Implementing a Fundraising Event - Coursework Example

? Part 2: Report and Reflection Contact Details Group Group Members Part 2: Report and Reflection Introduction Organizing and running an event is a challenging, yet rewarding endeavour. To comply with the requirements of the course, one’s group selected to pursue a fundraising event by purchasing and selling Subha, known as prayer beads for Muslim people. Source: Qusti and Al-Shehri, 2006 The report would present the pertinent functions required to implement a small business project through focusing on the marketing and financial aspects of planning, organizing and implementing the event. Likewise, the discourse would identify and discuss the problems encountered by the specific members of the group and by the group, as a whole. The reflection portion would proffer personal opinion about the experience gained from the small business endeavour and how one would benefit from it in the future. One’s group which is composed of five members decided to choose Salah Adden mosque and sell tradition product from Saudi Arabia which is (subha). The purpose of the small business is to earn moray for donation to a chosen charity and enable making some reforms in the Salah Adden mosque. The report would be structured by initially discussing the planning phase where the profile of the charity event was organized and decided on. Intricate details were eventually noted to incorporate pre-event marketing information like the 4Is applied in the project; operational details; clearly defined objectives and group goals; market research; and the relationship to various stakeholders. The outcome of the event would also be revealed in terms of the financial performance and the lessons learned from the experience. Profile of the Charity and the Community Involved The chosen charity as beneficiary for the proceeds of the subha sales is the Salah Adden mosque located in central London. The rationale for the selection included regular patronage to the mosque and observing that there are vast reforms and improvements that could be made. A list of potential repairs, improvements and maintenance that were solicited from the mosque disclosed that there are eminent needs to change the carpet and to add more shelves. The Muslim tradition practiced and observed by friends included praying five times a day on the mosque and would therefore enable the group to facilitate contact and correspondences with authorized mosque personnel to implement the charity and donation and monitor the changes on the proposed improvements, as indicated. In this regard, the objectives and goals of the group and of the event are as follows: Group Objectives: To organize and implement a fundraising event through buying and selling of Muslim prayer beads (subha) and donate the proceeds from the sales to the Salah Adden mosque. The proceeds are proposed to be spent on carpets and adding more shelves on the mosque’s furniture and fixtures. How the Activity/Event Evolved, Planned and Promoted How the Fundraising Idea Evolved: The group has initially agreed on selling a particular product to raise funds for donation to the Salah Adden mosque. Each member in the group gave an idea about proposed products to sell. One member suggested selling some cake and drink; while another member said it would be better to sell stationary to address the students’ needs. Finally, from the suggested product list, the group decided to sell Subha, prayer beads for Muslim people for the reason that it is unique and the target customers would be interested in it. The proposed target market is the Muslim students of the University. The Planning Phase: The planning phase included the development of the business plan (Annex A) and a market research. The market research required application of the 4Ps theory where details of the product, price, place and promotions would be closely evaluated, strategies designed and explicitly stated for clarity of direction in implementation (Carter and Jones-Evans, 2006; Nwankwo and Gbadamosi, 2011). The brief market research identified potential number of the population of Muslim students in the University. As detailed in the business plan (Annex A), there are approximately 6000 Islamic students within the University, considered one of the largest religious group. The group targeted to sell a volume of 100 products (Subha) which is only approximately 2% of the target market. The products is proposed to be purchased from Saudi Arabia where some of the Muslim members’ relatives live and the products could be sent without extra cost and purchased at a product cost of 0.20p and then sold on for a retail price of ?1.00 within the University ground (Annex A). Although 1000 units were initially planned, the group opted to apply a more conservative volume of 200 units given the time frame for the project. Group Roles and Responsibilities: The leader of the group, Hani, called a meeting to divide the work into three parts to assign specific responsibilities to the group of five members. The roles and responsibilities are as follows: GROUP MEMBERS/ ROLES