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Eventurous – Marketing Plan 0
Eventurous – Event Planning Services
Marketing Plan
Marketing Management – MKTG 522
Eventurous – Marketing Plan 1
1.0 Executive Summary
The ultimate event planning service is now here! Eventurous - Event Planning Specialists are
bringing its extraordinary and cutting edge service to the SF bay area. Eventurous is an equal
opportunity business that will head the market by providing high quality results with a
reasonable cost.
With social networking and the economy on a rise, many are looking for new ways to get their
name and brands out there. By taking advantage of the upcoming trend of new ways to network
and have a good time, Eventurous will surely succeed. Event planning, as defined in Event
Management,
“Constitutes of visualization, creativity, and meticulous planning and venue
management. Visualization involves imagining the event to be a brand and then
customizing and promoting it as per the needs and values of the brand…It boils
down to the management and co-ordination of services and supplies” (Mehndiratta
2008).
With the creativity and drive of management and staff, Eventurous is the perfect way to help
create a memorable time without the stress of planning and coordinating by one’s self.
With target segments in both the business and social markets, Eventurous is able to offer
services for a vast variety of occasions, including but not exclusive to family events, corporate
events and social gatherings. Not only will Eventurous strive in its services, but will have the
ability to assist clients who wish to plan their own events with customized products that make
planning easier. Eventurous will pride itself in maintaining its place as the all resource company
for event planning.
Eventurous – Marketing Plan 2
2.0 Situation Analysis
Event Planning has reached a new era. With Eventurous, events will be cutting edge and
unlike any type of gathering seen in its class. In order to maximize efficiency, marketing is
crucial in the event planning business. Because event planning also helps other companies to
market their name, Eventurous needs to market like no other event planning service has before.
A major point that needs to be marketed about Eventurous is the ability to offer high quality
service at a reasonable price. There will be emphasis of the benefits of having the stress taken
out of planning events, allowing the client(s) to be able to enjoy the event for themselves instead
of running around making sure everything is going to plan.
The key industries that Eventurous will begin marketing products and services to are as follows
(in no particular order and not limited to):
Wedding industry (including bachelor/bachelorette events)
Corporations (meetings, holiday parties)
Marketing industry (promotional events, shows, etc.)
Holiday Events
The largest hurdle will be the existing and future competitors. There is a vast range of
competition, such as hotels that throw events, other event planners, a company that assigns an
employee to organize events, and even potential clients themselves who try to plan without any
assistance. Eventurous will need to illustrate to potential clients why the services and products
offered are the best and should be chosen over all other options.
Eventurous – Marketing Plan 3
2.1 Market Summary
Eventurous has two major markets: the corporate market and social market. The corporate
market includes companies who hold events such as product launches, press conferences,
corporate meetings and conferences. It could also include companies who have marketing events
such as road shows, grand opening events, special concerts, award ceremonies, film premieres,
launch/release' parties, fashion shows, etc. (Mendratta, 12). Although many companies tend to
use current employees to organize events, Eventurous will make it so that it would be beneficial
for all parties to allow our company to take care of the hassle of organizing any function.
The social market are those who like to hold private events such as weddings, birthdays,
anniversaries, holiday occasions, graduations, bachelor/bachelorette parties, and any other social
or personal occasion. Because the San Francisco Bay Area holds a vast number of cultures and
populations, there are a different number of cultural markets Eventurous can gear its marketing
towards. For example, Latinos tend to put together a huge celebration for a girl’s fifteenth
birthday called a “Quinceañera”. Similarly, Filipinos also coordinate a big event for a daughter’s
eighteenth birthday, called a “Debut”. Common cultural events such as these can generate more
events for our company to grow and gain more experience.
Specific segments being targeted during the first year include professionals, corporations, large
to small companies, and designers in the San Francisco Bay Area for the corporate market. In
order to target the social market, we need to try and focus on young adults (20s-30s) and middle
class, those who like to go out to events and socialize.
Eventurous – Marketing Plan 4
With the economy slowly getting back on its feet, many companies are trying to get their
brands and names out and known. With Eventurous’ help, the events put together will help
market themselves in a positive light. Event specialist will help create an event that mirrors the
vision of the client while creating a unique experience for attendees. Also, since the job market
is starting to increase, more and more people are finding new reasons to celebrate and throw
events.
2.2 SWOT Analysis
Strengths
Offering the most creative and well-thought out events at an affordable cost.
Customer service and relations will be number one priority.
