Carter Event PlanningQuincy Carter

Executive Summary:Carter Event Planning is an establishment that introduces a hub for all event-

planning essentials including but not limited too venue, light, sound and music, location design, cuisine, plus hair and makeup. This report analyzes the potential Value Proposition that outlines the customer’s desires, the competitor’s features and the features of Carter Event Planning. By outlining this it gives the firm a better look into what should be included into the company to make it better than its competitors. The competitors that were looked at were Eventique, Plan Ahead and Rose Events. Following the Value Proposition is the Marketing Analysis. This analysis looks into the marketing mix of the 7 P’s and how Carter Event Planning fits into each category. The items looked at were product, price, place, promotion, packaging and process, physical environment, and people. These are beneficial to CEP because it determines where the company currently is and where it is headed. The Industry Analysis examines CEP’s competitors, suppliers, markets, finance, mergers, and customers. Along with the Marketing Analysis the Industry Analysis also helps in determining where the company is and where its future is going. In this section the various packages along with the various items in them were given. All four options have shown 4 venue spaces, 4 lighting companies, 4 sound companies and 4 music providers, 4 location designers, 4 catering companies, and 4 hair and makeup. The next aspect of the report was an examination of the Development Strategy. This section analyzes how CEP will potentially enter the market, location, materials used, production and the people used to make this happen. The final aspect of the report includes financial projections. These projections include a Capital Expenditure Budget, a Breakdown of each package, Sales Budget, Production Budget, Labor Budget, Material Budget, Cash Budget, Income Statement, and Balance Sheet. Also included in the Financial Projections are Break Even and Margin of Safety calculations, along with Liquidity, Turnover, and Age of Inventory Ratios.

Value Proposition:In the Investopedia online dictionary the term Value Proposition is defined as “A

business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service would add more value or better solve a problem than other similar offerings” (http://www.investopedia.com/terms/v/valueproposition.asp). The value that will be delivered to the customers will be of great magnitude, giving people a legitimate reason to hire the company to plan their events. CEP (Carter Event Planning) will help our customers with just using one particular brand to put their event together that would allow them to get all the essential needs for their events. The brand will also offer its clients the ability to prepare an event and get all of the required pieces there including but not limited too venue, light, sound and music, location design, cuisine, plus hair and makeup.

Customer Desires:In the world of event planning customers are forced to go to several different

places to acquire the necessary items to create a successful event. No matter who is planning an event the biggest thing that customers look for is to save money. Extraordinary amounts of money are spent on venue, light, sound and music, location design, cuisine, plus hair and makeup. When hiring the professional people for their events, it causes more money to be spent and having to take away from something else that could be added to the event.

After a conversation with a potential client she said, “It would be ideal to go to one location and they have all the things that I need for my event, kind of like a Wal-Mart of event planning” (Alyscia Curtis). Later, I spoke with another potential client named Alexandru Buzescu he stated, “ with upcoming nuptials coming up having the event prepared by this company would be perfect because he and his fiancé are young and would like to save their parents money in any way, shape or form.” With an awareness already of what the company offers it can be said that people are likely to hire CEP for the needs required for their events. With the offering of venue, light, sound and music, location design, cuisine, plus hair and makeup all at one convenient company it gives the customers everything they want and need for their events.

Competitors Features:In the New York/New Jersey many events are always happening. It maybe in the

world of theatre, fashion, art, music, weddings, birthdays or anything else of that nature, events are constantly occurring. Three companies that handle such events are EVENTIQUE, PLAN AHEAD, and ROSE EVENTS. Although all three places offer a variety of options the common factor is events and who does them the best. To begin with, the first company is Eventique; the company offers a wide range of types of events and the items that go into making the event happen. As for production the company offers lighting, décor, catering, furniture, tents, and entertainment (party favors, bands, DJ’s, and dancers to name a few) (http://www.eventique.com/entertainment/). However, as compared to CEP this company does not give a variety of options when it comes to creating their events from start to finish. In addition, the second company is Plan Ahead.

