Value Chain for Event Management Company

The business of an Event Management company is to organize a small-scale or a large-scale event which can be for a Corporate or a personal event for their clients. Examples of Corporate events are Training programs and outbound activities for the employees of a particular company and in case of private events, they are like organizing a wedding party for a client. When we talk about value chain, it is the full range of activities that are involved in producing a product or service and in a business the Value Chain analysis is done in order to visualize all the steps involved and understand them well from the point of view of cost efficiency and competition. It basically empowers the company to make their business a reality with the end goal of having a competitive advantage in the market and minimize their cost and thus increase their profits.

The value chain for Event Management company comprises of the following processes:

Primary activities of Event Management:

1. Operations – It involves the planning and execution of all the activities that are actually carried out in Event Management. For eg. in the event management of a wedding, the stage has to be set for the bride and groom, cooking the food at the venue, the seating arrangement of the guests etc.

2. Procurement – It involves the mechanism of buying the material required for the event. For eg. in a weeding, the company procures flowers, food material etc.

3. Logistics – It involves the activities of getting the required products for arranging the event like the raw material for food for guests in the wedding.

4. Sales and Marketing – It involves the steps company shall undertake to target their customer and eventually strike a deal with them. For e.g. companies use Facebook marketing and Pamphlets distribution to target their customer who are looking for a Weeding planner. Also once a customer approaches them, they have to make the sale and for that they offer different packages and discounts to their customer as per their budget and requirement.

5. Service – It involves the experience the event management company gives to their customer. For eg. in case of a weeding ceremony event, what if the customer is not satisfied with the service – Will the company refund the money or provide some sort of compensation? What is their feedback mechanism so that they can improve their services and to determine how many happy customers they have served etc.

Support activities of Event Management:

1. Technological development – It involves the steps the Event Management company is undertaking by which they can use the latest technological developments. For eg. they can automate their online marketing by sending automated e-mails and running automated Facebook ads to reach their customers.

2. Human Resource management – It involves the process of hiring and retaining their employees and deciding their roles, responsibilities, salaries etc.

3. Infrastructure – It involves the office setup and the configuration of their business. For eg. the business wings can be divided into Planning, Operations, Finance, Quality control and so on.