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This business plan is associated with establishment of a
Music Festival event planning company which would be linked with providing
services related to organizing different kinds of musical events in United
Kingdom. This business unit will provide different kind of services related to
planning, organization, and management of Music festival events in United
Kingdom.
The unique selling point is also known as unique selling
proposition (USP). It is a domain which separates the particular product from
its competitors and provides better quality product or low cost. It provides
benefits to the customers and provides products which are better than any other
products available in market or competition. It is important and has
competitive advantage such as provide clear vision of customer benefits. The
unique selling points are generally the statements which promote the areas of
expertise of a product among the business company. It gives the insight of
company’s position in the market and allows consideration of company’s mission.
The USP Of this business plan will be effective and
efficient usage of Technology. The clients will be offered online services
through which they will be able to manage and plan services related to musical
events management instead of physically visiting our office. In technological
innovation will be considered to be a significant competitive edge of the
company and will help the company to enhance their market share as compared to
competitors in the market.
Business type of UK Music Festival Event Planning Business
The
Music Festival event planning proposal will be based upon sole proprietorship
business. The losses and the income related to the business will be taxable on
the personal income tax return of the individuals who own this business. One of
the most significant reasons behind selecting sole proprietorship for this
business is that it is a simple model for business and it does not involve
involvement of external sources. The business is in its initial stages so it is
important to have a simple and effective model in this stage.
Research of UK Music Festival Event Planning Business
There
are different companies related to Music Festival event management operating in
United Kingdom like APL home, the music consortium, Festival Republic, Gorilla
events, and other payment Music Festival event organizers. The competition
among competitors is increasing significantly with the passage of time as new
Event Management related companies are being registered in United Kingdom.
Sources suggest that growth rate of music event and management is increasing
significantly in United Kingdom with the passage of time
There is two type of data presented for it:
Competitors of UK Music Festival Event Planning Business
A proper SWOT analysis should be done and risks should be
avoided, all the strength must be used at maximum, weak points should be
minimize and advantage should be taken in every market to be acceptable and
more competitive than other. There are several strategies present as designed
by Allen et al (2008, 110) which can provide mission and vision to event
planning organization to make progress and drive out the competitors and
present event than ever before.
Statistics of UK Music Festival Event Planning Business
Statistics of music festivals in UK is given:
McCarthy’s 4Ps
Place of UK Music Festival Event Planning Business
This is
the initial stages of the business plan due to which the location of the
business will be confined within the boundaries of London. With the passage of
time, the boundaries of the business will expand slowly. It is important to
understand that limited amount of risk should be taken at the initial stage by
limiting the Business operations till London in United Kingdom. There is
significant amount of potential related to music events Management and organization
in London. Company will be able to capitalize these significant opportunities
available in market.
Product/Services of UK Music Festival Event Planning
Business
The
company will be focused towards providing different kinds of services related
to Music Festival event management. The company will provide services to
arrange and manage different kinds of musical concerts and will also provide
logistics services for the arrangement of different kinds of musical events and
concerts.
The company will also provide services related to management
and arrangement of different corporate events and parties. Different speaking
arrangement and appearances will also be included in the Product line of the
company. Different major music festivals will also be manageable by the
company. With the passage of time, the company will extend its services to
support different kind of major Global artist tours as this is a significant
opportunity and potential opportunity available in market for festival and
music event management companies.
Price of UK Music Festival Event Planning Business
There
are different pricing strategies which are being used by different kinds of
companies according to their business Strategies and operational stages.
Pricing strategy can be a premium pricing strategy, market penetration pricing
strategy, economy pricing, price skimming, psychology pricing, and bundle
pricing. This business plan is in its initial stages due to which Price
skimming strategy will be the most suitable strategy for its pricing strategy.
Price coming strategy is used in order to maximize the revenue related to new
products and services launched by the company. Implementation of price skimming
strategy is associated with usage of high prices during the introductory stage
of the business operations. With the passage of time, the prices of the product
and services are reduced because the amount of competitors available in the
market also starts increasing. One of the most significant advantages of
implementing price skimming strategy is that it allows the opportunity to
business to maximize their profits on early stages and company is able to
attract more price sensitive customers later by reducing their prices for
products and services
Promotion of UK Music Festival Event Planning Business
Different techniques will be used by the business in initial
stages in order to increase its influence in market as compared to competitors.
The company will enhance usage of social media in order to enhance its
influence in market. Different traditional media sources will also be used by
the company in order to promote its newly launched products and services. The
company will also provide post event activities in order to promote its
products and services. With the passage of time, different kinds of promotion
will be provided to manage and organize different kinds of music festivals in
order to attract customers and to enhance market share as compared to
competitors in United Kingdom. Company will also provide different kinds of
discounted rates especially for sponsors and partners and it will help to
promote the product and services of the company. Company will also launch a
policy in which Discount will be announced for early registration and booking
by the customers.
Employees of UK Music Festival Event Planning Business
Managers
will be responsible to manage the overall operations of the Music Festival
events. The company will also recruit event marketers and they will be
responsible to promote the marketing and advertisement related activities of
the musical events and related events. Company will also expand its
advertisement level by recruiting Social media manager. Social media manager
will be responsible for managing the advertisement associated with social media
platforms like Face book, Instagram, Snap chat, and other related famous social
media platforms.
