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Statement of Authenticity:

I have read the University guidelines regarding plagiarism. I hereby assure that this project is all
my hard work and does not contain any unacknowledged work from other sources.
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‘Business Plan to launch an Event

Management Company’
Word Count:
6441

Keywords:
 CSAT
 Venture Capitalism
 Brand Extension
 Brand Stretching
 Marketing Strategy
 ATL, BTL and TTL modes of Marketing
 Company Strategy
 Branding
 Strategic Thrust
 Michael Porter’s Five Force Model
 SWOT
 Image Building

 Economies of Scale
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Dedication:

Foremost, I’d like to thank my parents for supporting and encouraging me in taking the Desk
based internship training amidst the pandemic for my better illumination, which although kept
them constantly worried, yet never dimmed their motivation.

I would like to express my gratitude to the best- friend duo, my mentors and the Directors of the
firm, Mr. Sanjay, who showed immense calm and invested hours in the discussion of my project,
and Ms. Shelley, who made sure I was always right on tracks and incessantly boosted.

I am thankful to our dean Dr. Harsh Purohit, who gave us this opportunity of an enlightening
experience, was kind enough to clear our overwhelming number of doubts through regular G-
Meet sessions.

Highly grateful to Shri Abhishek Pareek, our H.O.D. and Dr. Nishtha Pareek, our coordinator for
always being just an e-mail away whenever I was in trouble.

Lastly, my friends for always having my back.

Thank you!
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1. Objective of the Thesis:

‘I’m not a legal or financial professional . . . I’ve just started and bootstrapped a lot of
businesses. Building a company from the ground up is one of the most difficult things I have
done.

If you are thinking of launching a startup, my hat goes off to you because it’s far from easy.’

Jonathan Long

Founder, Uber Brands1

The objective is to examine the market, analyze the competition and scope to set foot in the event
management industry with the unique and quality services. It is to understand the concept of
consumer satisfaction, the importance of marketing while launching a product or service and the
effective use of marketing tools.

We will explore the horizons of the event management industry, and its major keys to ensure not
only survival but a blooming business. We’ll grip the scope and the background of the field and
try to comprehend the strategies used by the current players in the market

This project will follow roughly strategic planning process, recommendation on the strategic
direction and decisions for the lay of the firm and a marketing plan will be developed to achieve
the strategy.

1
https://www.entrepreneur.com/author/jonathan-long
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Table of Contents
1. Dedication___________________________________04
2. Objective of the Thesis_______________________05
3. Abstract_____________________________________09
3.1 Company Name__________________________09
3.2 Brand Background_______________________09
3.3 Business Activity________________________10
4. Methodology_________________________________11
5. Literature Review____________________________
5.1 Business Plan____________________________12
5.2 Marketing Plan___________________________13
5.3 Marketing Strategy vs. Marketing Plan____13
5.4 Brand Strategy__________________________15
5.5 Brand Strategy vs. Brand Extension_______15
5.6 CSAT____________________________________16
5.7 Event Management Industry In India______16
6. Environment Analysis________________________
6.1 External Market Analysis_________________17
6.1.1 Macro Environment__________________18
6.1.1.1 Political/ Legal Factors___________18
6.1.1.2 Economic Factors________________19
6.1.1.3 Social/ Cultural Factors__________19
6.1.1.4 Technological Factors___________20
6.1.2 Micro Environment___________________21
6.1.2.1 Consumer Analysis______________21
6.1.2.2 Competitor Analysis______________22
6.1.2.3 Distribution Analysis_____________23
6.1.2.4 Supplier Analysis________________24
6.2 Internal Market Analysis_________________
6.2.1 SWOT_______________________________25
6.2.2 Porter’s Five Forces Analysis_________28
6.2.3 Competition Analysis_________________33
6.2.4 Strategic Competence_______________35
7. Company Strategy___________________________36
8. Digital Marketing_____________________________38
9. Research and Findings_______________________41
10. Conclusion__________________________________
11. References__________________________________47
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2. Abstract:
2.1 Company Name
Croga Events

2.2 Brand Background

Croga Wellness, an aspiring firm to provide ‘healthcare at home’ with unmatchable
‘compassion’, ‘commitment’, ‘quality’ and excellence.’

The directors of the firm Ms. Shelley Bansal, Mr. Sanjay Chaturvedi and Mr. Samir Chaturvedi,
with each having almost two decades of expertise in their fields, have the mission to help people
live their lives healthier.

The vision of the firm is ‘to provide healthcare services at home with an unparalleled level of
personalized care by being dedicated to employee development and client satisfaction. It’s
our mission to alleviate the pressure and stress, families may feel while caring for their
loved ones.’ 2

The firm adamantly believes and upholds ethics and morals. Their staff, is trained to carry
forward the values of the management and paves their way in the direction of achieving the
vision and mission of the firm (www.croga.in).

