Proposal for a New Event in Abu Dhabi in 2015 - Case Study Example

EVENT MANAGEMENT STUDENT’S NAME: INSTITUTION: INSTRUCTOR’S NAME: DATE: Definition and explanation of a niche market in markets Niche market is defined to be a section or a portion of the market where an entrepreneur has identified some specific characteristics among the customers worth marketing to. For every successful entrepreneur, niche market contributes more to their success. This is because when an entrepreneur notices a niche market, he will work on specializing on the needs of the identified niche, therefore, the satisfaction of the niche market will result to making profits. An entrepreneur can develop a niche by conducting a feasibility study and identifying some specific characteristics that call for customer satisfaction. Niche market evolves from the location of the products and services whereby the entrepreneur can enable the convenience of these products and service to customers who are in a particular location. It also evolves from seasonal tastes and preferences of the consumers, you find that there are products that are used in particular seasons only, for example during summer, an entrepreneur can discover the niche market for providing summer clothes like swimming costumes, beverages for example ice cream vendors and sun glasses. Target market is also another aspect that will result to discovering a niche market. When there is a target market, the entrepreneur will focus on ensuring that the goods and services meet the needs of the target market, therefore he will divert the resources and use in meeting the demand of the target market. Abu Dhabi Marathon Sports event In Abu Dhabi, there is a niche market that needs to meet the demand for marathon sports event for the purpose of enhancing physical exercise among the people of Abu Dhabi. Therefore organizing for a marathon event will meet this demand as a fact that there are a lot of businesses activities that these people engage in until they forget to exercise themselves, the marathon sports event will therefore influence them to participate in exercising their bodies. Definition and explanation of an idea An idea is the thought of something that will result to a profit making activity. Idea occurs after the realization of a niche market whereby the entrepreneur will think of something to do to fill the gap in the market. Idea generation is a situation whereby an entrepreneur discovers a niche market and decides to venture into filling the gap by developing a business plan that will provide for the target market identified. Every business begins with an idea, then idea screening whereby the entrepreneur will analyze the potential of the idea whether the business will grow and eventually implementing the idea through actions. An idea should be unique in the sense that customers will be able to recognize the uniqueness of the products and services and therefore opt to consume them. Also, idea generated should be relevant to the market niche so as to meet the customer demand. Entrepreneurs should develop original ideas for the purpose of quality of the goods and services intended to be provided. Original ideas result to the success of the business because it will enhance competitive advantage and hence the success of the business. For the case of Abu Dhabi, Idea generated is aimed at organizing for a marathon event whereby the people of Abu Dhabi will be able to participate in sporting activities with the aim of performing physical exercise to their bodies. The idea was generated as a result of the niche market identified; we find that the people of Abu Dhabi are ever busy and do not have time to do physical exercise for their bodice. Organizing for the marathon event will be an opportunity for people to engage in various exercises that will be useful to their lives. Also, the sports event will enhance interaction and participation since these people do not have time to meet and socialize as a result of their daily business and professional activities. Marathon event goals and programs The sport event will be organized to meet the demand for a marathon event and exercise activities in Abu Dhabi, the idea was generated as a result of discovering that these people ignore the importance of physical body exercise, they are busy engaging in business activities that deny them time to spend for their bodies. Therefore, there is demand for this event so as to sensitize the importance of spending time in exercise. The sports event will comprise of various activities such as jogging and running, Vision Exercise for a healthy life Mission To ensure that the marathon event is successful and influences more people to participate in exercises so as to enhance their health status. Goals to be achieved include; Ensuring that the people of Abu Dhabi embrace sports to enable them to perform body exercise which is good for their health Influencing participation through advertizing for the event so that people can spend their time doing exercise and also interact with others Sensitizing the importance of physical exercise through the sports and hence helping the people of Abu Dhabi to embrace gyms and other sporting activities To utilize the opportunity of the market niche to meet the demand of the services and also make profits in the event The program will be well organized such that the event will take place during a holiday when people are free. The purpose of this strategy is to target those working professionals and business people and also students. They will be able to attend the event because they will be free. A convenient place will be appropriate so that people will be able to come and participate in the sports. The tickets will be provided one month prior to the organized event, and they will be made available to the target market via various means, for example, online booking and also availing to them in their places of work. There will be t-shirts for every participant and therefore they will be given at the day of the event. The event will be organized such that every sports activity will have their age group so as to enhance more participation and interaction of people in the same age group. Marathon program Abu Dhabi Marathon sports event To take place during summer- weekends and holidays Marathon event for ages ranging from 15 years and above 15-19 years 20-25 years 26-30 years 31-40 years 41 years and above Marathon 20 km Jogging 10 km Marathon 20 Km Jogging 10Km Marathon 15 Km Jogging 10 Km Marathon 10 Km Jogging 10 km Marathon 5km Jogging 5 km Since this age comprises of teenagers, they have a lot of positive energy and exercise will help in their health development The age is for the young people mostly college students and therefore exercise will enhance their performance This age is for adults and therefore the exercise is important for them to remain active This is the most targeted age for the marathon because they are ignorant to exercise their bodies. The marathon will help them stay healthy The age is appropriate for the marathon since it will enhance their health status Event plan Planning sheet for the event plan duration Description and development of the event idea, this will involve idea screening and evaluation so as to ensure proper decisions are made 2 weeks Analyzing Critical Issues likely to affect the event; it is obvious that there are some factors that may hinder the success of the event. Therefore comparing the past and present success of events will help in coming up with factors that will cause a challenge in the event and hence developing alternatives. 1 week Objectives and the program of the event; this is essential to ensure that the appropriate program is developed for the success of the event. 1 week Market research; this will be done through conducting evaluation and analysing the current market trends, market environment and targer market. 2 weeks Marketing tools; the event should be advertized and therefore marketing tools will be chosen so as to enhance awareness of the event. Promotional t-shirts will be printed to create more awareness and to attract the people of Abu Dhabi 1 week Marketing of the event; all the marketing tools will be used to market the event and to attract and influence people to attend the sports event. 3 weeks SWOT Analysis; determining the strengths weaknesses, opportunities and threats is a critical stage that will enable the event to determine its success factors and do away with challenges 1 week Event budget Estimated budget $ 300,000 Estimated expenditure $ 250,000 Estimated income $ 350,000 Report After carrying out the plan for the event, a report is prepared that highlights the progress of the event from the start of an idea to the achievement of objectives. In this case, the event will be conducted in Abu Dhabi and sports will be the major activity of the event. The purpose of selecting sports in the event is the identified niche market among the people of Abu Dhabi. Market environment will be done which involves determining the external and internal conditions of Abu Dhabi. Since the event targets those people who are busy in their day to day activities and have ignored the importance of physical exercise in their health, the marketing process will target them through advertizing and campaigning. Aspects that should be considered for the success of the event include teamwork which will enhance achievement of goals. Also, the event management team should focus on developing strategies to ensure marketing is accomplished to create awareness and influence customers to attend the event. A budget is developed for the purpose of minimizing overspending and hence the management should ensure that the plan sticks to the budget. SWOT analysis helps in determining whether the event is appropriate and whether there are opportunities that will encourage more creation of events. The event is, therefore, planned with the main purpose of making profit as a result of identification of a market gap and the need to meet the demand of such events in Abu Dhabi. The success of the event is highly dependent upon the attendance and the extent to which marketing strategy has influenced the people. Richard Shipway, A. F. (2013). International Sports Events: Impacts, Experiences and Identities. Routeledge. Read More