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1、Premier Entertainment Events CorporationBusiness Name: P.E.E.C - Premier Entertainment Events CorporationSpecialist Party Planning & Events Promotion CompanyBA (Hons) Business StudiesB271Supporting Document50141916.Contents1.0 Introduction;32.0 New Product Development;32.1 Idea Generation33.0 Ma

2、rkets44.0 Business Idea & Concept45.0 Supply and Demand46.0 Market Research56.1 Primary Research56.2 Secondary Research57.0 Analysis67.1 SWOT Analysis67.0 PESTLE67.3 Competitor Analysis78.0 Competitive Advantage88.1 VRIN88.2 Porter88.3 Kotler89.0 Marketing Mix99.1 Product99.2 Place99.3 Promotion

3、99.4 Price99.5 People99.6 Process99.7 Physical Evidence910.0 Segmentation, Targeting and Positioning911.0 Measuring Techniques1011.1 Triple Bottom Line Theory1012.0 Bibliography1113.0 Appendix121.0 Introduction;This report provides information on the entrepreneurial idea of launching a new and exten

4、ded service into the events and entertainment industry. It will work in assistance with the combined presentation on Thursday 23rd May and provide support that this new business can be a success. This report also shows attained knowledge of how to launch a new product/service.2.0 New Product Develop

5、ment;New Product Development is concerned with the survival and growth of new products or services entering the market. There are 7 basic stages and the “process consists of the activities carried out by firms when developing and launching new products” (Bhuiyan, 2011). Figure I is the Booz, Allen a

6、nd Hamilton (1982) model outlines the stages below. In relation to our new business and the product/service in which we will be offering, our service will be used to appeal to a new segment.2.1 Idea GenerationOne of the most important stages to new product development is idea generation. This i

7、s “a systematic search for new-product ideas” (Zeepedia). Ideas can be generated by internal sources to the business e.g. staff members and external sources such as gathering information from market research firms. Furthermore, “the entrepreneur can use several methods to help generat

8、e and test new ideas including focus groups, brainstorming and problem inventory analysis” (Pierce, 2005). The overall aim of this stage is to gather as many ideas as possible so that in the next stages the attractive idea can be developed.3.0 MarketsThe marketing environment is made up of Micro and

9、 macro markets. “Micro environment factors are factors close to a business that have a direct impact on its business operations and success” (Learn Marketing) whereas macro environment  “is the external factors which affect a company's planning and performance, and are beyond its control: e

10、.g. socio-economic, government regulations, legal and technological change” ().It must also be noted that we will be setting up in the form of a micro business. EU legislation states that “the European Commission defines a micro-business as one which has fewer than ten employees and a turnover or ba

11、lance sheet total of less than 2 million” (Ofgem). Therefore, our legal structure, sources of finance, marketing etc will reflect this.4.0 Business Idea & ConceptThe overall business concept is to provide a specialist service which focuses on planning tailor made parties and events for individua

12、ls and companies alike. We aim to attract business in two different ways. The first is to directly approach companies, associations and communities and offer themed nights in relation to our USP and the second being potential customers making contact with us.Our Unique Selling Point (USP) is that we

13、 are able to facilitate events/ parties of any required theme for a niche market to individuals over the age of 35 with our speciality found in live entertainment. We cater for both low and high expenditure ensuring we do not limit our services. This profit making organisation is based in Essex but

14、with the aim of growth we endeavour to geographically diversify.Legal status & requirements - 5.0 Supply and DemandSecondary research suggests growth within the events and entertainment market and therefore this means that demand will increase alongside this growth. This is demonstrated in the g

15、raph below where the demand curve shifts to the right.D2D1In relation to economics, because our product is not a necessity but a luxury if the economy was struggling and a policy was put in place which affected income this would in turn reduce demand for our services. 6.0 Market ResearchA research p

16、lan was constructed and in which it stated that primary and secondary data would be collected in the form of descriptive research. Primary data collection was completed in the form of administering a questionnaire and holding a focus group. Non probability/ probability? sampling was used when survey

17、ing 40 respondents based in Essex. Finally, secondary data was concerned with the events and entertainment industry background and potential. 6.1 Primary ResearchThe key findings from the questionnaire show that the majority of respondents (30 out of 40) stated that they do find it difficult to deci

18、de where to go on a night out; supporting that by organising events within their local pubs and restaurants etc may satisfy them. Furthermore, over half the respondents stated that they would be interested in attending an over 35s event night, supporting our competitive advantage and USP. See Append

19、ix ? for an example of the questionnaire and Appendix ? for further key findings.In relation to the focus group, the main findings to support our entrepreneurial idea are stated below;· Participant 2 “As a 40 year old woman I believe it is difficult for me and my friends to decide where to go o

