ICTHUS is a business operating in the event organizing industry where she deals with a number of events solutions such as electrical installations, equipment hire, Christmas solutions as well as general event solutions. Quite a number of assets that the company holds is evidently underutilized, as the owners of the company now seek ideas on how bases these four departments can be synchronized so that they can work together for maximum benefits to the company. Additionally, it is in the interest of the company to establish how best they can approach the market so as to beat increasing pressure from competitors. This paper outlines a summary of the four sections of the company’s operations and also notes the ways in which these departments can work together. Additionally, the paper outlines the various questions that can be asked in a market research that identifies and creates potential business opportunities to be used to build a business plan for the equipment hire division.
This department will be involved in the electrical works of any events that the company will be involved in. We know that events require various electrical gadgets installed on time, the wiring system, lighting and all that. Electrical installations department is therefore responsible for this task.
The company holds a lot of events equipment such as a public address system and an ancillary kit. This equipment is important in ensuring that events are lively and the company is therefore exploring the opportunities of ensuring that this division is marketed well.
Christmas solutions and general events divisions
The Christmas solutions is the festivities solutions departments that provides specialized services for festive events such as Christmas and new year celebration events among others. The general events division is involved in ensuring that any other events that the company is called upon to provide services, there is adequate capacity to deliver.
In order to ensure that the company remains competitive, it’s advisable that the company ensures that costs are kept at minimum while opportunities for growth are explored. This would mean that the company employs and trains staff to be able to operate in all the divisions and therefore keeping the staff costs low. This will ensure that in the event that there are no projects for one or more of the divisions, then there are no idle staff in the offices as the company is able to utilize the existing staff to do the available work.
Secondly, the company must increase their marketing efforts since there is adequate capacity for the company to be able to deliver on any assignments. The market research project that we shall be exploring below is therefore a step in the right direction. The following questions are therefore considered most suitable for this market research project for the equipment hire division.
- Kindly tell us the history of your company and the milestones undergone till the position it is today? ( Here, the client will talk about the company inception, ownership, initial product offerings, growth strategy and current company position)
- How has the journey been, what are the challenges faced during this journey ( The client will expound on the challenges that have faced the company over the years, and how the company has been able to overcome these challenges, some of the expected challenges here will be competition, inadequate startup capital, etc)
- What are some of the factors that determine the price of your company’s products (The client will explain the factors that the company uses to determine the prices to be invoiced to the customers, these may include the clients specific needs, location etc)
- Now specifically to the equipment hire division which is the subject of our discussion, could you please explain why you think the division is lagging behind in performance ( Here, the client will explain issues such as inadequate market awareness, logistical issues in the delivery of equipment, competition from cheaper dealers among others)
- So what is your company doing to ensure that the equipment hire divisions revenues do not go on the decline if the trend persists?( The client may talk about more and better marketing campaigns, creation of awareness amongst others)
The above answers provided by the client among other issues would therefore be useful in the development of the business plan that will aid the company to make better decisions in future.