Corporate events are the parties and events organized by different business associations. Those are mainly the event deals with the expansion of business and company values and mainly include the staff members, clients and stakeholders. The report will discuss about the various types and aspects of corporate events. There will also be the analysis of feasibility approaches which helps to access over the values necessary to be analyzed while incorporating the event in realistic world. On the other hand, the process and appropriate planning to manage the event process will also be discussed in the further report.
P1 Determine a range of different corporate focused events
Since the globalization hit the domestic and international market, organizing corporate events are the new running trend of the industries so far. There are various types of corporate events which have been organizing nowadays and it been very essential to run a perfect event as required according to the purpose as well. The following will be the range of different corporate focused events.
Seminars – Seminars and conferences basically has the same aim so far however, the seminars doesn’t give more of the choice to the audience and the whole seminars would be run on the same single topic as well. The information will be passing on through one single direction and the seminars mainly run for half day or full day so far.
Conferences – Businesses are all about the networking so it will be important that companies not only organize but also participate into the conferences as it will be helpful to manage the networking within the industry so far. It gives the opportunities to the business men to build that network along with some new learning experiences as well (Gopalakrishna, et. al., 2019).
Trade shows – It gives an opportunity to be in touch with multiple vendors at the same time along with that the companies can easily get in touch with the existing and prospective customers so far which gives huge benefits to the growth of the companies as well in future.
Business/corporate award nights – In recent few years, since the companies has been organizing events for celebrating their best performers, employees as it has been a new trend to make the employees feel connected and recognized within the companies. These corporates events will be helpful to boost up the employees performance and productivity easily as well. More often the awards night will be followed by a corporate dinners.
Apart from all these influences, digital technology is one of the major influences which have been making huge impacts on the big travel and tourism companies such as TUI. Technology has been making big time impact on the buying behavior of the customers and it is very much essential that the company must be prepared effectively to adopt the advance technological advancements as far. Social media marketing is one of the trending factors which has been influencing the customers as nowadays not only companies has been sharing their marketing techniques but along with that, the customers also started sharing their personal experiences using the services of the companies as well as the reviews to the services of the customers as far.
TUI has been using social media marketing for long and company always pay attention to the reviews and complaints by the customers because these are the factors which could lead the prospective customers towards the company or towards the other competitors so far.
P2 Compare and contrast the difference between corporate and leisure events
The following table will represents the comparison and contrast between corporate and leisure events.
|Comparison Factors||Corporate Events||Leisure Events|
|Destinations||As the corporate events are mainly organized at hotels only.||Leisure events include various outdoor and indoor activities which make it happen at some open space.|
|Engagement/Participation||The engagement level will be more often a little less in comparison to the leisure events.||As at leisure events, the engagement level and participation will be extremely high so far.|
|Customer satisfaction||The customer satisfaction is comparatively low than leisure events so far.||At leisure events, the customers will get more satisfaction as well.|
|Contrasting factors||Corporate Events||Leisure Events|
|Flexible facilities||At corporate events, there are different type of flexible facilities offers to the customers if the events going to run for more than one day.||The leisure events, it’s all about the flexible facilities which customers can enjoy.|
|Price sensitive||The events have been run on wide company level but still those events are quite priced sensitive so far.||The leisure events are also considerably very pricey as well (Kim and Mazumdar, 2016).|
M1 Evaluate the key differences between the content, planning and promotion of corporate and leisure events
|Factors||Corporate Events||Leisure Events|
|Content||The purpose of the corporate events is to increase the network of the business and run the business with more profits as well.||The main purpose of the events will be relaxing and having fun.|
|Planning||The events will be effectively planned as it follows various stages and the planning takes time before the event.||Leisure events required less planning than corporate events so far.|
|Promotion||The corporate events don’t mainly base on the promotions as only few selective people will be participated in the event.||On leisure events, the promotion is one of the most required things so far in order to become success as well.|
D1 Critically evaluate the differences between corporate and leisure events and give justifiable reasons for differences in the planning and promotion of these events.
The main reasons behind all of those differences is about the purpose and aim of the events, as both the events has different aim and objectives for organizing that event which has been considered as the main reason behind running the events with new prospective as well (Shidfar, et, al., 2014).
Learning Outcome 2: Evaluate how different types of corporate event help companies reach their business goals
P3 Review a range of different types of corporate events and assess how they meet different strategic focus and goals
Every events has its own vision, strategic focus and goals, when it comes to the corporate events, it is very important that the strategic focus and goals of that particular events has been fulfilled so far. In order to identify their goals, the most important part is to understand the purposes of the events so far. There are various types of corporate events and each event has its own type of strategic focus and goals as well which needs to evaluate before events so that the events can easily achieve its purpose, focus and goals as well.
