Subject: Situation Analysis of ‘Enjoy Every Moment’- An Event Planning Company I am sending this memo at you request to satisfy the Situation Analysis assignment. This memo presents a situation analysis of a proposed event planning service, named ‘Enjoy Every Moment’. The report outlines the current barriers to multicultural event services, current event planning services offered in Vancouver and how the proposed service can promote diverse customized services in Vancouver. Some added advantages and current challenges faced in the inception of this service are proposed venture and indicate whether upon review of the detailed feasibility report you might be interested in investing in this opportunity. The entrepreneurial Opportunity
The events industry has become a $565 billion industry worldwide. “The meetings and events industry covers the gambit from backyard weddings to massive citywide festivals, plus conferences, galas, fundraisers, and celebrations.” (Allwine 2014) Current services and event options available in Vancouver is insufficient and expensive. ‘Enjoy Every Moment’ provides diverse, tailored, inexpensive event services that attract people of different cultures and origins living in Vancouver. This will be a home-based event company that will mainly operate through a detailed website comprised of all the required information along with trailer watching service. The facility will be located in the house of one of the owners. The attached report presents the research conducted, explaining the strategic advantages and current challenges faced in regards to this proposed venture. Kindly read and provide your valuable opinion about the proposed service, its viability and your willingness to invest in this hoe-based event planning business. You can email your feedback at firstname.lastname@example.org
Situation Analysis of ‘Enjoy Every Moment’
Vancouver is one of the most culturally diverse cities in North America, with 46.2% of total its visible minority population comprised of European Canadian, 27.7% Chinese, 6% South Asian, and 20.1% other indigenous communities. (Canada 2011) At present, Vancouver has six event planning competitors (Weddingful): Fluent Productions. Price: $950-$5,000
Modern Mint Event Coordinators Inc. Price:$500-$4,000
Paisley Events Inc. Price: $799- $1,599
Modern Affair. Price: $200-$1000
A Stylish Event. Price: $750-$5,000
True Devotion Wedding & Event Planning. Price: $75-$3,000
The basic problems with Vancouver event planning companies are as follows: High price
Limited options for event style (Multicultural)
Hence, to provide a multicultural event service with competitive prices in Vancouver, I have come up with the proposed venture of ‘Enjoy Every Moment’. This company will be operated from home that is located at 6291 Minoru Blvd, Richmond, BC. ‘Enjoy Every Moment’ will be run by current Kwantlen marketing students. Initially, the operations will be supervised by Cathy, owner of LYFE Event Planning, Ericko, student enrolled in Kwantlen Polytechnic University. All these personnel will offer free assistance in the area of their expertise for the few first months till the business is up and running. Situation Description
‘Enjoy Every Moment’ will offer its service through a professionally designed website. It will contain all the required information like detailing services offered, examples of the work, customer reviews, event trailer, contact information and all the other necessary information. Potential customers can watch online trailer of coming event to know more about coming event. Regularly updated menu services as posted on the website are available at all times for viewing. Strategic Advantage
‘Enjoy Every Moment’ competitive edge will be based on three factors, competitive price, multicultural event service, and sponsor connection. Through careful planning, the start-up costs for ‘Enjoy Every Moment’ are minimal. It begins as a home-based event...
Cited: Allwine, Josh. The $565 Billion Industry You 've Never Heard Of. 3 26, 2014. http://www.fool.com/investing/general/2014/03/26/the-565-billion-industry-youve-never-heard-of.aspx.
Canada, Statistics. "NHS Profile, Vancouver, CY, British Columbia, 2011." NHS data, Vancouver, 2011.
Weddingful. Best Vancouver Wedding Planner. n.d. https://weddingful.com/vancouver/planners-coordination.
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