners&id=2128281 Saget, A. (2006, 01). Event Marketing: Beyond Logistics and Planning. Dearborn Trade (322). Retrieved from http://site.ebrary.com/lib/devry/docDetail.action?docID=10104125&p00=EVENT+PLANNI NG U.S. Census Bureau. (2012, August 16). State & county Quick facts: San Francisco County, CA. Retrieved from http://quickfacts.census.gov.

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Wilson, E (2009, May 14) Events Planner. The Entrepreneur. Retrieved from http://www.entrepreneur.com/article/201666