The feasibility of running an Oktoberfest styled-event in Limerick Institute of Technology
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This paper is a detailed study of an Oktoberfest-styled event in Limerick Institute of Technology (LIT) – The LIT Oktoberfest. The feasibility is determined over a business period of three years. The customer will experience the Bavarian culture through a fusion of traditional music, food and beverages while enjoying a night out. The target market was surveyed and it showed the high demand for this event and that the customer is expecting music, beer, games, and German Fancy Dress. The event concept was modified accordingly. The main competitors are other social events targeted at LIT students such as Fresher’s week and Halloween events. The UL Oktoberfest is a possible competitor but the survey revealed that the target market is unaware of the existence of this event. A personal survey with the UL Oktoberfest organiser helped in making the event run more efficiently. The marketing mix for this business is compiled out of product, price, place and promotion. The product is the event itself and the price is based on the cost of the event (€5,300). The calculated ticket price is €15 and the target market indicated in the questionnaire that they are willing to pay this price. The event is promoted similarly to past events within the college. Posters, flyers, emails, radio announcements and a promotional stand on campus will raise awareness of the event. The promotional stand will also serve as the distribution channel. The operations process clarifies for everyone what elements are included and where they become part of the bigger picture. Most staff is provided by the venue. Entertainers are contracted only for this event. Volunteers will support the event manager. Services provided will be evaluated under the SERVQUAL model. Resources needed include financial, human, venue and physical. The cost of the event is €5,300 in year one and will be reduced due to reusing of materials in following years. This cost is accumulated from venue, staff, decoration, collateral materials, furniture hire, insurance and entertainment. The ticket revenue is covering all expenses and USIT is providing the ‘Best Dressed as German’ competition prize in return for marketing benefits. In addition, a sponsor such as Paulaner or Erdinger might be sought to sponsor the entertainment element after the successful first year. In order to start up the business, a bank loan of €4,000 is needed.
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