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Assignment on Event Management Firm Ayojon

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A full Assignment on a Event Management Company.
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  Name of the Venture  The venture, an event management   firm will be known as Ayojon  . Ayojon   is a Bangla word which means making arrangements or organizing. Legal Form of the Venture  The company will be a sole proprietorship and be registered under the Bangladesh Company Act, 1994. If required the form of ownership will be changed in time.  Ayojon  will be a service oriented company that is the firm will provide intangible goods or  perform useful labor on behalf of another person. The company will start its operation in early 2006, if everything goes as planned by the  proprietor. For the purpose of registration the entrepreneur must acquire the following licenses. 1.   Trade License  –   From Dhaka City Corporation 2.   Article of Incorporation  –   From Registrar of Joint Stock Company 3.   Tax Certificate  –   From National Board of Revenue Location of its Office  The location of the office for Ayojon   will be decided when the firm will go into operation in 2006. The location for the office will be decided based on the convenience of the prospective customers of the company. The probable locations are Dhanmondi or Gulshan. Uttara is also in the list of probable location, if that is convenient for the customers. Mission Statement  Mission of Ayojon   will be to provide its customer services to their utmost satisfaction. Vision    Ayojon  pledges its dedication to serve the community with quality services and set an example of  professionalism and ethical business practices in the industry. The vision of  Ayojon  is centered towards becoming the market leader in event management within 5 years of inception through hard work and commitment, maintaining the leadership and carrying the flag of uncompromising quality into the unforeseen future with constant value addition and a strong line of innovation. Scope of Operation    Ayojon   will start its operation in a small scale, targeting a segment of the market that has not  been targeted by the existing firms before. It will focus its attention to the needs of the small and medium sized organization  –   both profit and not-for-profit. Historically ours has been a culture that nourishes strong roots of occasions. We as a nation like to celebrate a lot of events, and our program calendar hardly sees a week when anything significant does not take place. In congruence with that ongoing heritage of celebration that is instilled in us, the concept of event management is as old in our culture as the concept of celebrating that event. What has been lacking until recently is the ability to see the big picture  –   which is the ability to see the opportunities and the problems associated with such big scale events. And this is precisely where event management fits in. Present Scenario  The event management industry in Bangladesh is not yet fully developed. There are few established event management firms in the country. The three established solely event management f irms are Jetset PR, AntarShowbiz and Wizard. These firms are dedicated exclusively to the show business events. But, the corporate market for event management has largely been unexplored. Although there is a demand for professional event management organizations, there is few such firms that cater exclusively to this demand. The advertising firms made the most of this situation, as they took up event management as a very lucrative side business. The initiative of managing their client’s events was started by Asiatic ad agency and soon followed by most of the advertising agencies. In fact Asiatic was so much interested to see the profit in this sector, that they have opened a separate subsidiary called Asiatic EML, for the sole purpose of managing their clients’ events. But other than that, no significant movements were taken to create a service firm for the purpose of managing the client’s events professionally.  A market survey conducted by a group of MBA students of IBA made an effort to find out the customer satisfaction level with the existing firms that provide event management services. The surveyors asked the clients of these companies to assign different numbers to the following seven dimensions of a company’s event management capability. The average is presented below.  Here 5 = Highest satisfaction with the service 1 = Lowest satisfaction with the service CEMS   Asiatic EML   Uni-trend   Media   comm   Bitopy   Grey   Andes   Ad   comm   Consistency of Services &   Professionalism   3   3   4   3   2   3   4   2    Fulfilling Commitments   1   3   5   3   2   3   4   2   Timely service   4   1   2   1   3   4   4   3   Creativity 2   5   3   1   1   2   4   2   Proactive   3   3   4   3   2   3   1   2   Low Charges   1   4   3   3   3   2   3   2   Quick reaction to complaints   1   3   4   3   3   2   4   3   Total   15 22   25   17   16   19   24   16  From the survey, Unitrend  ,  Andes , and  Asiatic EML  can be identified as major players in the industry of event management. They have a high profile client base like  –       Lever Brothers    British American Tobacco Bangladesh    ACI    Social Marketing Company (SMC)    GQBall Pen    BRAC    Pran    Saudia Airlines    GMG Airlines    Siemens Unitrend   and  Andes  are basically advertisement agencies, which provide event management as additional service. As mentioned before,  Asiatic EML  is a subsidiary of advertising agency  Asiatic . Other than  Asiatic EML , CEMS (Conference and Exhibition Management System) is currently the only firm delivering event management services. Demand Analysis   Windmill is an advertising firm, which also manages their clients’ events as a side business. According to ReazuddinMosharaf, the CEO of Windmill, the demand for professional event management firms has been strong and the number of events as well as the number of customers getting interested to look for professional help in arranging their events is increasing. The demand is growing at the rate of 16% every year. ( Page 21, A Performance Analysis of the Advertising Companies in Bangladesh, Farshed Alam, Institute of Business Administration  ).  But, the supply is no where near to match the demand. This large gap between supply and demand presents an opportunity for the entrepreneurs in this sector. In most cases, managers from different departments are brought together to form a committee to manage corporate events. This arrangement put extra pressure on the managers and sometimes  results in lack of professionalism as managing an event professionally and cost efficiently require a good liaison with a number of suppliers. A manager responsible for other corporate activities usually can not maintain this liaison. But, it is not financially feasible for organizations to recruit a manager solely for the purpose of managing the corporate events, which is not more than a few per year in numbers. Hence more and more organizations are looking for professional help in managing their events.  Non-corporate sector also presents opportunities for the potential event management firms. Even a decade ago family programs used to be organized by the family members. For example during any wedding, family members from all around the country used to come together to arrange the ceremony. But, with everyone spending more time in the workplaces, arrangements of family events like weddings or akikahs  by the family members are becoming increasingly difficult. Again people are looking for   professional help in arranging family programs. The survey mentioned in the earlier section revealed that there is a high demand for professional event managers. The result of the survey is shown below: Target Customers   Questions Asked   YES   NO   Corporate Customers   Do you feel the necessity of a professional Event Management company who can organize your events?   66%   34%   Do you feel that a professional Event Management company will add significant value to the way your events are organized?   82%   18%   If any firm offers exclusively event management services, would you be willing to use them?   80%   20%   Non corporate Customers   Do you feel the necessity of a professional Event Management company who can organize your events?   59%   41%   Do you feel that a professional Event Management company will add significant value to the way your events are organized?   63%   37%   If any firm offers exclusively event management services, would you be willing to use them?   72%   28%  To be successful, a firm must do a better job than its competitors in satisfying target customers. That is why marketing plan must be geared to the needs of customers and also to the strategies of the competitors. An organization should constantly compare the value and customer satisfaction delivered by its products or services, prices, channels and promotion with those of its close competitors. In this way they can discern areas of advantage and disadvantage. Market Segmentation  In Bangladesh, the prospect for event management firms is very good. The vast market out there has not been explored yet. This market can be divided into three major segments.

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Jul 23, 2017
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