Croga believes in the ideology, ‘Think Globally, Act Locally and Respond Personally.’

2.3 Business Activity

Croga Wellness is a new born firm, established in 2019. It currently deals in the health industry
mainly focused in providing Healthcare at home. The founders of Croga firmly believe in the
power of compassion for better recovery of patients and looped in with quality they are
determined to change the face of healthcare.

The at home services that the firm offers are

2
https://www.croga.in/index.aspx
 Page 7 of 29

 Patient Care
 Covid Care
 Elder Care
 Physiotherapy
 Doctor’s Visit
 Nursing Services
 Diabetes Care
 Counseling Services

The firm has joined hands with the best private healthcare provider in India, Medanta Hospital in
Lucknow, to meet international standards and provide quality healthcare.

Following the mantra ‘dynamism is the key’, the company is working its way to providing ICU
at Home, and Online and Offline Pharmaceutical Services.

The Director’s vision for the firm in the next five years is, its expansion in the event management
industry. They want to invest and horizontally stretch the venture by founding Croga Events,
which will specialize in political, corporate and charity events.

3. Methodology:

To fulfill the objective of laying a direction for the business and preparing the concrete business
plan, this project is the descriptive and explanatory analysis to prepare a plan to start an Event
Management vertical of Croga, CROGA EVENTS. The venture will specialize:

 Political Events
 Corporate Events and
 Charity Events

The information will be processed using business tools such as SWOT/TOWS matrix, PEST
analysis and Porter’s Five Forces analysis. The project will seat Supplier Analysis, Competition
Analysis and Consumer Analysis. We will lay the feasible company strategy to not only survive
but gain a competitive advantage over its rivals thereby increasing consumer base and its
turnover. Survey regarding perception over the Event Management Industry was conducted to
take-apart the intake of its potential consumers. With detailed grasp of External and Internal
Market Audit, the project will conclude the plan.
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4. Literature Review:

4.1 Business Plan-

“Every minute you spend in planning saves 10 minutes in execution; this gives you a 1,000
percent return on energy!” ― Brian Tracy

A business plan is a fundamental document that brings together the key elements of
a business that include details about the offered products and services, the cost, sales and
expected profits.

It can be explained as a formal expression of the business vision describing the proposal of the
venture and the strategic operations. It’s the blueprint of the entrepreneurship.

In standard business usage, a business model is a plan for how venture will be funded; how the
venture creates value for its stakeholders, including customers; how the venture’s offerings are
made and distributed to the end users; and the how income will be generated through this
process. The business model refers more to the design of the business, whereas a business plan is
a planning document used for operations.

Each business model is unique to the company it describes. A typical business model addresses
the desirability, feasibility, and viability of a company, product, or service. At the very least, a
business model needs to address revenue streams (e.g., a revenue model), a value proposition,
and customer segments. In non-jargon English, this means you want to address what your idea is,
who will use it, why they will use it, and how you will make money off it.3

4.2 Marketing Plan-

A marketing plan is a strategic blueprint that businesses use to organize, execute, and track their
marketing strategy over a given time period. Marketing plans can include separate marketing
strategies for the various marketing teams across the company, but all of them work toward the
same business goals. The purpose of a marketing plan is to jot down firm’s tactics and strategies
in an organized manner. This will help keep it on track, and measure the success of firm’s
campaigns.4

3
https://openstax.org/books/entrepreneurship/pages/11-2-designing-the-business-model
4
https://blog.hubspot.com/marketing/marketing-plan-examples?toc-variant-a=
 Page 9 of 29

4.3 Marketing Strategy vs. Marketing Plan-

A marketing strategy describes how a business will accomplish a particular mission or goal.
This includes which campaigns, content, channels, or the marketing software the firm will use to
execute on that mission and track its success.

For example, while a greater plan or department might handle social media marketing, one might
consider their work on IG as an individual marketing strategy.

A marketing plan contains one or more marketing strategies. It is the outline from which all of
the marketing strategies are created, and helps you connect each strategy back to a larger
marketing operation and business goal.

In this case, the company is launching a new line of service; it wants customers to sign up for.
This calls for the marketing people to develop a marketing plan that'll help present the service to
the industry and drive the desired signups.

The marketing team decides to launch a blog dedicated to this industry, a new YouTube video
series to establish expertise, and a page on Instagram and FaceBook to join the conversation
around this subject -- all of which serve to attract an audience and convert this audience into
potential consumers . Further the team plans on using ATL, BTL and TTL modes. ATL stands
for Above The Line Marketing, and refers to generally untargeted campaigns to raise brand
awareness and to reach more people. It includes Newspapers, radio, and Television etc. BTL or
Below The Line, refers to relatively smaller but highly targeted world of ads, including bill
boards, flyers, sponsorship of events etc. Through The Line or TTL uses both the approaches to
gain widespread brand awareness and targeted returns. It covers 360 degrees of marketing.