The Plan Ahead brand offers events based on what type of event one might be interesting to have. The events range from Corporate Social Responsibility Events all the way to Team Building Events (http://planaheadevents.com/our-services). In this particular case it gives CEP an advantage because Plan ahead is only geared towards business related events. The final company to look at is Rose Events; unlike the other two companies Rose Events offers minimum services that include full event planning, partial planning, day of coordination and event design (http://www.roseevents.com/services/). This creates a conflict for clients because there is not really a full range of services offered like CEP.

With the above listed companies and the service’s offered the biggest competitors for Carter Event Planning would be Eventique the offer a wide range of things that CEP offers along with other things.

Carter Event Planning Features:As for Carter Event Planning we offer great services for our clients with a wide

range of goods and services to be offered. To begin with, the brand offers clients 4 different packages Bronze Package to Platinum Package. To every package there is the option of venue, light, sound and music, location design, cuisine, plus hair and makeup. Although each package has set itemization the company is willing to change things for the client however, it will change the price of their package. In total Carter Event Planning Company offers 4 venue spaces, 4 lighting companies, 4 sound companies and 4 music providers, 4 location designers, 4 catering companies, and 4 hair and makeup.

Marketing AnalysisThe marketing analysis for Carter Event Planning will look at the marketing mix

of the new founded brand. The sections of marketing that I will be analyzing are PRODUCT, PRICE, PLACE, PROMOTION, PACKAGING/ PROCESS, PHYSICAL ENVIRONMENT, and PEOPLE. These items will allow the brand to potentially expand and give an inside scope of what transpires between the clients and the brand.

Product:The product that is being offered to clients is the ultimate event experience. With

the offering of 4 various packages of goods that include but are not limited to venue, light, sound and music, location design, cuisine, plus hair and makeup CEP is a company that is geared towards making any event a upscale yet exciting event that is sure to wow the event goes. Including 4 venue spaces, 4 lighting companies, 4 sound companies and 4 music providers, 4 location designers, 4 catering companies, and 4 hair and makeup clients are allowed to build their own packages however there are set packages that include the bronze, silver, gold and platinum packages.

Price:For each package the prices vary depending on which package the client chooses.

The packages and prices that we offer are the Bronze Package at $2250, Silver Package at $4500, Gold Package at $8000, and the Platinum Package at $10250. Although these

prices can vary if the client chooses to build their own package these are set prices for the packages that are already offered.

Place:The places that are offered for their events depend on which package the clients

choose. The 4 locations that Carter Event Planning has contracts with are The Palace at Somerset Park (http://palacesomersetpark.com) for the Bronze Package, Il Tulipano (http://www.iltulipano.com) for the Silver Package, The Oyster Point Hotel (http://www.theoysterpointhotel.com) for the Gold Package and Cipriani (http://www.cipriani.com/en/) for the Platinum Package. While these may be contracted locations if a client request a particular location we at Carter Event Planning will do our best to accommodate exactly what the client wants.

Promotion:Currently the only promotions that are offered at Carter Event Planning are the set

prices of each packages saving clients money on the events that they hire the company for. These prices reflect what other items are offered in each package.

Packaging/ Process:The Packaging that is being offered to clients as mentioned prior include Bronze

Package at $2250, Silver Package at $4500, Gold Package at $8000, and the Platinum Package at $10250. However, these prices are subject to change depending on the client expects to have at their event. If the client has chosen to create their own event then again the brand will be willing to work with them to make the event possible.

