Bid and Budget for Event

4800 words (19 pages) Essay in Leisure Management

23/09/19 Leisure Management Reference this

Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here.

Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.

 

 

 

TABLE OF CONTENTS

 

  1. INTRODUCTION

    1.         Theme
    2.         Venue
    3.         Schedule of the Event
    4.         Assumptions
  1. BID DOCUMENT

    1.         Event Objectives & Evaluation
    2.         Work Breakdown Structure
    3.         Budget
    4.         Supplier Brief
    5.         Marketing Strategy

 

  1. CONCLUSION

 

  1. BIBLIOGRAPHY

 

  1. REFERENCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. INTRODUCTION

 

The event is being organized for the members of the Journalist U.K association. The event is categorized as a corporate incentive event. The report contains the various elements such as the budget, the work breakdown structure, the various suppliers that need to be contacted to provide various properties for the event. The various challenges that come with the event are attracting paid audience, a headline sponsor, creating and delivering a unique theme. The various elements to be considered when planning the event are the objectives, the idea generation, the financial aid, marketing strategies, organization and preparation, and furthermore implementing the entire procedure. (Bladen et. al. (2017). The event needs to achieve certain objectives and they are mentioned in the report below. The award ceremony consists of eight award categories and one lifetime achievement award. The winners of these awards are not only being given an award but also a couple of opportunities that come with the award. The various categories of the awards are as follows:

-         Article of the Year

-         Journalist of the Year

-         Campaign of the Year

-         Innovation of the Year

-         The Paul Julius Reuter Award

-         Best Paparazzo of the Year

-         Debut Journalist of the Year

-         Best Source of the Year

-         Lifetime Achievement Award

The listed awards get a chance to work with several magazines, newspapers and other sources. They get to cover an interesting story for the most elite and highly recommended sources in the journalism industry. The nominees will be informed in advance once the list is out they receive a chance to renew their membership with Journalist U.K at a discounted price.

1.1           Theme

               

                                             (Picture courtesy: pinterest.com)

The increase in demand for themes in events is growing on a large scale each day in the industry. The competition is getting tough and its difficult to keep up with the growing trends. A large amount of attendees has a high expectation to experience a different type of event and delivering an event to the attendees a different scenario increases the chances of a successful event. (Bladen et. al. (2007). The theme of the event is ‘Impersonate Yourself’. The theme is executed by a masquerade bash. The attendees are asked to dress up in contemporary costumes for the bash along with masks to keep their identity a mystery only for a certain time of the event before they can reveal themselves. Each attendee will be handed over a badge with a number on it, which will help them address each other for the evening. After an hour or so through a game they will be asked to disclose their identity to each other. After unveiling themselves the floor will be open to them to socialize and get to know each other at a professional front.  This will be a great platform for them to increase their contact list. An event where people from different areas in journalism will grace the evening with their presence.

1.2           Venue

 

The venue for this event is Nuffield Hall on Regents Street. Apart from being in central London it has a variety of facilities to offer and the venue fits extremely well with the theme. The various facilities they have to offer are a fixed projector, in built stage (a perfect backdrop for an award ceremony), AV Technician, fixed screen, complimentary Wi-Fi, a variety of mics such as lectern, roving, top table, lapel mics, etc. The hall can host up to 200 members and has an inbuilt stage for the award ceremony. The ceremony will be held on 09.02.19 at 5:00 p.m. (www.rorp.co.uk)

 

1.3           Assumptions

Since a few things were not clear in the brief such as the overnight stay for the guest, the budget does not include the overnight stay. Another thing inclusive in the budget is the transport, the brief did not make it clear whether the attendees would be coming themselves or the transport had to be provided and so the transport has been provided and the cost of transportation has been included in the ticket price, due to which the ticket price is slightly a little higher than usual. 

 

 

 

 

 

 

 

 

 

1.4           Schedule of the Event

 

The event is scheduled for the 08.02.19 at 5:00 p.m. at Nuffield Hall at Regents Street, London. The schedule of the event is attached below:

The event will begin at 5:00 p.m. where the attendees will be given their badges. There will also be served with appetizers during the event. The event will begin with two V.I.P speakers from the journalism industry and will continue with a live band performance and after that they will be asked to play a game to reveal their identities. This will be further followed by dinner where they have an opportunity to socialize with one another. After the award ceremony a group of artist from the royal academy of dance, London will showcase a piece of their work a tribute to the attendees, ‘A Day in the life of a Journalist’. This will lead the event to the end by a short presentation prepared for the attendees.

