Event Management Final
What is the difference between an event location and an event venue?
Event location is the specific destination where the event will take place, whereas the event venue is the physical site where the event will be held
What is negligence?
Failure to use the degree of care which an ordinary person of reasonable prudence would use under the given circumstances.
What is in-kind sponsorship?
Sponsorship is a mutually beneficial business arrangement between sponsor and sponsored to achieve clearly define objectives- it is not a charitable 'donation'
Define sponsorship
Sponsorship, either provided as cash or in-kind support as products or services (often called contra) to a festival or special event, is central to the revenue and resources for both new and ongoing/continuing events.
Explain the difference between location and venue.
A location/ destination describes where the event will take place ie Gold Coast, whereas the venue is the event's physical site, ie Gold Coast Convention and Exhibition Centre
What is the difference between economic assessment of events and costs-benefits analysis?
Economic assessment is focusing on the economic benefits that the event has produced for the regional community, whereas cost-benefit analysis focuses on the impacts the event has produced as a whole (both economic and non-economic).
What are important evaluation considerations?
Effectiveness: a measure of goal attainment - To what extend were the event objectives achieved Efficiency: a measure of resource use - How many resources were used in achieving the objectives? - Could the objectives have been achieved in some other way using fewer resources?
What is sponsorship fulfilment? (lecture notes & text p. 348)
Ensuring that your sponsor receives everything that they were promised during the event The key: better to undersell and over deliver
Review why logistics is important in event management (lecture notes)
Logistics is the planning, implementing and control of the whole event. Logistics is an important aspect within event management as logistics provides a whole operations approach, comprising event set up, staging and shutdown.
What is the difference between a market development strategy and a market penetration strategy?
Market development strategy involves identifying one or more new markets for an event, whereas market penetration strategy focuses on getting more of the same type of attendees from the same geographic location, without making significant changes to the market itself.
What is a project? (lecture notes & text p. 154)
- Non routine events - Occur in a defined time frame - Are limited by time budget and scope - Designed/produced to meet a client's needs
How should event managers cost their time? (lecture notes & text pp.203-204).
- 20% of the total amount to organise the event - Or fixed rate - Or per hour rate - Or some combination of the three options
How can events benefit from sponsorship?
- A source of revenue for administration and operations - Increases the marketing scope and reach of the event through the sponsor promotions - May entail the sponsor contributing expertise and staff to help run the event - May include product and service offers for event goers - Enlarges the event's consumer base (corporate, media, sponsors, customers etc) - Enhances the image of the event through association with a positive corporate image
What are the four main components of the promotional matrix? (lecture notes & text pp. 313-321). Explain them. (text pp.315-320)
- Advertising - Public relations - Sales promotions - Direct marketing
What is in the promotional matrix?
- Advertising - Publicity - Sales promotion - Personal selling or direct marketing
How can you influence attendee choices to be more sustainable?
- Alerting them to environmentally preferable transport options - Provide public transit passes in attendee's welcome / registration packs - Provide incentives to cycle or walk to events - Provide carbon off-set opportunities for attendees - Include event organisers use of transport
How can sponsors benefit from event sponsorship?
- Assess to specific niche/target markets - Opportunity to demonstrate products and services - Opportunity to improve relationship with distribution channel members) - Opportunity to provide employee rewards and recognition - Opportunity to entertain key clients with corporate hospitality and to access cosponsors for networking and sales
What are the three stages of evaluation?
- Before ("formative evaluation") - During ("progress evaluation") - After (or post-evaluation) ("summative evaluation")
What logistical considerations must an event organiser be aware of in the event shutdown stage?
- Crowd management (idiot check) - Packing up stage/event spaces - Removal of equipment - Site clean up - Site lock up/ security
What are common budget mistakes?
- Ignoring event objectives - Making up figure for likely event ticket sales before working out costs - Not involving everyone and identifying all cost centres - Being too optimistic - Not having enough start-up capital - Lack of paper work
List the factors that should be considered when choosing an event name?
- Is it distinctive - It is enticing - Is it memorable - Is it appropriate - Can it be reused
When picking a date/time for your event what factors do you need to consider? (lecture notes & text p. 139)
- Is the date pre-set - Are there any other events or activities within your area scheduled for the same time? If yes, do any of those events appeal to the same demographics? - Are there any local, state, national or religious holidays that might conflict? - Is the venue/ key vendor available? - What will the weather be like? - Is there enough lead time to produce the event?
