Assignment Code: BHC-011/AST/TMA-1/2021/2022

Course Code: BHC-011

Assignment Name: Basics of Event Management

Year: 2021-2022

Verification Status: Verified by Professor

Marks: 100

Note: The assignment has three sections. It contains questions, which require long, medium, and short answers. A long answer should not exceed 700 words. Medium answers should not exceed 400 words each. Short answers should not exceed 100 words each.

Long Answer Questions Maximum Marks: 30 (30 x 1 = 30)

Attempt any One of the following:

Q2) What do you understand by demand for events? Discuss any five characteristics of events.

Ans) The need for events has been fuelled by economic causes, urbanisation, globalisation, liberalisation, and the creation of event management as a separate sector. The growth of event management businesses, as well as the necessity to professionalise the area, show that demand is on the rise. Concerts, fund-raisers, product launches, conferences, exhibitions, entertainment events, festivals and fairs, sports, and other events have risen in popularity as a result of the increased demand. Current demand, prospective demand, latent demand, and suppressed demand are the four types of potential demand for events. A fresh occurrence may elicit a previously untapped or suppressed desire.

The five characteristics of events are:

A Platform for Interaction and Networking

Events are important for bringing people together for a variety of reasons, including brand building, charity, fund raising, ceremonial activities, rituals, image building, and more. Consumers of goods rarely have the opportunity to meet the individuals who make the things in industrial plants. Events provide the ideal opportunity for the target audience or consumers to meet the product creators. Innovative methods and engagement are used to bring the products to the end consumer. Because an event's success or failure is related to the behaviours and reactions of individuals attending the event, it is vital to build the event based on the types of people who will be a part of it. As a result, one of the most important factors that event planners must consider is the type of target audience.

Creating Live Experiences

Experiences abound in human life. The goal of events is to create lasting memories. They offer memorable experiences for guests at weddings, sporting events, festivals, road shows, and other events. Brands, businesses, and customers are all activated by events. We are simply ‘seeing,' or ‘seeing and listening,' when we read the newspaper or watch television. Every event provides a one-of-a-kind experience. Live events are used by marketers to tell their brand's storey. Experiential marketing is the process of creating an experience that links a brand with its target audience. The event manager is responsible for the concept, creation, and administration of communication technology that allows consumers to have memorable experiences. In this way, event organisers assist in the development of brands and the sale of items.

Uniqueness and Perishability

Every event is distinct in its own right, as each event provides the audience with a unique experience. There are no two incidents that are alike. Even if two weddings were to be held by the same organiser on the same day, in the same city, they would be completely different in terms of timings, amount of people attending, how people interact, and so on. Similarly, the reaction to a rock concert by a well-known musician in one city may differ from that in another. This is due to the fact that the location, demographics, arrangements, and audience response may alter in different locations, giving rock events by the same performer in different cities their own distinct flavour. A memorable event is distinguished by pleasant events to remember and a positive audience response, resulting in the desired impact and conclusion.

Entertainment, Ceremonies and Rituals

The majority of events revolve around entertainment. For some occasions, entertainment is paramount, while for others, it is secondary in importance. When it comes to entertainment, it should have a purpose. When making this selection, keep the demands of the event's audience in mind. Entertainment is used as a strategy to create momentum and enhance the beauty of events like fairs, weddings, and charity shows. While some events are solely for entertainment, such as festivals, carnivals, and musical concerts, entertainment is used as a strategy to create momentum and enhance the beauty of events like fairs, weddings, and charity shows. Some sorts of entertainment are appropriate for a variety of occasions. For an anniversary or a wedding party, a 'theme' or fancy-dress code can be considered. However, the same concept can be used to celebrate a company's achievement.

Ambience

Ambience is a crucial attribute that determines whether an event will be a success or a failure. At a personal event, such as a birthday party, the atmosphere can be generated simply by the people present, with no need for anything else – good company among friends can make for a wonderful occasion. The desired services, on the other hand, provide the ideal atmosphere for various events. An anniversary celebration may or may not be a success due to the presence of an expensive venue, themed decor, gifts, refreshments, and games. A well-planned event may lift the spirits of people who have had a long day or who have travelled a great distance to get to the location.

Medium Answer Questions Maximum Marks: 40 (20 x 2 = 40)

Attempt any Two of the following:

Q2) What are the different methods of communication required by an event manager / event entrepreneur?