Not only does Eventurous specialize in major events, but also smaller events for
everyone such as bachelorette parties, birthdays, baby showers, graduations, etc.
Expert staff
Not only event planning services, but also offer event party kits
Material rental also available if not using event services (such as sound system, chairs,
tables, etc.)
Weakness
Because Eventurous has such an outstanding market, there will be many challenges,
including:
Market segmenting will be a big challenge. The type of events that are available are so
numerous and range from such diversity that it will be difficult to segment towards
Eventurous – Marketing Plan 5
specific demographics. Eventurous will try to keep market wide range so that it has the
ability of expanding to other potential consumers/markets.
Being a new company, no one knows who we are yet. Even though a major form of
marketing strategy will be by word of mouth and referrals, Eventurous will try and stay
ahead of the game. It will aim towards being known to coordinating various events, not
only focusing or specializing in a specific occasion, like weddings, which most
competition in the area already do.
It is not a surprise that Eventurous is aiming to strive and expand greatly, making
Eventurous the name to think of when consumers hear the words ‘event planning’.
However, if there is an unexpected rapid increase in demand, there will be difficulty
meeting that demand immediately.
Opportunities
Because Eventurous has lots of market potential, there could be a lot of opportunities of
growing companies that need event planning assistance. One of the biggest opportunities comes
from the fact that Eventurous does not only specialize in weddings, it has an extensive range of
planning specialization. Also, there is a relatively low overhead since initially Eventurous can be
run from a home-base or small office. In an article from The Entrepreneur, start-up costs can be
as little as $2,000 because it can have the option of being part-time and home operated (Wilson
2009).
In addition, because Eventurous is more than a service, also offering rentals and event
products, there is an advantage over competition. Most event planners only offer the service,
therefore by being able to offer every aspect in an event, opportunities widen.
Eventurous – Marketing Plan 6
Threats
With the history of our unpredictable economy, there could be a huge effect on suppliers and
clients, should there be another unforeseen slump. In addition, because event planning has high
potential and relatively low start-up costs, it can be easy for more competition to enter the
market. Existing or future competitors could pose a major threat if or when they begin to expand
services or offer better deals and/or products. Another threat that could occur would be the
possibility of losing qualified employees or even the ability to obtain qualified professionals.
2.3 Competition
While there are not many popular current leading corporations in this trade, there is still a lot of
competition in the area, such as Signature Events Company and the New Sunrise Events.
However, most of the competition in our area specializes only in major events such as weddings
& corporate events. Although it could lead to a disadvantage by have niche providers as
competition because customers may seek them for specialized events, Eventurous will offer its
vast knowledge and creative ways to entice them away from competitors.
While also specializing in those types of events, Eventurous will emphasis the service to offer
specialization in other areas other than weddings and corporate events. Eventurous will lead its
market by offering the new generation a new way to throw parties/events.
2.4 Service and Product Offering
Because of all the planning that goes on for an event, especially big and important ones, the
process can be very tiring and stressful. In fact, for some companies, by outsourcing the
Eventurous – Marketing Plan 7
planning activities, it saves them time and allows them to worry about their duties in the day to
day operations.
For many, throwing an event is difficult because they do not even know where to begin or what
supplies or activities they want and may need for their guests. With Eventurous, they will not
need to worry about any of the small details and can enjoy the festivities for themselves.
Eventurous offers different services with full or individual packages depending on services
needed. Sample packages would include the following:
Full service package: over-all planning and managing of the event. With this package,
the client is essentially “worry-free”, by only providing basic preferences and any details
requested leaving the rest to the event coordinator. Nothing is finalized without clients’
approval.
Supreme Service Package: Client already did initial planning, coordinator needs to
execute plans. With this package, the client and event planner are working closely during
the process.
Premium Service Package: With a premium package, a minimal fee is charged for
overlooking the event, on the date itself. The client already did the full planning, the
event professional is hired to manage the actual even and oversee and coordinate
activities to ensure and monitor that everything runs smoothly, allowing clients to enjoy
the event themselves.
While Eventurous is a service business, products are offered to those who choose to plan an
event themselves. The following products are used to maximize profits but also help those who
cannot afford the service packages:
Eventurous – Marketing Plan 8
1. Party Event Pack (Various size packs offered, ranging from full to exclusive packs)
This pack is designed to help customers with most of the supplies needed for any
occasion. Packs are designed especially for each event, according to occasion and
event size. It will include everything from decorations, disposable cameras, eating
utensils, plates, napkins, cups, punch mix, snacks, tablecloths, center pieces, music
(if needed), invitations, thank-you cards, and a step-by-step guide to planning events.