Physical Environment:The current location of Carter Event Planning is centered in the heart of Short

Hills, New Jersey. The location is home to all operations for the Carter Corporation. On the ground floor is reception, where people can be directed to what floor best suits what they are looking for. Also on the ground floor clients can find Cuisine shop where they can sample various foods from the 4 contracted caterers. On the first floor sound and music, and lighting can be found to determine what you see for your event. The second floor consists of two show rooms one for the venue looks and the other for locations décor. Next, the third floor has a full operating beauty so that customers can have consultations for their event. The fourth- eighth floor is home to the fashion brand “Tessuto” which translate to (Fabric). Having a fully operating fashion inspired company gives Carter Event Planning a bright future and to know that it shares a home with a fashion brand makes it all the more better. The fashion inspired location creates a warm environment that supports creativity and fulfillment in the work that is being done with wall-to-wall illustrations and dress forms of garments from the mind of the Creative Director.

People:The people who work for Carter Event Planning are professionals in their fields

and have done there jobs for a number of years and have well versed résumés. These people include 4 Project Managers one handles each package (bronze, silver, gold, and

platinum), Finance Manager, Marketing Manager, Human Resources, and 2 Logistic Managers. These people make the client feel right at home and help them with combing over every detail of the future event. The people have a friendly disposition, and understand the inner workings of each other’s jobs so that in any cause where someone is not present then work can still be done and there is a mutual understanding among each section.

Industry Analysis Industry Analysis is defined, as “an industry analysis is a business function

completed by business owners and other individuals to assess the current business environment. This analysis helps businesses understand various economic pieces of the marketplace and how these various pieces may be used to gain a competitive advantage. Although business owners may conduct an industry analysis according to their specific needs, a few basic standards exist for conducting this important business function” (http://smallbusiness.chron.com/definition-industry-analysis-830.html). This analysis will look at the competitors, suppliers, markets, finance, mergers, and customers. When analyzing these areas it will give insight into the potential of the brand and where it could possibly be headed.

Competitors:As previously mentioned the competitors would include but not limited to

companies such as EVENTIQUE, PLAN AHEAD, and ROSE EVENTS. The previously mentioned companies offer wide range of items for their events. To begin with, Eventique would be the biggest competitor for Carter Event Planning because they offer lighting, décor, catering, furniture, tents, and entertainment (party favors, bands, DJ’s, and dancers to name a few) with a wider range of product this is what makes them a bigger competitor. On the other hand a company like Plan Ahead only host corporate events that are geared more towards business making it a specialty event-planning firm. Finally there is Rose Events that offer minimum product range but clearly focuses on the actual events they are called for.

Suppliers:Suppliers for Carter Event Planning are listed below as per each section of the

event including venue, light, sound and music, location design, cuisine, plus hair and makeup.

Venue Lighting Sound and Music

Location Design Catering Hair and Makeup

Bronze Package

The Palace at Somerset Park

Frost Productions

East Side Sound

Array Architects Marcey Brownstein Catering & Events

Beauty & Youth Spa

Silver Package

Il Tulipano Bentley Meeker Dexigner Wimberly Interiors

Five Spice Catering

Lali Lali Salon

Gold Package

The Oyster Point Hotel

Oxygen Eventworks

Oxygen Eventworks

Marc-Michaels Interior Design

Bon Soir Caterers

Hair Design By Oumou

Platinum Package

Cipriani PRG PRG Gensler Fresh Julienne Wedding & Event Catering

Michael Christopher Hair Studio

Markets:Due to the fact that Carter Event Planning is a full service event planning

company it can be classified in such a manner. With the offering of a full service event planning the product is well versed with offerings of 4 different packages including bronze, silver, gold, and platinum with various different pricing and different venue, lighting, sound and music, location design, catering, and hair and makeup. The other aspects of the market for the company include its reasonable prices for the full service events ranging from $2250- $10250. The physical environment gives the client of feeling of wanting to choose CEP for their events because of the very supporting and hard working employees.

Finance: The finances for the company come from several events done prior to going into

business. Now that business is running smoothly a small portion of the revenues were used to finance what can potentially be one of the best event planning companies in the greater tri-state area. With producing 12 events per month this constantly helps in the replenishment for the next months events and brand expenses. Carter Event Planning also does charity events so that the name get out and people can hire the firm for whatever they may have coming up.

