Fundraising Game Promotion Tournament: Business Growth and Sustainability - Case Study Example

? James Savastano Business Growth and Sustainability 10048723 Executive Summary The Make an impact week led to birth of many great ideas, one being the Fifa 12 tournament, to be held on the University campus, which our team came up with. Fifa 12 is a highly popular game amongst individuals as well as a game where individuals have a competitive nature when competing against each other on the game. A decision to raise funds by playing Fifa 12 seemed a strategic plan in raising money within a very short time span. The project was to take place within a week. Fifa 12 seemed to incorporate fun, strategic planning, time factor and generation of funds. The tournament was to be held during university time in an attempt to yield more of a consumer base for the tournament. Holding the tournament on campus would cut costs and maximize profits. In addition, it would provide a ready market base that would go a long way to achieve great results within the shortest time possible. The tournament would address the business objectives, whilst significantly reducing the running costs. Its success was focused on its leadership and management position, which turned it into a goal-oriented adventure. The sales process was flexible and accommodated consumer needs and changing market trends. Table of Contents 1.0 Introduction…………………………………………………………………………... 1 1.1 Overview of Make an Impact………………………………………………… 1 1.2 The Product – Fifa 12………………………………………………………… 2 1.3 The Business………………………………………………………………….. 2 1.4 Short term aim………………………………………………………………... 3 2.0 Market………………………………………………………………………………… 3 2.1Market Size……………………………………………………………………. 3 2.2 Competitor Analysis………………………………………………………….. 3 2.3Pricing………………………………………………………………………….. 4 2.4 Promotion……………………………………………………………………... 4 3.0 Business Analysis…………………………………………………………………….. 5 4.0 Risks…………………………………………………………………………………. 6 5.0 Finance……………………………………………………………………………….. 8 6.0 Growth……………………………………………………………………………….. 8 INTRODUCTION: 1.1 Overview of Make an impact. For the make an impact week, the team was set the task of creating an idea to generate funds for charity during university time. The team decided to hold a Fifa 12 tournament as its project. It had to promote and market the idea around campus and raise money for a charity at the end of the week. The group carried out the task efficiently and met all its objectives, which were set at the start of the Make an impact week. The basis for the idea worked well in terms of generating quick profit with a low starting up cost, which was its main advantage. Make an impact week was intended to develop strategies for establishing a business idea that would attain and maintain realistic growth. The team held a tournament aimed to increase sales of Fifa 12 tickets as fast as market conditions would allow. The project emphasized the focus of strategic planning that enables a business to grow forward. This focus includes public relations, public image, labour relations, advertising and promotion, political lobbying and flowing with the stream (Daems, 2006, p. 157). 1.2 The Product – Fifa 12 Fifa 12 is a game that is fun, competitive and socially interactive. It was a feasible idea for fundraising as it brought people together without trying too hard. The idea of the FIFA tournament was arrived at after thorough discussions and consultations. Careful planning was needed to prepare the business for the future (Mercer, 1991, p. 17). The team held a tournament, which was a great success, owing to a good business idea coupled with an agile workforce and an incredible management. To generate more profit, the team offered other products to the customers during the actual event. The team worked efficiently by assigning individual tasks to its members. This minimized wastage of time and enhanced coordination. Planning would have been impossible without general knowledge of the business and its structure (Bing, 1996, p. 68). 1.3 The Business The business is a partnership of seven. This boosts the business as it fosters sharing of ideas and work load. It also means that the members are neither too many as to inhibit management, nor too few as to disable the business from running efficiently. 1.4 Short term aim The business found it ideal to use the goal setting model in establishing its objectives. The goal setting model, indicates the interrelationship between motivation to work and job satisfaction (Curtis, 1994, 41). The business seeks to double its profits within a year and ensure that it ploughs back that profit for its growth and sustainability. The team is therefore motivated to realize this goal and it achieves job satisfaction when it meets its target. 1.5 Long term aim In five years, the business aims to have extended to include intervarsity competitions and district competitions around the U.K. The long term goal of the business is to balance long term economic success, service delivery and social networks. It seeks to be a successful entity, boasting of a superior identity in fundraising for charity. 2.0 MARKET: 2.1 Market size The business currently targets the local market, mainly comprising of university campus students. With time, the business hopes to grow to accommodate intervarsity competitions and district competitions, which will add to its pool of clients. There is great room for growth. The nature of the tournament is greatly promising in terms of marketability. The tournament brings people of various backgrounds together and it is an idea that is fast-spreading. 2.2 Competitor analysis The business currently enjoys monopoly that puts it ahead of competition. Its competitive advantage is based on dominance or market position rather than on distinctive capabilities (Kay, 1995, p. 113). However, chances are that competition will emerge sooner or later. Based on info-technology that the business uses, it will still have an edge in the market. Information and information technology are strategic resources for gaining a competitive edge (Earl, 1988, p. 75 and Christy, 2005, p. 69). The business aims to maintain a lead on its know- how on trends of demand and supply. 