2. Event Supply Rentals
When throwing an event, it is hard to find supplies all in one place. Eventurous will
have everything needed to rent, from chairs and tables, giant slides and playgrounds
for children, to DJ booths and speakers.
2.5 Keys to Success
In order for Eventurous to be thriving establishment, many factors need to take place.
First and foremost, keeping loyal and satisfied customers will need to be a top priority.
Customer satisfaction will aid in generating repeat business and also assist in promotion
for the company by spreading the word out to others.
In addition, a major ingredient to success is by making sure Eventurous achieves market
visibility. There will not be much effectiveness of service if potential clientele are not
aware of the company’s existence.
Keep employees up to date with current technologies and trainings with constant
trainings and meetings.
Eventurous – Marketing Plan 9
2.6 Critical Issues
Because Eventurous is still a start-up company, there are many critical issues that it will
eventually face.
Eventurous needs to establish itself as the best event planning Service Company in the SF
Bay area.
In order to live up to the promise, the company will have to find cost effective suppliers
and services to help aid in the event process.
Also, need to be able to take a steady approach to expansion to meet needs of customers.
3.0 Marketing Strategy
Marketing strategy is described as,
“A process that can allow an organization to concentrate its limited resources
on the greatest opportunities to increase sales and achieve a sustainable
competitive advantage” (Mehndiratta 2008).
In order to ensure future contracts, Eventurous will be constantly pursuing and trying to attract
potential clients. Even though there is a wide range of services offered, superior service is
guaranteed at an affordable cost. By staying in tune with client’s needs and the newest fads and
trends, Eventurous will be able to stay on top of others and outperform competition.
With methods such as company websites, networking, advertising to local companies and
businesses, Eventurous will become a more visible company. The company website will be a
powerful tool and offer clients in-depth information in services and products offered. Also, there
will be the cost savings information that can be achieved if using Eventurous. Networking is a
Eventurous – Marketing Plan 10
very important way of getting Eventurous name out in the market. By building relationships
with vendors, previous clients, friends, colleagues, etc., it is easier to get known.
3.1 Mission
Eventurous strives to exceed customer’s expectations and to make sure customer leaves
beyond satisfied. Through the professional attitudes and communication skills that Eventurous
holds, our company will ensure a hassle free experience with a great price.
By creating a never seen before experience, Eventurous promises to keep up with latest
technology and trends, while making sure clients receives all the individual attention they
deserve and ask for.
3.2 Marketing Objectives
The company’s objectives are as follows:
- Increase awareness of services and products offered, which is quantified by 3% increase of
Unsolicited requests per quarter.
- Generate an increase in repeat customers quarterly by 5%
- Participate in well-known events and increase visibility, which can be seen with an increase of
5% new referred customers
3.3 Financial Objectives
Eventurous’ financial objectives include:
-profitable by 2nd year
-monthly growth
Eventurous – Marketing Plan 11
-10% quarterly growth in social market
-15% quarterly growth in corporate market
-5% decrease in training and production fees
3.4 Target Markets
According to the US Census, San Francisco County alone had 105,030 firms in 2007 and
30,490 private nonfarm establishments in 2009 (U.S. Census Bureau, 2012). With such a large
number of establishments, it creates a large possible market for event planning. Middle to upper
class families and individuals will be first targeted in the social market because they tend to have
the least spare time to plan events with all their activities they hold. Because Eventurous is more
cost efficient and takes away the burden of time consuming event planning, the demand for this
service will increase.
Since society today is so fast paced with most people taking on way more than time allows
them, many need to hire others to take care of other matters in their lives that they simply do not
have time for. Eventurous will be able to take away any burdens of planning an even so that
clients can go about and take care of other important matters. With the economy rising, the
demand in this industry has a lot of potential to increase and according to Bureau of Labor
Statistics, “Employment of meeting, convention, and event planners is expected to grow 44
percent from 2010 to 2020” (Bureau 2012).
3.5 Positioning
Eventurous will position itself as the main go-to event planning company to serve the San
Francisco Bay Area social and corporate market. The market will identify the value that
Eventurous – Marketing Plan 12
Eventurous has because of the special services and products offered. With the strategic
relationships Eventurous plans to build, the company can gain an edge over competition, letting
the market know how competitive the prices of products and services are.