RESPONSIBILITES Hani/ Leader Finance part Ahmad and Nasser/Members Communication part Mazen and I/ Members Marketing part The second meeting was scheduled with specific tasks of bringing respective research on the responsibilities noted and to share the information to the rest of the group. The rest of the meetings focused on the proposed date and place of the event. The leader assigned Ahmad and Nasser, who are in charge of communication, to coordinate with the school administration to determine the availability of the proposed venue (middle hall of Business School) and potential dates. Pre-Event Marketing: The 4Is applied in this project, are as follows: The Innovation and incremental adjustments applied for the project and event was made possible through the display of Subhas on the board to vividly entice target customers from the bright colours and aesthetic features of the product. Identification of target market was the students of University of Hertfordshire, although, the group predicted the product may attract Muslims customers from nationalities such as Pakistanis, Saudis and some Nigerians. However, during the event, the group noted that the customers were from different nationalities, including non-Muslims; as well as some of the staff. The interesting thing was there were more female customers than the males. Interactive marketing methods were applied by wearing Subhas on group members’ hands throughout three days before the event and distribution of brochures. These were apparently good advertising and promotional methods. Also the product’s name was boldly hanged and worn by all members from the necks during the event time. Likewise, the colours, shapes and sizes of the Subhas on the table were changed three times during the selling time to attract customers’ attention. Informal Information gathering through networks was eminent through feedback from some friends by SMS and E-Mail. Some acknowledged coming but they did not; some said they would not be able to come, but they did. However, others could not attend the event due to the need to attend scheduled lectures or events on the same day (Fisher, 1982) The strength of applying 4Is in the event is that it provided the appropriate theoretical framework to apply the necessary skills and strategies in ensuring that the proposed activity would be successful and the number of units proposed to be sold, given the time frame, would be sold, as planned (Stokes and Wilson, 2010). Networking: There are softer and harder benefits in the social and professional networks as gained from the course module. The small business gained softer benefits such as credibility, legitimacy, advice, problem solving, motivation, inspiration, and confidence. So, in one’s experience from this project, the credibility, motivation and confidence are applied. Also from the professional networks there were three harder benefits, support from friends and classmates by buying the Subha through word of mouth (Granovetter,1982), SMS, brochures and E-mail which were all used to advertise the event. Using the lessons learned from Deakins and Freel that “efficient networks that foster good relations between firms contribute to entrepreneurial success” (2002, p. 169), the use of diverse media and options to gain potential and prospective customers through the network of friend and acquaintances, the value of camaraderie and circle of peers contributed to the success of the event (Fisher, 1982). Resource Constraints One of the resource constraints identified from the experience was the fact that the Subha is something interesting, unique and new for some of the customers as it was imported from Saudi Arabia. The group members took time to explain to the customers what it is for. Another resource constraint was scheduling the event. There were lots of groups who previously booked for their events prior to our group, thereby; the event was rescheduled to a later date. This particular experience was initially perceived as a threat to the smooth implementation of the planned event. Through the resourcefulness of the members, threats were appropriately addressed (Stokes and Wilson, 2010). Organisational and Community Issues There were two groups who could be considered competitors doing the selling at the same time and day; as well as in the same place which was the middle hall of Business School. Other stakeholders that eminently benefitted from the event included school personnel and even students who were attracted to the prayer beads despite not having any affiliation to the Muslim faith. In addition, even with the presence of other competitors, the experience actually presented an opportunity for both networking and entrepreneurship at its best (Stokes and Wilson, 2010; Carter and Jones-Evans, 2006; Nwankwo and Gbadamosi, 2011). The event applied theoretical concepts and frameworks needed for establishing a small business, applying marketing strategies, conducting marketing research, considering community links and social responsibility, taking into consideration financial performance, and evaluating the success of the endeavour in