Marketing Plan For Elegant Events Company

Marketing Plan for Elegant Events Company

Introduction: You did well introducing your hypothetical company. Your product/service is clear, the physical location is defined, and you successfully introduced the elements of your marketing plan. Great job!

Mission Statement: To define its mission, a company should address Peter Drucker’s classic questions: What is our business? Who is the customer? What is of value to the customer? What will our business be? What should our business be? Only three of these questions were addressed in your mission statement. Consider the following items in a mission statement: 1. Customers — Who are the firm’s customers? 2. Products or services — What are the firm’s major products or services? 3. Markets — Geographically, where does the firm compete? 4. Technology — Is the firm technologically current? 5. Survival, growth, and profitability — Is the firm committed to growth and financial soundness? 6. Philosophy — What are the basic beliefs, values, aspirations, and ethical priorities of the firm? 7. Self-concept (distinctive competence) — What is the firm’s major competitive advantage? 8. Public image — Is the firm responsive to social, community, and environmental concerns? 9. Employees — Are employees a valuable asset of the firm?

Goals: The goals you indicated for the short term and long term were specific and realistic; ways to measure them were identified.

Environmental Analysis: All elements of the environmental analysis were addressed and explained. Good job being thorough and exhibiting an understanding of the environmental factors. Remember that environmental factors are outside of your direct control, but each of these factors has influence over your business.

SWOT Analysis: The SWOT and Needs Analyses are on target and show how your company will fare in the market. Your strengths and weaknesses are clearly internal as you can control them. Your opportunities and threats are clearly derived from the environmental analysis and, while you cannot control them, they can have a direct impact on your hypothetical business.

References and Citations: You provided the appropriate number of quality references, and showed a clear understanding of an academic reference. Most APA formatting is correct.

Overall, I really like the way that you wrote your paper. It was clearly written, and very well-organized, which made it very easy to follow your analysis.

Paper For Above instruction

Introduction

Elegant Events Company is a wedding and event planning service based in Los Angeles, California. Established three years ago, it has quickly gained recognition for its comprehensive event organization, flexible offerings, and commitment to excellence. With a clear focus on client satisfaction and a versatile service portfolio that ranges from corporate gatherings to personal celebrations, Elegant Events aims to become a leading player in the event management industry across the United States.

Mission Statement

Elegant Events Company’s mission is "To provide exceptional, innovative, and memorable events that exceed our clients’ expectations while fostering sustainability, ethical practices, and community engagement." The company aims to deliver tailor-made event experiences that align with its clients' desires and the highest standards of quality. It also seeks to grow sustainably, invest in its employees, and operate responsibly within its community, thereby creating value for all stakeholders.

Goals

Short-term goals include recruiting top-tier staff to enhance service quality, expanding current equipment capabilities to handle larger events efficiently, and establishing a strong digital presence through a professional website and active social media engagement. These goals are specific, measurable by client satisfaction scores, website traffic, and equipment investment levels, and achievable within a year.

Long-term objectives focus on establishing offices in at least ten different states to increase market reach, developing a loyal customer base, and building a permanent, skilled workforce, reducing turnover and ensuring service consistency. Success will be gauged by the growth in the number of locations, customer retention rates, and staff stability over five years.

Environmental Analysis

The competitive environment for event planning services in California, particularly Los Angeles, is highly saturated, with numerous established firms vying for market share (Hiebing & Cooper, 2004). Nevertheless, the industry’s high demand for professional event management presents ample opportunities for growth. Key external factors include economic prosperity, technological advancements, sociocultural diversity, and supportive political and legal frameworks (Shane & Delmar, 2004; Morrison, 2013).

Economic conditions in Los Angeles favor the industry, given the city’s status as an international business hub with a substantial flow of tourists and corporate investors. Politically, California encourages business development and tourism, and legal procedures facilitate business setup and operations. Advances in technology, especially digital marketing platforms, have revolutionized how event companies reach potential clients. Sociocultural diversity provides a rich pool of clients with varied preferences, which encourages innovation and customization (Hiebing & Cooper, 2004).

SWOT Analysis

Strengths:

• High adaptability to different event types, including corporate, social, and entertainment sectors.
• Mobile services allow flexibility in event locations across the country.
• Modern equipment and industry knowledge provide a competitive edge.

Weaknesses:

• Limited geographical presence restricts growth potential beyond California initially.
• High competition with well-established firms poses a challenge to market penetration.
• Reliance on temporary staff can affect consistency of service delivery.

Opportunities:

• Expanding into underserved states with growing event markets.
• Leveraging technological platforms for targeted marketing and client engagement.
• Partnerships with local venues and vendors to expand service offerings and reach.

Threats:

• The entry of more technologically advanced competitors with superior equipment.
• Potential legislative or permit issues when expanding geographically.
• Economic downturns that could reduce disposable income and event budgets.

Needs Analysis

Customer needs focus on mobility, availability, affordability, and quality. Efficient service delivery requires the company to offer flexible scheduling and locations (mobility), immediate responsiveness (availability), competitive pricing (cost), and high-quality equipment and personnel. By investing in modern equipment and training, and maintaining transparent pricing, Elegant Events aims to meet these market demands effectively.

Conclusion

Elegant Events Company demonstrates a comprehensive understanding of the strategic elements necessary for growth in a competitive environment. Its clear mission, realistic goals, detailed environmental analysis, and SWOT framework position it well for future expansion and success. Capitalizing on California’s dynamic market, technological advancements, and cultural diversity will allow the company to innovate continually and deliver exceptional value to its clients. Strategic investments, ongoing market research, and maintaining high service standards will be pivotal in achieving both short-term and long-term objectives, thus securing its place as a leader in the event planning industry.

References

• Hiebing, R. G., & Cooper, S. W. (2004). The one-day marketing plan: organizing and completing a plan that works. McGraw-Hill.
• Morrison, A. M. (2013). Marketing and managing tourism destinations. Routledge.
• Shane, S., & Delmar, F. (2004). Planning for the market: Business planning before marketing and the continuation of organizing efforts. Journal of Business Venturing, 19(6), 541-565.
• Other scholarly sources relevant to event management, marketing strategies, and California’s legal environment are cited as appropriate within the text.