That is the distinction between the business's marketing plan and the marketing strategy.

In the above example, the business's marketing plan is dedicated to introducing the new
Stretched Brand i.e. Croga EVENTS to the marketplace and driving signups to that service. The
business will execute on that plan with the marketing strategies: a new industry blog, a YouTube
video series, an IG and FaceBook pages, and ATL/BTL/TTL Strategies.

4.4 Brand Stretching-

Brand Stretching is when an established brand name is used for unrelated market or product
categories. While a new brand would require a great deal of awareness advertising and
marketing to develop recognition and consumer perception, a brand stretching has awareness
and recognition built in. In other words, a familiar brand name instantly communicates
messages to consumers based on the existing brand promise.
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The Croga EVENTS venture falls under Brand Stretching.

4.5 Brand Stretching Vs. Brand Expansion-

A brand extension is the use of established brand name on a new brand within the same broad
market or product category. For example Google extended its core brand to Google+, Google
Docs, Google Calendar, Google News, Google Maps, Google News, Google Translate etc.

Brand Stretching on the other hand, is the use of established brand name on a new brand in a
new broad market or product category and it has stretched its variants to Google Digital
Unlock, Google Classroom, Google Forms, Google Meet, Google Books etc.

In this case, Croga PHARMACY and ICU at Home are an example of Brand Extension,
whereas, it can be said that Croga, stretched its brand to EVENTS.

4.6 Consumer Satisfaction-

Also known as CSAT, Consumer Satisfaction is defined as a measurement that determines how
products or services provided by a firm meet customer expectations. Customer satisfaction is one
of the most important indicators of consumer purchase intentions. There are dozens of factors
contributing to the success (or failure) of a business, customer satisfaction is one of them.
Hence, it’s important to track this factor and work on improving it in order to make customers
more loyal and eventually turn them into brand ambassadors.5 6

4.7 Event Management Industry in India-

Entrepreneur and traveler, Rahul Rane writes in one of his blogs, ‘Event Management is looked
upon as a sunrise industry in the service sector. The word ‘Event’ now needs to be re-defined in
view of the manifold growth of the various happenings in the ‘commercial’ as well as in the
‘non-commercial’ world. Be it private happenings or public events, everything now is done on
‘big scale’. ‘Image’ is the key word today. This ‘image’ building exercise today needs a
professional manager, either an individual or an organization, depending on the size of the
exercise. Live Entertainment shows, Corporate events, MICE (Meetings, Incentives,
Conferences, Exhibitions), and large scale Weddings have led to several work profiles and job

5
https://survicate.com/customer-satisfaction/importance-customer-satisfaction/
6
https://www.hubspot.com/customer-satisfaction
 Page 11 of 29

opportunities. Individuals, Corporate houses and the Society have recognized the need for
hiring professionals for handling events.’7

Business management and organizational skills and techniques, put together with a lot of
creativity and ardor goes into successful Event Management. Event Management is a redefined
term in modern 2021-India. From managing only weddings, to managing every ‘happening’,
public or private, event management has evolved. The scope of Events has been broadening day-
by-day; fashion shows, award programs, concerts, corporate meetings, seminars and workshops,
exhibitions etc. The ‘image’ creating practice needs professional management. The industry is
growing and events are only getting better.

5. Environment Analysis:
5.1 External Market Analysis
Prior to any planning of a business launch it is mandatory to research and analyze the external
factors and forces that may affect the functioning of the firm and the extent to which they may
move the cards.

5.1.1. Macro environment

The Macro environment actors are also capable of manipulating the Microenvironment elements,
thereby understanding them gives us the upper hand. These include:

o Political/ Legal factors

o Economic factors
o Social/ Cultural factors
o Technological factors

This is also called the PEST analysis.

 Political/ Legal factors

They influence marketing decisions by setting rules for the conduct of the business.
These are the government policies and actions that intervene the functioning of the firm.
They include tax policy, trade restrictions, bureaucracy and tariffs.
Legal factors pertain to any legal forces or legislature policies that define what a business
can or cannot do, such as Organizational Law, Securities Law, Contract Law ,
Consumer Protection Laws, Employees Protection laws, laws regarding health and
7
https://medium.com/@rahulrane
 Page 12 of 29

safety at workplaces, Security against haphazard termination of employees,

Immigration Laws etc.

