MINI PROJECT

MANAGERIAL ECONOMICS
We don’t remember days but
rather the memories
SERVICE INDUSRTY
 Krishnavijya event planners

I want to name my company as krishnavijya

because it’s a combination of names of
my mother and father
 It breaks into two questions: what kind of events
we are talking about ? and what is event
planning
 First thing generally speaking special events
occur for the following purpose
 Celebrations( wedding, reunions, birthday days,
anniversaries, fairs etc)
 Education ( conferences, meetings, graduations)
 Promotions ( product launches, political rallies,
fashion shows)
 Commemorations( memorials, civic events)
 Conducting research
 Creating an event design
 Finding site
 Arranging for food, décor and entertainment
 Planning transportation to and from event
 Sending invitations
 Arranging any necessary accommodations for
attendees
 Coordinating the activities of event personnel
 Supervising at the site
 Conducting evaluations of the event
 The answer is simple: individual often find
lack of expertise and time to plan events
themselves . independent planners can step
in and give these special events the attention
the deserve
 Urban – both metropolitan and non
metropolitan cities
They are two markets for event planning
1) Corporate market: it not only includes companies but
also non profit organizations and charities. Charities and
NGO host gala fundraisers, reception and athletic
competitions, among other events to expand their public
support base and raise funds
2) Social market: it includes wedding, birthdays,
anniversaries, sweet 16 parties, reunions etc..
 Monopolistic competition
• In this type of competition there twill be large
number of sellers/ competitors and few number
of buyers. The entry is unrestricted and the
products are differentiated from each other
• There are many number of competitors in the
market but our company differs based on
innovative creations and minimizing the cost to
the extent of maximum level with best quality of
output and by providing the specialized services
in both social and corporate market
• Existing: There is a lot of demand in the present
market because the people want to make there
occasions memorable
• Future: demand for event planners is expected to
grow during the decade from 2016 to 2026 according
to BLS( bureau of labor statistics ). Average growth
for event planners is 11% in future. It is projected to
grow 7% from 2018-2028 , faster than the average for
all occupations.
since I am a new entrant into the industry I
should follow some tips and tricks to succeed in my
business
1. Strengthening the online presence – website, social
media, YouTube and creating app so the people can
easily access and known about my services
2. Always innovative
It depends based on the cost of living,
affordability, occupations, etc…
Ex: if I organize an event in Blore the cost
might increase because of cost of living and
market conditions etc and there as if I
organize in Bellary the cost may reduce
based on the affordability of people
And same as the cost of service depends on the
basis of occasions and the basis of budget
provided by the customer. And even it
depends based on the place where we
organize the event.
Expenses cost

Cost of marriage hall 60000

Cost of invitations 30000
Cost of food 150000
Cost of transportation 50000
Cost of mehindi, halide, 100000
sangeeth etc
Cost of labour 30000
Cost of banners 10000
Cost of photographers 40000
Cost of return gifts 50000
Cost of jewellary 300000
Cost of clothing 100000
Cost of accommodations 30000

total 950000
Profit of my firm varies according to the event we
organize and according to the cost which I incur
and how do I reduce my cost to increase profits
Ex: according to the previous example if my cost is
Rs95000 I estimate my profit after expenses and
tax. So profit may be 20%
Suppose cost -950000
profit -190000(950000*20%)
(-) tax -20000
Actual profit -170000
Ex:
 Cost -950000
 Profit -170000
 Price -1120000
Iadvertise my services through social media,
advertising in news papers, hoardings, wall-
posters, magazines, positive word of mouth,
publicity. Because these are the best way to
reach out to people and understand there
demand, wants, desires, needs, expectations
etc..
 When we launch our product in the market with
many competitors then we should be innovative
and understand customers want needs desires
preferences etc..
 The demand for these services is very high is
future, market trends are positive and there is
an increasing demand for innovative well
organized event manager services
 The services should always be customer oriented
and innovative approach then you encounter
sustainable sales growth.