1、Entrepreneurship 50141916B2711 | PageBusiness Name: P.E.E.C - Premier Entertainment Events CorporationSpecialist Party Planning .32.0 New Product Development;.32.1 Idea Generation.33.0 Markets 44.0 Business Idea This report provides information on the entrepreneurial idea of launching a new and exte
2、nded 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 Develo
3、pment;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
4、and 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 is “a
5、 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 generate and test new idea
6、s 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.Entrepreneurship 50141916B2714 | Page3.0 MarketsThe marketing environment is ma
7、de up of Micro and 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 companys planning and performance, and are beyond its con
8、trol: e.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 turnove
9、r or balance sheet total of less than 2 million” (Ofgem). Therefore, our legal structure, sources of finance, marketing etc will reflect this.4.0 Business Idea supporting that by organising events within their local pubs and restaurants etc may satisfy them. Furthermore, over half the respondents st
10、ated that they would be interested in attending an over 35s event night, supporting our competitive advantage and USP. See Appendix ? 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
11、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 out 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.” Pa
12、rticipant 6 “I am not aware of any other event company that specialises in a particular age range.”See Appendix ? 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 art
13、s, entertainment and recreation activities” (Federation of Small Businesses, 2012) meaning there is room for growth. 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 Fo
14、rum, 2011). The majority of our events will be entertainment based and therefore we need to be aware that Entrepreneurship 50141916B2716 | Page“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 busi
15、ness for us to approach. There are a few organised over 35 event nights, the only ones there are include: clubbing nights, social and activity clubs and the rest are broad days out, showing that events are limited at present. 7.0 Analysis7.1 SWOT AnalysisStrengths Weaknesses Our Unique Selling Point
16、 Over 35s. Professional background knowledge, experience and contacts readily available. Low start up costs meaning large 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 seaso
17、nal occasions. Value added service in the form of exceptional client service. Effective event 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 sta
18、te could deter individuals from using our services as it is a luxury, not necessity. No guaranteed continuous profit. Seasonal Factors low demand in January. Manual data entry which may be time consuming. Existing and established competition.Opportunities Threats Potential to expand and grow in othe
19、r counties and cities. Product 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 authoritie
20、s. 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 budget and autumn sta
21、tements to analyse any changes that will potentially affect business.Entrepreneurship 50141916B2717 | Page- 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 serv
22、ice and therefore 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 at
23、titudes determine 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
24、 media etc is going 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 a
25、mounts of wastage.- Climate change may affect weather at events.Entrepreneurship 50141916B2718 | Page7.3 Competitor AnalysisCompany Name What 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 c
26、onference organiser etc.Award winning wedding planners. 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 communicati
27、on.They specialise on corporate events such as away days and team building days. We do not offer services abroad. We specialise in entertainment and over 35s events.G Product, service, speed of service, installation, channel differentiation and symbols.*Entrepreneurship 50141916B27110 | Page9.0 Mark
28、eting Mix 9.1 Product The service being provided is a party planner and events organising business which specialises in over 35 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 premis
29、es.9.2 PlaceOur main office will be based in Essex. It is a central location within the county, being not too far from London 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
30、 method of media used will be leaflet distribution, local radio and social media. The reason for this is because we can directly 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 tailore
31、d promotion. For example, if it was a corporate event the promotion would be substantially different from a social event as the 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
32、where “price is determined by adding a profit element on top of the cost of making the product” (Riley, Pricing - Pricing Strategies, 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 ba
33、sed pricing. The reason for this is to initially obtain the business but however be aware and competitive of the agencies that 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 st
34、aff which control the day to day running of the business. Although, there a little internal members of staff there will be many 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 be
35、low is between the business and its clients;1. Visit web page, contact or come into office based location.Entrepreneurship 50141916B27111 | Page2. Once shown an interest, hold a meeting/discussion.3. If interested in using our services, negotiate terms and finalise contract.4. Hold further meeting t
36、o 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 shows how our business obtains custom from venues;1. We approach selected venues with entertainment licenses with an already prepared busin
37、ess 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 parties.5. Set plans and gantt chart is formulated.6. Our services include all dealings with organisation e.g. entertainment, promotion,
38、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 heavily on trust. However, we are able to encourage purchase through professional photography images of previous events alongside video footag
39、e. 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 meeting
40、s are held with good hospitality.10.0 Segmentation, Targeting and PositioningThrough effective and accurate market research and analysis this had led to my STP.Firstly, we will have a geographic segmentation as our company will be based in Essex and we will have a demographic segmentation in terms o
41、f age. Our target market consists of males and females above the age of 35 and this is crucial that all services apply to this market as this is also our USP. The positioning map below shows where we wish our brand will be perceived within our consumers minds. However, due to the fact that each even
42、t is tailor made perception is likely to change. Entrepreneurship 50141916B27112 | PagePOSITIONING MAP!11.0 Measuring TechniquesWe are a profit making organisation and therefore seek to make a gain. 11.1 Triple Bottom Line TheoryTriple Bottom Line “consists of three Ps: profit, people and planet” (H
43、indle, 2009). In order to adapt the triple bottom line theory, our business aims will reflect it. Profit will be measured by analysing our profit and loss account and how much retained profit available to the business.People will be measured by the amount of social events created e.g. charity events
44、, showcases etc and the social responsibility to the local economy can be fulfilled by the business generating interest and revenue into local entertainment venues.Planet - Entrepreneurship 50141916B27113 | Page12.0 BibliographyBhuiyan, N. (2011). A framework for successful new product development.
45、Journal of Industrial Engineering and Management , 1.Events Industry Forum. (2011). Opportunities for Growth in the UK Events Industry. Retrieved April 30th, 2013, from Business Tourism Partnership: http:/ of Small Businesses. (2012). Small Business Statistics. Retrieved May 1st, 2013, from Federati
46、on of Small Businesses: http:/www.fsb.org.uk/stats Hindle, T. (2009). Triple Bottom Line. Retrieved May 1st , 2013, from The Economist: http:/ A. W. (2008). Principles of Marketing (5th Edition). Pearson Education.Learn Marketing. (n.d.). Micro Environment. Retrieved April 30th, 2013, from Learn Mar
47、keting: http:/ (n.d.). Defining “Micro-business”. Retrieved April 25th, 2013, from ofgem: http:/www.ofgem.gov.uk/Sustainability/Cp/Cr/CJwg/Documents1/Ofgem%20-%20Defining%20Micro-businesses%20180308.pdfPierce, S. (2005). Methods of Generating New Ideas for Entrepreneurs. Retrieved April 25th, 2013,
48、from Advancing Women: http:/ J. (2012). Competitive Advantage. Retrieved April 30th, 2013, from Tutor2u: http:/ M. (2005). Product Development or New Product Development (NPD). Retrieved April 29th, 2013, from TechTarget: http:/searchcio- (n.d.). Macro Enviroment Definition. Retrieved April 25th , 2013, from http:/ (n.d.).