Ans) During the preparation, implementation, and post-event stages, an event manager communicates using a variety of approaches. The following are the details:

Verbal Communication Methods

This is a type of oral communication in which words are used to communicate. It is possible to say that it is the most widely used mode of communication. We would need to improve both our listening and speaking abilities in order to communicate effectively orally, as we would be responsible for both event planning and implementation. The capacity to connect with clients on a personal level leads to a strong and long-lasting professional relationship and is a key factor in long-term success.

The following are some of the most critical spoken communications that an event organiser should work on:

1. Public Relations

2. Public Speaking

3. Personal Meetings

4. Briefing and Debriefing Meetings

5. Technology-Enabled Meetings

Written Communication Methods

When we need to offer precise information, such as statistics and facts, or establish proof of facts or contracts for future reference, we employ written communication. It's also commonly used to communicate essential documents and information to stakeholders. Contracts, memos, and meeting minutes are examples of important papers that are written for this reason. Reports, contracts, and other documents are generated as evidence of understanding and as a reference for the future. They are meticulously kept and usually conveyed by email and fax.

Combination of Oral and Written Methods

Advertising and Media Coverage: Advertising is used to inform people about an upcoming event and to promote the event's image. Advertising and media coverage, in addition to public relations, are utilised as event marketing tactics.

Presentations: Presentations are used to communicate an idea or the blueprint for a proposed event to a group. They're also useful for projecting one's or a company's image, thus they're important with clients, training team members, and volunteers.

Conveying Messages through Theme and Décor: Themes are incredibly common devices for conveying ideas in a wide range of events. Exhibitions, festivals, birthday parties, anniversaries, fund-raisers, weddings, meetings, fairs, marketing events, and other social events, as well as educational activities, all feature themes.

Gestures or Body Language

It is critical to use appropriate gestures when dealing with clients, vendors, stakeholders, and team members. It is imperative that we maintain eye contact at all times. This would demonstrate that we are serious and confidence in our statements.

Etiquettes and Mannerism

Etiquette is a set of rules on how a group of people should behave in social situations. Etiquettes are expressed through manners, which encompass a wide range of social interactions under cultural conventions.

Communication using Technology

To stay in touch with internal and external participants engaged in the event, a competent event manager use a number of communication tools. High-tech and sophisticated methods, such as computer networks and closed-circuit video surveillance, can help achieve this.

The Public Address (PA) System

In large events such as annual festivals, sporting events, fairs, and exhibitions, it serves as a means of delivering information about the activities, advertising messages during the event, and crucial safety and emergency announcements.

Q3) What is a business plan? Describe the steps in preparing a business plan, and the content and structure of a business plan.

Ans) A business plan is a detailed written document that explains a company's objectives and strategies for accomplishing them. It acts as a road plan that defines how a firm works as well as corporate specifics such services provided, clients, marketing strategy, human resources, infrastructure requirements, supply, and financing.

Steps in Preparing a Business Plan

1. Step 1: Assessing the Situation: It is to examine the external and internal environment, as well as to comprehend the reality on the ground.

2. Step 2: Setting Goals and Objectives: The objectives are written in a more qualitative tone. On the other hand, goals are more explicit and quantifiable.

3. Step 3: Crafting Business Strategies: Following the establishment of an event company's aims and goals, the entrepreneur needs devise a strategy to attain them.

4. Step 4: Writing a Business Plan: This plan includes sub-plans for essential sectors such as marketing, operations, human resource, and information systems, as well as monitoring and assessment of the business plan.

5. Step 5: Financial Assessment and Writing: Financial analysis is vital since it serves as a benchmark for future monitoring and evaluation.

6. Step 6: Monitoring the Process: Periodic monitoring ensures that the action plans are carried out in accordance with the company's goals.

Content and Structure of a Business Plan

The structure and content of a business plan are primarily divided into two sections:

Cover Page:

1. The company's name

2. The entrepreneur's name and the unit's address

3. The name of the event company's services

4. Telephone and fax numbers with area codes

5. Additions to your email and website

6. The firm's foundation

7. The entrepreneur's educational background

8. Entrepreneurial work experience

9. Locations suggested (if any)

10. The name and address of the bank or financial institution with whom the entrepreneur intends to work.

Main Document:

1) The Executive Summary is a one-paragraph summary of the complete business concept, containing all key parts of the strategy.

2)  Introduction/Overview: The overview of the event industry as a whole and the target market are presented in the Introduction part of a business plan.

