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EventCo is a leading portal for event management services, offering a range of services and a platform for buyers and sellers to interact. Our auction site reduces search costs and values event management services. Join us now!
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EventCo Patricia Balinghasay Eric Chevaleyre Esra Egeli Ajay Sharma Yogesh Vengurlekar Vikrant Viniak
Event Management Industry • Event management is growing at a rapid pace • Industry is fragmented and difficult to value services • Existing websites provide a range of services (e.g. planning, venue, food catering, coordination, calendar management, information) • Industry is targeted toward individuals, corporations and institutions • Overload of event information and web sites • Lack of presence for portals which bring buyers (clients) and sellers (vendors) together through an auction site • Lack of portals which assist customers in searching for appropriate event services in the web
EventCo’s Target Market • Females (25 – 50 yrs old) • Income of $50,000 and above • Both single and married • Outgoing, sociable, physically active females • Females having a healthy balance of work and family values • Career women leading busy, active lives in Chicago, NY, San Francisco, and Los Angeles • Industry/ Site research was conducted by the group to determine how to position the new venture (e.g. female target market, competitive position/ strategy)
EventCo’s Market 60% How big is the market? • 37 M Total Internet • Female Users • 60 % of this falls within • our target market • (22.2 M) • 5 – 10 % can potentially • use our service • (1.1 – 2.2 M)
What do we do? • Provide a portal for one stop shopping solution for small events • Space where event buyers and sellers interact (within a fragmented industry) • Conduct on line auction (reverse auction and brokerage model) for event management services • Reduction of search costs related with matching qualified vendors with customers • Ability to value event management services and products
Technology Market Core Competencies • Excellent IT support system • Strong database to store information • Secure Transactions • Value Added Activities for Customers • Wide range of vendor lists • Ability to negotiate special rates with vendors • Increasing trends towards internet usage/ on line auctions • Ability to facilitate communication within a fragmented industry • Industry shifts • Faster, Active life style • More disposable income Critical Success Factors Change Drivers EventCo’s Model
What’s our strategy? • We qualify vendors that can provide services for our clients • We bring in a portfolio of event management vendors/ sites across a number of basic services and capabilities (e.g. picnics, weddings, bachelor/ bachelorette parties, bday, xmas, graduation, baby showers) • We add value through on-line and off-line activities • Creating successful on-line auctions through use of information, and technology • Use of technology which will provide easy-to-use, secure, 24x7 customer service aided transactions
Revenue Model ROI Potential Our Revenue Model Transaction Revenues Sales Commissions One time Subscription Monthly Fees Extremely High Low Capital Investment Information Revenues Advertising Subscription Fees High Low Investment
What’s in store for the future? Increase services within the site • Diversify and develop • NEW SOLUTION • SERVICES for the • market Develop Individual portfolio for specific events • Break up into sites which handle EventCo weddings, EventCo showers, etc. • Each site will provide solutions for each type of event Open up to more major cities • Increase market base to Dallas, Boston, Seattle, San Diego Revenue Time
4 3 Revenues (Millions) This point indicates the time of re-evaluation (I.e selling of business, addition of new services, and/or addition of new locations. 2 1 0 0 1 2 3 4 5 Years EventCo Business Life Cycle
Firm Infrastructure Human Resource Management Margin Technology Development Procurement Building of database, info. & content Front-end systems (marketing & operations) Bidding process Delivery of proposal/bid Delivery of Service Margin Event Management Value Chain TRADITIONAL
Event Management Value Chain STRATEGIC Firm Infrastructure Outsourced Components: Human Resource Management, Procurement, Margin Technology Development Building of database, info. & content Front-end systems (marketing & operations) Bidding process Delivery of proposal/bid Delivery of Service Margin Increased Value/Margin
6. Acquire service is performed At the date of the actual event Customer Order Life Cycle 5. Authorize/ Pay 3. Select 50%of total charges are reserved - On the credit card Source - the other 50% charged after completion - select a vendor once Of services Select Source the bidding process is Order completed 1. Establish 4. Order Requirements - - processing of contract - customer established relationships - “one stop - shopping experience” Specify Attributes 7. Test and 2. Specify Accept Attributes - represents feedback from customers and vendors - as specified in our RFP/RFQ 8. Integrate - goal: being bookmarked ‘eventco, as one of its favorite site 12. Transfer 10. Upgrade 13. Account For or Dispose 9. Monitor - add new cities to our base market - consider customers’ LTR screen vendors and - - Through database, recognize add new vendors, more types of - customers' perceptions on - update our list trends and patterns of our events savings thru our site customer bookmarks - customers’ behavior; use of agents Upgrade software - taken out and cookies 11. Maintain - relations thru CRM - database