Outline of Business Venture

Skills of event management are said to be the capability to apply skills of project management to introduce large-scale business and social events like conferences, ceremonies, conventions, formal parties, festivals, or concerts, etc. The skills of event management, basically, need an individual to work in the prescribed budget, following some schedule and managing the vendors to design and develop the best events demanded by the clients (Radvansky and Zacks, 2014). The aim of this report is to develop an understanding of organizing an event to attract more and more customers. The report will be comprised of a Music Festival that will be established in the United Kingdome market to make people aware of the different positive aspects of the event. It will provide a detailed analysis of the event such as price, product, place, and competitors.

The la Musique is a music festival that will be held in Victoria, London. It is very important to manage the event with proper planning, and approaches of the management. This festival will provide advantages to the healthy and desirable society by justifying the diverse negative influences of other problems. To attain the unbelievable potential of the festival, sustainable festival organization of music celebrations should be adopted and extended as fundamental practice. This Music Festival will also organize different entertainment programs such as games for kids, and youngsters, food and beverages facilities, family-friendly events.

Victoria is very close to numerous of the best attractions of London with easy access to Buckingham, luxury hotels, Westminster, great restaurants, and top musicals. This place is one of the busiest transport hubs of London, so it makes easy to get around (London Tool Kit, 2018).

Source [(The Culture Trip, 2018)]

Location – The location of the festival in London, the most famous destination of tourism in the world, enticing approx. 30 million visitors from different nations yearly. Tourist travel here from all the different areas of the globe to appreciate impressive monuments of London, discover the city’s vibrant culture and possibly take in a dramatic performance in the West End (London Tool Kit, 2018).

Best Music Artist – The Music Festival will invite best music artists from around the world with fresh talent to celebrate the most amazing festival.

The Music Festival possesses a partnership structure, as three friends of the University of Cambridge that is John, Revel, and Dazy introduce it. The partnership is one of the formal business settings under which two or more parties collaborate to organize and run a business (Glasby and Dickinson, 2014).

The Music Festival partnership will be comprised of a distribution of equal liabilities and profits among all the three partners. The partnership structure has been chosen because it can be created deprived of fulfilling any kind of legal formalities. No formal papers are needed to be prepared as like in the joint stock company’s case. An agreement that can be written or oral is enough to get into partnership. Even the partnership registration is also not required.

A music festival is a social event concerned with singing live performances and playing of musical instrument that is most accessible with a subject like the musical genre (classical music, blues, jazz), locality of artists, or holiday. Frequently music festivals involve other attractions too like merchandise and food selling, performance art, cultural activities, or dance (BBC News, 2018). Numerous festivals are organized in the United Kingdom that can raise competitor for la Musique such as Jorvik Viking Festival, York, Hay Festival, Hay-on-Wye, Wales, Aldeburgh Festival, Suffolk, Isle of Wight Festival, and Glastonbury Festival (Expatica, 2018).

Map showing Victoria, London

The sector of event or festivals is valued at around £42.3 billion to the economy of United Kingdom in relation to direct spending by the attendees, organizers, and event delegates, it is around 8% rise compared with the data of previous report. A considerably greater figure is attained once the broader economic influences are incorporated. The investment by the associated attendees at the events of business is worth an added £7.7 billion (Event Brite, 2018)..

Around 1.3 million events are organized in the United Kingdom. Those appearing to these events spent £40 billion, and the segment produces around £20.6 billion in terms of gross value added and around £58.4 billion in terms of gross domestic product.

In 2015, around 10.4 million tourists travel for music and spend over £2.3 billion. Over 41% audience of live music is considered as the tourist for music. Abroad tourist for music spends around £657 each in the United Kingdom. It is projected that over 24,251 permanent jobs are constant in music tourism (Event Brite, 2018). Considering the presented data, it could be said that there is huge demand for music festival in the United Kingdom that is going to increase in the coming future with increasing interest of people in the music.