Mergers:One company that it would be a good idea to merge with would be Rose Events.

The reason for the merger would be due to the fact that Rose Events is firmly established. Although they do not offer a wide range of product with the merger with a company like Carter Event Planning it could expand what they already have along with building a better reputation.

Customers:The customers for Carter Event Planning included but are not limited to average

normal civilians with the occasion event thrown for Governors, Senators, Colleges, and more important brides to be. These are the ideal customers for the company because of the number of people looking to host events continues to increase. These clients can expect a new world of ideas and inspiration to bring out what they truly want in their events. By developing these events it adds to the experience for all partygoers and even the individual having the event. Carter Event Planning wants to be the positive “talk of the town” and let their events speak for themselves so that people can experience what its like to attend an event by CEP.

Development Strategy

For many years the world of Event Planning has been tumultuous for individuals looking to host events. The hostess’ have had to go through various channels to ensure that everything required for their event is secured. The “Carter Event Planning” organization

is geared towards giving its consumers the perfect event-planning hub for their events. The problem that has been identified is that when individuals have events planned for a particular occasion they typically have to go to various places in order to acquire all the necessary things required to put the event together. The proposed solution is that a company be created where, when an event is being put together they can go to one location to acquire all the various things required such as venue, light, sound and music, location design, cuisine, plus hair and makeup.

The proposed name for the company is Carter Event Planning. The name stems from an overall company that has an event-planning branch. The company is likely to be located in Short Hills, New Jersey. This area is known for being upscale and posh for the more high elite socialites of society. The sales level for such a brand would be mid range because it is not very expensive however, it is not extremely low causing it to be the moderately priced, producing moderate revenue. The company’s growth will be determined after the first quarter of the year to see where sales are and where they are potentially headed. The selling price of the goods are $25000, broken down each package has a different price giving an overall selling price of $25000.

The material for the company could start at $7860 and range up to $96160, all figures are contingent upon what package the client orders and what they want to be included into that package. As far as production is concerned Carter Event Planning has four Project Managers one for each package, one logistic manager for bronze and silver packages and one logistics manager for gold and platinum packages. The production team also includes Finance Manager, Marketing Manager, and Human Resources. For office equipment the lifespan is three years before it has to be replaced as for all other equipment it is not under Carter Event Planning but of the companies that are on contract for CEP.

References:

Cipriani.com, (2014). Cipriani. [online] Available at: http://www.cipriani.com/en/ [Accessed 25 Apr. 2014].

Eventique, (2012). Entertainment - Eventique. [online] Available at: http://www.eventique.com/entertainment/ [Accessed 25 Apr. 2014].

Iltulipano.com, (2014). NJ Wedding Venue - NJ Banquet Hall - Catering Hall in New Jersey. [online] Available at: http://www.iltulipano.com [Accessed 25 Apr. 2014].

Investopedia, (2009). Value Proposition Definition | Investopedia. [online] Available at: http://www.investopedia.com/terms/v/valueproposition.asp [Accessed 25 Apr. 2014].

Plan Ahead Events, (2014). Meeting & Event Planning. [online] Available at: http://planaheadevents.com/our-services [Accessed 25 Apr. 2014].

Roseevents.com, (2014). Services – Rose Events :: America's Premiere Event Consulting Company. [online] Available at: http://www.roseevents.com/services/ [Accessed 25 Apr. 2014].

Small Business - Chron.com, (2014). Definition of Industry Analysis. [online] Available at: http://smallbusiness.chron.com/definition-industry-analysis-830.html [Accessed 25 Apr. 2014].

The Oyster Point Hotel, (2013). home. [online] Available at: http://www.theoysterpointhotel.com [Accessed 25 Apr. 2014].

The Palace At Somerset Park, (2014). Wedding receptions New Jersey - Palace at Somerset Park - meetings. [online] Available at: http://palacesomersetpark.com [Accessed 25 Apr. 2014].