EVT201a: Event Management & Operations - Scope & Development - Assessment Answers

Introduction

The event in context is based on a product launch which presents the notion that it requires special aspects, dates, and participants. As a new product, the event is intended to introduce the product to the public while promoting the overall image of the company to achieve a competitive position. The product launch event will, therefore, reflect a corporate nature, in terms of participants, capacity, and facilities which creates the need for the skilled and professional workforce. The report presents a feasibility report on the managerial and operational issues associated with the special event of the product launch in order to effectively understand the public needs as well as the associated risks to the event stakeholders.

Public Needs and Support for the Event

To ensure the success of the events, different publics needs for the event and support for the event must be considered such as the marketing needs which is based on effectively advertising the event to ensure the public or the participants have knowledge on the event. Marketing needs also define the success of the project and create the need for the event organizers to adopt effective marketing strategies (Raj & Musgrave, 2009). The second public need or support for the event involves the human resources needs which define the labor required to effectively prepare the event as well as ensure success. The public can help in providing the required human resources to ensure the success of the event. Additionally, the public can also support the event through participation and financial needs to enhance the success of the event needs. The financial needs will be informed of purchasing the product to be launched or attendance fee.

Risks to the Event Stakeholders

The product launch event is based on marketing a new product which has not been available in the market presenting the notion that the company would only depend on its goodwill and overall image overtime in order to attract participants or stakeholders into the event. In this regard, several risks are possible to the event stakeholders such as the organizers which includes the risks of losses due to the financial needs of the events as well as the marketing needs which requires the company to invest in financial resources (Stickler, 2009). The risk can be experienced if the event will not be successful, have less participants than expected or the public fails to buy the intended product. The risk to organizers is also possible if the overall financial resources required for the event is higher than the expected returns. In this regard, the organizers must have the ability to balance between the risks and the expected returns in order to promote positive outcomes. The risks to the participants involves issues such as financial losses owing to the investments made in the event on product launch. The risk to the attendees is limited since they serve as indirect stakeholders. However, some of the possible risks involves time risks while attending the event and failure of the event to meet the desired objectives or goals of the attendees (Stickler, 2009).

Based on the idea that the event is based on product launch, the event organizers will seek at having a venue with a large capacity to accommodate a large number of the people in order to effectively market the product to the possible customers. In order to ensure appropriate dates and event requirements such as capacity and facilities are met, the event organizers will prepare in advance to ensure booking of a larger space to hold the expected number of attendee. The ability to find and book the venue is also dependent on the availability to financial resources and the expected population needs for the population. The venue will also consider the infrastructure needs which significantly influences the event requirements such as capacity of the participants and the facilities. The management has a key role in ensuring the appropriate dates and booking venue is considered (Robinson, Wale & Dickson, 2010).

Funding and Cash Flow

One of the key requirements of the event involves the financial needs since it provides the basis for addressing the event needs such as the marketing needs. Funding is critical for the organization since it helps address the event stakeholders address key risk factors such as losses to the event organizers (Damster & Tassiopoulos, 2006). The company has the key responsibility of providing the startup funding for the event to fulfill the public's expectations since the event is based on introducing a new product to the public. However, the funding can also be achieved through seeking sponsorship for the event from different organizations. Additionally, the event organizers can also seek support from the public in order to effectively fund the event as well as fulfill their expectations. Achieving the public expectations promotes the chances of ensuring success of the launched product in the market as well as effectively marketing the product to the consumers. However, its critical for the event organizers to have key understanding on the public expectations in order to ensure the event meets their needs. Startup funding and cash flow helps meet the approval and regulatory needs which can affect the event negatively or limit the chances of success (Damster & Tassiopoulos, 2006).

Workforce Needs

The event's needs also involve the workforce or human resources needs in order to ensure all the labor requirements are addressed. Effectively addressing the workforce needs ensures the organization meets the public expectations as well as promoting the overall success of the organization. In this case, the availability of skilled and professional workforce is evident and will play a significant role in achieving critical objectives such as marketing needs for the event. Additionally, the event will require supplementary volunteer workforce such as security personnel among others. However, the overall number of supplementary volunteer workforce will be limited since the event adopts a corporate image and is only based on launching the new product.

Sustainability and Environmental Concerns

According to Shone & Parry (2004), events needs often involves issues such as environmental and sustainability; however, the current event only considers the environmental aspects since its onetime event presenting the notion that it does not require sustainability measures by the organization. However, obtaining approval and regulatory needs is based on ensuring the event effectively considers key aspects such as the environmental concerns. The event has less environmental impact since it's based on launching a new product which presents the notion that the corporate event will have limited number of participants. However, to ensure compliance with the environmental issues, the event organizers will provide the participants with the necessary awareness on effective measures to reduce possible pollution during the event. However, the potential need for an environment impact statement for the event is limited due to the associated level of environmental impact. The event will address the possible risks by performing a prior assessment of the venue and highlighting the possible environmental issues that can arise during the event. Additionally, the organizers will provide key measures to address the issues such as the provision of litter bins for the event participants in order to reduce the chances of environmental pollution.

Conclusively, event management is a critical aspect that ensures the chances of successful events. It offers a chance to ensure all the event needs are considered such as the human resources needs, their number, and the payment required. Other key needs considered involves the population needs which relates to the number of participants and their overall class such as the case of business class in this context. Financial needs also have a key role in supporting the overall success of the events while marketing offers an opportunity to effectively advertise the events and the associated product to the public. Marketing also offers a chance to understand the public needs to ensure their satisfaction during the event.