Croga supports the political campaigns like Make in India, Vocal for Local and
Aatmanibhar Bharat (Self-reliant India). Croga is fully onboard with hiring locals and
training them. Firm is rigid to promote smaller businesses and Bharat made goods for its
raw material supplies.

 Economic factors
All businesses are affected by the dynamic economic environment conditions prevalent in
the market which includes interest rates, demand and supply, recession, inflation, etc.
Businesses that want to maximize on their profits can achieve it by analysis of demands
of consumers, provision of appropriate supplies to them and the maintenance of high
quality of goods and services. As simple as this operation may sound, many factors affect
it such as, the sales, production and procurement processes of a business are greatly
impacted by these economic elements. Banking facilitates monetary and fiscal policies
that affect business operations.

Being already in the service sector, Croga has a hold over the market and enough funds to
invest in the venture and maximize profits by standing up to consumer expectations with
quality results. However, the firm is planning to opt for Venture Capitalist and other soft
loans or soft financing for further expansion or stretching.

 Social/ Cultural factors

The effects of evolving society are often discussed. A firm must understand that these
changing factors have a toll on businesses too. Changes in social factors can impact
a firm in many different ways.

 Lifestyles
 Buying habits
 Education level
 Emphasis on safety
 Religion and beliefs
 Health consciousness
 Sex distribution
 Average disposable income level
 Social classes
 Family size and structure etc play a major role.
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Croga believes in dynamism, and knows the importance of adapting to consumer’s ever
evolving trends in choice. Firm has always kept in mind the evolving tastes and
preferences of its customers and believes in withstanding it.

 Technological factors
There is no doubt that society is continually changing. One of the most significant
differences is the growing popularity of social media. Social networking sites like
Instagram have become very popular among younger people. The young consumers have
grown used to mobile phones and computers.

The younger generation prefers to use digital technology for almost every chore.

Croga is looking forward to developing its app. This is to customize the experience for its
customers, so that they may choose, filter and modify the services as per their preference.

5.1.2. Micro environment

The Micro environment actors are also capable of manipulating the Microenvironment elements,
thereby understanding them gives us the upper hand. These include:

o Consumer Analysis
o Competitor Analysis
o Distribution Analysis
o Supplier Analysis

 Consumer Analysis

A customer analysis (or customer profile) is a critical section of a company’s business

plan. It identifies target customers, ascertains the needs of these customers, and then
specifies how the product satisfies these needs.
Customer analysis can be broken down into a behavioral profile (why your product
matches a customer’s lifestyle) and a demographic profile (describing a customer’s
demographic attributes).
A customer profile is a simple tool that can help business to understand better the current
and potential customers, so they can increase sales and grow their business. Customer
profiles are a collection of information about customers that help determine why people
buy or don’t buy a product. Customer profiles can also help develop targeted marketing
plans and help ensure that products meet the needs of their intended audience.
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In a nut shell, it is the study of buyer’s behavior – how they rate competitive offerings,
their choice criteria and how they segment.

 Competitor Analysis

A competitive analysis is the assessment and study of firm’s competitors. By identifying

a competitor’s strengths and weaknesses, it can improve its efforts. There are quite a few
different areas covered. These look at aspects like marketing strategies and target
markets. They also cover digital aspects like social media. Usually, there is also a strong
content section.
It analyses the major competitors, both actual and potential, their objectives, strategies,
strengths and weaknesses, size, market share and profitability. The analysis also helps to
identify entry barriers to new competitors.

Alex Azoury, Founder & CEO, Home Grounds8, gives some insights on why an analysis

like this is important. “There are two good reasons for one of these,” he writes. ” If you
haven’t started your business, analysis gives you a clear insight into the demand for your
product or service. It makes you think about how to differentiate yourself in the market.”

 Distributors Analysis

Distribution Analysis is a component of the Situation Analysis and is used in order to

map out the external environment of a business. The opportunities and threats that
emerge from it serve as input for the SWOT upon which the ultimate choice of strategy is
built.
Conducting a Distribution Analysis creates insight into a business’s distribution and the
opportunities and threats that this aspect of the external environment entails. This enables
a business to attune its strategy and thereby to effectively and efficiently respond to its
environment. It must be said that the Distribution Analysis is not relevant for every
company. Should this be the case, it does not need to be taken up in the marketing plan.
Distributors can reduce the profitability of suppliers by putting pressure on profit
margins. Distribution trends need to be monitored. As the attractiveness of distribution
channel changes, so suppliers must alter their strategies to keep in touch with customers

 Supplier Analysis

Suppliers are another important component of the micro environment. Organizations

depend on more than one supplier for equipment, raw material, etc. to maintain their
production. Suppliers can influence the cost structure of the industry and are hence a
8
https://www.homegrounds.co/
 Page 15 of 29

major force. Supplier Analysis examines who and where they are located, their strengths
and weaknesses, power changes and trends in the supply chain.
Firm needs to monitor supply availability, such as shortage due to labor strikes or
political factors, as these may cause consumer dissatisfaction and lost sales. They also
need to be sensitive about alternative input materials that can be substituted for those
existing suppliers if the latter’s prices or availability diminishes significantly.