What unique characteristics of events effect risk management planning?
- Large crowds - Complex activities - Unique events- combination of venue, weather, entertainment and crows - High profile events - Hazardous activities - Alcohol and drugs
What unique characteristics of events effect risk management planning?
- Large crowds - Complex activities - Unique events - High profile events - Hazardous activities - Alcohol and drugs - Inexperienced staff - Temporary sites - Overseas attendees - Poor communication - Inadequate training and briefing - Improvisation and last minute decisions
What factors should be taken into account when selecting your event venue? (lecture notes +& text pp. 424-425)
- Matching the event with the theme - Size, capacity and configurations - Facilities (power, toilets, ventilation) - Visibility, centrality, clustering, accessibility - History and reputation - Other considerations (crime, safety, weather)
What are some tips to reduce waste?
- Not plastic bag policy - Restrict use of single-serve items - Use biodegradable products / packaging - Restrict handouts - Use technology - Paperless ticketing
What is financial management?
Decisions that concern the sourcing, planning, allocation, monitoring and evaluation of monetary sources.
Define sponsorship
A cash and/or in-kind fee paid to a property in return for access to the exploitable commercial potential of association with that property.
What are some ways to be sustainable with respect to your purchasing needs for events?
- Only purchase what you need - Used recycled or recyclable products - Re-use equipment and materials - Repurpose rather than discard items at the conclusion of the event
Examined why 'public relations' is important to the event manager. (lecture notes; text p.316)
- Raise visibility of the event - Project a positive image of the event - Be more effective than ads- articles are read more often than ads - Provide instant credibility- people believe what they read - Be cost effective - Helps to attract sponsors and attendees
What factors should be considered when choosing a logo for your event?
- Simple - Imaginative - Memorable - Informative
Review the different sponsorship approaches.
- Sole sponsorship - Ad Hoc approach - A tiered approach
Discuss why organisations choose to or decide against a theme for their event. (lecture notes & text p. 422)
- Sometimes a theme is unnecessary - Believe that branding their events or meeting is sufficient for marketing purposes - Avoid message clutter
Is it necessary for all events to have themes?
- Sometimes themes are unnecessary - Believe that branding their events or meeting is sufficient for marketing purposes - Avoid message clutter
Who is interested in event evaluation?
- Sponsors and commercial clients - Club members - Local community - Government - Event management organisers / agency
How do you know if you are ready to seek sponsorship? (lecture notes & text p.332)
- Sufficient rights or benefits to offer sponsor - Stakeholders approval of commercial sponsorship - Congruence between the event and sponsor's target market - A policy indicating the suitability of different types of organisations as event sponsors - Resources, including personnel, to market and manager sponsorship/s congruence; good match nutri-grain and ironman
What should event have to seek sponsorship?
- Sufficient rights or benefits to offer sponsors - Stakeholder approval of commercial sponsorship - Congruence between the event and sponsor's target market - A policy indicating the suitability of different types of organisations as event sponsors - Resources, including personnel, to market and manage sponsorship/s
What contemporary trends are influencing the growth of event sponsorship?
- The growth in popularity of event and festivals as leisure experiences - Consumers are more cynical about traditional advertising - Shift away from transaction with consumers to relationship building - Rising cost of media space brand building and reduced effectiveness of advertising - Growth in number of media outlets - Rising popularity of other forms of communication (ie social networking) - More tv channels - Globalisation of sport - The state of the economy - Competition of sponsor dollars
What contemporary trends are influencing the growth of event sponsorship? (lecture notes & text pp.329-322)
- The growth in popularity of events and festivals as leisure activities - Consumers are more cynical about traditional advertising - Shift away from transactions with consumers to relationship building - Rising cost of media space brand building and reduced effectiveness of advertising - Growth in number of media outlets - Rising popularity of other forms of communication - More tv channels - Globalisation of sport - The state of the economy - Competition of sponsor dollars
What factors should be taken into account when selecting your destination?
