A Comprehensive Report on Creating a Football Events Committee - Case Study Example

Table of Contents Table of Contents 1 1.Executive Summary 2 2.Objectives 3 2.1Mission 5 3.Timeline: History and Future 5 4. The Service 6 4.1 The description 6 4.2 Current Position 6 4.3 Opportunities for further expansion 7 5. The Market 7 5.1 Target Market 7 5.2 Market Segments 7 6. The Competition 8 6.1 Key Competitors 8 6.2 Competitive Analysis: SWOT Analysis 9 7. Commercialisation Plan 10 7.1 Overall Business Strategies 10 7.2 Sales Strategy 10 7.3 Key Marketing Strategy 10 8. Management 11 8.1 The current team and their roles 11 9. Financial Projections 12 9.2 Sources of finance 12 9.3 Profit & Loss Statement 13 9.4 Cash Flow Statement 15 REFLECTIVE LEARNING: 16 Week 1 16 Week 2: 17 Week 3 18 Week 4 19 Week 5 19 Week 6 20 Week 7 21 Week 8 22 Week 9 23 Week 10 24 REFERENCES: 25 1. Executive Summary The aim of this business plan is to produce a comprehensive report on creating a football events committee that becomes a major attraction for all the football fans on the various campuses such as (Add names of the campuses), providing quality equipment as well as an unparalleled experience for the participants. The aim is to steadily build it into a business that will not only cater to the football fan base but will also incorporate other activities which might interest our consumers into the sports events later on. Through the extensive research explained later during this report, it can be forecasted that this business will grow over time and help us generate a fan base of sports enthusiasts. The customer base of the business at the start will be the football fanatics at the school, and as the committee starts to gain popularity, the customer base will increase to include the basketball, tennis and all the other sports fans as well as a secondary target market, which will include the participants as well as the spectators who enjoy watching sports. This segmentation has been formed after conducting a market research by the use of questionnaires. By gaining sponsorship from various interested organizations to provide financial backing as well as collaborating with Action for Southern Africa (ACTSA), the events will be marketed creatively to provide the business’s customers with a complete package which gives them value for money. 2. Objectives For Year 1, the objectives include creating introductory awareness of the football club by putting up posters at various strategic as well as relevant locations where they can be made accessible to the target audience. Also, recognition can also be generated by word of mouth, or the favourable opinion by the customers of the business. This could be through Facebook could prove to be a vital tool in this regard as it can help spread out the word to the target market; that cannot be reached otherwise by employing the other market tactics (Muske, Stanforth and Woods, 2010). According to the forecasts made, which will be mentioned in the financial part, the sales projections of the ACTSA wrist bands as well as badges is estimated to be 25 each, whereas participants per events is proposed to be 80, leaving the business with a minimum total revenue of £300 per event. The profit per event is estimated to be £ 300. The request for sponsoring the sports events has been responded by Student union as well as Aqua Burst so far. By Year 2, the football club is likely to be substantially established through the employment of the advertising techniques mentioned above. A website could now be created in order to gain popularity as well as to give vital information about the business to the customers. Again, according to the forecasts made in the financial part of the business plan, we can estimate that the sales of the ACTSA wrist bands as well as the badges are projected to reach 200 each, while the participants per event will increase to around 150 per event. The total revenue per event will increase to a minimum of £1000, while the profit generated per event is expected to be £600. The sponsors likely to endorse the football club in Year two will increase to five, as per the estimates. By Year three, the football club is likely to have created awareness as well as generated a following. This is because we will employ appropriate marketing strategies to reach out to our target market more effectively. This will be discusses in more detail in the marketing section of the report. Therefore the advertising methods employed in Year one and two are likely to be continued during Year 3. Slight changes might be made to cater for any likely changes in the target market. Again, according to the detailed estimates in the financial statement, it can be seen that the sales of the ACTSA wrist bands and badges are likely to reach around £400 by Year three due to the increase in the customer base, while the participants per event are projected to be 300. Total revenue per event will reach a minimum of £ 2000, whereas profit per event will be £1000. The sponsors will also increase to a solid number of seven due to the stability of the business by that time as well as the popularity. 2.1 Mission The mission is to provide the firm’s valued customers with yearly football events that will encourage both adults as well as youth to enjoy sports, particularly of football, all year round.  