Module Introduction to Meetings, Incentives, Conference, and Events

Management-MICE (Laboratory)
Laboratory 3 Instruction:

• Student must wear semi-formal once they present

• 1MIN-3MAX minutes per group
• User ID and Password will post one day before the presentation
• Use Name Tag
• Observe punctuality during the presentation
• User id and password must be given one day before the date schedule

Details

Name of the Company: Exquisite Unfold Events Co.

Target Market:

1. Middle to High Income Earner Individuals

2. Families
o Wedding
o Birthday Parties
o Themed Parties
o Baby showers and Christening
o Reunions and Other Gatherings
3. Small Group of People
4. Group of Friends
o School related
o Students and Teachers
o Surprise Events
o Reunions and Other Gatherings
5. Large Group People
6. Organizations and Companies
o Meetings and Conferences
o Private and Corporate Events
o Company Get-away
o Celebrations
o Hospitality Suites
o Charitable Events
o Reunions and Other Gatherings

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Module Introduction to Meetings, Incentives, Conference, and Events
Management-MICE (Laboratory)
SWOT Analysis of the Company
Strengths Weaknesses
1. The Exquisite Unfold Events Co had 1. Lacking of patent protection, especially
enough experienced and motivated those events to be executed outside.
team – working with people who know 2. Rising manufacturing cost can force you
what to do and at the same time work to raise prices on your products, even if
with commitment regardless of whether materials and labor do not rise.
they are volunteers or professional event 3. Possibilities of high cost structure in any
coordinators increases the chance of time.
success of the event.
2. The Exquisite Unfold Events Co have an
effective tool for the promotion of events
– if you operate in the event industry,
you already know that without marketing
in the social media promotion isn’t really
possible.
3. The Exquisite Unfold Events Co
established and maintained a strong a
good reputation among customers
aggressive and focused marketing good
materials Management with clear Goals
and strategies
4. The Exquisite Unfold Events Co have
strong branded recognition, a legacy
and positive attitude.
5. The Exquisite Unfold Events Co have a
best people/working committee for the
event.
6. The company is always prepared to
make an elegant venue for the event and
it has been Planned for a long period of
time
7. The Exquisite Unfold Events Co have a
good reputation among customers.
8. We have a broad market coverage; we
are able to serve many markets.

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Module Introduction to Meetings, Incentives, Conference, and Events
Management-MICE (Laboratory)

Opportunities Threats
1. A growing market of companies that 1. Unexpected rage from criticisms and
are outsourcing event planning insults towards people.
activities. 2. Unexpected growing number of guests.
2. Being one of the first service providers 3. Bad weather – this is a particularly
concentrating on this specific niche. serious threat when organizing an
3. Growing number of interested outdoor event.
investors for the company. 4. Future competition from existing service
4. The company will be popular and providers competing in different but
recognized. complimentary market spaces.
5. Expand core business and apply the 5. Unexpected rise of labor cost
brand name of our company in new 6. Increase in domestic competition.
areas to recognize and offer our
service, arrival of new technologies to
speed up and facilitate the work and to
attract customers and seek fast market
growth.
6. Expand into foreign markets to expand
and better recognize our company not
only locally but also abroad, and
increase the opportunities for
increasing business income.
7. Expand of the company’s core
business for every event we handle.
8. Could exploit new market segments.

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Management-MICE (Laboratory)

PESTLE Analysis of the Company

P Political
• Impact on economy.
The political situation of a country affects its economic setting. The economic
environment affects the business performance.
For example, there are major differences in Democratic and Republican policies
in the US. This influences factors like taxes and government spending, which
ultimately affect the economy. A greater level of government spending often
stimulates the economy.
• Changes in regulation
Governments could alter their rules and regulations. This could in turn have an
effect on a business.
• Political stability
Lack of political stability in a country effects business operation. This is especially
true for the companies which operate internationally.
For example, an aggressive takeover could overthrow a government. This could
lead to riots, looting and general disorder in the environment. These disrupt
business operations. Sri Lanka was in a similar state during a civil war. Egypt and
Syria faced disturbances too.
• Mitigation of risk
Buying political risk insurance is a way to manage political risk. Companies that
have international operations use such insurance to reduce their risk exposure.
There are some indices that give an idea of the risk exposure in certain countries.
The index of economic freedom is a good example. It ranks countries based on
how politics impacts business decisions there.
E Economic
• Demand and Supply
The demand and supply are two principal factors that affect the working of any
business model. The demand is the will and ability of consumers to purchase a
particular commodity, while supply is the ability of the business to provide for the
demand of consumers. Suppose, a mobile phone infused with latest technology is
introduced in the market, it will have a higher price because of its demand in the
market. Its prices will continue to increase if the supply does not meet the demand.
• Marginal and Total Utility
Utility is the amount of satisfaction, that is derived by consumers from the
consumption of goods. It so happens that after continuous and successive
consumption of units of the same goods, the satisfaction that is experienced by a
consumer starts decreasing. This often results in short-term or long-term fall in
sales. Some organizations prepare for the launch of another brand, before the fall
in utility and sales is experienced. The launch of new brand ensures that the