2.3 Pricing The pricing strategy followed adequate market research in to past events and the prices which those events charged. Charging ?2 per person for players participating in the tournament would be a fairly attractive price to the main target market, which are students. In order to add some incentive to the tournament, the team decided that the winner and the runner up be awarded with a small cash prize, plus a free entry into the next tournament that would be held. They would win ?15 and ?5 respectively. Also, in order to generate more profit, snacks and beverages would be offered whilst the event was running. A trip to Macro was made, to ensure the best prices on the goods. Numerous cans of drink as well as energy drinks and sweets were purchased. A slight profit margin was then attached on the goods. The team aimed to generate a minimum of ?50 for charity by holding this event. 2.4 Promotion The business emphasizes use of modern technology in advertising. This has helped shift most basic beliefs about how commercial and social interactions occur (Carr, 2002, p. 1). The team mainly used social networking sites, such as twitter and facebook to notify people on the event. Flyers were made and placed around the various Glamorgan campuses to spark interest for the tournament. Word of mouth was also a very useful advertising method. 3.0 – BUSINESS ANALYSIS So far, the project has tremendously grown. This has been mainly accredited to the accessible venue on campus and a young versatile task force that is well managed. Its leadership mirrors classical management theories. It favors the idea that it is the leader’s responsibility to assign goals (Curtis, 1994, p. 41). The project’s management style greatly reflects that of Mc Gregor’s X and Y theory. All the group members are more suited to the Y side of Gregor’s theory. They all have traits that foster productivity, growth and innovation in an organization. The management uses its knowledge of the project’s resources in its favor. Knowledge of an organization’s human, physical and financial resources available to it fosters its success (Branch, 1990, p. 43) The project has more opportunities for marketing. The team dealt well with its consumer base, judging from the positive feedback it got. The team received many inquests into whether another tournament would be held soon. Intensified marketing is necessary to bring more participants on board. 4.0 RISKS 4.1Political Factors Some of the risks the business may face include taxation systems by the government, political instability, civil disorder, strikes and war. These may negatively impact on the growth and sustainability of the project. 4.2 Economic factors. The business may suffer risks from economic factors which include but are not limited to: the state of economies, inflation, and distribution of wealth within the economy. Developing and launching a new product in the market is a process that is prone to great economic blows. The team aims to remain focused on its goals to ensure the project’s success. One of the team’s main problems was deciding on an appropriate pricing strategy for the event. The designated target market, which was students, had to be considered. This meant charging a lower price for participants to enter as students generally have less disposable income. Market research was conducted by looking at past events which had been run. 4.3 Social factors The project is prone to societal factors that may be detrimental to its growth. These include: social concerns such as environmental issues and lifestyle developments. The team aims to maintain high standards of flexibility and adaptability to cope with emerging changes in the market and society in general. One of the team’s main problems was attracting people to play during a reading week for most of the university. This lowered the turnout. To address this issue, marketing and exposure on campus was increased. 4.4 Technological issues Technological changes may affect the business either positively or negatively. The business aims to stay up-to-date on technology to ensure that it maintains a competitive edge on the market. 5.0 FINANCE Cashflow forecast (1 yr), P&L forecast (1yr). Remember that the P&L data is found in the totals column of the cash-flow forecast. The most important of all corporate decisions is drawing up an investment budget (Manne, 1961, p. 6). 6.0 GROWTH “Growth is the very essence of entrepreneurship” (Sexton, 1997, p. 97). The project realizes the need for growth as the main benchmark of measuring its success. It applies Wiklund’s theoretical perspective when measuring growth. This model combines three perspectives which include: the resource-based view, the motivation perspective and strategic adaptation (Wiklund, 1999, p. 63). The project emphasizes strategy since strategy has a direct link on its growth. Focus is laid on strategic planning, based on highlighting info-technology to enable the business have a cutting edge and maintain a lead in the market. Focus is also paid on environmental factors that indirectly affect growth. These include: on session and off session periods on campus, seasons and changing market trends that influence business growth and sustainability. The project highlights the need to keep up to date on events that either foster or limit the project. It ensures flexibility and versatility in adapting to changes in market trends and consumer needs. It aims to maximize its growth by establishing a strong local market that will enable it to spread its wings to other regions. References Bing, Gordon (1996) Due Diligence Techniques and Analysis: Critical Questions for Business Decisions. Westport, Quorum Books. Branch, M.C (1990) Planning: Universal Process. New York, Praeger Publishers. Businessballs.com (1960) douglasmcgregor's motivational theory x theory y. [online] Available at: http://www.businessballs.com/mcgregor.htm [Accessed: 22 Mar 2012]. Carr, Judith and Grantham Charles (2002) Consumer Evolution: Nine Effective Strategies for Driving Business Growth. New York, Wiley. Christy, Peter. 2005. Getting It Right the First Time: How Innovative Companies Anticipate Demand. Westport, Praeger. Curtis, Keith (1994) From Management Goal Setting to Organizational Results: Transforming Strategies into Action. Westport, Quorum Books. Daems, Hugo (2006) Planning and Financing. Bloomington, Author House. 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