- Understand the event's purpose (and client's organisation's objectives) - Understand attendees and their geographical location - Obtain a list of ethical/ environmentally responsible service providers - Evaluate all aspects of the city and venue
State and explain the four ticket pricing strategies
1. Backward pricing Price is set without regarding costs (usually done for political reasons). The manager must determine the feasible level of event service based on anticipated revenue 2. Reference pricing 'follow the leader pricing' New events look at the ticket pricing of similar events 3. Differentiation / prestige strategy Positioning strategy designed to suggest quality and attract a higher spending visitor segment Relies on marketing communication to promote the exceptional value of the event 4. Market penetration Ticket prices start low to get into the desired market; deals may be offered (EG. Two for one
What are the generic marketing strategies?
1. Differentiation strategy: creating something that is perceived to be quite unique across the event/festival sector 2. Market penetration strategy: focus on getting more of the same type of attendees from the same geographic area without making significant changes to the market itself 3. Market focus strategy: involves identifying a single market segment, designing an event to meet its needs and focusing all promotional efforts on it 4. Market development strategy: involves identifying one or more new markets for an event
What is involved in developing a budget? (5 steps)
1. Establish the economic environment 2. Establish budget guideline 3. Identify and estimate cost areas and revenue sources 4. Prepare draft budget for approval 5. Evaluate draft budget and prepare final budget
What are stages of the event budget process (lecture notes & text pp.193-194).
1. Establish the economic environment 2. Establish budget guidelines 3. Identify and estimate cost areas and revenue sources 4. Prepare draft budget for approval 5. Evaluate draft budget and prepare final budget
What three trends have driven the rapid greening of the event management industry?
1. Event audience are more aware of sustainability issues and expect environmentally responsible events 2. Increased environmental conditions from government agencies (that fund / regulate/ licence events) 3. Pressure from sponsors and their clients for sustainably produced products.
what are the three levels of evaluation to consider when planning event data requirements?
1. Financial analysis 2. Economic impacts 3. Cost-benefit analysis
Review the levels of evaluation to consider when planning event data requirements
1. Financial analysis: analysis of income and expenditure to determine whether the event made a profit, loss or broke even 2. Economic impact: analysis of event and visitor expenditure to determine he economic benefits for the regional community 3. Cost-benefit analysis: attempts to evaluate all impacts of an event (economic and non-economic)
Problems with economic impact assessment (Lecture notes).
1. How do you define 'visitor' and the 'region of interest' 2. Time switching/displacement 3. Hidden costs 4. Source of event management and sponsor budget 5. Expenditure on infrastructure 6. Leakage
What are six problems with economic assessment of events?
1. How do you define 'visitor' and the 'region of interest'? 2. Time switching / displacement 3. Hidden costs 4. Source of event management and sponsor budget 5. Expenditure on infrastructure 6. Leakage
What are the five phases of project management in relation to events? (lecture notes; text pp. 157-159)
1. Initiating the project 2. Planning 3. Implementation 4. The event 5. Shutdown
What consumer expectations are influenced by four service characteristics?
1. Intangibility 2. inseparability 3. Variability 4. Perishability
Examined how service characteristics of events influenced consumers. (lecture notes & text pp.260-261).
1. Intangibility This type of event can be seen, touched or trialled prior to its purchase and consumption - Imagery is used to convince people to attend Eg. Melbourne Wine and Food festival 2. Inseparability The production and consumption of the event occur at the same time and place and thus inseparable - Links to satisfaction levels Eg. Toilets being dirty in festivals 3. Variability - Events are unique - The way in which an event I experienced by consumers varies - Variability is linked to the concept of 'service encounter' (the way in which those delivering services interact with consumers, thereby affecting their satisfaction levels) - Linked to site design (Eg. eating) Eg. seating varies by experience the more you pay the better the experience (concerts) 4. Perishability Because production and consumption occur simultaneous, service cannot be stored in advance for future consumption Eg. dinner in the sky
What are the four principles associated with theme development?
1. It should alter a guest's sense of reality 2. It must combine space, time and matter into an integrative whole 3. It is strengthened by creating multiple places in space 4. It must fit the client's tolerance levels (knowing the culture and food requirements, what is acceptable and show respect)- think ahead about the consequences of actions and event
What are the three forms of proof according to Aristotle? (lecture notes) How do they relate to media relations?
1. Logos (logical appeal of words) Typically includes who, what, when, where and why 2. Pathos (emotional appeal to individual feelings) Established through words, graphics, or picture choices 3. Ethos (credibility/ reputation) - Venue choice - Persons attending or participating in event - Other - who indicate the event is worth attending
What are six factors to consider in market segmentation?
