2. Executive Summary:
Carter Event Planning is an establishment that introduces a hub for all event-
planning essentials including but not limited too venue, light, sound and music, location
design, cuisine, plus hair and makeup. This report analyzes the potential Value
Proposition that outlines the customer’s desires, the competitor’s features and the features
of Carter Event Planning. By outlining this it gives the firm a better look into what should
be included into the company to make it better than its competitors. The competitors that
were looked at were Eventique, Plan Ahead and Rose Events. Following the Value
Proposition is the Marketing Analysis. This analysis looks into the marketing mix of the
7 P’s and how Carter Event Planning fits into each category. The items looked at were
product, price, place, promotion, packaging and process, physical environment, and
people. These are beneficial to CEP because it determines where the company currently
is and where it is headed. The Industry Analysis examines CEP’s competitors, suppliers,
markets, finance, mergers, and customers. Along with the Marketing Analysis the
Industry Analysis also helps in determining where the company is and where its future is
going. In this section the various packages along with the various items in them were
given. All four options have shown 4 venue spaces, 4 lighting companies, 4 sound
companies and 4 music providers, 4 location designers, 4 catering companies, and 4 hair
and makeup. The next aspect of the report was an examination of the Development
Strategy. This section analyzes how CEP will potentially enter the market, location,
materials used, production and the people used to make this happen. The final aspect of
the report includes financial projections. These projections include a Capital Expenditure
Budget, a Breakdown of each package, Sales Budget, Production Budget, Labor Budget,
Material Budget, Cash Budget, Income Statement, and Balance Sheet. Also included in
the Financial Projections are Break Even and Margin of Safety calculations, along with
Liquidity, Turnover, and Age of Inventory Ratios.
3. Value Proposition:
In the Investopedia online dictionary the term Value Proposition is defined as “A
business or marketing statement that summarizes why a consumer should buy a product
or use a service. This statement should convince a potential consumer that one particular
product or service would add more value or better solve a problem than other similar
offerings” (http://www.investopedia.com/terms/v/valueproposition.asp). The value that
will be delivered to the customers will be of great magnitude, giving people a legitimate
reason to hire the company to plan their events. CEP (Carter Event Planning) will help
our customers with just using one particular brand to put their event together that would
allow them to get all the essential needs for their events. The brand will also offer its
clients the ability to prepare an event and get all of the required pieces there including but
not limited too venue, light, sound and music, location design, cuisine, plus hair and
makeup.
Customer Desires:
In the world of event planning customers are forced to go to several different
places to acquire the necessary items to create a successful event. No matter who is
planning an event the biggest thing that customers look for is to save money.
Extraordinary amounts of money are spent on venue, light, sound and music, location
design, cuisine, plus hair and makeup. When hiring the professional people for their
events, it causes more money to be spent and having to take away from something else
that could be added to the event.
After a conversation with a potential client she said, “It would be ideal to go to
one location and they have all the things that I need for my event, kind of like a Wal-Mart
of event planning” (Alyscia Curtis). Later, I spoke with another potential client named
Alexandru Buzescu he stated, “ with upcoming nuptials coming up having the event
prepared by this company would be perfect because he and his fiancé are young and
would like to save their parents money in any way, shape or form.” With an awareness
already of what the company offers it can be said that people are likely to hire CEP for
the needs required for their events. With the offering of venue, light, sound and music,
location design, cuisine, plus hair and makeup all at one convenient company it gives the
customers everything they want and need for their events.
Competitors Features:
In the New York/New Jersey many events are always happening. It maybe in the
world of theatre, fashion, art, music, weddings, birthdays or anything else of that nature,
events are constantly occurring. Three companies that handle such events are
EVENTIQUE, PLAN AHEAD, and ROSE EVENTS. Although all three places offer a
variety of options the common factor is events and who does them the best. To begin
with, the first company is Eventique; the company offers a wide range of types of events
and the items that go into making the event happen. As for production the company offers
lighting, décor, catering, furniture, tents, and entertainment (party favors, bands, DJ’s,
and dancers to name a few) (http://www.eventique.com/entertainment/). However, as
compared to CEP this company does not give a variety of options when it comes to
creating their events from start to finish. In addition, the second company is Plan Ahead.
