Management Plan
Introduction
The primary purpose of this jewelry exhibition is to showcase the Indian jewelry at a global platform. This exhibition will show a good platform to represent the Indian gems, diamonds, silver, gold and many other types of jewelry. It will provide opportunity to represent very famous Indian jewelry and art at the global platform.
To introduce the Indian art of jewelry, there is a need of making the worldwide people aware about the fascinating jewelry of India which is processed so purely (Andersen, Hanstad and Plejdrup-Skillestad, 2015).
In this context, this exhibition will remain quite helpful. It will support to showcase the Indian extensive polishing and cuttings of diamonds. The major aim of this exhibition is to maintain the authenticity of Indian jewelry.
This exhibition aims to provide an opportunity to the Indian gems and jewelry business to showcase the Indian jewelry culture with fine art to generate the demand of Indian jewelry in the Taj Mahal hotel Mumbai and beyond for future sales.
This exhibition will support to maintain Indian handmade jewelry by maintaining the authenticity regarding the heritage culture of India in the modern society. The major objective of this exhibition is to bring back the Indian jewelry culture and to maintain its worldwide popularity at a global platform.
It will identify that the popularity of Indian jewelry is decreasing on a continuous basis. So, the major objective of this exhibition is to create a significant presence of Indian jewelry at a global platform while bringing back the Indian culture in its traditional form again (Jones, 2014).
Stakeholders Involved & Role of Other Professionals
In this exhibition, stakeholders can be categorized on the basis of primary and secondary. This categorization will take place on the basis of the role and nature of involvement of the stakeholders and the influence which will take place in the exhibition through these stakeholders (Evans, and Ross Baker, 2012).
This exhibition event will take place at the Taj Mahal hotel Mumbai for showcasing the Indian jewelry to the world viewers. This event will include jewelers, event organizers, event host, Indian jewelers, Indian employees, celebrities, fashion models, sponsors, jewelry retailers, voluntary staff members, audiences, etc.
At the same time, various service providers will also shown their contribution such as makeup artists, security service men, media, government, attendant to attend and communicate with the audience.
Out of these stakeholders, exhibition organizers, sponsors, celebrity models, event host, employees, service provider, audience, attendants will remain as a primary stakeholders as they will directly offer the support for the success of the exhibition.
The secondary stakeholders of the exhibition will be the media and government as they will not directly influence the exhibition and they will play a limited role in the event management (Peloza and Shang, 2011). In this context, media will play the role of promoting the event by generating advertising revenue.
The major role will be played by the director of the exhibition is to give focus towards the investment for the event while evaluating the return on investments made.
For this purpose, it is required from the director side to ensure the upcoming exhibition while identifying the delivery of the value proposition in the context of the target audiences for the purpose of converting the sales leads (Solicari, 2013).
At the same time, event managers and organizers need to play a key role in the context of managing the overall exhibition. Event managers and organizers will take care of undertaking the primary responsibility to organizing the whole exhibition in an adequate manner while planning the activities.
They give huge consideration towards the achievement of the aim and objectives of the exhibition regarding attracting the sponsors, deciding the venue, tickets pricing, scheduling of exhibition, selection of jewelers, negotiation of terms and conditions with the jewelers, celebrities, etc.
At the same time, they will take care of estimating the effort, cost involved, budget formation, identification of potential risks, etc. related to the exhibition planning (Fleischmann, Meyr and Wagner, 2015).
In like manner, they will give focus towards providing the arrangement for the physical and human resources which are required while continuously engaging the stakeholder in the planning process which will support to preserve the stakeholder commitment.
The sponsors will take care of providing the financial assistance to run the exhibition adequately which will enable towards promoting the company brand as well as to building the strong market presence. However, celebrity models, event host, employees, service providers, etc.
will play the role of providing support to the overall exhibition event (Harrison, Bosse and Phillips, 2010). Additionally, spectators and the public who will attend the exhibition will play a contributing role to make the overall exhibition successful.
Financial planning is the major aspect for executing the exhibition. Proper management of the activities is necessary which enables to plan and arrange the requirements and the resources for the accomplishment of the exhibition in an adequate manner (Gration, et al., 2016).