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revenue trend of the business does not fall. Diminishing utility is among the
external factors affecting business.
• Money and Banking
Banking facilitates monetary and fiscal policies that affect business and also the
customers of the business. Money in circulation dictates the purchasing power or
rather the demand of the consumers. On the other hand, the banking facility
dictates the borrowing capacity of individuals as well as the business. The banking
policies play a decisive role in affecting the prices of goods and interest rates along
with investment and asset prices. The monetary policies of countries also influence
the economic activities and inflation. This whole dynamic process is also known
as monetary policy transmission mechanism.
• Economic Growth and Development
Economic growth dictates the amount of finances that the society at large is
earning and development indicates the volume of money that is being invested
into channels of long-term upgradation. Among all the economic factors,
development is the most important one, as a business has to cater to the demands
of an economically dynamic society. For example, the luxury brands perform well
during an economic upturn, much more than the companies which produce
essential offerings.
• Income and Employment
Other important aspects of the economy that affects a business operation, are the
employment density and rate of income. The per capita income and density of
employment determines the rate of demand, density of demand, and also the
purchasing power of the people. For example, during an economic upturn, there
are employment opportunities which generate income that enables people to
possess a stronger purchasing power. On the contrary, as the employment density
and income rate go down during recession period, the purchasing power of the
people also diminishes.
• General Price Level
Another very important aspect of the economy that plays a part in the growth of
business is the general price levels of commodities. Costs of raw materials, paying
power of people, cost of production, and cost of transportation are some of the
most important components that determine the general price levels and in turn,
lower the profit margin of a business.
• Trade Cycles
A trade cycle plays a part in fluctuating the costs of goods and commodities in an
economy. Prosperity, recession, depression, and recovery are the phases of a
business cycle that affect the demand and supply of all goods. Also, trade cycles
often affect the general price levels of essential and non-essential commodities.
• Inflation
Inflation is a phenomenon that occurs when there is too much supply of money in
the economy that is not supported by the output of goods and services. As there
is a lot of money floating around, the prices of goods also increase in order to
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sustain the businesses, resulting in the increase of costs of raw materials which
are needed for production. A hike in the prices of raw materials, thus, also
increases the cost of a product.
• Recession
During recession, companies face a decrease in sales revenues and profits. To
curtail cost, they resort to cutting back on hiring new employees, making capital
expenditure, marketing and advertising expenditures, research and development
activities, etc. This not only affects large organizations, but also the small ones
which act as vendors to these big companies.
S Social/Cultural
• Picking the cause right for you
What does social change look like in the events space? For many, it means
supporting an organization or cause. This can be in many forms—maybe an event
host runs a food drive for a local food pantry, or has a toy drive during the holiday
season at a professional meeting. While small, these types of things can positively
affect the greater good of the community.
• Determining how best to serve
Once an organization has identified a cause that fits, it needs to assess what’s the
best way to deliver its support. Levin says leaders need to establish two things:
who (or what) they’re going to support and the frequency of that support.
• Reputation of Company in society
Reputation is a culmination of how society, including customers, stakeholders,
employees, and the general public, views a business or individual. Because it’s
fairly abstract, we tend to measure company reputation on a qualitative scale that
ranges from “good” to “bad” rather than with a numeric score.
• Buying Habits and Consumer Preferences,
Buying habits are the tendencies customers have when purchasing products and
services. These tendencies come from a variety of different factors, many of which
seem obvious and unimportant. When examining buying habits, take into account
both physical and mental factors that make up your customer or client base. By
examining the buying habits of your customers, you’ll be better able to build a
marketing plan that taps into the buying habits of your target customer and drives
more sales.
• Social Organization (communities, social groups, gangs, ad-hoc
gatherings, etc.) set of relations, which constantly change.
The optimum condition of social structures is dynamic balance. Social structure is
"on the move", consist of constantly operating organization, social categories and
units taking concrete action. These units are subject to modification, there are also
replaced by other, but in a way that does not lead to violation of the stability of the
entire system.

