PGSM MBA-MKT600 MARKETING Harvard Case Solution & Analysis

PGSM MBA-MKT600 MARKETING

Introduction

The statistical analysis in this global and competitive environment indicates that the service industry is flourishing at a rapid pace. Since the element of production is eliminated from the service industry; therefore it is exceptionally cost effective. Due to the excellent flourishing rate and cost effectiveness, working on service industry looks more rewarding.

Selected Service

It is an event management company which is responsible for arranging weddings and corporate events in Mumbai (India). Initially, this will be a small level business which will be set by three stakeholders on the equal contributions of capital. Events are made victorious by the efforts that a company puts in and those efforts result in a memorable day for clients. The suggested company name is WED-CORP, which stands for wedding and corporate. This Wed-Corp will be arranging weddings and corporate events in Mumbai (India). This wed-dec company will be entirely based on the team of hard working, honest, dedicated and creative individuals.

Suggested Logo

This entire name is present in the logo. Wed is for wedding and Corp is for corporate. This logo represents that this is an event management company, which is responsible for arranging all kind of weddings and corporate events.

Country Selection

The country which is selected in the case is India. India is highly populated and has one of the biggest economies in the world; which will help the business from all possible aspects.

External Analysis

The external analysis will scrutinize the general environment of the event management industry. The external analysis will talk about the political, economical, social and technological segments of the industry for the business (Kroon, 1995).

Macro Environment Analysis (PEST Analysis)

Political

In India, event management companies don’t contribute significantly to the economic stability of the country but it in directly helps in engaging and developing trust of the corporate sector. In recent times, these companies are getting attention of the political parties to run their election campaigns. Political scenarios in India are slightly disturbing but they don’t have a serious influence over this industry. Legal and taxation issues are relatively supportive for this industry as there is low taxation rate and legal obligations (Collins, 2014).

Economical

Economical factors include the interest rates, economic growth, inflation rate and  exchange rates. These factors have no direct relation or influence over this industry. Indian economy is developing in a rapid pace, which boosts the morale of these event management companies to expand and flourish in an optimistic manner. Although, inflation rate in India is on incremental path but these event management do not have a countable impact on them. Their target market is for middle and upper class that are usually not affected by these elements.

Social

Social factors are surrounded by cultural limitations and further include overall health awareness in society, its population escalation rate, safety issues and age distribution. This industry is influenced by social factors in an enormous manner. Indian has diversified range of cultures because both Hindus and Muslims are present in massive number. People of India give an extra importance to their cultural values and try their level best to fulfill all societal obligations. Usually corporate sector do not have a lot of concern with these societal factors because they are bounded with their company policies only (Dillerup, 2006)

Technological

Technological aspects comprise a focus on different elements such as R&D activities, technology incentives, automation, and the rate of technological change. Technological factors have an influence in this industry up to a low extent. High profile cameras and LEDs have a special importance in this industry which increases its value. With the advancement of technology, the industry has become quite competitive and creative.

Micro Environment Analysis

Consumers

The customers of Wed-Corp will be corporate sector and individual families who wish to plan their marriages and events through the event planners. Wed-Corp will be typically known for providing best cost structure with the most creative work in the industry. Wed-Corp will try its best to compete with top class competitors through its dedication and hard work in making one’s event memorable and successful.

Suppliers

The suppliers of Wed-Corp will be different food centers, music systems providers and other such material, which Wed-Corp may not able not to purchase on initial bases, however; this will also allow them to focus on their core competencies. Suppliers will look for the strategic alliance with Wed-Corp, which will benefit both the partners to focus on their expertise that they possess.

Competition

The presence of competition may give a tough time to Wed-Corp initially because they are lacking in experience which is one of the most important advantage.

Substitutes

The substitute for this service is that these events can also be arranged by themselves as per their expertise. For example there is a possibility of not affording a huge cost for event planner so an individual or even a company can plan such events as per their expertise or may go for the very low level local event planners.

Porter Five Forces Model

Porter Five Forces Model distinguishes and........................................

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