It is identified that the success and failure of any event highly rely on the financial planning. It is essential to plan the finance effectively by the event director and managers while estimating the cost and the revenue which remains associated with the exhibition.
It supports to plan and control the budget in the context of each and every area related to the exhibition. Financial plan required to achieve the exhibition specific requirements while fulfilling the different needs of different stakeholders. Financial plan should give consideration towards the expenses related to decoration, catering arrangement, accommodation facilities, show performers, required equipment, proper seating arrangements, etc.
The financial planning for this jewelry exhibition is as follow:
| Revenue | Projections (in INR) |
| Ticket sales for 50,000 tickets | 16,000,000 |
| Sponsorship | 18,000,000 |
| Grants | 7,600,000 |
| Sale of Food and Beverages | 800,000 |
| Others | 720,000 |
| Total Revenue | 43,120,000 |
| Expenses | Activity/ Area | Estimated Cost (In INR ) | Duration | |
| Acquiring proper finances for the execution of various exhibition activities | Display of exhibition | 3,600,000 | 2 day | |
| Models and show stopper | 80,000,00 | 2 day | ||
| Event Host | 2,000,000 | 2 day | ||
| Accommodation facility for the guests | Special guest/ performers | 2,500,000 | 2 days | |
| Availability of Refreshments for the performers and staff members | Breakfast, lunch and drink | 700,000 | 2 day | |
| Advertisements | To build public relationship | 1,500,000 | 30 days | |
| Decoration and layout | Seating arrangement and display | 4,000,000 | 2 day | |
| Total Expense Cost | 22,300,000 | |||
According to this management plan, it can be understood that to execute this exhibition, in an effective manner, there is a need of expenses of 22,300,000 INR however it is evaluated that this exhibition will support to generate the revenue of 43,120,000 INR which shows that according to this management plan,
This exhibition will remain supportive to generate adequate revenue and will support to offer success if everything goes as per the management plan (Hallak, et al., 2016).
While organizing the event, it is essential to give focus towards the risk involved in the event. In this context, the event organizers of this exhibition will fulfill their basic responsibility to provide a secure environment to all the stakeholders related to the exhibition.
For the purpose of risk assessment, mangers are required to give consideration towards the risk assessment (Peachey, et al., 2014). Due to this reason, managers will predict the hazards of upcoming exhibition to forecast any probable hazard, so that they can deal with it and can create a system for handling the emergency situations while formulating the mitigation plan.
At the same time, control techniques will be introduced to eliminate the chances of the occurrence of the risks. Qualitative risk assessment technique remains helpful for the organizer to identify the risk while analyzing the consequences that can take place regarding the upcoming event.
| Risk | Severity | Occurrences | Consequence | Mitigate/ control methods | Responsibility |
| Climatic Issues
|
Low | High | High loss in crowd | To provide proper facility to handle the situation of climatic change | Event organisers |
| Cancellation of exhibition event | High | Low | Huge financial loss | Adequate management planning with maximum involvement of the related stakeholders | Event organisers |
| Raising the funds | High | Low | Delay in exhibition | Finding good sponsors, proper budgeting of all activities | Event director |
| Crowd management | Moderate | High | Risk of accident, theft and injury
|
-Verifying the occupancy limit
– Designing the layout with proper management regarding the space in the context of proper walking area, stalls and seating arrangements |
Voluntary staff |
| Operating legal and compliance while focusing towards contract agreements | Moderate | Moderate | Financial loss and risk towards public relationship | Appointing managers for check and verifying the contract agreements | Event Managers |
| Handling the emergency situation such as fire situations | High | Low | Delay in exhibition | Proper and clear signs for exit pathways | Event organisers |
Public relation (PR) plays vital role in the planning of the exhibition event as it supports to make the exhibition event successful. In this context, Peloza and Shang, (2011) depicted that exhibition is itself a public relationship as it needs self-promotion of the activity while effectively communicating the means of exhibition to the target audiences.
