Innovation Enterprise and Winning the Bid - Business Plan (Term Paper Sample)

Running head: Innovation Enterprise and Winning the Bid - Business plan
Innovation Enterprise and Winning the Bid - Business plan
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15 March 2012
Outline
1.0. Introduction
2.0. Products and Services
3.0. History and Position
3.1. Company Mission
3.2. Management Team
3.3. Services
3.4. Business Structure
4.0. Market Research
4.1. Economic and Social Factors
4.2. Competitive Environment
4.3. Long-term Opportunities
4.4. Market Description
4.5. Target Customers
4.6. Market Opportunities
4.7. Competitive Analysis
5.0. Business Strategy
5.1. Advertising and Promotion
5.2. Pricing
6.0. Operations
6.1. Choice of Location
6.2. Equipment
7.0. Forecasting
7.1. Sales Forecast
7.2. Earnings Projections
Innovation Enterprise and Winning the Bid - Business plan
1.0. Introduction
The business name for the company is ‘Event Pace Group’. Event Pace Group is an entrepreneurship company that is involved in provision of diverse products and services for the event industry. The company is situated in United States of America, and it innovates products and services in the event management industry that include festivals products and services, events and conferences services, product launch services, press conference services, corporate meetings and conferences, marketing services such as road shows, and grand opening events. Other services that the company specializes in include concerts, fashion shows, commercial events, and film premieres. The success of the company has largely been motivated by the growth and development of the event industry in modern world. The global trends show that, the events industry, just like tourism industry, is experiencing high demand and its potential in the future is promising. As a result, the company has built its success based on this realization, together with the desire to provide innovative products and services for the events industry.
2.0. Products and Services
As seen earlier, Event Pace Group Company has varied products and services, which are sold to multiple event organizers. But in this case, Event Pace Group Company has innovated ‘fashion show exhibition’ as a service and intends to sell the idea to interested event organizers and companies. The event industry can use this innovative service to increase its revenue margins and profit levels. The motivation of the company with regard to innovation of this service is that, fashion has become a buzzword in majority of populations and as a result, many people are likely to seek information and opportunities that increase their knowledge and purchasing behavior with regard to fashion and related accessories.
Innovation is the increasing source of competitiveness in modern world (Bridge, O’Neil and Cromie, 2003). Innovation and development of ‘fashion exhibitions’ as a service is motivated by the increasing enthusiasm among many people about fashion. People in different parts of the world and in the country are today looking for the best shops and companies to buy their fashion accessories. As a result, information about fashion is likely to increase through fashion exhibition that event companies may run or organize (Goworek, 2007). It is recognized that, information knowledge and subsequent purchase behaviors can be enhanced by presence of fashion exhibitions that event companies can organize in various parts of the country (Goworek, 2007). Therefore, the aim of Event Pace Group has been to innovate and design fashion exhibition as a service that can be marketed by event companies, which are keen on increasing their revenue growth.
3.0. History and Position
3.1. Company Mission
The mission of the Event Pace Group Company is to initiate products and services that drive market and bring satisfaction to the clients based on quality and innovation. In this endeavor, the company’s vision is to be the leader in event industry in terms of innovating quality products and services that meet needs of diverse client base.
3.2. Management Team
Event Pace Group Company was established as an entrepreneurship company, of two college friends; Jack and Peter. Given the size of the company, which at the moment is relatively small, management functions are carried out by the two partners. Apart from the two partners, the company has hired part-time services of two designers, two marketers, one IT expert, a receptionist, and one financial officer, who also double as account for the company. Both James and Peter have undergraduate degree in Hospitality Management, and professional training in public relations, marketing and event management. Furthermore, those hired in the organization have professional qualification with experience of over two years. Nevertheless, the company intends to increase its workforce as it continues to grow and more growth opportunities are identified.
3.3. Services
The company has specialized in variety of services in key areas of festivals products and services, events and conferences, product launch, press conference, corporate meetings and conferences, road shows and grand opening events. Also, the company facilitates concerts, fashion shows, commercial events, and film premieres. Apart from these services, the company has come up with an innovative service known as ‘fashion exhibition’ and it intend to sell the service to event organizers. The company sells its products and services to a number of clients in major cities of USA involved in event management.
3.4. Business Structure
Event Pace Group Company started as an informal partnership arrangement between two friends before it was officially registered as a partnership entity three years ago. As a result, the business entity is recognized as a partnership form of business in USA. Since its establishment, the business has continued to grow in terms of innovations and sales, from the initial two services it provided to its clients to the current position where it provides numerous products and services. The business structure of the company does not intend to change from its partnership nature, although in the future, the company may incorporate more partners as far as growth and development of the firm may necessitate.
4.0. Market Research
4.1. Economic and Social Factors
USA is a diversity society in that, the country has diverse population, which is likely to be good for fashion industry (Down, 2010). The population in USA and around the world is much engrained in fashion culture. People tend to be motivated into buying the most fascinating fashion in the market. Moreover, fashion tends to attract majority of young people and women, most of who are perceived to be ‘crazy’ with fashion (Barnard, 2002). Despite economic dynamics, the fashion industry tends to persist and people are likely to buy fashion and related accessories even when the performance of the economy is not well. At the same time, events industry in the country and other parts of the world represent the fastest growing sector of the economy, where fashion shows and exhibitions are likely to succeed more easily. In this regard, fashion exhibition, as a service that intends to increase customer information level and knowledge concerning fashion, is seen to fit well in the current social and economic arrangement in the country and in the event industry. As a result, the motivation for design of ‘fashion exhibition’ as a service originates from two aspects: first, the majority of young people and even middle aged people in the country are more into fashion, hence anything that concerns fashion is likely to sell easily and faster. Second, the spending pattern of people in recent times on fashion accessories has been increasing and this makes the service appropriate to the event industry.
4.2. Competitive Environment
Service sector and especially event management industry is growing (Shone and Parry, 2004). Service provision in event industry tends to concentrates a lot on other activities apart from fashion exhibition. The company has conducted analysis of the competitive environment and found out that only two companies provide fashion shows, but these are undertaken on irregular basis. Therefore, our company aims to enter this unexploited market through its unique product it aims to sell to event organizers. In order to create a strong competitive position in the market, as compared to the already existing players, Event Pace Group Company aims to give quality and innovation priority, without forgetting good customer service management.
4.3. Long-term Opportunities
Fashion industry is on the increase and more people are likely to be interested in innovation of products and services in the industry. More people are likely to continue spending heavily on fashion accessories, a situation that clearly indicates fashion information in form of exhibition will arouse consumer desire to buy more fashions. Hence, it is from this state of increase in fashion consumption behavior that any innovative idea in the industry is likely to succeed more easily. As a result, the long-term opportunities for the company will arise from continued innovation for unique and new products, increased and maintenance of a strong and loyal customer base, offering competitive prices for the services, and exploiting on the increased consumption behaviors of consumers with regard to fashion accessories (Haran and Kumar, 2006).
4.4. Market Description
USA has a high population and more people such as tourists and shoppers continue to come to the country. At the same time, reports in the media have pointed to increasing employment for the population labor force, a situation that sees income for many people increase. The increase in income...