Market Analysis and Strategy for Corporate Events - myassignmenthelp

Question: Discuss about theMarket Analysis and Strategy for Corporate Events. Answer: To begin with, the analysis and creation of a budget, which helps the organizers to understand the cost that they will incur in the process of establishing the event are of paramount importance. The other important section of consideration in this process is the section of assessing and analyzing the market and the strategy of the event. This analysis is appropriate because it helps to determine the target market of the individuals who are targeted to attend the event and the consideration of the necessities that this group of people might have, in order to address those necessities prior to the day when the event takes place. The strategy of the event also helps in guiding how the event preparation process will take place. This section of the paper provides a clear market analysis for the event and the events strategy (Allen, 2009). The Market of the Event As explained earlier, the Rhyme and Reason Music festival event is a music festival event which is being organized in Australia, suitable for all ages. The main purpose of the event is to maintain the culture, appreciate art and contribute towards charity. The first important aspect to consider with regard to its target market is that the event is organized being an all age event. This aspect makes the event suitable and appropriate for all individuals interested thus increasing the targeted market significantly. Music and culture are two major aspects that people in Australia values. When music shows and events are held, a large number of people make the decision to attend those events, even when they are considered to be suitable for a certain age group. Since the event is being held in Melbourne Exhibition Centre in Australia, people from Australia will provide the largest market share. Research on other similar themed events that have taken place in the region reveals that people from Australia are friendly and willing to attend events that involve music and art (Bowdin, 2011). Research about the previous events helps to determine the willingness of the targeted audience to attend the event, an aspect that can help in the estimation of the expected population to attend from the available market of the region. The other important aspect of consideration when analyzing the market is any form of competition that might attract the targeted customers and cause them not to attend the event. Being an event that will not take place on a daily basis, and one that will only take place for a few days in a year, it is highly unlikely to have any significant competitor. This aspect is however determined by any other event that is similar in any way, which might be taking place on the same dates as this event. From the dates set for the event, however, there is no major event that is scheduled to take place in the region and thus for that reason, competition is significantly low. The other major aspect that will influence the market is the content that will be presented by the show. The event is intended to have a large number of individuals in attendance, who will increase the contributions for charity and help in supporting all the other agendas in place. It includes hologram performers of legendary artists that are well known by the majority of the targeted market audience. With this regard, therefore, many people are likely to be attracted in attending this event. The hologram performers have the ability to attract even more people from international settings. This aspect increases the individuals that will attend the event and completely expands the market area. With this regard, therefore, the market of the event consists of a large number of people, who are all willing to contribute significantly in order to attend the event and view its provisions (Wendroff, 2004). Event Strategy Strategy refers to a major plan that is intended to help in achieving certain goals and targets. In order to fully understand the plan that the events organizing team has established, therefore, it is appropriate to understand the goals that the plan is intended to meet. The first goal is to raise funds for charity. Since the event is non-profit, its gains are intended to make contributions to charity programs within the country. This goal can be achieved by ensuring that the event attains a lot of gains. The second goal is ensuring that the event promotes both music and art. Art and music are significantly important aspects of the Australian culture. This goal can be met by ensuring that both art and music comprises of the central themes of the event. The third goal that the event aims to uphold is the recognition of aspects regarding creativity. Both music and art creation are based on creativity. The event is has a goal of helping in the recognition of individuals that are highly creative in these activities (Robinson, Wale, Dickson, 2010). With these goals in place, the events strategy is to utilize a plan that will help in accomplishing each one of these among other goals that have been established. Within the plan of operation, people of the target market are to be invited to the event where they are all required to participate in its proceedings. Their contribution will help in raising funds which will manage to achieve the charity goal. Inviting a large number of individuals and ensuring that they attend the event will help the event to achieve this goal effectively. The invitation of artists from different parts of the world to attend and perform in the event helps to promote music and also contributes towards the promotion of their creativity in both music and art. The utilization of the hologram performers of the legendary artists that are no longer arrive helps to promote music and makes the event unique. This aspect will help in increasing the number of individuals that are highly willing to attend the event. Each one of these goals is significantly important for the organization to achieve. The utilization of this strategy will help the event to manage to achieve these goals effectively (Friedmann, 2003). References Allen, J. 2009.Event planning : the ultimate guide to successful meetings, corporate events, fund-raising galas, conferences, conventions, incentives and other special events. Mississauga, Ont: J. Wiley Sons Canada. Bowdin, G. 2011.Events management. Oxford, U.K. Burlington, Mass: Elsevier Butterworth-Heinemann. Friedmann, S. 2003.Meeting event planning for dummies. Hoboken, NJ: Wiley. Robinson, P., Wale, D. Dickson, G. 2010.Events management. Wallingford, Oxfordshire Cambridge, MA: CABI. Wendroff, A. 2004.Special events : proven strategies for nonprofit fundraising. Hoboken, N.J: John Wiley Sons.