1. Measurability 2. Size 3. Accessibility 4. Durability 5. Recruitability 6. Actionability
What are four categories of cost according to Catherwood and Van Kirk (2012) (lecture notes & text p.203)?
1. Operational or production costs 2. Venue and site rental 3. Promotion 4. Entertainment
What are the four main categories of costs?
1. Operational or production costs 2. Venue and site rental 3. Promotion (advertising and PR) 4. Entertainment (talent)
What steps are in the evaluation process?
1. Planning and identification of event data required 2. Data collection 3. Data analysis 4. Reporting 5. Dissemination
What are the five stages of the event evaluation process?
1. Planning and identification of event data required 2. Data collection 3. Data analysis 4. Reporting 5. Dissemination
What is the events services marketing mix (5p's)?
1. Product - programming, packaging (experience from a to b) 2. Price - or exchange of value for experience 3. Place - physical site 4. Promotion- integrating marketing communication 5. People - partnership included
What are the 5Ps of the 'service marketing mix? (lecture notes & text pp.286-293)
1. Product experience (the core service), its programming (different event components, their quality or style) and its packaging (a mix of opportunities within the event or marketing of the event with other external attractions, accommodation and transport to the event) 2. Price or the exchange of value to experience the event 3. Place (location(s) where the event is held and how its tickets are distributed), its physical setting (the venue layout relative to consumer needs) and on-site event processes (queuing and so on). 4. Promotion or integrated marketing communication (media and messages employed to build relationships with the event markets and audiences) 5. People (cast, audience, hosts and guests) and partnerships (stakeholders such as sponsors and media)
What are the stages in developing the event sponsorship strategy?
1. Profiling the event audience 2. Establishing what the event can offer potential sponsors 3. Building the event sponsorship list o Determine types of sponsors 4. Matching event benefits with potential sponsors 5. Preparing sponsorship pitch o Sponsorship meetings o Undertaking the sponsorship screening process: CEDAREEE o Finalise and submit proposals o The outcome 6. Sponsorship fulfilment 7. Post event (evaluation-other measurements)
Review stages in an event sponsorship strategy? (lecture notes & text pp.340-347)
1. Profiling the event audience 2. Establishing what the event can offer potential sponsors 3. Building the event sponsorship list 4. Matching event benefits with potential sponsors 5. Preparing sponsorship pitch 6. Sponsorship fulfilment 7. Post event
Describe the two types of budget used in event management?
1. Program budget 2. Line budget
Describe the two types of budget used in event management?
1. Program budget: a budget constructed for specific program elements (i.e performing stage) - Used for isolating and comparing the costs associated with particular areas/components of an event. 2. Line budget: a budget where a cost and revenue item for the event is calculated (one line at a time)
What five areas should event managers play particularly attention to reduce environmental impacts?
1. Purchasing 2. Energy use 3. Waste production 4. Transport 5. Water management
How could public relations help event organisers promote their event?
1. Raise visibility 2. Project a positive image of the event 3. Be more effective than ads - articles are read more often than ads 4. Provide instant credibility - people believe what they read 5. Help you attract sponsors and attendees 6. Be cost effective
What is the strategic marketing planning process? (lecture notes)
1. Segmenting and targeting the event market 2. Positioning the event 3. Developing event marketing objectives 4. Choosing generic marketing strategies and tactics for event 5. Selecting the events marketing mix
What are the five steps in strategic event marketing process?
1. Segmenting and targeting the event market 2. Positioning the event 3. Developing event marketing objectives 4. Choosing generic marketing strategies and tactics for events 5. Selecting the event's 'service marketing' mix
List the nine ways an event organiser could 'position' their event (lecture notes & text pp.280-281)
1. The existing reputation or image of the event 2. The charisma of a director or leader 3. A focus on event programming 4. A focus on performers 5. An emphasis on location or facilities 6. Focus on the event users 7. Price versus quality 8. The purpose or application of the event 9. The event category or 'product' call (e.g BYOF)
What are the 9 ways for event organisers to 'position' an event?
