Formula One - Organising the Event as an Important Requirement in the Hospitality Industry - Example

Formula One Event Name Course Name and Code Instructor’s Name Date Executive Summary Hosting of an event requires an effective organising team that addresses numerous factors. Formula One event would incorporate young male persons aged 25-35 and these people should be drivers. The aim of the event is to create awareness and also to improve the region economically. Some of the stakeholders in this event include the government, audiences, participants and media outlets. The event could take place in Melbourne at Albert Park Circuit since it has the appropriate resources and infrastructure to support the event. To ensure the event becomes successful, it is important to address the issues associated with human resource. Some important individuals to guide organising of the event include the marketers, human resource and financial managers to name some. Different promotion channels would be utilised to engage the customers which are print media, television/radio and Internet. Table of Contents Executive Summary 2 Table of Contents 3 Brief Description of the Event 4 Festival Objectives 4 Stakeholder Analysis 6 Site Analysis 7 Logistics and Staging 8 Human Resources 9 Market Analysis 10 Market Research 11 Target market 11 SWOT Analysis 11 Marketing Mix 12 Customer Analysis 13 Marketing and Promotion 13 Sponsorship 14 Impact of the Event 15 Conclusion 16 References 16 Brief Description of the Event Occurrence of any event is attributed to social or economic requirement. Numerous factors play an important role in determining occurrence and staging of an event (Laney, 2007). The Formula One event is aimed at creating awareness and informing the participants on risks associated with dangerous driving. Numerous deaths and problems are associated with dangerous driving and therefore it is important to address the issue. The event is aimed at attracting young male drivers who are aged between 25 and 35 and they would be taught about road safety, effective driving and driving habits. The teaching would be directed by professional drivers towards the targeted audience because the targeted audience are associated with dangerous habits on roads. The event would take place at Albert Park because it has the facilities and equipments, which allows for effective hosting of such an event. Festival Objectives Objectives are the most important factor because it determines and states the direction in which an event would follow (Torrin, 2012). The objectives also provide means in which formulation strategy can be devised and implementation of the strategy. The Formula One objectives are three and are aimed changing the behaviour of a driver. The major objective of Formula One event is to change driver’s behaviour and educate how to drive safely, especially young male drivers aged 25-35 who are the main target audiences of the event. These drivers would be taught about effective driving, road safety and driving habits by professional drivers. Drivers within this age group tend to be the highest number of victims of road accidents. This is because they tend to speed and drive without following safety standards that are expected of them (Noble & Hughes, 2004). Such an event will attract many of these individuals, thus reaching a larger audience to educate them on road safety issues. The second objective is to increase awareness which will be financially related, as the event will increase the city’s awareness, employments, and tourists. These will bring huge benefits for the city where the event is held. Formula One race attracts huge investments, especially from companies sponsoring the events or taking part. It also acts as an advertising medium for the companies, which acts as an incentive to encourage such companies to take part in the competitions (Grundy & Brown, 2002). Moreover, tourists in form of spectators for the races will arrive at the venues, thus benefiting Melbourne residents as well as the country at large. People will also get employment opportunities, which will arise when making arrangements for the event and even during the event. The third objective is to encourage stakeholders to participate in creating awareness and informing the drivers on consequences of dangerous driving (Donaldson, 2002). Stakeholders such as traffic police and driving schools are supposed to participate in informing the drivers and educating the public on the consequences of dangerous driving and also utilisation of the roads by pedestrians. This would ensure the pedestrians are informed on how to cross the road and how to utilise the road (Heldman, 2009). Pedestrians are associated with numerous consequences of reckless driving and therefore informing them would reduce the chances of occurrence of accidents. Stakeholder Analysis For any event to become successful, stakeholders play an important role. Stakeholders can be defined as individuals or institutions that are affect by the event or play an important role when it comes to hosting the event. Various stakeholders will be involved during the preparations of the event. These include various vehicle manufacturers who would stand to gain from Formula One’s commercial profit. The government is also an important stakeholder (Torrin, 2012). They are involved in ensuring the safety of residents and also the event itself. Bearing in mind that Albert Park circuit is a street type race, the government