Feasibility Study - Shone and Parry PDF

FEASIBILITY STUDY – Shone and Parry  Feasibility Study according to Shone and Parry Refer to 3 screens: Marketing screen, Operations screen and Financial screen  MARKETING SCREEN Is there a demand(interest) in this type of public festi...

FEASIBILITY STUDY – Shone and Parry  Feasibility Study according to Shone and Parry Refer to 3 screens: Marketing screen, Operations screen and Financial screen  MARKETING SCREEN Is there a demand(interest) in this type of public festival? Who is the target audience (age, gender, race, interest, how many?) Explore reactions to this idea to determine if idea/concept is supported (pilot study, focus groups, social media) Are there similar ideas – how different is this idea?  MARKETING SCREEN CONT. Environmental Search compiling similar events and dates of events taking place: obtained from tourist information, local Whats On publication, magazines, social media and word-of-mouth this should produce a list of what else is going on and will identify dates to avoid, it will give a feel for what goes on and what the local market like and lastly give additional ideas or identify gaps in the market that are not being filled. NEXT STEP IS THE OPERATIONAL SCREEN  OPERATIONAL SCREEN Idea = outdoor festival setup i.t.o marketing screen there is a demand Limited similar events Additional Resource Needs: 1. Staffing: all tasks/activities is someone available to take the responsibility? : Consider event planning team as well as staff for the day of the event  OPERATIONS CONT 2. Possible venues/locations (event sites): availability and capacity 3. Equipment/technology: consider audio-visual/lighting effects, stage design, food service (trucks), event app etc. – if not available locally, can it be ordered/made? Lead times?(delivery time) 4. Timescale: enough time to book venue? Enough time to promote the event? Enough time for participants, i.e. artists/entertainment to consider 5. Environment: damage by cars(public parks/fields), noise pollution, traffic congestion, sanitary issues(water, portable toilets etc), danger to fauna(animals) and flora(plants), water pollution(eg. Powerboat racing event)  OPERATIONS CONT. 6. Legislation: permits (noise, temporary structure, ground disturbance, vending/catering/food service, waste management, signage(municipal land), fireworks, fire safety certificate – licence: liquor licence – public liability: Insurances 7. Risks: Financial loss (event cancelled), venue/equipment damage, reputational damage, crowd control (aggression, brawls, stampede, security, breach), health/safety(food hygiene, obstructions(head injuries), projectiles used during sport events, surfaces (uneven, slippery)   OPERATIONS CONT Outdoor festival feasible i.t.o operations screen? Yes/No? *too risky? * Not enough time? * venue not available  Consider event screening form (fig 5.6) events permit form - Identify areas/problems you did not consider (licensing/permits) - Identify any problems  FINANCIAL SCREEN Consider if the event is financially viable  Draft budget (income vs expenses)   Income VS Expenses  FINANCIAL SCREEN Income (revenue examples) Expenses (cost examples) Government funding Trophies, awards, gifts Sponsorship Salaries Merchandising sales Merchandising Ticket Sales Medical fees Food and beverages Venue Hire Insurance Printing(programme, posters) Signage Equipment(AV, Décor) Transport (of equipment) F&B Consumables (wristbands, lanyards etc)  FINANCIAL SCREEN CONT. ***TIP: Slightly underestimate income and overestimate expenses*** Compare and analyse  viable/feasible? Go/no go = process or not Detailed planning phase