its entirety. Implementation and Outcomes The Event The group realized that the event did not fully comply according to the plan (Stokes and Wilson, 2010). The event took place on the middle hall on the business school on Thursday 24/11/2011 from 9AM to 4PM. Within four hours from the beginning of the selling activities, my group achieved the defined objective; so the event ended earlier than the members’ expected time frame. Some of the customers who bought the Subha paid more than the stipulated price and refused to get the change as they decided to donate the funds for the charity. In addition, because of the diversity in products according to shapes, colours and sizes, it was difficult for customers to decide what to purchase. In this regard, the group members assisted them by offering discounts to entice them to purchase more than one. This pricing strategy allowed the customer to come back with their friends to show them the Subha and provide more opportunities for sales. In addition, the group opted to provide additional promotional items by giving freebies in terms of offering some chocolates and Arabic coffee for free. This promotional strategy was useful as interactive marketing methods; for instance, there was Chinese girl who came to ask about the aroma of the Arabic coffee, so this enticed her to purchase the Subha. All these strategies were applied on the event time but they were not clearly stipulated in the plan (Appendix A). The success of the endeavour was therefore attributed to the members’ application of the 4Is, as well as the 4Ps in marketing (Kotler, 2005) that reviewed the most effective strategies in terms of products (diversity in sizes, colors, shapes), prices (offering discounts), promotions (offering freebies) to address to the needs and demands of various clientele (Bhide, 2000). Statement of Income and Expenditure/Finance and analysis As shown in the business plan, the pro-forma income statement is replicated herewith: Pro-Forma Income Statement, Pre-Marketing Sales (120 units x ?1.5) 180 Cost of Sales (120 x ?0.20) 24 Gross Profit 156 Operating Expenses 10 Net Profit 146 With an initial projected sales volume of about 120 units, the total sales would reach ?180. Taking out all the cost of sales and operating expenses, the projected net profit prior to the event was ?146. Income Statement, After the Event Sales (136 units x  ?1.5)          204.00 Cost of Sales 27.20 Gross Profit 176.80 Operating Expenses 10 Net Profit 166.80 After the event, the group eventually sold a total of 136 Subhas which generated total sales of ?204. After deducting the cost of sales and operating expenses, the actual net profit reached ?166.80, which was ?20.8 more that the projected figure. This implied that the fundraising event was successful given that the actual net profit exceeded that which was projected and shown in the business plan. Recommendations From the fundraising event and donation campaign, the following lessons were noted and appropriate suggestions and recommendations are provided: Time management: The whole event necessitated conformity to a time schedule where management in terms of implementing diverse phases of the activity is paramount. From the scheduled meetings, to planning stages, design of business plan, and implementation – up to the monitoring of the donated amount to the Salah Adden mosque, the group realized how important it is to management time and adhere to the stipulated schedules. To effectively manage time, there is a need to clearly identify and stipulate the goals and objectives to be achieved and to design the necessary strategies which would assist in facilitating implementation of the tasks identified. Design appropriate strategies on the small business to ensure successes. Strategies provide the guidelines for achievement of goals. Through determining the most effective strategies for products, pricing, place and promotions, the group was able to push through with selling the products at an even higher net profit than originally determined in the business plan (Annex A). Using a the lessons learned in networking, such as focusing on people, using one’s circle of friends and acquaintances, establishing rapport and camaraderie, scanning the environment, addressing constraints in resources, and minimizing costs, small business could be provided with opportunities that could make their entrepreneurial ventures worthwhile. Doing more marketing research is necessary. Even on a smaller scale, any business endeavour requires making marketing research through a determination of the potential clients, choosing the strategic location, scheduling the sales event way ahead of time, and assessing the profile of customers to assist in designing the appropriate strategies that would result in positive performance. By earmarking only a feasible amount of the Muslim population, the cost of purchasing a limited volume, in contrast to the initial amount enabled the group to prevent losses and minimize costs. Build relationships between the group members and work cooperatively as a team. Team working and teambuilding helps