5.2 Internal Market Analysis

5.2.3 SWOT Analysis
The analysis will help the firm introspect, strengthen the weaknesses, tap the opportunities,
thereby gaining the First Mover Advantage, and dealing with the threats with foolproof planning.

 Strengths
o Established Brand
Croga having made its name in the service sector would not need to build trust
among its consumers from scratch. With the promise of international standards of
healthcare services at home, company has eased lives and won hearts.

o Funds

Currently all set to diversify its WELLNESS venture to projects like Critical Care
and ICU at Home, and Online and Offline Pharmaceuticals, the directors are
expecting a handsome turnover, enough to launch EVENTS. However, the firm is
planning to go for Venture Capitalist and other soft loans or soft financing
alternatives.

o Big Market
The Indian event management industry underwent a dramatic change in the past
decade. Taking a look at the statistics, it can be seen that the Indian economy
witnessed an alarming growth as far as the size of the event management industry
is concerned. It has grown significantly and experts believe that it is just the
commencement of a new era. The industry is expected to cross Rs 10,000 crore by
2020-21 as per reports. The industry stood at Rs 5,631 crore in 2016-17 and grew
at 16% CAGR (Compound Annual Growth Rate ). Digital activation, rural
expansion, product launches, personal events, government initiatives, etc are
considered to be the key growth drivers for the
industry. (www.bizencyclopedia.com)
 Page 16 of 29

 Weaknesses
o Resource Availability
Man power could be a major issue for the company. It may need to train its staff
to stand up to the company’s stakeholders’ expectations. The real problem may be
company switching by the employees to Croga’s local rivals.

 Opportunities
o Government Programs
The current government programs such as Aatmanirbhar Bharat, Make In India
and Vocal for Local, played quite a bit role in uplifting and encouraging many
SMEs.

o Increasing Market

Graph showing growth prediction in event management industry (source

https://www.alliedmarketresearch.com/events-industry-market)

In the graph shown above it is clear that the market of the industry is only
growing.

o Growing concern over Image Building

People are getting more and more conscious about how they are perceived by
others. They tend to build, improve or uphold their reputation. Social gatherings
such as charity events, are believed to be the best alternative to do so in the
corporate world.
 Page 17 of 29

o Innovative Political Campaigns

Politics is not about just speeches anymore. To convey their message and win
masses’, political leaders today need to dig deeper and think out of the box, which
is EVENTS’ expertise.

o Greater use Of Social Media

From ‘connecting old friends’, to today shopping and selling of not only products
but also every kind of service; singing, dancing, drama, fashion, celebrity
interactions, you name it. Social media has outperformed itself.

 Threats
o Conservative Thinking
Most people are averting to change. This mentality could be a threat to the
company. However effective marketing could be the solution, illuminating more
and more people, and swiping right into their comfort zone.

o Money Conscious Market

India is a price conscious market, strict on budget. ‘Sale’, ‘offers’, low price
schemes, etc. are alluring and they make us happy. Firm would need to be very
vigilant.

o Red Tapism and Corruption

Even though there are policies to prevent the malpractices, both corruption and
red tapism are a major concern for the firm.

o Manpower Attrition
Manpower tend to switch firm sensing even a small bump to the company. Croga
shall need to win their loyalty using incentives and bonuses, and give them a
healthy working environment and sense of loyalty.

5.2.2 Porter’s five forces model

There are determinants of industry attractiveness and long-run profitability that shape the rules of
competition. They are, the threat of entry of new competitors, the threat of substitutes, the
bargaining power of buyers and of suppliers, and the rivalry between the existing competitors. 9
Where the forces are intense, below-average industry performance can be expected, where these

9
Porter, M. E. (1998)
 Page 18 of 29

performances are mild, superior performance can be observed. This is Michael Porter’s Five
Forces Model of competitive industry structure.

The analysis will give the firm an image of its position in the market.

o The threat of new entrants

New entrants, though they raise the level of competition in an industry, thereby reducing
its attractiveness, yet bring innovation and new techniques of doing chores. Croga Events
has to manage all the challenges and build infallible barriers to safeguard its competitive
edge.