3. Timeline: History and Future As one successful event has already been held which attracted sports fans in the school, particularly those interested in football, the main task in the year 2011 to 2012 will be to target a diverse market in order to increase the number of participants taking part in the events. Major decisions of the firm will include location. It will also be vital to get the support of more sponsors for the events and develop business cards to communicate well with the stakeholders. For this purpose, it would be beneficial to set up a website with vital information of our events as well as how we operate and in short, any information that a prospective stakeholder might want to look for. Introduction of spectators in the events is also an idea that should be looked at as to make the events more profitable. From the year 2012 to 2013, the customer base is likely to have multiplied owing to the effective advertising strategies employed, therefore, this year it will be the business’s aim to sell more ACTSA ornaments, as well as diversify the types of events that are held. The areas that the firm wishes to venture into will depend on the customer interest at that time. This means that the business will adapt to the needs of the customers for e.g. basketball, tennis. Moreover, the main aim this year will be to generate minimum revenue of around £3000. During the year 2013, the main objective will be to look into more ideas that will result in expanding our customer base. The revenue that we wish to reach is a minimum of £4000. All the estimates will be explained in full detail in the financial part. 4. The Service 4.1 The description The service that the business will provide to the valued customers is football events which will fulfil the sports needs of our customers i.e. provide the participants with the best football experience. Due to the expert coaches that will be provided as well as quality equipment, the events will incorporate an unparalleled sporting atmosphere that will lead to a higher level of enjoyment for every participant. The events will incorporate football matches with participants from various teams, as well as ACTSA badges and bands which the participants can purchase at will. 4.2 Current Position To date, one successful football event has been held, which resulted in the generation of revenue of £320.89. The sponsors for this event were the Student Union and Aqua Burst. The ACTSA ornaments as well as their wrist badges were also obtained for the football event to be sold in order to generate a profit. The number of participants who took part was 40. The football event also incorporated a Capoeira dance performance in order to garner a fan following as well as attract the target audience. 4.3 Opportunities for further expansion After the successful event of 2011, it is envisaged that there will be a diversification into basketball and tennis events to expand the frontiers of the target market. For this purpose it is important to generate sponsorships to aid with the finances required to hold events of such a massive scale. Therefore, meetings will be held with potential sponsors in 2012 and 2013 to arouse their interest in the service offered. 5. The Market 5.1 Target Market The target market comprises students in the age group of 18-30 who are sports enthusiasts and enjoy football on a daily basis. It also includes fans that enjoy viewing football matches. The aim is to increase the target market to cover all the students from various universities who can register as participants to take part in different football competitions. There will also be an attempt to cover a wider age range because football is a sport that is enjoyed equally by the young as well as the elderly. It will encompass non-students and gym members who are particularly interested in playing football or participating as spectators in out events. 5.2 Market Segments The two market segments that the business will target are the sports enthusiasts, non-students as well as gym-members who will take part in the events as teams for the matches, as well as the spectators who are interested in watching the football events. Both segments will be dealt with in a slightly different way. 6. The Competition 6.1 Key Competitors The business will face stiff competition from six main competitors which include Fit Health Club, Fitness Club, Energy Fitness Club, Gold Gym, ACTSA Football Tournament as well as the surrounding park, near the campuses. By doing a market survey in the form of a questionnaire of the competition in terms of company recognition, it can be seen that Fit Health club, Energy Fitness Club, Gold Gym and ACTSA Football Tournament all possess poor company recognition and are not particularly popular among the target market. Fitness Club as well as the surrounding park on the other hand has general recognition among the masses and the football enthusiasts prefer it over the other football/sports events businesses. In terms of price, Fit Health Club, Gold Gym and Fitness Club offer a monthly payment service (Fitness Club also offers one day passes). Energy Club charges its customers as they train per session, while ACTSA Football tournament charges around £2 to £8 per participant. Surrounding park offers free facilities to its customers. The duration of the services provided each day is in the slot of 6.30 am to 9 pm for each competitor except for the surrounding park which is available throughout the day and ACTSA football tournament which takes place from 10 am to 1 pm. (Reference) All these competitors are located at highly convenient areas and are available to all the customers which form our target market. They