should block the roads from residents when races or practice is taking place. Broadcasters are also important since they advertise the event prior to its occurrence and also air the event live to distant fans that are not able to attend the race. They would provide funds necessary for advertising the race events and ensuring that the teams taking part have the necessary facilitates them require (Heldman, 2009). Generally, the following are the important stakeholders and there contribution towards making the event to become successful: Government – apart from ensuring safety, the government would also participate because the event is viewed as a tourist attraction and hence the government gains through revenue generation. The government would also be responsible for providing permits and other legislation requirements. Vehicle manufacturers and distributors – these stakeholders would have an avenue in which they can market their respective products. The manufactures and distributors would also play an important role in informing the public on benefits associated with their products and services. Factors such as utilisation of original and genuine spares rather than fake spare parts. Media – the media would utilise their different platforms in informing and engaging the public on Formula One event. Moreover, the media would also inform the public on benefits associated with participating in the event. Local community – The community is crucial in ensuring the event becomes successful. The local community are the first audience who are targeted and also they provide the goodwill towards fulfilling the objectives of the event. Moreover, the community would benefit through the event because economic and social factors are associated with such an event. Audience/participants – The participants must attend the event so that the event can be successful. The higher the number of participants translates into more benefits to the community and maximisation of objectives. Professional drivers – These are the persons who would educate the drivers on becoming good drivers. The professional drivers would utilise their expertise towards ensuring the drivers are informed and also the pedestrians are informed on means that ensures effectiveness and safety on roads. Site Analysis There are various types of circuits all over the world, which are race, street, or road. Albert Park circuit is a street type which is a circuit held on closed city streets. The event will be held in Albert Park Circuit. The first race of this circuit was in 1996, the length is 5.303km, 58 laps, and race distance of 307,574km. Albert Park is located near Melbourne CBD, 3km away. The distinctive point is that the Melbourne Grand Prix Circuit is run on the public roads (Albert Park - Home of the Foster's Australian Grand Prix, 2013). Therefore, this takes a controversial issue as the road needs to be closed when the Grand Prix is held or practice days. Some residents may feel uncomfortable when they drive through those roads. The location is easily accessible which means more fans will be able to attend the event. Moreover, fans from different countries can also attend the events. It also provides a unique track that would offer different challenges for drivers in the race. Furthermore, the weather is perfect to allow for outdoor activities, thus fans will be encouraged to attend and cheer on their favourite drivers. Logistics and Staging Logistics is an important requirement that allows bringing together components that are required to ensure the event becomes successful. Assembling of resources ensures that the event is hosted effectively and prevents challenges associated with staging of events. Therefore, the event organisers should strategise and ensure all resources required for the event are brought in advance. Moreover, the organisers should understand the objectives of the event so that they can bring appropriate resources. For example, materials for guiding the drivers should be brought in advance and the material should complement the teaching of the drivers. In the same perspective, the staging environment whereby the appropriate resources would be positioned is important in ensuring a successful event. The appropriate equipments and resources should be placed strategically factoring into consideration the objectives of the program. The staging process should involve all the stakeholders and the experts (Williamson, 2012). For example, the government would assign some resources such as security personnel in ensuring safety and security is championed. In addition, involvement of local community is also important because they have better idea on the site when compared to persons from other regions. Generally, it is important to ensure the resources are collected at the right time and staging should involve applicable stakeholders to make them own the event. Human Resources In accomplishing the requirements of the project, human resource plays an important role. Human resource comes with different capabilities and it would ensure the event operates effectively (Piehl, 2007). The Formula One event requires diverse human resource that includes the human resource manager, marketing manager, logistics and finance. Some of the department associated with human resource are further elaborated. Administrative and finance department – the department would be responsible for activities associated with finance and also strategising with the aim of ensuring