How Croga Events will tackle the Threats of New Entrants

 By bringing new services. Innovation will not only bring new customers to the fold but
also retain old customers by giving them a reason to hire Croga Events’.
 By building economies of scale so that it can minimise the fixed cost per unit. 
 Building capacities and spending money on research and development. New entrants are
less likely to enter a dynamic industry where the established players such as Croga
Events keep redefining the standards regularly.

o The bargaining power of suppliers

The cost of raw materials and components can have a major bearing on the firm’s
profitability. The higher the bargaining power of the suppliers the lower the profitability
of the firm.

How Croga Events can tackle Bargaining Power of the Suppliers

 By building dependable supply chain with multiple suppliers.

 By experimenting with new models and designs using different materials so that if the
prices go high of one raw material, the company can shift to another.
 Developing dedicated suppliers whose business depends upon Croga. One of the lessons
EVENTS can learn from its sister venture Croga WELLNESS is how it maintained third
party manufacturers whose business solely depends on them thus creating a scenario
where these third party manufacturers have significantly less bargaining power compare
to WELLNESS.

o The bargaining power of buyers

 Page 19 of 29

Buyers a demand authenticity and creativity. They want to buy the best offerings
available by paying the minimum price as possible. This may pressurize EVENTS’
profitability in the long run. The smaller the customer base, the higher the bargaining
power of the customers.

How Croga Events can tackle the Bargaining Power of Buyers

 By constructing a large base of customers. It will reduce the bargaining power of the
buyers.
 By rapidly innovating new products. Customers often seek discounts and offerings on
established products so if EVENTS keep on coming up with new ideas then it may limit
the bargaining power of buyers.
 New products will also reduce the deflection of existing customers of EVENTS to its
competitors.

o Threat of substitutes

The presence of substitute services can lower industry attractiveness and profitability the
reason being constraint on price levels. The threat of a substitute product or service is
high if it offers a value proposition that is uniquely different from the current offerings of
the industry.

How EVENTS will tackle the Threat of Substitute Products / Services

 By being service oriented rather than just product oriented.

 By understanding the essence of the need of the customer rather than what she is buying.
 By rising the switching cost for the customers.

o Industry Competitors

If the competition among the existing players in an industry is intense then it will drive
down prices and demote the overall profitability of the industry.

How EVENTS shall tackle Intense Rivalry among the Existing

Competitors in Media industry

 By building a sustainable differentiation

 By building scale so that it can play better
 Page 20 of 29

 Collaborating with competitors in order to increase the market size rather than just
competing for small market.

5.2.3 Competition
The analysis of how industry structure of its long run profitability has shown the need to
understand and monitor competitors. Their decisions can spoil an otherwise attractive industry.
Their weaknesses can be targeted for exploitation and their response to conduct marketing
initiatives can have major impact on the success. In the firms that focus on competitors’ actions
have been found to achieve better business performance than those who pay less attention to
their competitors’. Competitive information can be obtained from marketing research surveys,
recruiting competitors’ employees, secondary sources such as newspapers and trade magazines,
distributors, stripping down competitor's products etc.

Competitors have a major bearing on the performance of any company. Say, when competitors
price-cut , the attractiveness of the market can fall and their ability to innovate can ruin once
highly profitable brands, as was the case when the Apple iPod supersede the Sony Walkman in
the portable music business.

Marketing-oriented companies not only monitor but also seek to understand their strengths,
weaknesses, strategies and response patterns.

How Croga EVENTS shall analyze its rivals.

 Identifying Competitors- EVENTS shall lay down and (figuratively) dismantle the core
of its competitors. This can be done by understanding their product form and substitutes
available, rival’s generics and the new entrants.
 Audit Competitor Capabilities- EVENTS must examine its competitors’ financial,
technical and managerial aspects. Their Marketing Assets and, the Strengths and
Weakness also should never be over looked.

 Infer Competitor Objectives and Strategic Thrust- Croga will closely analyze its
competitors’ growth objectives and directions, further their Build, Hold and Harvest
decisions.

 Deduce Competitors’ strategies- Rivals’ target segments, differential advantages,

competitive scope and cost leadership shall be studied to build better understanding.

 Estimate competitors’ response patterns- EVENTS shall acknowledge whether its

competitor is Retaliator, Complacent, Hemmed-in, Selective or Completely
Unpredictable.
 Page 21 of 29

5.2.4 Strategic Competence

To be the long term player in the market, EVENTS has to be totally dependent on its capability
to identify new market trends, and to determine how its internal abilities can be used to tap and
exploit those opportunities and gain advantage.

Ghosh has proposed the four distinct strategic marketing opportunities exist via digital platforms
(Making Business Sense of the Internet- Ghosh, S. 1998)

I. Establishing a direct link with customers to complete transactions or exchange trade

information more easily.
II. Utilizing the technology to bypass rivals within a value chain.
III. Developing and delivering innovative products and services.
IV. Becoming dominating player in the digital channel of a specific industry by creating and
setting new business rules.