achieve successful business endeavors. By identifying ; by roles and responsibilities; by delegating tasks; and by ensuring that appropriate strategies were clearly and explicitly stated and conforms to identified goals, the group was able to achieve the objectives stated, as required. Individual Reflection I have learned from this module a lot of theoretical and practical lessons. Firstly, one learned how the small business operates and which strategies would be designed and implemented to ensure success. Through the experience, I learned that it would be better to do some marketing research prior to the identified event and apply 4Ps and 4Is, as needed. In addition to that, networks (either social or professional) are very crucial and necessary to build smooth interpersonal and business relationships. The strong relationships established are very important and could be tapped for future business opportunities. The experience taught me a lot about teamwork and the importance of marketing products or services through the small business venture. I ultimately benefitted from the experience and it would forever form part of the memorable academic experiences that I will never forget. Generally, there were both good and bad things that happened in the project which were not planned. I realized that this is just a normal part of any business activity, regardless of the extensive amount of planning that was previously prepared. In other words, my group carefully planned all the event’s aspects in terms of: advertisement, finance, time and the risk. However, there were some changes that required revision to business plan. Therefore, I learned that planning is crucial and monitoring must be regularly made to address to the significant changes that influence and impact on the plan. The most important thing is to be able to effectively incorporate changes in the plan, as deemed necessary. The experience I have gained from this project made me apply different skills including analytical skills, problem-solving, communication and negotiation, decision-making, team building and entrepreneurial and networking skills. The challenges met were most needed to make us realize that, just like in the real world, external factors could influence and significantly change one’s plans, but these should not prevent or deter us to pursue our goals. In this small business, the group manifested collaboration and participation which made us a cohesive group. The leader accepted the advices and the opinions from the members and all members encouraged and trusted each other. However, there was a member who missed the meetings and did not know how we worked. It is worth mentioning that despite the noted weakness, he eventually emerged as an effective member on the final stages of this project, through contributing in advertising the product, in providing the required materials and in working in all the arrangements at the event time. I was the responsible member tasked to take care of the agenda and before every meeting; I prepared the points needed during the discussion. I was very happy with doing this task and I felt fulfilled upon complying successfully with my responsibilities. I found that working with team is not easy. There were times when my views were not consistent with other members’ opinions and led to arguments and conflicts. However, the leader tried to apply negotiation skills to reach a compromise that is satisfactory to all parties. Therefore, I realized that learning the theories and concepts on conflict and negotiation is most useful, especially when groups that are composed of different individuals with diverse opinions and values are expected to work as one. The experience was most useful in identifying personal strengths and weaknesses. It enabled me and the group members to address our respective weaknesses and to focus on the group’s objective to succeed at our goal. In the end, the small business endeavour provided the appropriate opportunity to make me realize that through the knowledge, abilities and skills gained from this activity, I could be an entrepreneur and an effective networking practitioner in the near future. Reference List Bhide, Amar. 2000. The Origin and Evolution of New Businesses. New York: Oxford University Press Carter, S. and Jones-Evans, D. 2006. Enterprise and Small Business: Principles, Practice and Policy. Harlow: Pearson Education Ltd. Deakins, D. and Freel, M. 2002. Entrepreneurship and small firms, 3rd Edition. McGraw Hill. Fischer, C. 1982. To dwell among friends: Personal networks in Town and City. Chicago: University of Chicago Press. Granovetter, M. 1982. The strength of weak ties: A Network theory revisited. In Social Structure and Network Analysis, Marsden, P and Nan lin (eds). Beverley Hills: Sage Publications Kotler, J.P. 2005. Corporate social responsibility. Harvard University Press: Boston. Nwankwo, S. and Gbadamosi, A. 2011. Entrepreneurship Marketing: Principles and Practice of SME Marketing. London: Routledge. Stokes, D. and Wilson, N. 2010. Small Business Management and Entrepreneurship. Cengage Learning EMEA Read More