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Management-MICE (Laboratory)

T Technological
• Rapid Development of Fact Communication Networks,
• Growing efficiency of computer systems (processor speed, database and
memory capacity),
• Global reach of information about company and competitors,
• New web 2.0 (and newer) technology supports dynamic communication
with customers,
• New IT security challenges (encryption, certificates, SSL, HTTPS, etc.),
• Internet infrastructure (fibre optics, Internet speed, availability, mobile
capabilities),
• Internet banking and shopping,
• Distribution of non-material goods over Internet, social media influence on
marketing, SEO (search engine optimization activities),
• Capabilities of CRM systems,
• Information system security (i.e. based on ISO 27001),
L Legal
• Fair Standards Act
For wages and overtime pay which affect most private and public employment
requires employers to pay covered employees who are not otherwise exempt at
least the federal minimum wage and overtime pay of one and half times the regular
rate of pay
The law of supply and demand dictates the said price of an events
Healthy and Safe policy law to ensure the safeness in an event
• Future Legislation
Positive contribution to employee relationships and increases employees' sense
of fairness and trust in their employer have a positive impact in supporting
Business goals of the exquisite unfold event company.
• Legal factors connected to tax and customs regulations
1. country tax code (may be different in every country served by business),
2. tax restrictions for particular types of business,
3. export and import restrictions,
4. tax relief for some types of products or businesses promoting development,
5. taxes and customs imposed on consumed goods may influence demand,
6. individual income tax, corporate income tax,
7. overall tax and fiscal policy (excise duties),

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E Ecological
• Workforce Health
Coordinated and comprehensive set of strategies which include programs,
policies, and benefits, environmental supports, and links to the surrounding
community designed to meet the health and safety need of all employees.
• Barriers to corporate greening also emerged. These included:
1. The costs associated with acting in a more environmentally-friendly manner
2. The limited control that could be exerted within venues
3. An inability to source suppliers who prioritized the reduction of
environmental impacts in their work and limited availability of
environmentally-friendly supplies
• Climate change
Firstly, companies can aim to improve their resource productivity (for example by
increasing energy efficiency), thereby reducing their costs. Secondly, climate
change can spur innovation, inspiring new products and services which are less
carbon intensive or which enable carbon reduction by others.
• Availability of non-renewable goods
A nonrenewable resource is a natural substance that is not replenished with the
speed at which it is consumed. It is a finite resource.
Fossil fuels such as oil, natural gas, and coal are examples of nonrenewable
resources. Humans constantly draw on the reserves of these substances while the
formation of new supplies takes eons.
• Weather
Research shows that abnormal weather disrupts the operating and financial
performance of 70% of businesses worldwide. When weather conditions are on
average adverse over days, weeks, or entire seasons, shortfalls in sales cause
reduced cash flows and can lead to financial distress and business failure.

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Module Introduction to Meetings, Incentives, Conference, and Events
Management-MICE (Laboratory)
Competition Strategies of the Company

MARKETING TOOLS DIGITAL/ONLINE

• Word of Mouth • Website
Identify ways spread event via word of mouth Update website
• Databases/Direct mail • Social Media, Blogs, Forums
Mail and email addresses Facebook, Twitter, YouTube, Instagram, LinkedIn, etc.

• Loyalty/Return visitation program • Event Apps

E.g. discounts, special offers, thank you cards App or QR code for posters, adverts, fliers, etc.

• Ticketing • On-line advertising

Selling methods, online, at events, sign up day, etc. Google ads, Facebook, etc.

• Signature • SMS
Include event details in email signatures. SMS updates, details, etc.
PUBLICITY/PUBLIC RELATIONS • On-line Calendar listings
Event website calendars, Council, tourism operators,
• Free Editorial etc.
Editorial stories, pictures, listings, etc.
MARKETING MATERIALS
• Launch • Marketing Material
Launch for media, sponsors, stakeholders, etc. Fliers, posters, programs, etc. and distribution plan

• Functions • Signage; banners

Thank you functions, awards, welcome events, etc. Signs on town entrances, other locations, venues

• Guest speaking opportunities • Notice Boards/Letter box drops

Promote event at speaking engagements Notices on notice boards; shops, letter box drops
• Other Events/Promotions • Outdoor advertising
Attend other events, shopping centers, etc. Buses, billboards, signage, banners
MEDIA – EDITORIAL, ADVERTISING COMMUNICATIONS
• Media Releases • Local Politicians
Determine topics, dates, distribution strategy Request inclusion in newsletters, at office, etc.
• Television • Council, Tourism, Businesses
Sponsorship, community service announcements, paid Identify opportunities for advertising, promotions, special
ads, news stories offers, cooperative marketing, etc.
• Radio • Co-Promoters
Sponsorship, community service announcements, paid Identify potential partners to promote event – e.g.
ads, prize giveaways, news stories, interviews sponsors, local businesses, tourism, retailers.
• Newspapers EVALUATION
Sponsorship, advertising, media releases, prize
giveaways, joint sponsor promotions/adverts
• Magazines, Trade publications, • Media Clippings
Collate use the following year and to evaluate marketing
etc.
Media releases, stories, pictures, advertising

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