Sell of Tickets via Website as the Best Way Eliminating Many Risks - Business Plan Example

PROJECT MANAGEMENT INTRODUCTION A project is a temporary undertaking designed to create a distinctive product or service with a clear beginning and end. It enables different organizations to meet various goals and objectives with a purpose to bring about beneficial change or added value. The main objective of a project plan is to describe the method to be applied by the project team to deliver the proposed project management scope of the project. The purpose of this project is to sell eight hundred tickets for an international artist having into mind various challenges and risks involved and trying to address solutions to the challenges and how to evade the risks involved achieving the main objectives. EXTERNAL ANALYSIS Political Political factors are mainly to what extent the government intervenes in the economy. Political factors specifically comprise areas like labor law, tax policy, trade restrictions, environmental law, political stability and tariffs. Political factors might also comprise goods and services that the government wants to be provided with or provide and those that the government would not want to be provided. Moreover, governments have great weight on the health, infrastructure and education, of a nation. What matters in china is not the law and regulation but interpretation of these laws and regulation by the people in power as stipulated (Xiaowon, 2007). Economical According to Upendra (2005), when analyzing competition we must first identify the competition. Any business marketing a product similar to or as a substitute for our own product in the same geographic area is a direct competitor. Economic factors include economic growth, inflation rates interest rates and exchange rates. These factors have main impacts on how businesses make decisions and functions. For instance, interest rates have an effect on a firms capital cost and hence to what degree a business grows and expands. Exchange rates influence the costs of exporting produce and the supply and price of imported goods in an economy. Social Social factors comprise the cultural aspects and consist of health consciousness, age distribution and population growth rate emphasis on safety and career attitudes. Social factors influence the companys products demand and operation of that company. For instance, an aging population may mean a smaller and less-willing labor force therefore increasing the labor cost. Besides, companies may transform various management strategies to adjust to these social trends such as recruiting older workers (Taylor 2009). Technological factors Technological factors consist of technological aspects such as R&D activity, rate of technology change, automation and technology incentives (Allen, 2001). They can determine minimum efficient production level, barriers to entry and influence outsourcing decisions. In addition, technological shifts can affect costs, lead to innovation and quality. Legal Legal factors include discrimination law, health and safety, consumer law, employment law and antitrust law. These factors can influence how a company runs the demand for its products and its cost as indicated by Macleod (2002). Environmental Environmental factors include ecological and environmental aspects such as climate, weather and climate change, which may particularly affect industries such as farming, tourism and insurance. In addition, growing awareness of the possible impacts of climate change is affecting the operation of companies and the goods they offer, equally creating new markets and destroying or diminishing existing ones. This calls for the need to analyze your environment (Ford et al, 2003).There is need to study the present operating environment to foresee where things are moving. Are there interesting opportunities that should be pursued? What future possibilities are there in an industry, and how will these affect the work that you do? Demographic Coskun (1998) explains that demographic factors include age, gender, ethnicity, disabilities, knowledge of languages, mobility, employment status, home ownership, religious belief or practice, tradition and culture, income and living standards. Regulatory Regulatory factors include associated regulations and act of parliament, national and international standards, local government by-laws, and mechanisms to check and guarantee compliance with these (Reilly and Brown, 2011). INTERNAL ANALYSIS Internal analysis, mainly concentrates in the three Cs”: composition, capability and culture Resources According to Lewis et al,(2006, pp102), Once an organization understands who the customers are, what they need, the industry’s competitive structure, and the state of the availability of the resources, it is ready to conduct an analysis of the internal environment to understand its strength. Resources are of two types; tangible and intangible resources. Capabilities Scott and Bohlander (2012) argue that the success of a business is based on establishing of a set of core capabilities. Core capability may be limited in number, but the advantage they have is the provision of a long term service. The long term services offered are technological innovation, service delivery and product development. In most cases, people are the major source that creates the firms core capability. SWOT ANALYSIS No matter the reason, using the S.W.O.T. analysis can compel thoughtful, creative and strategic thinking. And, when used correctly, the S.W.O.T. analysis not only helps in identifying the strengths, weaknesses, opportunities and threats, but also helps in determine strategies for addressing each (William and Karl, 2007). Strength This entails, what advantages does your product have that no one else has? What exceptional about your product? (Mentrick and Lampert, 2010) Focus on ideas that make your present most convincing to a customer or prospect. Weakness Referring to Zager (2011), weakness enables someone to respond to questions such as, Where has mistakes been made in the past? Where cane improvement be made? What is not there that other products in your industry