20、ut as we are limited on places and things to do.”· Participant 4 “There are many events organised for students and teenagers etc but not many events for the older generation.”· Participant 6 “I am not aware of any other event company that specialises in a particular age range.”See Appendix

21、 ? for further key findings from the focus group.6.2 Secondary ResearchThe entertainment and events market is no overly condensed as “25.5 per cent of private sector turnover was in the arts, entertainment and recreation activities” (Federation of Small Businesses, 2012) meaning there is room for gr

22、owth. The events industry is predicted to grow within the next few years especially in music with the estimated value being “£1.4 billion in 2010 and £2.0 billion in 2020” (Events Industry Forum, 2011). The majority of our events will be entertainment based and therefore we need to be awar

23、e that “entertainment premises licences accounted for 91 per cent of the total number of licences in 2012” meaning that there is large amounts of potential for business for us to approach. There are a few organised over 35 event nights, the only ones there are include: clubbing nights, social and ac

24、tivity clubs and the rest are broad days out, showing that events are limited at present. 7.0 Analysis7.1 SWOT AnalysisStrengthsWeaknesses· Our Unique Selling Point Over 35s.· Professional background knowledge, experience and contacts readily available. · Low start up costs meaning la

25、rge amounts of sources of finance is not required. · Appeals to all individuals of any income brackets (adaptable business).· Seasonal factors more demand in summer, Christmas and seasonal occasions.· Value added service in the form of exceptional client service.· Effective event

26、 promotion tools; social media, local radio etc.· Streamline administration workload.· High team motivation levels.· Build close and direct relationships with clientele.· Lack of reputation.· Present economic state could deter individuals from using our services as it is a l

27、uxury, not necessity.· No guaranteed continuous profit.· Seasonal Factors low demand in January. · Manual data entry which may be time consuming.· Existing and established competition.OpportunitiesThreats· Potential to expand and grow in other counties and cities. · Pro

28、duct diversification e.g. creating an entertainment agency.· Create a good reputation by offering services to community e.g. supplying entertainment, themed events for youth centres and charities etc. · Potential to create strategic relationships. · Support from local authorities.

29、83; If the business is not launched effectively into the market, it could lead to business failure.· Existing competition and new entrants into the market.· Ineffective research leads to failure of USP. · Bad weather affecting some events.7.0 PESTLEPolitical; Need to be aware of the b

30、udget and autumn statements to analyse any changes that will potentially affect business.- Business Corporation could alter.- Grants and funding could be provided or reduced.- New Health and Safety regulations made be implemented.Economic;- Inflation could alter the cost of the service and therefore

31、 the prices that we charge.- Unemployment means fewer jobs which in return means less disposable income.- Need to be aware of economic climate as the business as the business is performing within it.- Supply and demand for our services may fluctuate.Social;- Lifestyle and leisure attitudes determine

32、 what people choose to spend their money and what they do.- Culture/behaviour determines whether individuals in society act a certain way.- Media influences behaviour.- Anti social behaviour at event may affect our reputation. Technological;- As technology advances, the use of social media etc is go

33、ing to grow, meaning more effective promotion of our events.- Provides different avenues of information and communicationLegal;- Health and Safety Legislation.- Communication and protection rights.- Employment Law.Environment;- Reputation may get damaged if the event provides large amounts of wastag

34、e.- Climate change may affect weather at events.7.3 Competitor AnalysisCompany NameWhat they offer?What they specialise in?How we differ?The Essex Events Company (local)Party planning, wedding coordinating or running your business seminar or a conference organiser etc.Award winning wedding plan

35、ners.· No focus on a particular event. · We also approach and set up events to draw people into pubs, clubs etc.· Specialise in over 35s.The MotivAction Group (regional)They create programmes and events to inspire, motivate people and improve communication.They specialise on corporate

36、 events such as away days and team building days. · We do not offer services abroad.· We specialise in entertainment and over 35s events.G & D Events (regional)Party planners for high profile corporate events based in London. They offer a free venue finder and are premier party planner

37、s and event organisers.· We will approach businesses and set up events within their business.Beyond Bespoke Events (regional)Party planners and event organiser specialists Add unique and elaborate element to the event.· We tailor only to the desire of our consumer.KC Events (local)Worldwid

38、e events from corporate hospitality to conferences.Offer their services globally. · Will only offer our services based in Essex as bearing in mind we are a micro business.Further Competition:1. Boutique wedding events , Essex.2. Essex Event Management, Essex.3. Dream Occasions, Essex.4. Blossom