provide fitness facilities to the target market in addition to the event organizing. However, in terms of security we see that the surrounding park lags behind the others. (Reference) 6.2 Competitive Analysis: SWOT Analysis Given the academic opinion of Crosby (1979), it can be suggested that factors that are crucial to the entry into the football event service are the ability to be present at convenient location while at the same time providing quality services to the customers in a very safe environment. That can be deemed as one of the key strengths of the firms, because it provides both. The hall that we will book for the football event will be based primarily around the educational area which incorporates a portion of our target market. Therefore, convenience will not be a problem. Moreover, the environment that will provided will be safer than most of the key competitors due to the excellent security facilities at the campus, hence it will prove to be a unique selling point. Moreover, in terms of the football events the business will provide the equipment of the highest standards which will give the customers an experience that they have never had before. This will help because it will be an enjoyable for the participants to play the sport with the high-quality football provided specially for the event. The opportunities for the business will include the availability of the sports hall during the summer which can serve as the event location. Moreover, there is likelihood that the event will generate enough revenues to pay the expenses while being left with a substantial profit. However, the same factor can be deemed as our weakness. Even though the hall will be available during the summer, the number of students will be fewer as holiday season means the school will be off and everyone will be away on vacations which can decrease our projected number of participants (cite your reference). The threats to the business can include the exams which can cause hindrances in the availability of the hall. Moreover, the business will be required to pay £50 hourly free for booking the hall, which can increase the expenses to a great degree especially if the sales decrease. Lastly, the availability of the hall is also influenced by the other events that take place in the premises as it is usually booked regularly; hence it is vital to determine if the school hall is a viable alternative for the location (cite the reference). 7. Commercialisation Plan 7.1 Overall Business Strategies The football events committee has a potentially vast market due to the large number of sports enthusiasts present in the campus, and the negligible number of recreation and fitness events taking place presently. This is a niche which still remains unexploited even though it holds exceptional potential according to the market survey conducted. This will be accomplished by vigorously and constantly promoting the events through the internet, posters as well as business cards that help the customers understand what the business it all about (Sinisalo, 2007). 7.2 Sales Strategy Sales in the sport events business will be majorly impacted by the quality of the sports gear provided, as suggested by our marketing survey. For that purpose, the business has decided to go with the slogan “Football at its best” in order to attract our target audience and make them feel like they will be given an exceptional experience at the event. All of the participants at the events must feel like they are getting the best possible value for their money by providing best quality. (Drucker, 1985). 7.3 Key Marketing Strategy The marketing strategy that will be employed to communicate with the target market will make use of the internet such as a website and a Facebook page. Among other ways of advertising, print media will be used in the form of event posters and leaflets will also be made using the finances generated by the sponsorships. Word of mouth will also be relied on for publicity. For the future, the aim is to set up event videos on our website so that our customers have a clear and concise understanding of the workings of the events and the experience. 8. Management 8.1 The current team and their roles All the team members will be responsible for confirming the football event idea with ACTSA as well as the logistics and sales of the event. Steven and Jin will be responsible for finding out the day when the students are free as well as booking the sports hall for the event. Mariam and Elmira will take on the responsibilities of finding sponsorships, while Mustafa and Olivia will draw up the initial designs for the advertisement leaflets. Mariam and Elmira will also pot fundraise in Cavendish (Briefly explain what it is). The rest of the tasks will be carried out simultaneously by all the group members (Please add Christian names). 9. Financial Projections 9.1 Summary Projections 9.2 Sources of finance The major source of finance for the events will be the sponsors, in particular Student Union as well as Aqua Burst who will provide the firm with the capital necessary to carry out the events. They will also remain the sponsors for the upcoming events of the firm. In return, they will be getting front row seats at the events and will also display their banners during the matches as sponsors. ACTSA will be responsible for helping the firm write the sponsorship letters and getting then approved by the potential sponsors, as well as pot fundraising. 