  1. BID DOCUMENT

2.1           Event Objectives

 

In an event there are multiple positive and negative impacts of leading to sustainability. As the role of the organizer it is important to increase the positive impacts and decrease the negative impacts. At the award ceremony and gala dinner there are two ways the hosts are trying to minimize the problem of sustainability. The first way is by providing transport to the attendees and making them car pool rather than getting to the event separately and burning more energy. According to David (2009), more energy is being wasted with a single person coming to an event and is saved with a multiple people travelling in the same mode of transport to reach the same destination.

The other major sustainable option for the event is focusing on reusable décor. Most of the sustainable options are related with products and elements at an event that can be reused and recycled. The sustainable policy consists of many components amongst them is Design for dualitywhich states that new techniques or products that can be introduced to follow the principles of the 3R’s (Reduce, Reuse and Recycle) (Raj et. al. (2009). This event consists of the same principle and briefing the supplier to supply artificial and reusable flowers. There will be no damage of real flowers in this way. This also an effective way of reducing cost on the real flowers. Accepting the responsibility for a better future is way to go for events as they raise awareness in the society and

Make the attendees the star of the evening

         Collaborate with various journalism platforms s

 

 

 

 

 

 

2.2           Work Breakdown Structure

 

The Work Break Down Structure (WBS) organizes and defines the scope of the project. Various theories state that having a strong WBS increases the possibility of an event/project, whereas a weak structure can result in the failure of the same. The structure also helps in accomplishing and making the objectives clear for the event. They are created to communicate with the different levels and people involved in the process of the delivery. Creating the structure also helps in giving a clear picture to the organizers before beginning the planning of the occasion. (Norman et.al. (2008). The WBS has various definitions by various people in the industry amongst the many of them one is by Dr. Gregory T. Haugan: ‘‘The WBS is the key tool used to assist the project manager in defining the work to be performed to meet the objectives of a project’’ (Haugan, 2002, p. 15). There are various structures to the WBS the one used in the report is known as the tree structure.

2.3           Budget

 

 

 

The budget is divided into various categories, such as the income, different types of costs (fixed and variable), the contingency fee, etc. The income at this event is being generated through ticket sales and through sponsors. The ticket price at the event is quoted at £ 135, the ticket price is inclusive of the food and drinks being offered at the event also including the transport cost. Each of the member will be car pooling with a few others to the event. The transport is organized by the hosts.

Fixed Costs are usually determined with the costs of the facilities and things being provided at the event, no matter how many people turn up for the event that particular operation is going to take place. The various different types of fixed costs include the rent, staff payments, and other expenses. (Bowdin et. al. (2011). The variable costs are directly related to the number of people that are attending the event. The cost of food and beverage is usually the category under the variable costs. The reason is because if more people other than the number anticipated attend the event without notifying the organiser more plates need to be set up and the more food needs to be prepared. (Bowdin et. al. (2011).

 

The salaries of the staff have been decided with the standard living rate of the city. An average rate to hire a security guard in London begins at £ 12 per hour. The guards are being paid £ 50 for 6 hours.(google.com).  The same way the cost has been calculated for the waiters. The transport cost has been compared with a few online companies and their rental costs. The breakeven has been received with revenue – cost = breakeven. The cost of the food is being taken from the venue and their offer. (rorp.co.uk). The contingency fee for the event is taken as 8% in both variable and fixed cost. The event agency fee is the usually accounted between 10-20% of the total cost of the event. (Bowdin et. al. (2011).

2.4           Supplier Brief

Florist Brief

Journalist U.K are looking for sustainable options for the event and have decided to use only artificial flowers to be ecological and the flowers can be reused. In the past the organization has spent a grand sum of money in their décor but with the recent times of everything being misused and overused the organization has decided to avoid their previous mistakes and be practical with their expenditure. The organizers want the flowers to be the star element of the evening. The two main areas for the flowers would be the tables and the stage. The reference for the décor would be the old school cotillion décor. The requirement details for the event are attached in the table below. The organizers would like to see a few demo versions to finalize before setting up the event. In this case the team at the head office will look up the best possible secondary source that might be required in case of any emergency.