Trade shows – Increasing customers and vendors reach are considered as one of the most important goals of the trade shows. Sometimes the small trade shows includes goals of increasing the sales of the products as far. In order to access these goals, identify the target group of the customer’s needs to be identified at the planning scale will make it easy to plan and execute it so far. It is very important that especially for the product launch shows, the companies will be able to attract more and more new or existing customers which will be helpful to achieve the purpose of the trade shows as well.
Conferences – As already discussed that the conferences and seminars has quite similar purposes yet very little differences as well. The main purpose of the conferences is to showcase their creativity and innovation to the world so that they can easily grab the attention as well as get the feedback so far. Including more and more corporate partners will be one of the best ways to easily access the conferences purposes and goals so far (Yigitcanlar and Teriman,, 2015).
Corporate dinners & award shows – It is one of the recent trends in corporates to make their employees feel connected with the company and its visions. It will be very helpful to make the employees stay for longer period of the time as well as it increases their productivity so far. In order to achieve the goals, it is very important that the engagement level of the employees with the company will be increased and company put some real efforts for it such as increasing welfare funds and rewards as well.
M2 Critically evaluate the success of different types of corporate events in achieving strategic business objectives and goals
As already discussed, corporate events will play an important role when it comes to achieve the strategic business objectives and goals as it offers the opportunities’ to increase the networking so far which will be helpful to make it possible to achieve the objectives easily so far. Increasing networking will make it easy to develop strong connections within the industry which gives growth opportunities to the company as well.
D2 Provide recommendations and alternative solutions for delivering a range of different types of corporate events to optimize strategic focus and success rates
Clear choice of the targeted audience – one of the most innovative ways is to identify the target audience of that event so that the companies will be able to make the strategies’ as per the requirements of that particular audience group as well.
Social media promotions – One of the most impact way to run the promotions of an event is that the company would have been used the social media platforms for making the promotions more effective so far.
P4 Assess different criteria to identify the potential audience for a new corporate event
Trade shows is one of corporate event which mainly focuses in to communicate regarding different new products which had been introduced by the companies. Further will be the discussion about the criteria which helps to identify potential audience for trade show. This helps to access over the aspects which are necessary to be considered while communicating to marketplace.
- Information regarding the existing client base: This is necessary to analyse about the existing client base. This includes the job title, buying partners and so on. This will help to analyse about the existing client base which will be efficient to overlook the demands and values to be discussed in the trade show (Low and Pyun, 2016).
- Analysis over the audience of existing trade show: This is necessary to analyse the existing audiences of different trade shows. This needs to analyse the general information about customers and also needs to analyse the qualities and values associated with the specific trade show which helps to analyse the market base effectually.
- Company’s target persona: After analysing the audience on different perspectives this is necessary to analyse the audience on the basis of program initiating by the company (Bessembinder, et. al., 2019). This will be helpful to access over the audience base which will be the demand of company to fulfil the event requirements.
These are different criteria and aspects which help to analyze about the targeted audience for the audience of trade show. This helps to access over the demands necessary to be fulfilled from the process. The company can easily access the data by using primary data collection methods as for this context, company must need to analyze wide range of the information as well so it is very much important that the company would use questionnaire, surveys and polls to collect the information for the research as well.
P5 Examine the key elements of a basic feasibility study for a corporate event
The feasibility of event helps to analyse about the likeliness of the event in front of the public audiences. This helps to analyse the values and aspects which helps to access over the relevancy of attaining event progression.
- Event scope: This is necessary to analysis the scope of event as this needs to determine that what sort of benefits will be attain by the audience after becoming the part of show.
- Current analysis: This is also necessary to analyse the current positioning and values which are associated with the introduction of trade show. This helps to access over the values and approaches which will be attained by introducing the event.
- Requirements: This helps to analyse and determine about the values which are necessary to be accomplished to attain proper management over the process necessary to be attained (Dutta, 2014).
- Approach: While initiating the major event project this becomes necessary to determine about the approaches which are majorly necessary to be accessed. This is necessary to access over the changes and values which provides with the better engagement over the aspects which are required to be fulfilled.
- Evaluation: Evaluation over the process introducing by the team to access the event as well as interest of customers is necessary.
- Review: The feedback of audience necessary to be attained to identify the event aspects in concise and efficient aspects (Minami, 2018).