Although Eventurous acknowledges that we cannot possibly be good at areas, at first, we will
strive to concentrate on weak areas to increase expertise. Because of that, Eventurous will be
able to offer top of the line service.
3.6 Strategies
The main goal of Eventurous is to be the number one pick of event planning serving both the
social and corporate market in the San Francisco Bay Area. The marketing strategies are geared
to create awareness, establish customer base and build customer loyalty. In order to initiate
awareness, the Eventurous website will be used as a great marketing tool, communicating what
makes the company the best. Also, networking will be a main strategy to communicate to
potential clients. A popular way to network is now through social networks; in fact through the
use of websites such as Facebook, Instagram, Linked-In, etc., you can connect with and find
potential customers. By becoming a member of various associations and clubs in the
community, networking will help build many relationships. With a networking strategy and
building a strong network, it is seen that “the more number of contacts he has the more
successful he will be. Any kind of business can be only expanded through contacts and you must
therefore have the skill and aptitude to go out and talk to people” (Mehndiratta 2008).
Eventurous has the uniqueness of being able to offer affordable prices for such extravagant and
trendy events. It has been found pricing is very important when it comes to marketing because
it, “should reflect the value of your services... low price may undermine the quality of service
Eventurous – Marketing Plan 13
you present as you may not be able to afford the best vendors and suppliers... overcharge,
however, your clients may feel that they are being treated unfairly” (Fulbright, 2005). By being
able to offer quality service at a reasonable price creates a competitive advantage because there
are very few event planners in the area that offer specialties in all areas of events. With staying
on top of trends, Eventurous will never fail on having the latest technologies and/or include latest
fads in throwing the best events.
3.7 Marketing Mix
The marketing mix that Eventurous lays out is composed of approaches to advertising,
promotion, customer service, pricing, and even distribution. The services of Eventurous will be
performed all in the San Francisco bay area. Products can be distributed nationally with the
convenience of different shipping opportunities, which can all be purchased through the
company’s website.
In regards to how pricing strategy will occur, Eventurous will have to follow the lead on how
most companies charge in the industry. According to Vaibhav Mehndiratta, author of “Career in
Event Management” has found that “The industry standard is to charge the client in advance of
the event. Upfront fee schedules vary from company to company but it is not uncommon for the
client to be charged 10% upon booking confirmation, 40% three months prior to the event with
the balance 50% payable a month before the event actually taking place” (Mehndiratta 23).
Charging a percentage upfront guarantees a commitment between both the client and company
that Eventurous will carry on with their services until contract ends. In terms of actual pricing,
we will work around the customer’s needs, wants, and budgets and adjust accordingly.
Eventurous – Marketing Plan 14
Advertising and promoting for services can tend to be more difficult than product marketing,
simply because services are intangible. However, a good one to getting Eventurous name out is
mainly by getting out in the market and letting companies and others know we exist. Eventurous
will network and showing up at various events and giving flyers with discounts or even party
sample bags.
The main concern and priority will always be customer service and satisfaction. In order to
make the business a success, Eventurous believes that service and satisfaction should be beyond
100%. We do not want any clients leaving without knowing they got exactly what they wanted
and even more.
3.8 Marketing Research
In order to be successful in any industry, research is a critical step that cannot be over looked.
As pointed out in the article, Market Research Tips:
“Event planners should engage in market research to....
1. Gauge the acceptability of your service or product
2. Isolate the specific needs of your target market
3. Estimate the scope of your target market
4. Decide on the best strategy to adopt
5. Identify your biggest competitors, and
6. Find a way to make your service more unique” (Norris)
Eventurous – Marketing Plan 15
In order to make sure Eventurous stays on the top of the industry, several types of methods will
be used to ensure thorough research.
One type of research that can be helpful in the event planning industry is Qualitative Research.
This type of research allows perceptions, attitudes, and motivations to be explored and to
understand how they are formed. Several examples of qualitative research include workshops,
interviews, mystery shopping, etc. This way we can hear from consumers their experiences and
attitudes towards Eventurous versus other competitors. This method, however, relies heavily on
mediators and lead researcher’s skills and results with relatively small samples and subjective
(Mehndiratta 2009).
Another type of research that can be done is called Quantitative. Quantitative is very
descriptive because it provides in-depth information with hard data on numbers and stats.
