Discussion Board #2 – The Special Events Company

Discussion Board #2 – The Special Events Company

Name:

University:

Course:

Tutor:

Date:

Discussion Board #2 – The Special Events Company

Introduction

Special Events Company is a U.S based business entity specializing in rendering quality event planning services to different customers at affordable prices. Some of the services which will be offered by the firm include that of organizing classy and exuberant wedding ceremonies and celebrations in Palm on behalf of its customers most of whom would be celebrities from the music and film industries. The key to achieving this would that of incorporating technological advancement in its undertakings considering that technology generally enhances the likelihood of different entities achieving operational success and efficiency (Deutscher et al, 2000). Similarly, Special Events Company intends to provide customized event planning services to its young and middle aged fortunate clients. This strategy will impact positively on the company’s competitiveness by increasing its ability to attract and retain more customers (Allen, 2011).

Special Events Company’s position in the value chain

Value chain assists companies to successful carry out their normal business activities while at the same time ensuring doing this will give them a competitive advantage over their rivals (Finne, 2008). Special Events Company’s position in the value can be described as one that will focus on continuously improving the quality of the services being offered to customers in cost efficient ways hence averting cases of clients being forced to pay higher charges for the same. As highlighted earlier, the achievement of this objective would depend heavily on the company’s ability to continuously adopt highly functional technological systems.

How the firm will create value for customer

Creating value for customer is one of the most essential business strategies since it is directly related to the ability of a given organization to generate customer loyalty and strong corporate image (Deutscher et al, 2000). Special Events Company intends to create value to its customers by offering them personalized and diversified services meant to exceed the clients’ expectations in regards to meeting their requirements. The firm will begin by ascertaining the needs of those who seek its services. This will then be followed by designing innovative ways through which these needs can be met in a manner that will not only satisfy the customers but also end up impressing them. Use of unique and superior designs, business technology as well as focused marketing will be emphasized as a way of ensuring that the concept of creating value for customers won’t jeopardize the company’s ability to provide affordable services (Finne, 2008).

Revenue streams and cost drivers

Special Events Company will have two key revenue streams, the main one being that of charging clients who would like the entity to plan and organize different events on their behalf. The other stream would be that of seeking payments from other entities which will opt to showcase their products or services in the venues where the company would be organizing these events. For instance, the firm would consider allowing some flower businesses to market themselves during weeding events but only if they pay the predetermined promotion charges. Cost drivers encompass all factors or processes which may affect the cost associated with a certain business or economic activity (Allen, 2011). The two main cost drivers, in the case of Special Events Company, will be the number of events planned and organized by the firm as well as venues of such events. The two are projected to change the total expenditure incurred by the company in the course of its operations from period to period (Allen, 2011).

Weaknesses in the company’s business model

The only weakness in the proposed Special Events Company’s business model is that of emphasizing on charging low prices for its services all the time. Businesses are required to establish a link between their pricing strategy and profitability objectives if they are to achieve the latter (Finne, 2008). This means that Special Events Company’s managers will be under pressure to design innovative strategies meant to cut down the firm’s operating costs especially during hard economic time such as when there is global economic recession (Allen, 2011).

Special Events Company’s competitive strategy

The company’s competitive advantage will be based on its position in the value chain and will therefore entail increasing the perceived value of the services being offered to clients on periodic basis while maintaining their affordability. This will put the firm in a better position of attracting and retaining customers as compared to its business rivals (Deutscher et al, 2000). Innovation, creativity and technology will make it possible for the firm to enhance the value of its services in cost efficient ways.

Important biblical concepts to consider in this part of the business plan

Special Events Company will base its operations on strong biblical values considering this will impact positively on its drive to uphold ethical business behavior. Visionary and Christian-based leadership, financial stewardship as well as impacting humanity with God’s love and mercy are some of the biblical concepts which will be embraced by the firm while purporting its activities. Doing this will enable the company to create concrete relationships with various stakeholders such as with its customers, suppliers and even employees.

Conclusion

It should be noted that Special Events Company’s competitive strategy and position in the value chain will be based on the idea of offering high quality event planning and organizing services to clients at affordable prices. Innovation and technological advancements will provide the foundation upon which the company will continue ensuring that its operations are carried out in cost efficient ways. Moreover, biblical concepts such as Christian leadership and financial stewardship will make it possible for the firm to uphold business ethics while transacting with its stakeholders.

References

Allen, R. (2011). Launching New Ventures: An Entrepreneurial Approach. Stamford: Cengage Learning.

Deutscher, T., Barclay, D., More, R. & Ryans, A. (2000). Winning Market Leadership: Strategic Market Planning for Technology-Driven Businesses. Hoboken: John Wiley & Sons.

Finne, S. (2008). The Retail Value Chain: How to Gain Competitive Advantage through Efficient Consumer Response (ECR) Strategies. London: Kogan Page Publishers.