4. The Plan Ahead brand offers events based on what type of event one might be interesting
to have. The events range from Corporate Social Responsibility Events all the way to
Team Building Events (http://planaheadevents.com/our-services). In this particular case it
gives CEP an advantage because Plan ahead is only geared towards business related
events. The final company to look at is Rose Events; unlike the other two companies
Rose Events offers minimum services that include full event planning, partial planning,
day of coordination and event design (http://www.roseevents.com/services/). This creates
a conflict for clients because there is not really a full range of services offered like CEP.
With the above listed companies and the service’s offered the biggest competitors
for Carter Event Planning would be Eventique the offer a wide range of things that CEP
offers along with other things.
Carter Event Planning Features:
As for Carter Event Planning we offer great services for our clients with a wide
range of goods and services to be offered. To begin with, the brand offers clients 4
different packages Bronze Package to Platinum Package. To every package there is the
option of venue, light, sound and music, location design, cuisine, plus hair and makeup.
Although each package has set itemization the company is willing to change things for
the client however, it will change the price of their package. In total Carter Event
Planning Company offers 4 venue spaces, 4 lighting companies, 4 sound companies and
4 music providers, 4 location designers, 4 catering companies, and 4 hair and makeup.
Marketing Analysis
The marketing analysis for Carter Event Planning will look at the marketing mix
of the new founded brand. The sections of marketing that I will be analyzing are
PRODUCT, PRICE, PLACE, PROMOTION, PACKAGING/ PROCESS, PHYSICAL
ENVIRONMENT, and PEOPLE. These items will allow the brand to potentially expand
and give an inside scope of what transpires between the clients and the brand.
Product:
The product that is being offered to clients is the ultimate event experience. With
the offering of 4 various packages of goods that include but are not limited to venue,
light, sound and music, location design, cuisine, plus hair and makeup CEP is a company
that is geared towards making any event a upscale yet exciting event that is sure to wow
the event goes. Including 4 venue spaces, 4 lighting companies, 4 sound companies and 4
music providers, 4 location designers, 4 catering companies, and 4 hair and makeup
clients are allowed to build their own packages however there are set packages that
include the bronze, silver, gold and platinum packages.
Price:
For each package the prices vary depending on which package the client chooses.
The packages and prices that we offer are the Bronze Package at $2250, Silver Package at
$4500, Gold Package at $8000, and the Platinum Package at $10250. Although these
prices can vary if the client chooses to build their own package these are set prices for the
packages that are already offered.
5. Place:
The places that are offered for their events depend on which package the clients
choose. The 4 locations that Carter Event Planning has contracts with are The Palace at
Somerset Park (http://palacesomersetpark.com) for the Bronze Package, Il Tulipano
(http://www.iltulipano.com) for the Silver Package, The Oyster Point Hotel
(http://www.theoysterpointhotel.com) for the Gold Package and Cipriani
(http://www.cipriani.com/en/) for the Platinum Package. While these may be contracted
locations if a client request a particular location we at Carter Event Planning will do our
best to accommodate exactly what the client wants.
Promotion:
Currently the only promotions that are offered at Carter Event Planning are the set
prices of each packages saving clients money on the events that they hire the company
for. These prices reflect what other items are offered in each package.
Packaging/ Process:
The Packaging that is being offered to clients as mentioned prior include Bronze
Package at $2250, Silver Package at $4500, Gold Package at $8000, and the Platinum
Package at $10250. However, these prices are subject to change depending on the client
expects to have at their event. If the client has chosen to create their own event then again
the brand will be willing to work with them to make the event possible.