1. The existing reputation or image of the event 2. The charisma of a director or leader 3. A focus on event programming 4. A focus on performers 5. An emphasis on location or facilities 6. Focus on event users 7. Price versus quality 8. The purpose or application of the event 9. The event category or 'product' class (EG. BYOF)
How can event managers estimate costs? Describe 3 different methods.
1. Top-down estimating Estimate or 'ballpark figure' based on comparison to similar events/ event manager's experience This is used in the early development stages of the event and does not have a very high accuracy level 2. Bottom-up estimating Event is divided into its components and costs are estimated for each component 3. Parametric estimating The overall cost of the event is assumed to be related to one element - parameter of the event EG. Cost of 1 person is multiplied by the number of people attending the event
Describe three different ways of estimating costs (lecture notes & text p.203).
1. Top-down estimating - Estimate a 'ball park figure' based on comparison to similar events/ event manager's experiences - Used in the early development stage of event - Has an accuracy of +/-25% 2. Bottom-up estimating - Event is divided into its components and costs are estimated for each component - Quotes may be obtained by phoning suppliers and this increases the accuracy of budged estimates 3. Parametric estimating - The overall cost of the event is assumed to be related to one element - parameter of the event, EG cost of 1 person is multiplied by the number of people attending the event = the total cost - Common in convention and exhibition industry- 'floor space' or 'cost per square meter'
What is a budget? Why is it useful to event managers?
A budget in event management can be described as a quantified statement of plans. This budget acts as a baseline for comparing actual costs and revenues against projected costs and revenues.
What is the multiplier effect?
3 types of expenditure: 1. Direct expenditure: economic impact due to visitor expenditure 2. Indirect expenditure: money spent on a meal by event tourist 3. Induced expenditure: the event may also stimulate additional activity in the economy resulting in increased wages and consumer spending.
What is the difference between a' market development strategy' and a 'market penetration strategy'? (lecture notes & text pp.282-283)
A market development strategy involves identifying one or more new markets for an event, whereas a market penetration strategy focuses on getting more of the same type of attendees from the same geographical location, without making significant changes to the market itself.
Define budget
A quantified statement of plans. A budget acts as a baseline for comparing actual costs and revenues against projected cost and revenues.
What is a work breakdown structure?
A structure used to divide up the required work for the event.
What is the difference between an 'ad hoc' approach to sponsorship, versus a 'tiered' approach?
Ad hoc sponsorship approach regards all sponsors as equally even if one where to give one thousand dollars versus one million dollars, whereas a tiered sponsorship approach acknowledges the variations in contributions and to accommodate for this, the more that is contributed the better the return on investment (promotional wise).
Define logistics management
An analysis tool to manage an aspect of an event by subdividing the work into categories
What is 'flow control'?
Area of logistics focussing on the movement of customers, products and services.
Why is it important to manage queues?
Because queuing is often customer's first experience of the event so it is important that there is a strategy in place to ensure that event patrons remain satisfied.
Why should you help sponsors evaluation their involvement with your event? (lecture notes & text p.351)
By helping the sponsors evaluate their involvement with the event, the sponsors are more likely to want to participate the following year.
Why is cash flow so important to event managers?
Cash flow is important to event managers as without money the event cannot run. It is essential that cash flows are monitored and all expenses are justified to ensure that all unexpected and expected costs can be paid for without stress.
Why are 'credence qualities' important to some events? (lecture notes & text p.261)
Credence qualities are characteristics that consumers don't have enough knowledge or experience to understand or evaluate. It is important that within an event marketing scheme, information about the significance of the event is projected to increase the knowledge of the demographic, to ultimately spark their interest and enable them to want to attend this event.
What is the difference between 'crowd management' and 'crowd control'?
Crowd management refers to the facilitation and management of crowds, whereas crowd control refers to the steps taken when the crowd has lost control.
What may a potential sponsoring organisation take into consideration when screening sponsorship applications?
Customer Audience Exposure potential Distribution channel audience Advantages over competitors Resources investments involvement required Event characteristics Event organisation's reputation Entertainment and hospitality opportunities
What may a potential sponsoring organisation take into consideration when screening sponsorship applications? CEDAREEE
Customer audience Exposure potential Distribution channel audience Advantage over competitors Resource investment involvement required Event characteristics Event organisation's reputation Entertainment and hospitality opportunities
What is the difference between 'financial' and 'health and safety' risks?