9.3 Profit & Loss Statement EXPENSES INCOME This is the profit and loss statement that has been produced for the event and has estimated our profit as well as expenses. This shows how much expenses have been incurred such as printing tickets, refreshments, booking of the hall as well as the furniture. It also shows how much profit we have made by using pot fund-raising and selling ACTSA’s ornaments. Overall the total income is £320.89 and as it shows we have made £299.39 profit (Expenses for the hall, table, chairs? Cash flow from sponsors? Also, refreshments came out of 11 pounds? I can’t estimate these for you.) 9.4 Cash Flow Statement REFLECTIVE LEARNING: A huge portion of the time at the university will be utilised thinking about what people say to , what is read, what a person thinks about themselves and how this thinking changes in relation to what a person learns on everyday basis. It is a general belief that this thought process involves two different features: reflective thinking and critical thinking. Reflective thinking allows a person to get an overview of the decisions that were made, the thought behind them as well as critically analysing the performance (Brookfield, 1987). For the business plan of the sports event committee, the team was encouraged to reflect on the various aspects of the market that the firm would cater to. The major skill set established after this process included a fair idea of identifying the various segments of the target and how to cater to those effectively. Week 1 For Week 1, the main objective was attending a meeting with ACTSA’s Sarah Terrazas to explore the ideas for the football event that the committee would offer in collaboration with them. The purpose of this meeting was confirming the football event idea with Sarah, identifying the types and prices of ornaments that can be sold on the day of the event, discussing the costs of the tickets for the football tournament and the idea of the fundraising pot scheme. The meeting was carried out as planned and the football event was confirmed. ACTSA promised to provide wrist badges as well as badges at the event to sell at the price of £2 and £1 respectively. Initially, the price of the tickets was £1 for individuals and £3 for a group of five. However, after further discussion it was decided that this would result in a great deal of loss in the profit and therefore further thought should be given to the pricing. It was also agreed that the fundraising pot scheme was a good idea and ACTSA provided fundraising pots. Sarah also mentioned the idea of providing the winners of the football tournament with a prize as an incentive was necessary. The idea of involving spectators at the football tournament was also put to discussion. Therefore, this initial phase of the planning on the pricing sponsors and location went by fairly successfully. Forecasting was also very important to predict the number of students who would attend the events. The team learnt that organizations must recognize and use forecasting in order to react to the changing market trends. This helps the company organize and prepare itself for the future (Bushman, 2007). It also aids the organization create plans that will help it in becoming a financially prosperous business (Moon, 1998). Therefore, learning how to forecast the number of participants, profits as well as sales was very crucial for the event to be successful. Week 2: This week’s group meeting’s objectives included deciding on a date for the event to take place, book the sports hall, produce a sponsor letter, and produce an initial design for the leaflets. All the team members were present, with the exception of Jin who had a valid reason for absence. The time limit set for the completion of these objectives was one week. The team-members were given various tasks. Steven and Jin had to find out the days when the students were free and book the sports hall. Mariam and Elmira were responsible for writing letters to persuade the sponsors, while Mustafa and Olivia had to draw up initial designs for a leaflet to advertise. In terms of progress so far, the team had decided on the date and time for the event. The dates for the fundraising had also been set, and an email sent for booking the hall for the event. During this week, the team learnt the importance of working together which is necessary for the successful execution of any task. Many of the members’ roles over-lapped in the tasks defined; therefore, any conflict in opinion had to be resolved effectively. Working in collaboration is always essential. Harmony and a positive outlook towards things are critical. If the team is not working in synergy, then the expected positive gains are not likely (Stockley, 2011). Characteristics an employee needs to possess in order to be a productive member on a team are the aptitude to be a team player and to own the knowledge and abilities needed to complete their allotted portion of the task (Teasly, 2010). Week 3 This week’s team meeting’s objectives included setting the dates for the fund-raising pot scheme, sending the sponsor letters, reviewing the initial design of the leaflets as well as designing tickets. Time to complete these tasks was one week. However, this meeting was cancelled due to the unavailability of the team-members, and another meeting was set up for the next day. The agenda revolved around the designs for the flyers, sponsors and fundraising. The completion date for all these tasks was set to 14th February, 2011. The fundraising dates were set, and the pots for the pot-raising