have? Focusing on this question enables the weaknesses to be curbed. Opportunity Opportunity requires consideration such as. What factors lead to the strengths? What is the potential expansion? Opportunities are external factors that signify why your corporation should grow or exists (Robert, 2007). Threats Threats can easily be analyzed when questions like. What challenges are being faced? What is the overall competitive landscape? And what competitors are doing? Threats are external forces that could affect the success, such as operation capacity, competition and cost of goods increases (Jordan el al, 2010). STRATEGIC OPTION In today’s entertainment market everybody is determined on escalating Fan Engagement. The question is how can artists engage supporters better and compel turnout and revenues. Mainly engagement starts with actually listening to fans and responding to their desires. Engaging in this way takes assurance and buy-in from the entire organization and staff. The best customer service organizations, understand that their achievement comes from doing more things 1% better and not from doing 1 thing 100% better than their rivalry. However it is doing the more things that the fan feels are most important. To find that out requires constant fan engagement, which must become the main objective of the artist.  To achieve this, a simple Seven Point Marketing strategy that involves actually listening and responding to clients at every stage. Market Analysis The first thing an artist must do is to frequently inquire opinions from the fans, then scrutinize and recognize who their fans are and what they want. Then artist must wisely recognize the needs of diverse fan segments, the diverse purchasing trends to enable them engage and activate each segment for example; business people, families, young supporters. The idea behind this is to identify the different market segment for this product (Ferrell and Hartline, 2012:135).  Retain According to (Dibb and Simkin, 2012, pp 9).Relationship marketing develops on-going contact with clients by focusing on maintaining links between them .maintaining existing avid and greatly involved stakeholders at the peak of the frequency escalator as premier or founding sponsors is the main job of all marketing and sales staff. Once artist have understanding, first work is to focus on maintaining existing customers. For example, in football, our livelihood is our season ticket holders. This are the main group that requires to be kept engaged as there spend is the highest and they are the most probable to refer other business. There is need to always evaluate the season ticket holder to enable as recognize high risk fans, listen to their problems and make sure they stay connected to the club. Grow Focusing on customers on hand who are at the lower end or middle of the escalator, and adding more tickets is the next most essential sales marketing activity. This contributes to grow the audience regularity and wallet share of our existing clients from the lower tiers by presenting them a full menu group tickets and of partial.   Acquire The third Job is the acquisition of new fans (Liu and Ramchandani, 2012, pp 65). This is by only focusing on those prospects most likely to buy, instead of relying mainly on mass-media promotion campaigns. A good example is a Group Sales Program targeting schools, youth football and community groups and availing them with impressive match day encounter that reinforce their bond to the team. Acquiring new clients and enabling them to try and sample the sports product is the third most key activity. The suggested approach to new client achievement is to use highly targeted and segmented direct marketing programs intended to those prospects that are most likely to buy. Examples may be a program driving media fans to a website to buy tickets, or aiming at youth participants in the same sport using social media-based promotions that resonate with them and their families, instead of relying mainly on mass-media advertising campaigns. Bernard et al (2014, pp 130) provides an intelligent marketing approach that is called 24-28-28. The strategies might be simple yet rely on a complicated and seamless integration of technology, followed by a personal touch. Using 24-48-48 Intelligent Marketing Strategy, a five-day, to acquire contact data, then data-mining, customized e-marketing message, and lastly a relationship-building phone call. Capture Within 24 hours of a customer, prospect or guest touching the sports property for example; ticket buyer or user, website surfer, TV viewer, merchandise buyer and premium seating product guest. According to Koontz (2010, pp 417), sophisticated technology is used to attract fans and prospect contact data. The vital data is collected in a single custom relation management system. It is then cleaned and checked for replication and run against privacy rules. In order to finish the three jobs in the sales, marketing and service strategy, there is need to successfully capture as much fan data as possible. Data capture plans such as social media competition or concourse, text for man of the match, etc. give fans a way to connect with the team while capturing vital data. Connect Within 48 hours of database hitting, the new contact data is run through a sequence of mining filters and assigned a potential score in relation to the well-established marketing model of regency, frequency and monetary value. The customer then gets a targeted and customized e-marketing message that is in line to their score and delivered by means of their chosen method. (Email, tweet, mobile and social media site). Intelligent communicate with the prospect and fans, ideally within 48 hours of them hitting our database is very important. Intelligent communication means we send the fan something of interest or value depending on what they have told us previously. It is true that for an artists, the fans are the lifeline to the sustainability and continuity of there career therefore connection with the fans is of great importance (Weisman, 2010, pp 321). Close Within two days after delivery, in spite of whether the customer responds to