Corporate Retreat Professionals
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CRP is entering their first year of business. Marketing will be critical to develop sufficient business to achieve profitability. The company offers high quality event planning for two specific areas, corporate training and product release events. The basic market need is for a competent service provider offering high quality event planning at a price that is cost effective relative to a company trying to plan the events themselves.
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CRP possesses good information regarding its typical customer. This includes customer needs, the general circumstances from which the needs arise, and the difficulties the customer would face if they tried to satisfy these needs themselves. This information will be leveraged to better understand who is served, individual customers' specific needs, better communication channels, and how CRP can satisfy those needs.
CRP is providing its customers with a high quality event planning service that specializes in both corporate retreats for training purposes as well as product launch events. CRP seeks to fulfill the following benefits that are important to their customers:
The market trend for event planning has seen a surge within the last four years, a response to corporations' impetus to outsource non-essential tasks. This industry space has gotten more competitive for several reasons:
In 2000, the event planning market had $453 in annual revenue. This market space is forecasted to grow at 6% for the next four years. This growth can primarily be attributed to companies tightening their focus on their core competencies and abandoning in-house support of activities that they do not excel in.
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing Corporate Retreat Professionals.
Currently there are three other companies that offer event planning specifically to corporations. They, however, tend do events that are more general in scope such as parties to reward customers or employees, or events to change the company's image. There is no company that specializes in event planning of corporate training and product release events. There are companies that offer corporate training, but these companies provide the actual training and do not do any of the actual event planning/ logistics of the entire event.
There is also no company that specializes in product release events. There are companies that do provide this service, but they do not specialize in it. Because event planning is a tight market, CRP will benefit from specialization.
The buying pattern for the larger corporations was, in the past, to have an in-house solution. This pattern is disappearing in favor of outsourcing as there is the constant drive for gains in efficiency, something outsourcing can offer.
CRP will offer event planning for the corporate market. CRP will concentrate on two types of event planning:
The keys to success are:
CRP is still in the speculative stages as a start up organization. It faces the following critical issues:
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