3) The Company: Before reading the contents, the reader is given an overview of the company in this part.

a) About the Company

i) Start-up Summary

ii) company location and facilities

b) USP

c) Objectives

d) Vision

e) Mission

f)  Scope

g) Organizational Chart

4) Market Analysis

a) Target Customers

b) Market Segmentation

i) Market Needs

ii) Market Trends

iii) Market Growth

c) Industry Analysis

d) Competitors

5) Service offered by the Event Company

a) List of services with description

b) Future services

c) Service and support

6) Marketing and Implementation Strategy

a) Pricing Strategy

b) Promotion Strategy

c) Sales and Distribution Strategy

7) Management and Organisational Structure: It is an account of the work force in the company.

a) Organizational Structure

b) Management Team

c) Personnel Recruitment and Team

8) Business Risks: Business risks include things like unit price, competition, the overall economy, government laws, and so on. These business risks may have an impact on the company's profitability and growth.

9) Financial Projections

a) Income Statement

b) Projected Cash Flow

c) Balance Sheet

d) Break Even Analysis. Profitability Ratios

10)  Appendices

a) Service literature

b) Asset valuations

c) Legal documents (for example, company registration)

d) Curriculum vitae of key management persons

e) Market research

f) Other relevant and important information

Short Answer Questions Maximum Marks: 30 (5 x 6 = 30)

Write short notes on any Five of the following:

Q1) Mega events and minor events

Ans) Mega-events are the most large-scale events. These are usually aimed at worldwide markets and have a large impact on entire economies. Mega-events receive a lot of media attention. Olympic Games, World Cup Soccer, Maha Kumbh Mela, and World Fairs are all good examples. Minor and small-scale events are typically planned ahead of time, but quick-thinking organisers may create a show on the spot while also ensuring the event's success – all in a day's work for the event team. Minor events, such as historical, cultural, musical, and dance performances, might be one-time events.

Q2) Hallmark events and Regional events

Ans) Hallmark events are one-time or recurrent events with a limited duration that boost the region's appeal, awareness, and profitability. Such events aid in the identification of the host cities' ethos and provide a competitive edge to the host location. Regional events are intended to boost the attraction of a particular tourist area or region. The Las Fellas and La Tomatina festivals, for example, are both impressive festivals held in Spain. The Delhi Food Festival and Kerala's Onam Festival, which includes the famed snake boat race, are two of India's most popular festivals.

Q3) Advantages of events

Ans) Following are five advantages of events:

1. The most significant benefit of events is that they create a very sensual experience that engages all of the senses.

2. They benefit sponsors and open up new marketing frontiers for the corporate sector by providing significant options for connection and reach. Talent shows and award ceremonies help to promote the arts, entertainment, and pleasure.

3. Events, as marketing communication instruments, aid in the resolution of issues with traditional media. They enable interactive communication over the press, TV / radio ads, and other forms of live media communication.

4. Events are powerful 'experiential marketing' strategies. Experiential not only brings together a variety of mediums, but it also allows for a high level of human connection.

5. Events can be easily tailored, and the advantage in terms of post-event advertising is that neither the sponsor nor the event organiser bears any additional costs.

Q6) Benefit of a business plan

Ans) The benefits of a business plan are:

1. A business plan is an integrated document that contains numerous components of the business, such as an analysis of the event industry, client base, details of event service, vendors for regular supply, marketing plan, and so on.

2. Determines the financial requirements, which include the amount of capital needed, the sources of funding, and the estimated time it will take to reach break-even.

3. Capital Raising: A detailed business plan is written to persuade investors to participate in a new enterprise or to help a company grow. Banks and investment institutions frequently utilise the business plan to track the company's progress.

4. Employee direction: A business plan can also be used to inform and motivate staff about the company's goals.

5. Informing strategic partners: Strategic partners can be used to gain permission from the company's board of directors and shareholders.

6. Recruiting senior management: The business plan informs senior management on the company's goals and strategy, as well as their role.

7. Departmental applications: The business plan can be used as a starting point for developing a thorough marketing plan or a human resource policy by departments inside the organisation.

8. Long-term planning: A business plan is used to explore several possibilities in the future. Current operations or near-term goals should be evaluated in accordance with the event company's original strategy.

Q7) Break- even Analysis

Ans) The moment at which revenue obtained equals the costs involved with receiving income is determined through break-even analysis. To comprehend break-even analysis, you must first comprehend the following terms:

Selling Price: The price at which an entrepreneur offers his or her company's services to customers is known as the selling price.

Fixed Cost: This is a cost that does not change. Rent, insurance, utilities, and other expenses are examples.

Variable Costs: These are costs that fluctuate depending on the entrepreneur's negotiation skills. Costs of raw materials, direct labour, and so forth are examples.

Contribution Margin: The gap between the Selling Price and Variable Costs is known as the Contribution Margin.

Contribution Margin = Selling Price – Variable Cost