Place

Victoria is very close to numerous of the best attractions of London with easy access to Buckingham, luxury hotels, Westminster, great restaurants, and top musicals. This place is one of the busiest transport hubs of London, so it makes easy to get around (Foxtons, 2018). London Victoria station is the main train stations of the city. For the lovers of art, Victoria is certainly one of the finest areas of London to visit, with tranquil entree to two of famous musicals of London. With the walking distance from Victoria Station, the Apollo Victoria is famous for holding hot musical (Visit London, 2018). Another one is West End sensation Wicked which has collected around 100 international honors and possesses an inspiring 35, 00 presentations under its girdle. This location is perfect for attracting the maximum number of tourist to visit the Festival of la Musique. However, there are numerous other festivals too in the United Kingdom that can raise huge competition and those are Jorvik Viking Festival, York, Hay Festival, Hay-on-Wye, Wales, Aldeburgh Festival, Suffolk, Isle of Wight Festival, and Glastonbury Festival (Expatica, 2018).

Price

The Music Festival will change very nominal charges from the participants and audience such that they can enjoy the event with full heart. The Price structure is as follows:

The Festival will adopt the strategy of price penetration under which price of the services is set affectedly low in order to gain market share rapidly. This strategy is adopted at the time when a new service or product is established in the market (Adhikari, 2018).

Product

The Music Festival will offer the chance to the audience to listen to different music genre live such as classical, pop, jazz, etc. Besides this, the event will involve a different type of entertainment such as games, dance, craft, merchandising, food, etc. This event will be a mixture of entertainment and fun. Moreover, the event will invite different big artists from all around the world to be giving a guest appearance and encourage new and emerging talent.  

The USP of Music Festival

Promotion

Every business size needs to understand the importance of promotion and marketing approaches. Business endorsing is a lively course, which requires to be closely inspected for getting the best consequences. Business can make use of workforce in order to come up with best strategies and flourish in the market. Promotion is said to be the voice of the business, which speaks out the message of the brand clear and loud to the customers (P¿rez and Luquis, 2013). In order to promote la Musique Festival, the management of the event needs to get the support of different mass promotional strategies such as television, radio, billboards, hoardings, etc. The organizers can make use of sales promotion, and personal selling in order to increase the awareness of the event among customers.

Furthermore, to promote the event it is very important in today’s market to make use of social media. Social media is the most profitable methods of digital marketing utilized to syndicate the information and increase the visibility of the business. Executing a strategy of social media will significantly enhance the recognition of the festival, as it will be involved with the wide-ranging audience.  

Job Roles to Business Employees

The la Musique is a partnership event between three college friends that are John, Revel, and Dazy. John is at the position of manager, he will look out all the important strategies needed to manage the event and make it a big success.

Role of Manager

John being a manager is responsible for supervising a group of employees in the business. Besides this, he needs to update his leadership skills in order to handle all the employees such that they can provide goods productivity (Aitken, 2013).

Revel is the CA student; therefore, he is responsible to manage the financial department by undertaking the financial analyst post in the partnership.

Role of Financial Analyst

The responsibilities of Revel are to identify different sources for raising fund for the event. Besides this, he will be liable to manage the cash inflow and outflow in the business setting (Leins, 2018).

Dazy is pursuing Masters in Business administration and she will look out the human resource department

Role of Human resource manager

The major role that will be performed by Dazy is to hire employees such as event management team, staff, etc.

Flexibility

These types of workers can be mainly attractive to people who require flexibility of being capable to start their work at any time, or in other words having no specific schedule (Davies, 2013).

Extra Income

As there is no specific prescribed time of working, another most advantage of zero hour contract workers is to pack in extra hours since they are accessible at any time.

Low Income

Considering the case of Zero hour contract workers there is no fixed income for them, they are called at the time there need is raised.  

Expertise

Agency staff mostly possesses some level of expertise that far surpasses some employees of the department of human resource.

Business Type

Cost

Making use of agency staff results in lower costs related to appointing satisfactory staff to recruit applicants.

Lack of Control

For the human resource department of a business, it becomes very tough to have a control over the procedure of hiring.

Communication issues

The biggest disadvantage of operating with the third-party recruiters is the communication (Lavoie, 2017).