the event becomes successful. The department would also be responsible for requesting and collecting funds that will support the event to its completion. Marketing department – the department will be responsible in marketing and engaging the different stakeholders towards participating in the project (Greve, 2009). In addition, the department would choose the appropriate media in which the event would be communicated to the appropriate segment. The department also will develop and implement an integrated marketing campaign. Logistics department – the department will collect all important resources and ensure the resources are located where they are needed. The department shall also source other resources with support from the event management. Human resource department – this department will recruit and allocate roles and responsibilities to the employees and volunteers. Moreover, the department will do a job analysis and formulate strategy in which expertise is encouraged in employing the appropriate personnel. Liaison department – the department will be responsible in relating the event management with other stakeholders. The department will be providing frequent updates to the public and source for support from the appropriate stakeholders. Market Analysis Market analysis allows analysis the business environment with the hope of understanding how the organisation operates relative to competitors. In addition, market analysis allows for identification of the appropriate consumers (Huff, 2008). The process would also allow understanding consumer behaviour since the behaviour of the customers would define the appropriate strategy in engaging with the customers. Market Research To fulfil the requirements of market analysis, market research is usually utilised in collecting appropriate information. Market research will allow the marketer to relate with the public with the aim of convincing the customers to participate or purchase a product (Grundy & Brown, 2002). Some of the activities that take place include collection of information and then refining the data with the aim of formulating effective marketing strategies. Formula One is a sporting event that is appreciated across the world and it has a huge following. The information for Formula One will be collected from the media with the aim of refining the information to ensure appropriate approach is employed in directing the event. Target market Market segmentation is important in breaking a bigger customer base with the aim of maximising organisational resources with the purpose of achieving maximum output. The issue with driving is associated with age and also the lifestyle of the individual. The targeted market is therefore the segment in which the event organisers would utilise its resources in engaging with and therefore the targeted market is young male of ages 25-35. SWOT Analysis In any marketing strategy, it is important to understand how the organisation operates relative to other organisations. This means that the strengths of the event organisers and its weaknesses are analysed with the aim creating an effective integrated marketing campaign. SWOT analysis stands for strengths, weaknesses, opportunities and threats. The following are the analysis of Formula One event organisers. Strengths – Formula One has a good following and it is easier to communicate the idea of the event to the audiences. Moreover, Formula One organisers are experts in different fields and therefore they can work easily together. In addition, the event is aimed at improving the economic and social life of the Melbourne region. Weaknesses – The event has no enough resources and is supposed to convince more stakeholders and the sponsors towards ensuring the event becomes successful. In addition, there are challenges associated with logistics. Opportunities – Numerous stakeholders and sponsors are ready to support the event. Moreover, the organisers can further introduce other factors such as games for the kids to maximise on the event. Threats – the event requires a lot of financial resources. In addition, this would be the first event and therefore there is no enough information regarding hosting of the event. Marketing Mix Marketing mix brings together the place, price, promotion and the product (Noble & Hughes, 2004). It is important to incorporate this information so that the event can be understood and managed effectively. Place – the event would be hosted in Melbourne. The venue will be Albert Park Circuit since it has enough and appropriate infrastructures and resource towards ensuring the event becomes successful. Price – The cost will be the entrance into the park and other costs associated with the event. Promotion – Numerous media outlets will be utilised with the aim of accessing and engaging with more customers. A variety of media channels including newspapers, television and Internet will be utilised to engage with the customers. Product – the product is the participation of the young male drivers in the safety and awareness course. Customer Analysis Customer analysis allows identification of customers who are involved in the process. Customer analysis allows analysing the consumer behaviour and customer segmentation towards ensuring the event becomes successful. The customers of this event are the young male 25-35 year old persons. Marketing and Promotion Marketing and promotion are means and strategies that are utilised in informing the customer regarding products