6. Company Strategy
The key to superior performance in the market is to hold and gain a competitive advantage over
the rivals. Croga can achieve this through differentiation of its offerings, which provides superior
customer value, or by managing lowest delivered cost. 10

Competitive Strategy options for CROGA:

10
https://www.mckinsey.com/business-functions/mckinsey-digital/how-we-help-clients
 Page 22 of 29

Michael Porter's Generic Strategies (source: mindtools.com)

 Differentiation Leadership- This involves the selection of one or more choice criteria
that are used by many buyers in the industry.

 Cost Leadership- This involves achievement of the lowest cost position in the industry.

 Differentiation Focus- This includes differentiation within a small number of target

market segments.

 Cost Focus- Here, firm like Croga may seek a cost advantage with one or small number
of target market segments.

Croga Events, since specializing in corporate, political and charity events, shall choose
DIFFERENTIATION FOCUS approach. Events will strive to meet the special needs of these of
its verticals to differentiate its offerings from its competitors.
 Page 23 of 29

7. Digital Marketing
Deciding how to plan, resource, integrate, implement and monitor digital marketing activities for
EVENTS can be guided by applying established marketing management principles and planning
principles. E-marketing initiatives focus on the customer and how to build close connecting links
through digital technologies. For the organization to develop unerring strategies for the future
business expansion in the digital era the market environment has to be properly comprehended.

The key features of EVENTS’ Digital Marketing Mix are:

 Service; individual, customized, digital

 Price; dynamic, transparent, flexible
 Promotion; instantaneous, permission-based, interactive
 Place; new channels, global, virtual

DigiTech offers new promotional opportunities and alternative channels to market. Croga with
particular skills and capabilities can always out perform its rivals, creating sustainable
competitive advantage and superior performance.

8. Financial Strategy
To achieve the goals and objectives, Croga shall need a financial strategy, a roadmap for
reaching them, both in the short and long-term. This will help the company to develop a vision
for its success and become a set of controlling principles under which the company operates.11

I. Cash flow management is the key.

Most startups fail for a rainbow of reasons, but one is far more common than others -- running
out of money. EVENTS shall always know where every single rupee is coming from and where
it is going.

Since, it doesn’t matter how good an idea might be when any firm runs out of money it hits a
brick wall. Hence, Croga shall establish a budget and stick to it.

II. Track and monitor all spending.

With a new venture, there’d be expenses coming at the company from every direction.

Not only will this help EVENTS with cash flow management, but it also makes it much easier
when tax/GST time rolls around every year.

III Limit your fixed expenses in the beginning.

11
https://learn.marsdd.com/article/financing-workbook-1-developing-a-financing-strategy-for-your-company/
 Page 24 of 29

In the beginning stages of a startup, keeping the expenses low is the key to longevity. No one
needs an elaborated office in the heart of your city or fully catered meals thrice a day.

Croga shall operate thin so it can allocate the majority of its capital to growth, which will enable
it to implement, any perks the firm may want. Generating revenue should be their top priority.

IV. Focus on customer acquisition.

The sooner a firm figures out how to acquire customers and economies of scale, the greater the
chances are of the company making it happen. Once Croga identifies different acquisition
channels, it shall work on the optimization to lower it’s costs.

It’s impossible to test every possible acquisition channel at first, both in terms of time required
and cost, so EVENTS shall focus on the most lucrative opportunities. Once it successfully scales
those, it'll have the financial capability to explore other channels.

V. Establish financial goals.

Annually and monthly revenue goals allows a company to stay on track and make the
adjustments necessary for constant growth. Croga shall even set milestones to hit along the way,
giving it a lot of smaller goals to constantly hit. Knocking out little goals can give the Croga
family the confidence needed to keep powering through the entrepreneurial journey.

9. Research And Findings

Name Email
Vanshika Gupta vanshikagupta2402@gmail.com
Aastha Bansal aasthabansal295@gmail.com
Muskan narnolia muskinarnolia8@gmail.com
Jyoti Satsangi bbm.jyoti@gmail.com
Chitra Gupta chitragupta374@gmail.com
Pulkit pulkitgupta88@icloud.com
Aadil Aslam aadilaslamf1re@gmail.com
Anushka Mishra 889anushkamishra@gmail.com
 Page 25 of 29

