Project report for Event management

Project report for Event management

These days, events are held by many industries, charitable organisations, and interest groups to market themselves, build business relationships, raise money, or celebrate achievement. The boom of the event management industry in India began in the 1990s with the opening up of the economy and took off around the beginning of 2002. Since then, it has been growing at a rate of 16% and is poised to grow at 20% during the coming years. The ability of the industry to adapt and grow with innovative technology is driving its exponential growth.As per a report by EY-EEMA (Event and Entertainment Management Association), the events industry in India is predicted to cross 10,000 crore mark by 2020-21. The key growth drivers of event management in India are digital activation, sports leagues, rural expansion and increased government marketing initiatives. The fad of reality television in the form of reality shows, dancing and singing competitions have also contributed immensely to the growth of the event industry. The scope of any project lies in tapping the demand and need prevails in the market and for a venture like event management the scope seems immense and promising especially in India and one of the main attribute or factor favouring that scope is the Urbanisation - Ours is one of the fast urbanising states in the country and the pace and depth of the urbanisation is so fast and depth that even villages show the characteristics and features of that . One of the main outcomes of urbanisation is the change in lifestyle and  habits of the people and it clearly created a great impact on the  habits of the people and the greatest testimony for that is the change that happened in our traditional style of food making & gathering especially for the events and occasions like marriages and other events . The locality which is famous for keeping its tradition and culture has gone through drastic changes in the formats of way the events are being conducted - a feast for a marriage which were traditionally prepared in the respective homes are now replaced with the catering service is the main proof for that which resulted in the outbreak and revolution in the event management agencies like services . So the urbanisation and it’s impact in the lifestyle of the people is one of the main scope generating thing for a venture like event management service. Westernisation is another important element, the growing influence of westernisation among Indians  are also a major triggering and scope generating factor, event management like services which were once part of the western culture is now an inevitable one in our day to day events and functions of even a common man, traditional way of cooking of feast have now changed with the professional way like event & catering services. So the influence of westernisation also plays a good role in the change in mindset of the people and thus increase the scope for venture like event management services even in villages . Increase in income of vast middle class and increase in disposable income is another important attribute supporting the scope of the venture, the middle class which plays a pivotal role in the success of any venture and the increase in disposable income  give a positive sign for the venture , people are now ready huge to spend especially for the events like marriages and other functions and it turned to be a way of displaying the proud and class and to make it possible the need of professional services  is one of the prime priority for them and the increased income and disposable income support them for that. The increased job opportunities, NRI money etc are some of the main reasons behind that . So increase in middle class income and disposable income plays a good role in increasing the scope of  venture .

The service offered by the team on conducting and managing various events .Especially Marriages, business functions, get togethers etc.

Market potential is mainly determined by evaluating certain elements and prime among them is the market size and location, the intended venture of event management service so the total entire population of the areas fell under the market size for the venture. As the proposed venture is a event management service the main target customers or service are marriages and other events so segmentation based on demography and psychographic is planning to do, demographic segmentation based on age , gender, income and social class are relevant and as per that it shows that huge number of potential customers fell under these segments , which include large number of youth of both gender  in the age section below 30 which can turned to be potential customers for the venture in the form of marriages , as far as income class is concerned large section of upper and lower middle class people and family also come under the market size which make the market more potential one . Psychographic segmentation based on the lifestyle also plays an important role and it’s clearly visible that lots of potential customers who follow a modern lifestyle which follows event celebrating culture are also prominent in the area, so the events and parties like functions are also happening here throughout the year makes the potential of the market more promising. So through the demographic and psychographic segmentation it’s clearly visible that the market potential for a event management like venture is very promising and also lots of potential customers fell under the huge market size . Market growth is another important thing to evaluate on finding the market potential , a growing market is always needed for the success of the business , our proposed venture is highly potential and the target market is rapidly growing.  The infrastructure development happening here in the form of well built roads and easy accessibility by road and rail also makes the market a very growing one and apt for the venture. The main source of income of the market come from the farming and Huge NRI diaspora belongs to these place and the huge amount of money flowing to market also makes it a very potential one . So when evaluating all these aspects it’s very visible that the proposed location for the venture is a growing market apt for a venture like an event management service. Competition exists in the market is another important element to be evaluated, as for an event management like service is concerned there exists a tough competition, the entrepreneur of the venture is a connoisseur in the field and he carries a 10 years of experience in the events field as  manager , the experience and exposure will definitely help in tacting the competition exists in the market , the decade experience , goodwill and  rapport he earned will ease the initial entry into the market for his venture along with that new marketing strategies will be implemented especially on the pricing - a competitive pricing strategy is planning to implement which will be more beneficial for the middle-class segments which are our target customers, the novelty, uniqueness and variety are also a part of the strategy which will help in compacting the competition . So through the wide experience, perfect pricing and quality service the competition can withstand. The  service offered is another important thing to be evaluated, as the event management service is repeated business and any form of mistakes will adversity affect the goodwill and trust of the customers, so a thorough vigilance will be followed on monitoring the quality and variety of services provided and to make it sure the 3 P's service marketing will be given more importance - ie- People, Process and Physical Evidence. As people or the staff of the is the backbone of any organisation and especially for an event management like high responsible service and to make it par perfection experienced people including chefs has been appointed who are masters in the making of all sort of dishes, well cordial and hospitable people has been selected for the serving process and well experienced professional is hired for the decorative purpose . So a well-planned service under the experienced chefs and employees is planning to offer which will be the USP of the venture and will help to create a good brand name which will not only help in a smooth market entry but also in loyal customer building. A well-monitored quality following will be given prime importance.

 Physical evidence or the ambience is another important thing. So a good creative ambience in the form of decoration also will be done as per customer requirement . So when evaluating all these elements it’s very clear there exist a huge market potential for starting an event management venture and favouring factors like huge market size, market growth and implementation of different strategies including pricing and other marketing will surely help in withstanding the competition and for the success of the venture.