Although it allows large number sampling, this method is very structured and does not account
for reasons for behavior or attitudes. (Mehndiratta 2009). These types of research usually
include different types of data and populations collections.
Also, collecting secondary data, such as information that has already been collected from other’s
surveys or records can be helpful as well. Even if the data may not be exact to our intentions, it
is less time consuming and more cost effective. It can aid in finding out which direction to head
in terms of collecting specific primary research. Especially if the marketing budget gets tight.
By finding out which methods are more cost efficient, we can safe by not pouring too much
money into a method that will not be effective.
Eventurous – Marketing Plan 16
4.0 Controls
In order to measure performance, the following controls need to be monitored:
customer satisfaction
revenue (monthly tracking)
new customers
repeat customers
expenses
employee satisfaction
sales calls/meetings
referrals
4.1 Implementation
Milestones are needed to make sure everything is completed on time and within allowed budget.
Milestones are as follows:
Milestone Start Date End Date Budget
Marketing plan 9/9/2012 10/21/2012 $0
Website completion 10/22/2012 11/30/2012 $1000
Networking (contacts) 11/1/2012 12/1/2012 $1000
Networking (online) 11/1/2012 12/1/2012 $500
Sample Showing 11/24/2012 11/24/2012 $1000
Product Showing 11/24/2012 11/24/2012 $1000
Advertisement Giveaways 11/1/2012 12/1/2012 $1500
Eventurous – Marketing Plan 17
(pens, key chains)
Rental Marketing 11/1/2012 12/1/2012 $500
Party Kits Marketing 11/1/2012 12/1/2012 $1000
4.2 Marketing Organization
Initially, Daphne Cruz (Chief Marketing Officer) will handle all marketing functions.
However, once company starts to grow and budget allows, management staff will help support
marketing strategies and eventually possible interns.
4.3 Contingency Planning
Difficulties, Problems and Risks:
o Many social events are generally only weekends and holidays. Will need to find ways to
fill in the gaps, such as with corporate events. Make it known that we do not only do
seasonal events, there are other events, such as conferences, birthdays, anniversaries,
meetings, etc. that we can cater to.
o Generating visibility is a difficult task; however we will be able to market and get the
company’s name in the industry by networking.
o It is a risk to try and specialize in multiple areas; however with direct training and
frequent staff meetings, we will try our best to keep on top of everything.
Eventurous – Marketing Plan 18
5.0 Conclusion
Eventurous is a one of a kind event planning business that will be a great investment. Not
only will its innovative staff and products produce great events, but it will come at a cost that
will allow many to experience memorable events. By not having to worry about the little details
at big events, all attendees are able to actually experience and take part in the occasion
Eventurous has specifically designed to customer’s satisfaction.
By choosing Eventurous for all and any event need, you are signing yourself up for not only a
great time, but an experience you will never forget.
Eventurous – Marketing Plan 19
REFERENCES
Bureau of Labor Statistics (2012, March 29). Meeting, Convention, and Event Planners., U.S.
Department of Labor, Occupational Outlook Handbook, 2012-13 Editions. Retrieved from
http://www.bls.gov/ooh/business-and-financial/meeting-convention-and-event-planners.htm
Fulbright, J. (2005, March 28). How to Start an Event and Meeting Planning Business. Power
Home Biz. Retrieved from:
http://www.powerhomebiz.com/vol153/eventplanning.htm#Introduction
Mehndiratta, V (2008). Event Management. Abhishek Publications. Retrieved from:
http://site.ebrary.com/lib/devry/Doc?id=10416533&ppg=8
Mehndiratta, V (2009). Career in Event Management. Global Media (268). Retrieved from
http://site.ebrary.com/lib/devry/docDetail.action?
docID=10416599&p00=EVENT+PLANNING
Norriss, C. Market Research Tips for Event Planners. E-zine Articles. Retrieved from
http://ezinearticles.com/?Market-Research-Tips-For-Event-Planners&id=2128281
Saget, A. (2006, 01). Event Marketing: Beyond Logistics and Planning. Dearborn Trade (322).
Retrieved from http://site.ebrary.com/lib/devry/docDetail.action?
docID=10104125&p00=EVENT+PLANNING
U.S. Census Bureau. (2012, August 16). State & county Quick facts: San Francisco County, CA.
Retrieved from http://quickfacts.census.gov.
Eventurous – Marketing Plan 20
Wilson, E (2009, May 14) Events Planner. The Entrepreneur. Retrieved from
http://www.entrepreneur.com/article/201666