Types of Events and Stakeholders
Part 1: Types of Events and Stakeholders
Event Target Audience Key Stakeholders Average Budget Objectives/Measures of Success
1. Product launch Investors
Customers
Influencers Investors
Owners
Shareholders
Company employees
Suppliers
Customers
Tax authorities $6000 A successful brand launch will create significant publicity and excitement around the new product so as to boost the initial sales and build the reputation of the brand. Successfully generate a great deal of interest in the product and brand.
2. Corporate team building Line Managers
Employees/department members/different teams in a workforce
Supervisors Management
Employees
Volunteers
Sponsors
Suppliers
Spectators
Attendees
Participants $4000 To bring about visible change while also improving communication, strengthening relationships, and sparking cooperation so that team members feel engaged to the company’s objective and to one another.
3. Business Dinner Party Celebrity speakers and entertainers
Potential customers
Colleagues
Spouses Management
Select employee teams
Customers
Brokers $3500 For businesses to network with one another and discuss the next big thing, a round table setting and to promote the businesses in casual settings.
4.Baby showers Close friends
Select family members
Spouse
Pregnant/expectant mom-to-be
Entertainers Mother-to-be
Husband/spouse
Best friend(s)
Select family members $700 For the purpose of demonstrating emotional support for the mother and also gathering many of the materials required to care for a newborn as presents to be given to the new mother.
5. Year end party Corporate meeting planner
Employees
Partners
A section of main customers/clients
Suppliers
Shareholders
Community members
Sponsors Venue owners/management
Company management
Employees
Planning committee
Corporate event planner
Vendors
$15000 Giving the organization’s leadership and personnel a chance to take stock of their accomplishments in the previous year; setting new goals; and making plans for the current year. Additionally, this is a moment for them to show their gratitude to the members who have contributed their time and effort during the year and to send good wishes with one another.
Part 2: Suitability of Event Types
For event planning services, there are two primary market segments to consider: the corporate market and the social market (Dobos, 2018). Companies, as well as benevolent and nonprofit organizations, fall within the meaning of “corporate” in this definition. The organizations mentioned above all use special events to reach out to their target audiences as well as to enhance their overall visibility in the community. Special events have become increasingly important in recent years, particularly as a result of rising competition, as businesses look for new ways to engage with their consumers or contributors (Madray, 2020). The special events (social events) sector, the non-profit industry, and the retail sector are the most suitable industry sectors that the company chooses to focus on.
The most important industry sector selected is the nonprofit sector. It comprises of public service organizations, tax-exempt charities, foundations, trade organizations, social advocacy groups, churches, and religious organizations. Charitable organizations and nonprofit organizations host events such as gala fundraisers, receptions, and athletic competitions, among other things, in order to extend their public support base and produce the funds they require. The main reason for choosing the nonprofit industry sector is that there are hundreds of events like this that occur every year. The number of charitable organizations and not-for-profit corporations that sprout up to promote a range of excellent causes appears to increase year after year. Annual fundraising activities are required by the vast majority of non-profit organizations in order to raise much-needed finances while also boosting awareness about their cause and garnering revenue. Many various fundraising events, ranging from charity races to fundraising festivals, are available for individuals and organizations to participate in. No matter what sort of event format your organization is considering, in order to have a successful fundraising event, you will need to follow a few important event planning phases, which are detailed below.
The second industry for the business to focus on is the special events sector. Private events, athletic events, public gatherings, and fairs and festivals are all examples of what is included in the special events segment of the industry. They are referred to as special events since they take place outside of the host’s typical business, event, or activity schedule. Special events are typically centered on hospitality or entertainment, and as a result, they are more social in character than they are commercial in nature. Not that they don’t have commercial purposes; while some are merely festive, many others are conducted for the benefit of the business, marketing, development, and product promotion, to name a few examples. Even though each of these major categories of special events is made up of many various sorts of events, they are all classified as such. Private events are becoming increasingly popular as part of special events and are continuing to expand. Private events are intended for a specialized audience of invited people, and as a result, they are not open to the general public. So there are various subcategories within the category of private gatherings that falls under the umbrella term “special events” making it a suitable sector to focus on due to the potential of occurrence and creating business.
The retail sector is another lucrative industry sector for event planning due to the many events that have become the norm. For example, product launches, sales pitches, product activation, retail conferences, summits, trade fairs, networking events, and so on are common and daily events for firms (Manoli, 2018). Sometimes, firms may have several retail events running concurrently. Business exposure has become one of the most important ways to create competitive advantage in the business world today. As a result, companies are focusing on creating such avenues via retail events that allow them to catch up on latest trends, technologies, and other platforms. Lastly, the retail industry is very large comprising of various players and events. Therefore, it is a good place for the company to focus on as this would mean more business as the events continue to emerge with latest industry-wide trends.
Part B: Mini Pitch for a Wedding Event (Special Events Sector)
Our firm, A&A Event Planning, is a full-service event planning company that specializes in weddings, but we also provide comprehensive event consulting services. Our consultants are seasoned and committed experts with a combined wealth of event planning knowledge and expertise. A&A is different in that we devote 100% of our time and energy to each and every customer. We pay attention to client requirements and collaborate with them to plan the occasion of their desires. We recognize that you can have only one ideal wedding, and as a result, we are working hard to ensure that this one is a success. We further understand the uniqueness of personal events such as a wedding and therefore fully incorporate the dreams of every client. We always do our best and beyond to have these desires met to the letter. So, whether you choose a Western, a tropical, a Las Vegas, or a more conventional wedding, we can accommodate your needs and desires. The scope of our services includes everything from wedding planning and coordination to honeymoon and reception planning, anniversary consultations, budgeting and etiquette advice, as well as full-service recommendations for florists, hairstylists, performers, musicians, and other crucial actors. Choose our services today for an experience you will not regret. We will hold your hand for your special day.
References
Dobos, I. (2018). Sustainability issues and the events industry. Headliners: An Anthology of Postgraduate Student Writing From the UK Centre for Event Management, 1.
Madray, J. S. (2020). The impact of COVID-19 on event management industry. International Journal of Engineering Applied Sciences and Technology, 5(3), 2455-2143.
Manoli, A. E. (2018). Sport marketing’s past, present and future; an introduction to the special issue on contemporary issues in sports marketing. Journal of Strategic Marketing, 26(1), 1-5.