M3 Evaluate the importance of a feasibility study in identifying the risk associated with delivering a new corporate event
The feasibility study helps to access over the process of entire event helps to analyse the forces necessary to be encountered. This also helps to access over the deep information regarding each step needs to be fulfilled. This helps to access over the risks which are associated with the implementation of the event by determining the changes necessary to be attained in terms of managing the values associated with the event (Morgeson, et. al., 2015). This helps to determine the values which are necessary to be encountered and analysed in terms of managing the event.
D3 Critically evaluate the content and role of a feasibility study in assessing the potential for a new business event, justifying your reasons with examples of how a robust feasibility study can reduce the risk of event failure.
The content of feasibility study includes the analysis over different aspects which provides with the better engagement over the process necessary to managed. The feasibility study plays the role of analysing the existing values associated with the accomplishment of entire project efficiently (Tella and Hiraldo, 2014). For example, if the financial requirements of the trade show will be analysed feasibly this will be helpful to reduce the risk of inefficient cots management. This will be helpful to reduce the threat of one of the major risk influence.
P6 Devise a plan for a corporate event, applying key planning and promotional principles
Planning a corporate event will be one of the most important factors when it comes to successful execution of the company as well. The more the companies will be focus on the purpose corporate event, the more it make it easy to effectively not only plan the event but also execute it more effectively as well. The following will be the plan for a product launch corporate trade show for a company.
Identify the target customers – For any product launch, it is important that the company must be able to first identify the target customers of the company as it will be easy to make the strategies to attract the target customers of the company during the trade shows as well.
Venue selection – It is highly recommended that the company must find a perfect and most suitable venue for the trade shows so far. If the venue will be suitable as in right centralized location with all the facilities, it will be helpful to attract the customers easily.
Finalize the budget – At this stage, since the venue has been finalized, effectively budget needs to be plan including all the expenses such as workforce, activities and other expenses as well.
Include exciting activities – at this point, in order to make the companies and customers attract, planner needs to include some exciting activities such as new gaming acts so far.
Reminder to the attendees – Few days ago such as a week ago, reminders need to be send to the prospective attendees as well.
Collect review – It is very important that the reviews must be collected from the attendees so that any required improvements must be attempted as well.
P7 Evaluate the process taken for the planning and promotion of a corporate event
The following will be the process of the planning and promoting of any corporate event so far.
Identify the purpose of the promotion – For any event planning, it is important that the purpose of the promotions must be identified so that the whole strategies can be planned so far.
Make a realistic budget – Second step is to make a very practical and realistic budget for the marketing and promotion strategies so far (Wang, et. al., 2016).
Establish a timeline – One of the most important parts of planning and promotions is about deciding a suitable timeline for those activities so that the results can be measured so far.
Identify the target customers – Any strategy can only be fulfilled, if the target audience must be identified so that the strategies will be effectively managed to fulfill the target customers as well.
Finalize theme of promotions – For any successful event, it is important that the company must be finalize the theme of the promotional activities so that the audience must be targeted effectively as well.
Plan the logistics – Promotions need various things such as different types of logistics which needs to be fulfilled so far. The more the requirement of the logistics will be fulfilled, the more it will increase the success of the promotion activities as well.
Run the promotions – It is very important that the promotions will be run on the best suitable digital medium so that it will effectively reach to the target audiences so far.
Review the promotions – Post promotions, the review and the feedback must be collected from the audience so that the success and failure must be reviewed easily as well.
M4 Develop a detailed plan for a corporate event, critically evaluating a range of strategic options and justifying the final choice
|Identify target customers||3 weeks||Target audience will play the basic and important role in managing the expectations of the customers as well.|
|Finalize venue||2 weeks||Venue finalization is a big task so that it should be perfect as per requirements.|
|Plan the activities||4 weeks||Exciting and interesting activities must have been added.|
|Review the event||2 weeks||At last the feedback must have been collected and review the event as well.|
D4 Produce a detailed plan that critically evaluates a diverse range of information sources justifies the choice of strategic objectives and provides an implementation schedule with key performance indicators and evaluation criteria.
The action plan for any large level corporate has been discussed and it is identified that the company must have been use this corporate event plan so that the company would be able to achieve its objectives easily which will be considered as helpful to the growth of the company. The KPIs are the indicators which help to identify the success of failure of the project. The participation/engagement, reviews are the few of the KPIs which will be helpful to identify the company purpose as well (Ziakas, 2014).
Corporate events are the events introducing by the companies to communicate about different production and benefits attained by the business. These events can be defining as the approaches which help to gather proper management over the business values and stakeholders’ relationship in appropriate manner. The report had discussed about the event management aspects which provides with the information about different aspects necessary to be followed. The proper determination of event management helps to maintain the process effectually.
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