It enables to increase the number of attendees. This exhibition will support to promote the Indian jewelry at a global platform to make the people aware about the Indian tradition, culture, skills and art in jewelry. In this exhibition, there is a need of utilizing various tools to make the public relationship effective for the success of this exhibition.
Public relation remains assistive to maintain a positive flow of communication with the target audience about the upcoming exhibition (Fleischmann, Meyr and Wagner, 2015). There should be proper communication, so that this upcoming exhibition not only became able to attract Mumbaians but also the Indians of different states as well as foreign audiences.
Good public relation strategy will remain helpful to attract different exhibitors to fulfill the requirement of different interested clients and jewelry retailers. While selecting the PR tools for this exhibition, organizers and managers will work collaboratively to create a buzz prior for the purpose of creating the market awareness to drive maximum traffic for the exhibition.
Effective PR tools will enable the exhibition to communicate the aims and objectives of the exhibition while giving understanding about the themes and perspectives which are going to be covered under it. For making effective PR, organizers will select popular celebrities and models and will communicate it with the public to attract more and more crowd (Evans and Ross Baker, 2012).
At the same time, various mediums will used by the organizers to offer the details of the exhibition such as print media, digital media, board, hoardings, banners, leaflets, pamphlets etc.
In the end, it can be concluded that to make this exhibition successful, there is a need of proper management and proper estimation in the context of budget and profits.
The estimation of return on investment will support to identify the investment regarding each and every activity and will support to analyze the further investments requirements in the context of the exhibition.
The major activity in the planning of exhibition is to setting the aim and objectives regarding the organization of the exhibition to accomplish the event in a manner so that short-term as well as long-term objectives can be met.
To execute this exhibition Taj Mahal Hotel, Mumbai will be selected while addressing the women of different age group as a target audience for showcasing the Indian jewelry. The reason behind choosing this venue is due to convenient location for the local as well as international visitors.
Moreover, it has highly spacious area for exhibition area as well as for parking too. The marketing activities of the exhibition will include effective public relation tools for the purpose of communicating with the public in an effective manner.
The organizers will take care of proper event management and marketing team will ensure to meet up the booking available through various channels. The event managers will take the responsibility to making the flow of traffic for the upcoming event while giving consideration towards proper risk management.
Moreover, there is a need of developing the logistic team who will ensure the smooth running of different activities in a desired way within the exhibition.
Andersen, S. S., Hanstad, D. V. and Plejdrup-Skillestad, K. (2015) The Role of Test Events in Major Sporting Events. Event Management, 19(2), 261-273.
Evans, J. M. and Ross Baker, G. (2012) Shared mental models of integrated care: aligning multiple stakeholder perspectives. Journal of Health Organization and Management, 26(6), pp. 713-736.
Fleischmann, B., Meyr, H. and Wagner, M. (2015) Advanced planning. InSupply chain management and advanced planning (pp. 71-95). Springer Berlin Heidelberg.
Gration, D., Raciti, M., Getz, D. and Andersson, T. D. (2016) Resident Valuation of Planned Events: An Event Portfolio Pilot Study. Event Management, 20(4), 607-622.
Hallak, R., McCABE, V. S., Brown, G. and Assaker, G. (2016) Segmenting Meeting and Event Management Organizations Based on Business Performance. Event Management, 20(3), 383-393.
Harrison, J. S., Bosse, D. A. and Phillips, R. A. (2010) Managing for stakeholders, stakeholder utility functions, and competitive advantage.Strategic Management Journal, 31(1), pp. 58-74.
Jones, M. (2014) Sustainable event management: A practical guide. Routledge.
Peachey, J. W., Cunningham, G., Lyras, A., Cohen, A., & Bruening, J. (2014). Exploring participant motivations to take part in an elite, multinational, sport-for-development event. Event Management, 18(2), 153-168.
Peloza and Shang, J. (2011) How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the academy of Marketing Science, 39(1), pp. 117-135.
Solicari, S. (2013) Is This Neo-Victorian? Planning an Exhibition on Nineteenth-Century Revivalism. Neo-Victorian Studies, 6(1).