There is majorly two kinds of target market for the Music Festival in the United Kingdom market is participants and audiences. Therefore, the participation of both parties is very important for the success of the event. Framing different policies of marketing is to attract both types of target market and enhance the base of the customer.  Depending on the different Music events, the overall market will be divided into demographic, psychographic, and geographic factors. The key agenda of segmenting the market is to analyze the demand of the customers. The number of events in the Music Fest must be decided by surveying the target market.

The Cohort Customer of the Must Festival is the famous artist through which the organizers can attract customers in the market.

The idea of organizing Music Festival in the Victoria, London will result in a great success because of its USP i.e. attractive location with high rate of tourism.

The la Musique festival will expand its business in future with the help of different strategies such as

Market Expansion

A market expansion strategy, mostly known as market development, comprised of the concept of selling current services in the new market. There are numerous reasons due to which it needs to think of market expansion strategy that is competition (Kim and Mauborgne, 2015). The la Musique festival will expand its events in different countries such as Australia, Belgium, etc. to invite more participants and audience.

Conclusion

From the above analysis, it could be concluded that the la Musique Festival will be a great success with the professional skills of three partners of the event that are John, Revel, and Dazy. The festival will make use of mass marketing strategy in order to increase the awareness of the event among audience and participants. Moreover, it will make use of price penetration strategy in order to get the attention of customer in the United Kingdom. The organizers are focused on future growth, therefore; it has been decided to make use of market expansion strategy in the future to expand the event at different locations.

References

Adhikari, A. (2018) Strategic Marketing Issues in Emerging Markets 1^st ed. Germany: Springer.

Aitken, T. (2013) The Multinational Man (RLE International Business): The Role of the Manager Abroad 2^nd ed. U.S: Routledge.

BBC News (2018) Music festivals: What’s the world’s biggest? [online]. Available from https://www.bbc.com/news/world-44697302 [accessed 17 December 2018]

Davies, A. (2013) Pros and cons of zero hours contracts [online]. Available from https://www.totaljobs.com/insidejob/zero-hour-contracts/ [accessed 17 December 2018]

Event Brite (2018) An Introduction To The UK Event Industry In Numbers [online]. Available from https://www.eventbrite.co.uk/blog/academy/uk-event-industry-in-numbers-ds00/ [accessed 17 December 2018]

Expatica (2018) Top UK festivals 2018 [online]. Available from https://www.expatica.com/uk/about/Top-festivals-in-the-UK_515338.html [accessed 17 December 2018]

Foxtons (2018) Victoria Area Guide [online]. Available from https://www.foxtons.co.uk/local-life/victoria/ [accessed 17 December 2018]

Glasby, J., and Dickinson, H. (2014) Partnership Working in Health and Social Care: What Is Integrated Care and How Can We Deliver It? 1^st ed. U.S: Policy Press.

Kim, W.C., and Mauborgne, R. (2015) Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant 3^rd ed. U.S: Harvard Business Review Press.

Lavoie, L.M. (2017) Four disadvantages of third-party recruiters [online]. Available from https://www.hrmsworld.com/disadvantages-of-third-party-recruiters-330.html [accessed 17 December 2018]

Leins, S. (2018) Stories of Capitalism: Inside the Role of Financial Analysts 1^st ed. Chicago: University of Chicago Press.

London Tool Kit (2018) Victoria area guide [online]. Available from https://www.londontoolkit.com/accommodation/victoria_briefing.htm [accessed 17 December 2018]

P¿rez, M.A., and Luquis, R.R. (2013) Cultural Competence in Health Education and Health Promotion 2^nd ed. U.S: John Wiley & Sons.

Radvansky, G.A., and Zacks, J.M. (2014) Event Cognition 1^st ed. U.K: Oxford University Press.

The Culture Trip (2018) Map of London [online]. Available from https://theculturetrip.com/europe/united-kingdom/england/london/articles/top-things-to-see-and-do-in-london-victoria/ [accessed 17 December 2018]

Visit London (2018) London Victoria [online]. Available from https://www.visitlondon.com/things-to-do/london-areas/victoria [accessed 17 December 2018]