Creating An Event Management Company
Business Plan for an Event Management Company in Vancouver BC, Canada
In this assignment, I am going to reflect on a business plan of establishing an event management company in Vancouver, Canada. Before creating any business plan for my own company, I will analyse two event and catering companies which are successfully operating in Vancouver, Canada. Once these two companies have been analysed in significant detail, the prospects of establishing a new event management company in this city would become clear.
There are many event and catering companies in Vancouver; therefore, event planning industry is competitive. In order to analyse the competitiveness of the event management industry and try to beat the others, the Porter’s Five Forces Model will be used in the following text. The Porters five forces framework is an effective tool for industry analysis and strategy development, especially for a new business. In this report the Porters five forces model will help me determine “the competitive intensity” of the event planning industry.
The Porter’s Five Forces Model is a marketing tool which allows businesses to analyse the intensity of competition in the market place with respect to the bargaining power of the customers, bargaining power of the suppliers, the threat of new entrants and substitutes and the intensity of rivalry. All these five forces will be discussed separately to point out their unique characteristics.
The Bargaining Power of Customers
The bargaining power of customers plays an important role in determining the intensity of competition in the market. The new established event management business have to understand that there the existence of other successful event planning companies in the market have greatly increased the bargaining power of customers. When customers have a choice between two or more competing companies, then the customers usually tend to develop a bargaining power through which they successfully persuade the
In this assignment, I am going to reflect on a business plan of establishing an event management company in Vancouver, Canada. Before creating any business plan for my own company, I will analyse two event and catering companies which are successfully operating in Vancouver, Canada. Once these two companies have been analysed in significant detail, the prospects of establishing a new event management company in this city would become clear.
There are many event and catering companies in Vancouver; therefore, event planning industry is competitive. In order to analyse the competitiveness of the event management industry and try to beat the others, the Porter’s Five Forces Model will be used in the following text. The Porters five forces framework is an effective tool for industry analysis and strategy development, especially for a new business. In this report the Porters five forces model will help me determine “the competitive intensity” of the event planning industry.
The Porter’s Five Forces Model is a marketing tool which allows businesses to analyse the intensity of competition in the market place with respect to the bargaining power of the customers, bargaining power of the suppliers, the threat of new entrants and substitutes and the intensity of rivalry. All these five forces will be discussed separately to point out their unique characteristics.
The Bargaining Power of Customers
The bargaining power of customers plays an important role in determining the intensity of competition in the market. The new established event management business have to understand that there the existence of other successful event planning companies in the market have greatly increased the bargaining power of customers. When customers have a choice between two or more competing companies, then the customers usually tend to develop a bargaining power through which they successfully persuade the
References: Borrington.K and Stimpson.P.Business (2000) Studies,“People and Organization” 2nd ed. pp.67-94 Tucker, W. T. (2007). The development of brand loyalty. Journal of Marketing Research, pp. 32-35 http://www.jstor.org/discover/10.2307/3150053?uid=3738832&uid=2&uid=4&sid=2110326 9888573 on December 29, 2013 Hsu &Tsuen.H.,(2000) “Gaining a Competitive Advantage Through the Refinement of Measuring Consumer Involvement”, pp2-9 Carte Blanche Events