The company will also open a position of travel and lodging
coordinator and this staff member will be responsible to co-ordinate between
flights, transportation, and lodging so that successful arrangements of the event
can be made. With the passage of time, Public Relations or Communications
manager will also be recruited and he will be responsible to cover events in
platforms like blogs, website, magazine, radio and television. It is
significantly important to have public relation manager in modern days in order
to effectively compete with competitors and enhance market share. With increase
in level of revenue, sales manager will be recruited and he will be responsible
to achieve the given targets in specific time.
It is important for small businesses to have strong and
reliable vendors and vendors will be responsible to provide proper raw material
which could be used in order to conduct successful event management. It is
important for festival event management companies to have significantly strong
visual presence and designers will help to provide strong visual presence In
this regard. Importance of designer will be one of the most significant priorities
in this newly formulated Music Festival event management company
Advantages and disadvantages of having zero hour contract of
UK Music Festival Event Planning Business
There
are different advantages and disadvantages associated with zero Hour contracts.
One of the most significant advantages associated with Zero Hours contract is
flexibility. It is important in any organization to have quick response and
Effectiveness according to business fluctuations. Zero Hours contract help the
employers to deal with different kinds of unforeseen events. It also helps to
tackle sudden increase in demand level.
Another significant advantage of Zero Hours contract is that
it can be used in order to cover a particular event in case of any promotion or
launch of a new product. It can be effectively used in order to tackle absences
of employees like maternity leave for sick leave. It is important for business organizations
to have flexibility during the initial stages of the commencement of Business
and Zero Hours contract provide such kind of flexibility in this business plan.
It is also economical for the Startup kind of businesses as employees are
required to pay only for the hours for which employees have actually worked and
employees do not have any kind of legal obligation towards their employees.
There are also some massive disadvantages associated with
Zero Hours contract. In case of any need or in case of any special event
management, the employees are not legally allowed to force employees to work
because it is not legally binding for employees to except any kind of
employment Offered by the employer in such contract. Another significant
disadvantage of this contract for the employees is that it does not provide
them with job security and fixed amount of income
Target Market of UK Music Festival Event Planning Business
Target
market helps the startup businesses to effectively identify their potential
market and Identification of target market helps them to utilize their
available resources in order to serve their identify target market only.
Initially, target market of the company will be local singers, corporations and
Party events. With the passage of time, the scope of event management will
extend to international level. With the passage of time, International Singers
and corporations will be included in the target market of the company.
In modern days, digital and social Music Festival marketing
is considered to be one of the most significant target markets. It will be the
prime responsibility of the communication manager to maximize the digital and
social Music Festival marketing as it will be the most significant target
market of the company. With the passage of time, the company will market the
festivals to other different locations outside London. Due to limitation of
resources, target market of the company will be confined till London in initial
stages.
Future Strategies of UK Music Festival Event Planning
Business
In
order to expand the Products and services of the company, the management will
focus towards different kinds of events other than music. It will help the
management not only to enhance revenue model but will also help to enhance
market share and will help to effectively compete with competitors in local
market. Another significant technique which can be implemented in order to
enhance Business operations of the company will be licensing of outdoor event.
Licensing of outdoor event will help the company to enhance their market share with
the passage of time
Different strategies can be implemented in order to
positively influence the growth of the business operations. The management
should focus on social media marketing in order to positively enhance the
business growth and effectively compete with competitors in market. With the
passage of time, the company will implement market penetration strategy. This
strategy is used in order to effectively penetrate in market and will help the
company to enhance its influence in target market. After effective penetration in
market, the company will implement market expansionary policy.
Diversification strategy is also important as it will help
the management to offer different kinds of products and services for clients.
Diversification strategy will be extended by including not only local clients
as well as International clients in the portfolio of the business operations.
In order to enter in different International markets, the company can later on
implement acquisition strategies. Acquisition strategy will help the management
to enhance their influence in cross-border business operations and will help
the company to enhance their influence in other countries other than United
Kingdom. It is important to understand that acquisition strategy will only be
implemented when the company will enjoy significant amount of market share in
United Kingdom and will have positive future as well.
References of UK Music Festival Event Planning Business
DOYLE,
A. (2018, 08 26). 14 Different Jobs at Music Festivals. Retrieved 12 09,
2018, from thebalancecareers:
https://www.thebalancecareers.com/fun-jobs-at-music-festivals-2059655
elliswhittam. (2018). Guide for Employers | What are the
pros & cons of zero hours contracts? Retrieved 12 09, 2018, from
elliswhittam: https://elliswhittam.com/blog/pros-cons-zero-hour-contracts/
Maguire, A. (2018). 6 Different Pricing Strategies: Which
Is Right for Your Business? Retrieved 12 09, 2018, from quickbooks:
https://quickbooks.intuit.com/r/pricing-strategy/6-different-pricing-strategies-which-is-right-for-your-business/
Marshall. (2018). Planning A Successful Music Festival.
Retrieved 12 09, 2018, from marshallmusic:
https://www.marshallmusic.co.za/2017/12/08/planning-a-successful-music-festival/
stubhub. (2018, 06 08). 10 biggest and best UK festivals 2018 - latest lineup news & info. Retrieved 12 09, 2018, from stubhub: https://www.stubhub.co.uk/magazine/uk-music-festivals-2018-line-up-schedules-dates
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