Physical Environment:
The current location of Carter Event Planning is centered in the heart of Short
Hills, New Jersey. The location is home to all operations for the Carter Corporation. On
the ground floor is reception, where people can be directed to what floor best suits what
they are looking for. Also on the ground floor clients can find Cuisine shop where they
can sample various foods from the 4 contracted caterers. On the first floor sound and
music, and lighting can be found to determine what you see for your event. The second
floor consists of two show rooms one for the venue looks and the other for locations
décor. Next, the third floor has a full operating beauty so that customers can have
consultations for their event. The fourth- eighth floor is home to the fashion brand
“Tessuto” which translate to (Fabric). Having a fully operating fashion inspired company
gives Carter Event Planning a bright future and to know that it shares a home with a
fashion brand makes it all the more better. The fashion inspired location creates a warm
environment that supports creativity and fulfillment in the work that is being done with
wall-to-wall illustrations and dress forms of garments from the mind of the Creative
Director.
People:
The people who work for Carter Event Planning are professionals in their fields
and have done there jobs for a number of years and have well versed résumés. These
people include 4 Project Managers one handles each package (bronze, silver, gold, and
platinum), Finance Manager, Marketing Manager, Human Resources, and 2 Logistic
Managers. These people make the client feel right at home and help them with combing
6. over every detail of the future event. The people have a friendly disposition, and
understand the inner workings of each other’s jobs so that in any cause where someone is
not present then work can still be done and there is a mutual understanding among each
section.
Industry Analysis
Industry Analysis is defined, as “an industry analysis is a business function
completed by business owners and other individuals to assess the current business
environment. This analysis helps businesses understand various economic pieces of the
marketplace and how these various pieces may be used to gain a competitive advantage.
Although business owners may conduct an industry analysis according to their specific
needs, a few basic standards exist for conducting this important business function”
(http://smallbusiness.chron.com/definition-industry-analysis-830.html). This analysis will
look at the competitors, suppliers, markets, finance, mergers, and customers. When
analyzing these areas it will give insight into the potential of the brand and where it could
possibly be headed.
Competitors:
As previously mentioned the competitors would include but not limited to
companies such as EVENTIQUE, PLAN AHEAD, and ROSE EVENTS. The previously
mentioned companies offer wide range of items for their events. To begin with,
Eventique would be the biggest competitor for Carter Event Planning because they offer
lighting, décor, catering, furniture, tents, and entertainment (party favors, bands, DJ’s,
and dancers to name a few) with a wider range of product this is what makes them a
bigger competitor. On the other hand a company like Plan Ahead only host corporate
events that are geared more towards business making it a specialty event-planning firm.
Finally there is Rose Events that offer minimum product range but clearly focuses on the
actual events they are called for.
Suppliers:
Suppliers for Carter Event Planning are listed below as per each section of the
event including venue, light, sound and music, location design, cuisine, plus hair and
makeup.
Venue Lighting Sound and
Music
Location Design Catering Hair and
Makeup
Bronze
Package
The Palace at
Somerset Park
Frost
Productions
East Side
Sound
Array Architects Marcey
Brownstein
Catering&
Events
Beauty & Youth
Spa
Silver
Package
Il Tulipano Bentley Meeker Dexigner Wimberly
Interiors
Five Spice
Catering
Lali Lali Salon
Gold
Package
The Oyster
Point Hotel
Oxygen
Eventworks
Oxygen
Eventworks
Marc-Michaels
Interior Design
Bon Soir
Caterers
Hair Design By
Oumou
Platinum
Package
Cipriani PRG PRG Gensler Fresh Julienne
Wedding&
Event Catering
Michael
ChristopherHair
Studio
7. Markets:
Due to the fact that Carter Event Planning is a full service event planning
company it can be classified in such a manner. With the offering of a full service event
planning the product is well versed with offerings of 4 different packages including
bronze, silver, gold, and platinum with various different pricing and different venue,
lighting, sound and music, location design, catering, and hair and makeup. The other
aspects of the market for the company include its reasonable prices for the full service
events ranging from $2250- $10250. The physical environment gives the client of feeling
of wanting to choose CEP for their events because of the very supporting and hard
working employees.
Finance:
The finances for the company come from several events done prior to going into
business. Now that business is running smoothly a small portion of the revenues were
used to finance what can potentially be one of the best event planning companies in the
greater tri-state area. With producing 12 events per month this constantly helps in the
replenishment for the next months events and brand expenses. Carter Event Planning also
does charity events so that the name get out and people can hire the firm for whatever
they may have coming up.