Financial risk can result in either a gain or a loss (profit/loss) whereas a safety risk always results in a loss.
What is the difference between 'financial' and 'health and safety' risks?
Financial risks can either result in a gain or a loss, whereas health and safety risks can only result in a loss.
What is the difference between fixed/overhead costs and variable costs?
Fixed costs: related to the event (EG. venue hire) Overhead costs: associated with running the event management company (EG. phone, staff, rent) Variable costs: expenses that pertain solely to the event (EG. goods sold or services provided) and are directly related to the number of people who attend the event (EG. Food and beverage costs)
What is the difference between fixed/overhead costs and variable costs?
Fixed: related to the event Eg. Venue hire Overhead: associated with running the event management company Eg. Rent , staff and phone NB: both fixed and overhead costs do not relate the amount of attendees/consumers Variable: expenses that pertain solely to the event and are directly related to the number of people who attend Eg. Food supplies
What is 'flow control'? (lecture & text p.454)
Flow control is an area of logistics that focuses on the movement of customers, products and services.
What is the danger of having a sole sponsor?
If sponsors, choose to leave for whatever reason event can be left with nothing
What is voluntary assumption risk?
In all sports participants voluntarily assume those risks which are considered to be generally inherent in the sport.
Discuss why it is important to identify the target audience when creating an event concept. (text p. 139)
It is important for the events success that the target audience is acknowledge so that these primary stakeholders are targeted for all the event has to offer.
What is the danger in having a sole sponsor?
It is very easy for 1 sponsor to pull out of the commitment if some circumstance was to change, this would cause the event to struggle and may result in the shutdown of the event! It is essential that event organisers have back up options or consider another form of sponsorship (ad hoc or tiered approach)
Events are experiences. Explain what this means and how it impacts on event marketing (text pp.260-261)
Marketing consists of all activities designed to generate and facilitate an exchange intended to satisfy humans needs and wants. In other words, marketing is used to enhance the consumer experience as any given events, and ultimately satisfy the consumer present. This positive relationship formed, and experience shared is the goal for the event.
What is sustainability?
Meeting the needs of the present without comprising the ability of future generations to meet their own needs.
What is the difference between 'negligence' and 'contributory negligence'?
Negligence is the failure to use a degree of care which an ordinary person of reasonable prudence would use under the given circumstances, whereas contributory negligence refers to the lack of ordinary care on the part of an injured party which helped to cause the injury.
How is negligence and contributory negligence different?
Negligence refers to the failure to use the degree of care which an ordinary person of reasonable prudence would have in the given circumstances, whereas, contributory negligence is the lack of ordinary care on the part of an injured party which helped to cause the injury.
What are the elements of the logistics system?
Pre-event Supply of customers - Marketing - Ticketing - Queuing - Transport Supply of product - Transport - Accommodation - Artists needs Supply of facilities - Security - Power - Water - Contractors Staging Event on-site logistics - Flow of audience, artists & equipment around the site - Communication - Consumables - VIP & media requirements - Emergency procedures Event shutdown - Removal - Cleaning - Contract acquittal
What is the difference between qualitative and quantitative data?
Qualitative data is words, images, photos footage, experiences, viewpoints and opinions collected through interviews, focus groups, observation, meeting, records, conversations etc. Quantitative data on the other hand is numerical data about the event such as volume of ticket sales.
What is the difference between qualitative and quantitative data? lecture notes & text p.497)
Quantitative data is numerical data about the event such as volume of ticket sales, whereas qualitative data is words, images, photos etc that are collected through interviews, focus groups observations etc.
Why is it important to manage ques and transport? (lecture notes & text pp.458 - 459; 461)
Queuing and transport are the first areas of logistics that consumers see. These aspects need to be organised and flow on from one another to ensure that all event patrons are satisfied.
What is gross negligence?
Reckless and wilful misconduct where the standard of duty of care of any reasonably prudent person has been ignored by such a shockingly wide margin that it reflects an indifference to the natural and probable consequence as to almost amount to an intentional act.
What does 'scope' mean in project management? (text p. 163)
Refers to the amount of work require to get the event up and running and then to shut it down.
How do event managers address the sensitivity problem? (lecture notes & text p.204).
Sensitivity (cost blow outs and unforeseen circumstances) In order to accommodate for sensitivity event companies, tend to add 10%-15% contingency to their budgets.
