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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.;.Contents1.0Introduction; .32.0New Product Development; .32.1Idea Generation.33

2、.0Markets .44.0Business Idea & Concept .45.0Supply and Demand .46.0Market Research .56.1Primary Research .56.2Secondary Research.57.0Analysis.67.1SWOT Analysis .67.0 PESTLE .67.3Competitor Analysis .88.0Competitive Advantage .88.1VRIN .98.2Porter.98.3Kotler .99.0Marketing Mix .109.1Product .109.

3、2Place.109.3Promotion.109.4Price .109.5People.109.6Process.109.7Physical Evidence .1110.0 Segmentation, Targeting and Positioning .1111.0 Measuring Techniques .1211.1 Triple Bottom Line Theory .1212.0 Bibliography .1313.0 Appendix .14;.1.0 Introduction;This report provides information on the entrepr

4、eneurial idea of launching a new and extended 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 n

5、ew product/service.2.0 New Product Development;New Product Development is concerned with the survival and growth of new products or servicesentering the market. There are 7 basic stages and thensists of “theprocessactivitiescocarried out byfirms when developing and launching new products (Bhuiyan, 2

6、011)”. Figure I is the Booz, Allen 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 developm

7、ent is idea generation. This is asystematic search for new-product ideas (Zeepedia)”. Ideas can be generated by internal sources to thebusiness e.g. staff members and external sources such as gathering information from market researchfirms. Furthermore,the entrepreneur“ can use several methods to he

8、lp generate and test new ideasincluding focus groups, b rainstorming and problem inventory analysis(Pierce, 2005)”. The overallaim 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

9、 Micro an d 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 contro

10、l: e.g. socio-economic, government regulations, legal andtechnological change (ventureline”.com).It must also be noted that we will be setting up in the form of a micro business. EU legislation statesthat “ the EuropeanmmissionCo defines a micro-business as one which has fewer than ten employees and

11、 a turnover 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 & ConceptThe overall business concept is to provide a specialist service which focuses on planning tailor made parties and ev

12、ents for individuals 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 Poin

13、t (USP) is that we 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 b

14、ased in Essex but 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 demo

15、nstrated in the graph below where the demand curve shifts to the right.D2D1;.In 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 Re

16、searchA research plan was constructed and in which it stated that primary and secondary data would becollected in the form of descriptive research . Primary data collection was completed inofthe form administering a questionnaire and holding a focus group. Non probability/ probability? sampling was

17、used when surveying 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 di

18、fficult to decide 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 35 event night, supporting our competitive advantage and US

19、P.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 stated below;? Participant 2 “ As a 40 year old woman I believe it is difficult for me and my friends todecide where

20、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 manyevents for the older generation.”? Participant 6 “ I am not aware of any other event company that specialises in a articularp 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 sectorturnover was in the arts, entertainment and recreation activities (Federation” of Small Businesses, 2012) meaning there is room for grow

22、th.The events industry is predicted to grow within the next few years especially in music with theestimated value being “ 1.4 billion in 2010 and (Events2.0billionIndustryin2020Forum, 2011)”. The majority of our events will be entertainment based and therefore we need to be aware that;.“ entertainme

23、nt 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 activity clubs and the r

24、est are broad days out, showing that events are limited at present.7.0 Analysis7.1 SWOT AnalysisStrengths? Our Unique Selling Point Over 35 s.? Professional background knowledge, experience and contacts readily available.? Low start up costs meaning large amounts of sources of finance is not require

25、d.? Appeals to all individuals of any income brackets (adaptable business).? Seasonal factorsmore demand in summer, Christmas and seasonal occasions.? Value added service in the form of exceptional client service.? Effective event promotion tools; social media, local radio etc.? Streamline administr

26、ation workload.? High team motivation levels.? Build close and direct relationships withclientele.Opportunities? Potential to expand and grow in other counties and cities.? Product diversification e.g. creating an entertainment agency.? Create a good reputation by offering services to community e.g.

27、 supplying entertainment, themed events for youth centres and charities etc.? Potential to create strategic relationships.? Support from local authorities.7.0 PESTLEPolitical;Weaknesses? Lack of reputation.? Present economic state could deter individuals from using our services as it is a luxury, no

28、t necessity.? No guaranteed continuous profit.? Seasonal Factors low demand in January.? Manual data entry which may be time consuming.? Existing and established competition.Threats? If the business is not launched effectively into the market, it could lead to business failure.? Existing competition

29、 and new entrants into the market.? Ineffective research leads to failure of USP.? Bad weather affecting some events.Need to be aware of the budget and autumn statements to analyse any changes that will potentiallyaffect business.;.- Business Corporation could alter.- Grants and funding could be pro

30、vided or reduced.- New Health and Safety regulations made be implemented.Economic;- Inflation could alter the cost of the service 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 busines

31、s as the business is performing within it.- Supply and demand for our services may fluctuate.Social;- Lifestyle and leisure attitudes 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

32、behaviour.- Anti social behaviour at event may affect our reputation.Technological;- As technology advances, the use of social media etc is going to grow, meaning more effective promotion of our events.- Provides different avenues of information and communicationLegal;- Health and Safety Legislation

33、.- Communication and protection rights.- Employment Law.Environment;- Reputation may get damaged if the event provides large amounts of wastage.- Climate change may affect weather at events.;.7.3 Competitor AnalysisCompany NameWhat they offer?What they specialiseHow we differ?in?The Essex EventsPart

34、yAward winning weddingCompany (local)planning, weddingplanners.coordinating orrunning your businessseminar or aconference organiseretc.The MotivAction GroupThey createThey specialise on(regional)programmes andcorporate events such asevents to inspire,away days and teammotivate people andbuilding day

35、s.improvecommunication.G & D Events (regional)Party planners for highThey offer a free venueprofile corporatefinder and are premierevents based inparty planners and eventLanisers.Beyond Bespoke EventsParty planners andAdd unique and(regional)event organiserelaborate element to thespecia

36、listsevent.KC Events (local)Worldwide eventsOffer their servicesfrom corporateglobally.hospitality toconferences.Further Competition:? No focus on a particular event.? We also approach and set up events to draw people into pubs, clubs etc.? Specialise in over 35 s.? We do not offer services abroad.?

37、 We specialise in entertainment and over 35s events.? We will approach businesses and set up events within their business.? We tailor only to the desire of our consumer.? Will only offer our services based in Essex as bearing in mind we are a micro business.1. Boutique wedding events , Essex.2. Esse

38、x Event Management, Essex.3. Dream Occasions, Essex.4. Blossom 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 mea

39、nsof lower prices or by providing greater benefits and service 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

40、company specialises in a particular age range. Furthermore, none 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

41、. VRIN analysis has been applied below:Valuable Yes. The reason 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 d it difficul

42、t to decfinde where to go as there arefew places for their 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

43、Yes. However, only to a certain extent because the main premise 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 organise the event themselves.Therefore our business has a sustainable competitive a