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Unit 4 considering aspects while developing an event plan Graded £9.79
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  3. PEARSON (PEARSON)
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  5. Business 2016 NQF
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  7. Unit 4 - Managing an Event

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Unit 4 considering aspects while developing an event plan Graded
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In this report, I will explain 10 aspects that must be considered while developing a thorough strategy for the planned event, whilst analysing 6 main elements that must be addressed while creating an event strategy. I would be evaluating and justify the feasibility of the plan, tools, budget and ri...

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  • November 24, 2022
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  • 2022/2023
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Unit 4 Learning Aim C

In this report, I will explain 10 aspects that must be considered while developing a thorough strategy for the
planned event, whilst analysing 6 main elements that must be addressed while creating an event strategy. I
would be evaluating and justify the feasibility of the plan, tools, budget and risk. Making any requirement
contingency adjustments to them.


Aims and Objectives
An aim is a long-term goal that the business or a person will have the intention of achieving, whilst an
objective is a short-term goal that the business or person will want to achieve. Aims and objectives are
important when considering producing a detailed event plan for Empire as it helps with decision making,
this is done as it decides what the business focus should be and how they should approach it. This is
crucial for Empire event as it sets out goals and producers of what the company will want to achieve or
work towards achieving within set time period. For example, the event manger can have an aim to sell-out
all the tickets for the event within 2 weeks, in order to achieve this, they will need to set objectives for the
sales and marketing team to sell a set number of tickets a day. An advantage of aims and objectives for
Empire is that it provides measurable guidance which can allow management to be more effective when
operating, as it establishes SMART targets (Specific, Measurable, Achievable, Relevant and Time-bound)
to help the company organise and set out their goals in a simpler way so that they can achieve it, as it
defines what they should be doing strategically and how they are going to get there. However, a
disadvantage is that Empire aims and objectives cannot please everyone within the organisation as
different aims and objectives will have different difficulty levels that can benefit specific groups. For
example, if the marketing and finance team consistently get easy targets, whilst the fundraising and sales
team get difficult targets repeatedly. This can lead to dissatisfaction as the same departments are
continually getting harder job roles compared to other branches, this can reduce motivation within that team
due to unfair delegation of job roles which can result to low productivity rate.


Budget
A budget is an estimation of revenue and expenses over a set period like available finance or expected
sales figures. Budgeting is important when considering producing a detailed event plan for Empire as it can
help them remain solvent encase of any unexpected debt, this is done as budgeting monitors the business
inflows and outflows of cash. A budget creates a spending plan for the business capital over a set period,
as it allocates the financial resources appropriately to different aspect of the company to aid the business
operation. For example, Empire can use bank loans to support them when buying food and drinks for the
event, as they may not have enough capital to purchase the right amount. An advantage of budgeting for
Empire is that it prevents them from overspending by looking at the business finances and monitoring the
capital leaving and entering the company. This is good for Empire because if they face any problematic
issues such as the involvement of money laundering or unforeseen debts, their budgeting skills can help
them as it provides all the financial records of the business and it helps remain solvent or make any
improvement on different aspect of the company as it notifies the business on where their capital is being

, allocates to. On the other hand, budgeting can be time-consuming and difficult to create, especially in a
company with a disorganised financial record, because if there is a single miscalculation, the company will
have to recalculate the entire budget, which will cost the company money as they would need to pay
professional accounts, this error has the ability to jeopardize potentially profitable efforts. For example, e
expanding as they would need put all of their plans on hold until the error is rectified.


Venue
The venue is the area or place that an event would take place. A venue is important when considering
producing a detailed event plan for Empire as a good venue can attract more customers, due to area or
place deliver exciting and quality service and content for the attendees which can increase the event profits.
A bad venue would tarnish the business reputation as it can displease attendees, making them look
towards rivals. For example, if Empire plans to do a drama event, they must get a venue that is like the
theatre as it’s a perfect place to host that type of events. A benefit of a large venue is that it can
accommodate a huge number of consumers since they will all be able to fit in without any modifications to
the venue, allowing the vendor to generate more revenue from the event. Furthermore, due to the vast size
of the venue, the sound quality from the main performance would be significantly better, allowing
consumers to experience better and clearer sound audio across the venue, increasing customer retention.
Regardless, a disadvantage of a venue would be if it is tiny. The audience capacity would be limited, which
would have a direct impact on profit since Empire would only be able to generate a certain amount of
revenue because the venue could not accommodate a huge number of people due to the difficulty of
moving around in it. Furthermore, a small crowd would have poor sound quality and technical since the
host would not want to reduce the number of people in the venue owing to the amount of space required by
the equipment.


Catering
Catering is the provision of food and beverages during a social gathering or gathering. Catering is important
when considering producing a detailed event plan for Empire since the food and beverages must be
appropriate for the event or people will not purchase it, prohibiting profits from being made. For example, if
the drama event had a Chinese theme, the food supplied must be Chinese cuisine since it complements
the event theme and creates a balance for the whole event because everything from the decoration to the
food matches, which may keep consumers' attention to that event. An advantage of catering for Empire is
that it provides a stream of income into the business as customers will be buying food and beverages from
the business before, during, after the event which can be used as passive income. For Empire this is really
good as it can help the company its goal of raising a large sum of money to donate to Child Bereavement
UK. Catering for Empire has the benefit of providing a steady stream of revenue because consumers will
purchase food and beverages from the business before, during, and after the event, which may be used as
passive income. This is advantageous for Empire since it will aid the company's objective of obtaining a
substantial amount of money to donate to Child Bereavement UK. However, a disadvantage for Empire is
that they will need to conduct extensive market research on their customers food preference, which will be
time consuming and can be costly, as they must sell products that will intestine customers. If they don’t
achieve this, customers will not purchase their products, resulting in little profit making for their donation.

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