or services offered. The targeted market has a unique lifestyle and consumer behaviour and therefore numerous promotional methods should be utilised. The following are some of the media outlets in which information on Formula One would be marketed through. Print media (newspapers, magazines, brochures and pamphlets) – information regarding the event would be advertised in the print media with a weekly publication and when the event is about to take place, the number is increased accordingly. In addition, information would be printed on the magazines that deal with lifestyle of individuals in indicated age bracket and gender. Television and radio – The marketing department would choose the appropriate media outlet that factors into consideration the diversity of the targeted market, sponsors and stakeholders. Therefore, the approach utilised should be applicable to the targeted market (Herran & Thomas, 2002). Internet – Internet has become a new front in marketing especially when it comes to social media. The social media is the cheapest method of advertising and it is also easier to receive feedbacks from prospective customers, stakeholders and sponsors. Sponsorship Sponsorship can be defined as the provisional of assistance whether financial or in kind in ensuring an event takes place successfully. Numerous sponsors participate in sport related events and therefore, Formula One has better chance of accessing the sponsors and receiving sponsorship. The following are some of the sponsors. Government – the government develops the infrastructure and other important components that aids doing business. Therefore, the government involvement will be through provision of security and also allowing production of event documentation such as permits. Media outlets – the media outlets some offer free airing or printing of the event with certain kick back such as airing the event. Such symbiotic relationship would reduce the cost associated with hosting the event. Local community – the local community plan an important role in any event because they sometimes volunteer and have a better understanding of the environment (site). Business community – the business community might supply water and other products within the aim of selling their products. For example, the manufacturers would advertise their products and engage the customer towards purchasing the products. Such organisations offer financial assistance towards ensuring the event becomes successful. Impact of the Event Hosting of an event results in either positive and or negative outcomes within the vicinity of site. Most of these impacts come in terms of economic, environment and social. The following is discussion on impacts associated with these three categories: Economic – The region would benefit economical because the event could create employment and also provide an avenue in which products and services can be advertised. Moreover, the participation cost could be utilised to support the community while the number of accidents would be reduced and hence a prosperous society. Environmental – environment is usually affected by any event because of issues such as waste management and drunkenness. Therefore, measures will be in place to address such problems and issues. Society – The society would benefit from reduced accidents, which usually affects the society. In addition, the job opportunities and other factors would improve the living standards of the society. Conclusion Organising an event is an important requirement in the hospitality industry. Formula One is an example of such event that will take place in Melbourne. The aim of the event is to create awareness on effective driving targeting 25-35 year old male persons. The event would consider the contribution of numerous stakeholders in terms of been the employees to being the event sponsors. Some of the sponsors include media houses, the government and business organisations while some important stakeholders include the audience and the government. References Albert Park - Home of the Foster's Australian Grand Prix. (2013, April 4). Retrieved from Albert Park: http://albertpark.melbourneaustralia.com.au/regions/suburb/ Donaldson, G. (2002). Formula 1 : the autobiography. London: Weidenfeld & Nicolson. Greve, T. (2009). Formula one racing. Florida: Rourke Pub. Grundy, T., & Brown, L. (2002). Strategic project management : creating organizational breakthroughs. London: Thomson Learning. Heldman, K. (2009). Pmp Project Management Professional Exam Study Guide Epub Edition. Oxford: Heldman, Kim. Herran, J., & Thomas, R. (2002). Formula One car racing. Philadelphia: Chelsea House. Huff, R. M. (2008). Formula One racing. Philadelphia: Chelsea House. Laney, K. (2007). European racing, American style : a history of Formula One in the United States. SI: Keith Laney. Noble, J., & Hughes, M. (2004). Formula One racing for dummies. Indianapolis: Wiley Pub. Piehl, J. (2007). Formula one race cars. Minneapolis : Lerner Publications Co. Torrin, K. (2012). The History of Formula One Racing Part 2: The Era of Sponsorship and Big Business, the Rise of Scuderia Ferrari and McLaren, the Wing Cars Era, and Mo. Indianna: Webster's Digital Services. Williamson, M. (2012, 8 19). A brief history of Formula One. Retrieved from ESPN EMEA: http://en.espnf1.com/f1/motorsport/story/3831.html Williamson, M. (2012, 6 18). A timeline of Formula One. Retrieved from ESPNf1: http://en.espnf1.com/f1/motorsport/story/3836.html Read More