39、 Occasions, Essex.8.0 Competitive AdvantageIn order to compete with the above established companies, we need to have a competitive advantage. This is “an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and servic

40、e that justifies higher prices” (Riley, 2012).The competitive advantage of our business is the USP we are providing to consumers. The reason for this is because after much research, there is little evidence to suggest that any local event company specialises in a particular age range. Furthermore, n

41、one of the event companies seem to have broadened their services and offered them to businesses such as restaurants etc.8.1 VRINTo also have competitive advantage, our service offered must be: Valuable, Rare, Imitable and Non Substitutable. VRIN analysis has been applied below:Valuable Yes. The reas

42、on for this is because there is potential opportunity due to our USP as limited companies have specialised in a particular age range. Furthermore, there is value to customers as from our market research we are aware that they find it difficult to decide where to go as there are few places for their

43、age range. Therefore, by organising events within pubs, community halls etc there is more opportunity and places for our customers. Rare Yes. The reason for this is because our competitive advantage and USP makes the business rare.Inimitable Yes. However, only to a certain extent because the main pr

44、emise of the idea can be copied although, the knowledge, expertise and contacts will make the business difficult to be copied.Non Substitutable- Yes. The risk of substitution is low due to the fact that the only other option they have in terms of using our service of party planning is to just organi

45、se the event themselves.Therefore our business has a sustainable competitive advantage. 8.2 PorterMichael Porter identified four business strategies for competitive advantage which were: cost leadership, cost focus, differentiation leadership and differentiation focus. In relation to our business we

46、 aim to differ from competitors by targeting a particular segment, meaning we would have a differentiation focus strategy.8.3 KotlerKotlers competitive advantage is concerned with types of differentiation. This concept states that “an alert company can find ways to differentiate itself at every cust

47、omer contact point” (Kotler, 2008). The ways in which it can differentiate is; Product, service, speed of service, installation, channel differentiation and symbols.*9.0 Marketing Mix 9.1 Product The service being provided is a party planner and events organising business which specialises in over 3

48、5 tailored events. Not only are we approached by individuals and businesses but we approach companies and provide them with entertainment events to facilitate in their premises.9.2 PlaceOur main office will be based in Essex. It is a central location within the county, being not too far from London

49、and being easily accessible from other towns. Events will take place in a number of venues throughout Essex depending on individual and business demand. 9.3 PromotionThe main method of media used will be leaflet distribution, local radio and social media. The reason for this is because we can direct

50、ly target our audience and these are the cheapest methods available. However, each event is of a subjective nature, meaning that as it is a tailored event it requires tailored promotion. For example, if it was a corporate event the promotion would be substantially different from a social event as th

51、e promotion would be more professional and formal.9.4 PriceWhen dealing with individuals that approach us, the main pricing strategy used will be cost based pricing. This is where “price is determined by adding a profit element on top of the cost of making the product” (Riley, Pricing - Pricing Stra

52、tegies, 2012).However, when we are approaching an entertainment venue to try and ascertain business and persuade them to agree to hold our entertainment events competition based pricing. The reason for this is to initially obtain the business but however be aware and competitive of the agencies that

53、 also operate within the market.9.5 PeopleThe main people within our business are x2 Event organisers and x2 event coordinators. The event organisers are senior members of staff which control the day to day running of the business. Although, there a little internal members of staff there will be man

54、y people working under our name and brand. These consist of entertainment contacts e.g. singers and tribute acts, caterers, volunteers and bar staff.9.6 ProcessThe process below is between the business and its clients;1. Visit web page, contact or come into office based location.2. Once shown an int

55、erest, hold a meeting/discussion.3. If interested in using our services, negotiate terms and finalise contract.4. Hold further meeting to clarify requirements.5. Set plans and organise gantt chart for upcoming event.6. Hold regular contact on progression of event.7. Hold event. The process below sho

56、ws how our business obtains custom from venues;1. We approach selected venues with entertainment licenses with an already prepared business plan.2. A meeting is held if the venue shows an interest.3. Negotiations take place and terms of the contract finalised.4. Regular contact is help between two p

57、arties.5. Set plans and gantt chart is formulated.6. Our services include all dealings with organisation e.g. entertainment, promotion, bringing in interest etc7. Advertise event and sell tickets.8. Hold event.9.7 Physical EvidenceAs we offer an intangible service the business we offer relies heavil

58、y on trust. However, we are able to encourage purchase through professional photography images of previous events alongside video footage. In addition to this we aim to publish quotes from historical clients illustrating the quality of our service. The fact that we will hold close relationship and be concerned with networking and high customer service will maintain the trust. The office will be a clean and bright space where meetings are held with good hospitality.10.0 Segmentation, Targeting a