the message, the Fan Relationship Management Center staff starts a service call or sales to build the relationship and tries to produce an up-sell or close the sell. According to Fjermestad and Romano (2006, pp 173), electronic buyer relationship management will increase the customer satisfaction and minimize customer dissatisfaction. Any ticket sales and marketing plan that does not include all six tactics and strategies, incorporating staff intelligence collected during the marketing planning process and stakeholders, is almost definite to fail. This is right mainly in today’s regularly spammed-out world of millennial and aging boomers, who mainly prefer to be entertained on TV, particularly given the congested entertainment market place and sports. BENEFITS OF USING STRATEGY The main benefit of strategic management is improving the financial and economic result of company, increases its competitiveness, fast development and strengthening of the market position of the company. It has been evidenced that companies that practice strategic management perform better than those that do not. Employees under strategic management are highly motivated as compared to those where strategic management is not practiced, Harrison and Caron (2009, pp 18). Strategic management ensures the company ability to prevent problem. Managers who focus on workers attention to planning are helped in there planning and monitoring responsibility, by staffs who understand need for strategic planning. Strategic management provides unity in ideology and work at all hierarchical levels within the organization. Company strategy is the main component in which all the remaining factors governing the operation of the company are defined. As stipulated by Kozami (2002, pp 420), during the two earlier phases of the strategic management process, the strategists formulate the strategy to achieve a set of goals in a company. In companies where strategic management is practiced, enables consistency in decision making and better coordination of all functional and operational units within the company. Strategic management contributes to the understanding and clarification of the purpose and mission of the company and, hence increasing services of all employees for there merits and for the company strategy, develops and creates a culture for enterprises. Close combination of strategy formulation and implementation, helps to reduce resistant to changes and increasing employee motivation. This enables employees to understand better the performance-reward relationship and know the limiting factors and alternatives. Hence create a favorable climate for raising and developing company’s performance. This performance becomes a main prerequisite and foundation of growth of the potential national economy. Strategic management is the most excellent acquired form of management to predict future problems which the Company may face. RECOMMENDED STRATEGY The recommended strategy to be used in the sale of international artist tickets is by the use of website. This will enable expansion of the market to the external sources (Bowman, 1997, pp 281). Being that the website used will concentrate only on the sale of tickets, will enable someone to focus. Offering of one product will enable someone to really focus on the main benefits and respond to all the quarries asked by the people visiting the site. The opt-in offer is the tool that is to be used in gathering customers e-mail addresses and coming up with an e-mail list. This will regularly contact with the subscribers and will enable building relationships of loyalty and trust, hence being in a position to sell the tickets. Test placing the opt-in offer in a well-known point on your home page. Mainly where the visitors’ eyes are drawn first is at the top left of a page it is advised to place opt-in in the top fold of the home page. That is mainly the area of screen first visible to a visitor before they scroll down the page. Hover ads, are mainly contribute to the increase of sell. These ads are useful because they put vital information, such as special limited-time promotion or your opt-in offer, right in front of targeted visitors. The headline has an enormous impact on the sales. It is always the first thing visitors to the site see. The headline must grab the attention and compel them to read the sales letter. A good headline should emphasize on the problem target audience faces and bringing out the main benefit of your product or service in solving there problem. Work Breakdown Project Network Task name Predecessor task Time estimates Expected time Optimistic time normal Pessimistic time 1 Project scope review - 1 2 3 2 2 Budgeting 1 2 3 4 3 3 Website design 1,2 1 2 3 2 4 The opt-in offer 1,2,3 1 2 3 2 5 Hover ads 1,2,3,4 1 2 3 2 6 The headline 1,2,3,4,5 1 2 3 2 The data shown in the table above can be used to produce a chart in project management software that will indicate the critical path of the project. In the absence of such software the forward pas method was used to calculate the existence of slack and the critical path activities for the project. The calculations bellow will indicate how the critical path was arrived at. It should be noted that activities on the critical path in this model do not have a slack (Gudda 2011, pp201) Activity duration Early start time (ES) Earliest finish (EF) Late start (LS) Late Finish (LF) slack 1 2 0 2 0 2 0 2 3 2 5 2 5 0 3 2 5 7 5 7 0 4 2 7 9 7 9 0 5 2 9 11 9 11 0 6 2 11 13 11 13 0 From the to2ward and backward pass we realize that the critical path of the project takes goes through activities 1-2 -3-4-5-6. Estimation of Costs and Time The only cost that will be incurred in this project is for the web design. This will cost approximately US$ 345. CONCLUSION Considering all the possible challenges and risks that are involved in sales, sell of tickets via website is the best way, as it eliminates many factors. Website also enables the selling off tickets to a wider range of persons. RERFERENCE Bernard, J., Mullin, Hardy, S., William, A. and Sutton, (2014), Sport Marketing, USA: Human Kinetics. Bowman, R. 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