were acquired successfully. In addition to that, the designs for the flyers were also finalized. Flyers were chosen because they were economical as well as catchy and could attract the target market in an effective way (Kamboj, 2011). The slogan used was “Football at its best”. Advertising is crucial for any business to keep its target market attracted. It helps to keep the consumers up-to-date about whatever new or innovative products or services are available in the market for their use (Kamboj, 2011). In the firm’s case, it helped to create a sporty and energetic image of the event which would provide a unique and differentiated experience to the customers. This process helped the team visualize the business’s USP from the customer’s viewpoint, and how it could be used to attract them. Week 4 During week three, meeting’s objectives included setting a location and times for the fund-raising scheme, checking booking confirmation, finalizing the leaflet and ticket designs, producing the risk register for the event as well as sending the sponsor letter to Sarah and printing tickets. Time for the completion of these objectives was two weeks. By the end of the time allocated, all the tasks allocated were successfully accomplished. While writing the sponsor letter the team made it a point to be clear and concise about the event information and the assistance was required. When dealing with organizations there is always one major thing to keep in mind: As theoretically offensive as it may sound, it is the company-oriented attitude of the corporate sector, which revolves around the fact that they want returns for their help (Yaqoob, 2011). Week 5 This time the objectives of the group meetings included contacting the student union to ask them to advertise and sponsor the event, getting confirmation from the student union, producing the final design for the ticket, printing ticket and distributing them to the team members for sale, getting permission from the campuses for the fundraiser, discussing the format of the football and searching for a first-aider. These tasks were successfully completed. It was also decided that the event would be a football league not a tournament. There was also a need to produce risk registers for the event for example, the occurrence of a head injury. During the discussion to raise the awareness of the risks that may occur, it was concluded that like the market environment, operations management had a slight risk attached to it, and it is the job of a successful entrepreneur to foresee it and try to eliminate or lessen it. Risk management revolves around the outcome of future events, whose exact consequence is undetermined, and how to deal with these doubts (Conrow, 2010). The role of fate impacting the operations of businesses has declined significantly over the years. With the assistance of the probability theory and watchful assessment of the environment, companies are now capable of predicting, to a great deal, the several risks that may have a serious impact on their business (Hetamsaria, 2005). Week 6 This agenda for the team this week included assigning an equal number of tickets to each team member, updating the Facebook event page, sending emails to inform students, continuing fundraising, start selling tickets, research for a suitable prize for the winner and putting an event poster up in the gym. The time allotted for the completion was two weeks. These tasks were divided among all the team members for the successful execution. The Facebook page proved to a vital way of communication with the target market. It was fast, cheap and secure. Emails were also beneficial for one-on-one interaction with the student body. Internet is proving to be a very crucial medium for marketing. At the times where the other mediums can prove to be expensive as well as time-consuming, internet makes reaching the customers more effective, less costly and infinitely faster (cite). Through the internet, organizations can offer their information to customers through websites as well as search engines. This is vital to synchronize the consumers and producers. Buyers can not only acquire information through the internet but can also make purchases online by placing orders with the company for specific products. In regard to the business it helps provide accessibility and saves vital time (Charlesworth, 2009). Online banners, websites, ads as well as emails can be used as custom-made communication tools for a business. Week 7 This time the team had to work on convincing the student union logo stickers to put on the posters, putting the event posters up around different campuses, creating and discussing contingency plans, continuing the sale of tickets as well as pot-raising, producing a game plan and distributing the tasks between the group members for the event. The time that has been allocated to these objectives is one week. Moreover, all team members will take part in all the activities equally. This would be more effective because everyone’s expertise could be utilised in the various tasks. Moreover, all the members helping with the same task meant that the team could arrive at the best way of going about it faster due to the pool of shared knowledge. By the end of the week, the contingency plan had been formulated. Also the pot raising scheme had been very successful. Also, all the pots had been filled up. In case the event comes across some barriers, for example if not enough tickets are sold, the option of having a Capoeira workshop (Please explain this) is being investigated. This will be for those who attend the event and will cost an additional fee. Furthermore, drum berimbau and pander (Please explain this) performances are also available by the group that will perform before the football event takes place. This will attract more people to the event, increasing awareness and raising more money for the business. Again this week, all the members had overlapping responsibilities regarding the objectives laid out. Team work was emphasised. Conflicts arose on several occasions regarding the contingency plan, however, were resolved successfully through extensive discussions among the members. For entities to work successfully in teams, they must be able to clearly transfer their ideas, to be willing to disagree as well as listen effectively (Bowditch and Buono, 1997). Although it is problematic, learning to appreciate each other's dissimilarities reflects a team's aptitude to manage clashes (Coser, 1956). When a conflict or disagreement occurs, an individual must not ignore it existence and hope it will go away by itself without any effort. Instead, they must prepare themselves to bear it, and even welcome it, because a well-managed clash can be the foundation of transformation and improvement (Deutsh, 1969). Week 8 This time the team decided to focus on designing a questionnaire for the participants of the event, getting all the resources needed for the event, visiting Sarah at ACTSA to obtain wrist bands and badges to sell, continuing selling the tickets, emailing event posters to Marylebone to be advertised, getting a stereo for the event as well as carrying out the event successfully. The time allocated for the completion of the objectives is one week. Almost all of the fundraising pots have been filled, and half the tickets have been sold. Moreover, teachers at the Cavendish campus have shown their interest in the event. On Monday, a number of football teams will play against each other at the sports hall at the Harrow campus. Therefore, this is a great opportunity to sell tickets to the right target audience. Getting the questionnaires filled is very high on the team’s priority list, since it will provide guidelines for the future. Moreover, it will also serve as a checklist for the things that were appreciated by the participants as well as the areas that should be looked upon for improvement. This kind of market research is highly important for each business activity. Market research will help the firm identify the opportunities presented to the business. Especially in this case when the team is preparing to activate a new service and wants to find out the predetermined attitudes people have, then market research can greatly aid, not only in appraising the potential for a new idea, but also by recognizing the areas where a marketing needs to be developed further. Market research minimises the risk associated with a new business venture (Bradley, 2010). It also helps create milestones for future activity by an organization (Kotler and Armstrong, 2007). Week 9 The event has been executed successfully. This week’s objectives for the group meetings include evaluating the event performance, calculating the sum of money generated for ACTSA, evaluating questionnaire feedback and producing presentation slides. The time for the completion of these objectives is two weeks. All group members are responsible for carrying out the objectives set. Sarah has been contacted, and all the revenues for ACTSA will be given to her on Tuesday. An initial presentation has also been created by the group. However, there is still a lot of room for improvement in the financial statements. All the questionnaires have also been collected together. The foremost of all tasks this week has been the evaluation of the event and whether it reached the desired expectations in terms of turnover and sales or not. This means going through the customer feedback in order to check if the event was a success or not. Most of the reviews are raving; however some suggestions have been offered regarding the quality of the food and drinks which will benefit future events like these by the business. Week 10 For the last week, the objectives of the group meeting will be taking all the revenue generated for ACTSA to Sarah, producing the final presentation slides, evaluating the event questionnaire responses and completing peer assessment. The time allocated to carry out these objectives is one week. By the end of the week, the money was given to Sarah. The presentation was successfully produced and presented. The peer assessment sheet has also been filled out, whereas the questionnaire feedback has been summarised and reviewed for the business plan. With one event successfully executed, the team is confident and looking forward to conducting more profitable events in the future. This successful execution has given the team confidence that a niche can be carved in the middle of the market for sporting events and can easily outweigh the competitors over the years. Moreover, it has also been a great learning experience in terms of the intricacies of running an event business, and the team now possesses complete knowledge of the various steps and procedures to be followed during the course of it. The feedback has also provided us with some very helpful guidelines for future events like these, so that our business can continue to thrive and be profitable in the long-run. 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