Shelley Bansal shelleybansal12@gmail.com

Sanjay Chaturvedi chatsanjay@yahoo.com
Aviral Shukla avirals601@gmail.com
Vishal Chandra Gupta v.chandragupta@gmail.com
Achal Tiwari achaltiwari9450@gmail.com
Apoorva Shanker apoorvashanker0101@gmail.com
Shivani shivani3024@gmail.com
shikha sharma shikharider8110@gmail.Com
Adhiraj sinaahdiraj.2401@gmail.com
Layshri dahal layshril@gmail.com
Akshini akshinigupta@gmail.com
Sadiya venusshamim@gmail.com
Yashika chaurasia chaurasiayashika26@gmail.com
Sneha Rastogi sneharastogi1980@gmail.com
Sakshi Narang cutipieangliena31@gmail.com
Yash Vardhan
Srivastava srivastavayashvardhan62@gmail.com
Yash Arun Hadole yashhadole9@gmail.com
Sparsh Bharadwaj sparsh9026@gmail.com
Vishesh shukla vishu9648@gmail.com
Harsh Sharma harsh.sheetal0002@gamil.com
Akansha awasthi akanshaawasthi09@gmail.com
Jigeesha Singh jigeesha1991singh@gmail.com
Poorvi Garg poorvigarg2001@gmail.com
Manasvi Gupta manasvigupta1207@gmail.com
Sujoya sujoya.kar.chowdhuricool@gmail.com
Ayush Mishra mishraayush2372000@gmail.com
Deepa Mishra deepamishra479@gmail.com
Devesh kumar deveshcrpt1995@gmail.com
Tanay Mishra Avrilsingh974@gmail.com
Jay Dev jay7080dev@gmail.com
 Page 26 of 29

Ayushi Singh ayushisingh1112222@gmail.com

Aparna patel patelaparna65@gmail.com
Manvi Singh manvisingh0610@gmail.com
Sunidhi Sachan sunidhisachan001@gmail.com
Yash verma yashverma793@gmail.com
Vaibhav Kushwaha vkushwaha99@gmail.com
Mansi singh mansisingh8326@gmail.com
Jahanvi jahanvigupta11@gmail.com
Vaishali Singh Chauhan 1596milli@gmail.com
PRIYANSHI SINHA priyanshisinha17@gmail.com
Diksha Shukla dikshashukla0201@gmail.com
Rida ritshassan24@gmail.com

A total of 50 people filled the survey regarding their take away of the Event Management
Industry.

80% of the respondents were within the 16-25 age group.

10%, within 26-35 years.

4% from under 45 years and 6% of the people were above 45%.

We can observe that most of the respondents are young and Croga’s potential consumers.
 Page 27 of 29

62% of the respondents here are students, 14% are employed, 22% are working themselves, and
2% are exploring their lives.

58% of the respondents are sure they’d like to hire professional help for some charity event.

4% i.e. 2 respondents said they’d not hire a firm to manage the event.

And 38%, 19 respondents said they are not sure. ‘No news can be a good news.’ Their
uncertainty suggests that given a good deal they may not refuse it. Here, with consumers will
play a significant role.

Croga is neutral to this response. The reason being, it already has established its name in the
service sector businessing ethicaly, fulfiling comittments and winning its customer’s trust.

As for the new local brand, the EVENTS venture shall be a grounded firm striving to out
performing its own standards.
 Page 28 of 29

34 respondents on 50 said that they haven’t heard of any of the above Political/ Corporate Event
Management firms.

Though they have been doing good in the industry, the lack of awareness among the consumers
about its existence can always cost them.

EVENTS will acutely focus on marketing its brand on all the platforms online and offline, so
that consumers are always acquainted with Croga and its promise of quality and fidelity.

8 on 50 said Brand of a product ALWAYS matters and 34 respondents said it MOSTLY matters,
given the product/ service.

Brand plays a key role in the financial status of any firm. Croga understands the essence attached
to a Brand, which is quality and commitment.
 Page 29 of 29

On 50, the survey gathered only 3 names that are aware of without any repetition. This suggests
that people are still not quite conscious about the rising Event Management Industry. This will
require massive marketing through all the possible channels to make a place in consumer’s
comfort zone.

Conclusion
References (Harvard System of Referencing)
Frambach , R.T. ‘Marketingstrategie’ (Marketing Strategy)

James, M. (2002) Big Brother is Watching You, Marketing Business, November/December, 26-7

MaRS Startup Toolkit (https://learn.marsdd.com/article/marketing-plan-for-your-product-

launch/)

Blog ‘What is a Marketing Plan & How to Write One’ - by Clifford Chi @BigRedDawg16

Porter, M. E. (1998) Competitive Strategy: Techniques for Analysing Industries and

Competitors, New York: Free Press

Noble, C.H., R. K. Sinha and A. Kumar (2002) Market Orientation and Alternating Marketing
66, October, 25-39

Porter, M. E. (1998) Competitive Advantage, New York: Free Press

Ghosh, S. (1998) Making Business Sense of the Internet, Harvard Business Review,
March/April, 127-35