What is sensitivity? Why is it a consideration in financial management?
Sensitivity is basically a cost blow out or any unforeseen costs. It is important to consider sensitivity in financial management as it is important to ensure that funds should be allocated to accommodate for these expected expenses.
Draw the risk management process. Describe each stage
Step 1: Establish the context - Considers the environment in which the event will operate - Considers the goals of the event organisation and the event - Identify internal and external stakeholders who would be affected by risk Step 2: Identify risks Techniques include: Brainstorming o What could happen? o How could it happen? o Who could suffer? Gap analysis o A selection of documents to review Delphi analysis Interviews Site inspections Scenario/tabletop exercises Fault diagram Step 3: Analyse risks Considerations: - What is the likelihood of an incident occurring? - How severe will the consequences be? - What are the existing risk management controls? Step 4: Evaluate and rank risks Assess and prioritise risk based on likelihood/ consequences (and ability to cope) Step 5: Treat risks - Avoid risks - Prevent risk - Reduce risk - Distribute risk - Transfer/deflect risk
What is the risk management process?
Step 1: establish the context Step 2: identify risks Step 3: analyse the risk Step 4: rank risks Step 5: treat risks
What are the important areas of logistics?
Supply - Customer, product and facilities - Involves procurement Transport Linking - Logistics efforts must be integrated with other areas of event management Flow control - Movement of customers, products and services Information networks - Efficient flow of information during the event
What is the break-event point? Why is it important for event managers to identify this point (lecture notes & text pp. 197-198)?
The break-even point is the intercept where the expenses and the revenues cancel out and equal 0. From this point it where profits can be made. It is important for event managers to identify this point as it is creates a guideline for how much projected revenue needs to be acquired to reach this point before profits can be obtained from this event.
What is public relations?
The deliberate, planned and sustained effort to establish and maintain mutual understanding between an organisation and its publics. It's the key to effective communication in all sectors of business, government, academic and not-for-profit.
What is the difference between a 'differentiation strategy' and a 'market focus strategy'? (lecture notes & text pp.282-283)
The differentiation strategy focuses on the want to create a unique event, whereas the market focus strategy primarily focuses on identifying a single market segment and then formulating an event to meet that particular demographics needs.
What is credence qualities?
The lack of knowledge/information about the event for consumers.
Review segmenting the target market (lecture notes; text pp.278-280)
The market segments chosen should be: - Measurable: the characteristics of the segment must be accessible to the event marketer - Substantial enough in size to be worth targeting - Accessible by normal marketing communication channels - Actionable by the event organiser, given the marketing budget and other resources
Define marketing
The process by which event managers and marketers gain an understand of their potential consumer' characteristics and needs in order to produce, price, promote and distribute an event experience that meets those needs, and the objectives of the event.
What is marketing? Why is it important in event management? (text pp.258-260)
The process by which event managers and marketers gain an understanding of their potential consumers' characteristics and needs in order to produce, price, promote and distribute an event experience that meets those needs, and the objective of the event.
Define event evaluation
The process of critically observing, measuring and monitoring the implementation of an event in order to assess its outcomes accurately.
What is event evaluation? (lecture notes & p.492)
The process of critically observing, measuring and monitoring the implementation of an event in order to assess its outcomes accurately.
Define risk management.
The process of making and carrying out decisions that minimise the adverse effects of potential losses of an event
Define risk management
The process of making and carrying out decisions that minimise the adverse effects of the potential losses of an event.
What important considerations must be taken into account in relation to event objectives and evaluation?
When evaluating an event, it is important that the events objectives are discussed in relation to whether the event successfully achieved them. What where the objectives? - Financial - Creation of regional economic benefit - Commercial promotion - Creation of social or community benefits
What is a work breakdown structure (WBS)? Why would it be useful for an event organiser to create a WBS? How can the event organiser use the WBS in the event planning process? (text pp. 164-168)
When planning the project work breakdown structure can be used to divide up the required work.
What factors should be considered in market segmentation? (lecture notes & text p.278)
a. Measurability b. Size c. Accessibility d. Durability e. Recruitability f. Actionability
What are the four types of potential hazards?
i. Human ii. Technology iii. Natural/physical iv. Environmental
What are potential hazards?
i. Human ii. Technology iii. Natural / physical location of site iv. Environmental