Mergers:
One company that it would be a good idea to merge with would be Rose Events.
The reason for the merger would be due to the fact that Rose Events is firmly established.
Although they do not offer a wide range of product with the merger with a company like
Carter Event Planning it could expand what they already have along with building a
better reputation.
Customers:
The customers for Carter Event Planning included but are not limited to average
normal civilians with the occasion event thrown for Governors, Senators, Colleges, and
more important brides to be. These are the ideal customers for the company because of
the number of people looking to host events continues to increase. These clients can
expect a new world of ideas and inspiration to bring out what they truly want in their
events. By developing these events it adds to the experience for all partygoers and even
the individual having the event. Carter Event Planning wants to be the positive “talk of
the town” and let their events speak for themselves so that people can experience what its
like to attend an event by CEP.
Development Strategy
For many years the world of Event Planning has been tumultuous for individuals looking
to host events. The hostess’ have had to go through various channels to ensure that
everything required for their event is secured. The “Carter Event Planning”organization
is geared towards giving its consumers the perfect event-planning hub for their events.
The problem that has been identified is that when individuals have events planned for a
8. particular occasion they typically have to go to various places in order to acquire all the
necessary things required to put the event together. The proposed solution is that a
company be created where, when an event is being put together they can go to one
location to acquire all the various things required such as venue, light, sound and music,
location design, cuisine, plus hair and makeup.
The proposed name for the company is Carter Event Planning. The name stems
from an overall company that has an event-planning branch. The company is likely to be
located in Short Hills, New Jersey. This area is known for being upscale and posh for the
more high elite socialites of society. The sales level for such a brand would be mid range
because it is not very expensive however, it is not extremely low causing it to be the
moderately priced, producing moderate revenue. The company’s growth will be
determined after the first quarter of the year to see where sales are and where they are
potentially headed. The selling price of the goods are $25000, broken down each package
has a different price giving an overall selling price of $25000.
The material for the company could start at $7860 and range up to $96160, all
figures are contingent upon what package the client orders and what they want to be
included into that package. As far as production is concerned Carter Event Planning has
four Project Managers one for each package, one logistic manager for bronze and silver
packages and one logistics manager for gold and platinum packages. The production
team also includes Finance Manager, Marketing Manager, and Human Resources. For
office equipment the lifespan is three years before it has to be replaced as for all other
equipment it is not under Carter Event Planning but of the companies that are on contract
for CEP.
9. References:
Cipriani.com, (2014). Cipriani. [online] Available at: http://www.cipriani.com/en/
[Accessed 25 Apr. 2014].
Eventique, (2012). Entertainment - Eventique. [online] Available at:
http://www.eventique.com/entertainment/ [Accessed 25 Apr. 2014].
Iltulipano.com, (2014). NJ Wedding Venue - NJ Banquet Hall - Catering Hall in New
Jersey. [online] Available at: http://www.iltulipano.com [Accessed 25 Apr. 2014].
Investopedia, (2009). Value Proposition Definition | Investopedia. [online] Available at:
http://www.investopedia.com/terms/v/valueproposition.asp [Accessed 25 Apr.
2014].
Plan Ahead Events, (2014). Meeting & Event Planning. [online] Available at:
http://planaheadevents.com/our-services [Accessed 25 Apr. 2014].
Roseevents.com, (2014). Services – Rose Events :: America's Premiere Event Consulting
Company. [online] Available at: http://www.roseevents.com/services/ [Accessed
25 Apr. 2014].
Small Business - Chron.com, (2014). Definition of Industry Analysis. [online] Available
at: http://smallbusiness.chron.com/definition-industry-analysis-830.html [Accessed
25 Apr. 2014].
The Oyster Point Hotel, (2013). home. [online] Available at:
http://www.theoysterpointhotel.com [Accessed 25 Apr. 2014].
The Palace At Somerset Park, (2014). Wedding receptions New Jersey - Palace at
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