2.5           Marketing Strategy

Various different platforms are to be used when it comes to marketing the event. The most important rule of marketing is communicating with the audience. The marketing strategy is not only for the event taking place but if it not planned and delivered in the right way it can have a direct impact on the brand name (Guy Master man et. al. (2005). There are various platforms the agency has planned to advertise the event. There are methods of marketing and they are divided into four main categories promoting, sales, personal selling, and public relation. (Guy Master man et. al. (2005)

The first target section are the members of the association, other attendees from previous events and aiming to find new sponsors. They are going to be directly contacted through email, phone, etc. Social media is the next most obvious platform to be targeted for marketing.  The most important thing to be kept in mind while selling the event is that the information needs to be eye catching. The innumerable number of emails, brochures received by the population of the world have lost count and people browse through every thing in seconds, if the information eye catching it makes it easier to connect with them. (Guy Master man et. al. (2005). An advertisement in the newspaper will be another source of marketing.  The next step for advertising the event is through the sponsors and their set of contacts in the market. Brochures of the event will be distributed along with the monthly newsletters subscriptions. The various potential sponsors for the event are identified as the leading journalism brands in the country such as newspapers, magazines, digital subscriptions. 

  1. CONCLUSION

The event is not a great event with only one or two key elements a lot of things need to be considered to deliver a great element. The budget has a couple of things under it, incase the client is not satisfied with the budget there are a couple of things that can be altered. The costs for a few areas can change and there can be an addition of tokens that the attendees receive at the end of the event. 

REFERENCES

 

         Charles Bladen, James, Kennell, Emma Abson, Nick Wilde. (2017). Event Management: An Introduction (2nd Edition). London, Routledge.

-         David, L. (2009). Environmental Impacts of Events. Oxford: CABI

-         E. S. Norman, S.A. Brother Ton and R.T. Fried. (2008). Work Breakdown Structures: The Foundation for Project Management Excellence. John Wiley & Sons, Inc.

-         Glenn A J Bowdin, Johnny Allen, William O’Toole, Robert Harris, Ian McDonnell. (2011). Event Management. Elsevier Butterworth- Heinemann.

-         Guy Master man, Emma H Wood. (2005). Innovative Marketing Communication: Strategy for the Event Industry. Elsevier Butterworth- Heinemann.  

-         Haugan, Gregory T. (2002). Effective Work Breakdown Structures. Vienna, VA Management Concepts

-         Razaq Raj, James Musgrave. (2009). Event Management and Sustainability. Wallingford: CABI

-         https://www.google.co.in/search?source=hp&ei=B9wDXMVMi-mwB5XgsogF&q=standard+rate+for+a+security+guard+in+london&btnK=Google+Search&oq=standard+rate+for+a+security+guard+in+london&gs_l=psy-ab.3…484.15329..15579…4.0..0.193.3330.41j6……0….1..gws-wiz…..0..0j35i39j0i131j0i67j0i22i30j33i22i29i30j33i21j33i160.rukmsMcOtPs

[Accessed 18/11/18]

-         https://www.rorp.co.uk/room/nuffield-hall/    

[Accessed 20/11/18]

-         www.pinterest.com [Accessed 28/11/18]

 

 

 

Appendices

 

INCOME

NO. OF PEOPLE

TICKET PRICE

 £135.00

150

TOTAL = ticket price * No. of People

 £20,250.00

Sponsor cost

 £3,500.00

TOTAL INCOME

 £23,750.00

FIXED COST

GBP £

 

 

 

Venue Rent

 £1,500.00

Live Band

 £600.00

Security (4 GUARDS)

 £300.00

 

Waiters (12) (1:12 people)

 £700.00

Decoration (Drapes &Florist)

 £850.00

Pre Event Marketing

 £500.00

TRANSPORT (10 mini vans, 15 people per van)

 £500.00

Number Badges

 £200.00

Awards (to get them made)

 £150.00

Lighting  and Sound

 £612.00

Entertainment

 £500.00

VIP Speakers

 £500.00

 

Award Hosts

 £400.00

 

 

Total Fixed Cost

 £7,312.00

 

VARIABLE COST

GBP £

FOOD

 £70.00

Alcohol

 £2,000.00

Total Variable Cost

 £12,500.00

 

 

CONTINGENCY FEE

FIXED COST

 £584.96

VARIABLE COST

 £1,000.00

 

Total Contingency Fee

 £1,584.96

 

EVENT AGENCY FEE(12%*total cost)

 £2,353.67

 

 £21,396.96

 

 

Final Total Cost

 £23,750.63

 

Breakeven

######

 

Break Even (total income- total cost)

 

 

 

 

 

 

 

Cite This Work

To export a reference to this article please select a referencing stye below:

Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.

Related Services

View all

DMCA / Removal Request

If you are the original writer of this essay and no longer wish to have the essay published on the UK Essays website then please: