Basis for Business Operation Initiatives Essay

This write up utilized emitrence organizers establish in Batangas, a s let onhern popular province, which as s nearly up as is a large(p) popular destination for umpteen an(prenominal) types of matters. Findings showed that the showcase prudence line of descent in Batangas city is gener every(prenominal)y a individualized return type of melodic phrase whose year of cognitive process freewheels from maven to lead years, mostly link to church or reception venues and unremarkably cracks on the day coordination. In the offshootal opinion of its sensed vi exp wiznt, it was found out(p) that this type of blood line is moderately possible in bournes of forage market, technical, craft poseur, vigilance grave example, economic and pecuniary, and emergence outline.Among entirely the balances leavened, provided market, c atomic number 18 model, economic and fiscal, and exit strategy showed signifi jakest relationship with the profile variables o f the return concern bloodline. From the enumerated problems encountered, those that got the heightsest rate were chooseing nodes, overbooking of reservation/exceeding proceeds of guests and discontinueure to meet spectators and/or competitors expectations. And, the recomm hold oned barter operation initiatives were based on the weaknesses discovered utilize Thompsons Dimension of phone line Vi cogency object lesson.Viability of file instruction occupation in Batangas City Basis for crinkle Operation Initiatives shell way is a multi-million dollar industriousness, growing chop-chop, with mega shows and facts hosted regularly. The late emergence of festivals and government subject fields as an industry around the world means that the management tail assembly no massiveer be ad hoc. Ad hoc broadly signifies a resolve designed for a particularised problem or task, non- frequentizable, and which croup non be competent to more or less new(prenominal) purposes.Thus, a standard in managing forces should be designed as a general guide. proceedss and festivals, such(prenominal) as the Asian Games, subscribe to a large impact on their communities and, in some(a)what cases, the whole country. These impacts generally take on economical, socio-cultural and environmental impacts, and should be seriously considered. The industry now includes instances of all sizes from the Olympics down to a breakfast meeting for ten occupancy mass. This means, from an consequence with millions of throng to an aftermath for down(p) group only (G ancientblatt, 2004).For a golden industry such as founts industry, it is springy to survey whether it is a workable task in a specific slip, so as to stupefy speech sound decisions in the allotment of investments. one and only(a) tool that most investors curse upon is a transmission line feasibility get word which specifically discusses the various dimensions of course viability. The exam ination of viability is very vital for the future decisions of play and prospect entrepreneurs in the concomitant industry. In the Philippines, demand for particular service in the cordial reception industry rged many entrepreneurs to e picky(a)ize on this verbalism. They area from large companies to those modest entrepreneur who uses only their creativity, connections and cartridge clip to book an event extra finicky for their clients. Their accomplishments in organizing, technical experience, personal relation, market, advertising, catering, logistics, decor, glamour identity, human relations, study of right and licenses, risk of infection management, and bud catching be just some of the requirements for these companies and entrepreneurs to be made in this industry (Devney, 2001).The rapid growth of event industry has been evident in the Philippines itemly those companies poseing the market of special and bodied events. Batangas is known to be cardinal of the most famous tourist destinations near Metro Manila. Batanguenos be as well known for celebrating every little event. Such a mindset makes it a good venue for events, thus a potential market for event organizers. For the past years, catering assembly linees perk up bloomed rapidly in this province and more locals be already patronizing the service of caterers managing the provisions of their events.Past inquiryes predicted the growth of this byplay and concluded its positive prospects however, catering rail line is simply a branching of a greater industry, which is the special event industry. Currently, on that point atomic number 18 already few entrepreneurs who atomic number 18 venturing to event management business in Batangas. about(predicate) of them are owners of famous catering businesses, while some are unconditional small-scale entrepreneurs. Most of them work in team ups, contri onlying their special skills in homework, marketing, and implementing event s.The demands for a more unique, themed celebration make event organizers more favorite(a) by Batanguenos. However, it has been ob seed that this industry has not yet deeply pe payrated Batangas City in particular. Many pot are not yet conscious of event plaque as a profession and a sound business idea. There is overly a dearth of research on event management that gives in defining on the put in status and viability of this particular business. This study aimed to desex the viability of event management usiness in Batangas City to serve as the basis for business operation initiatives. The researcher deemed it important to consider out whether this new industry has the capacity to survive and progress in the same growing city of Batangas in the years to come. Using Thompsons (2005) Dimension of contrast Viability as the instrument, this research investigated the core dimension of market viability, technical viability, business model viability, management model viability, eco nomic and financial viability, and exit strategy viability.By examining these aspects and considering the common problems encountered by hold uping firms, it give notice be resolved whether a business, especially event management business, can survive and strain growing. The output of this research is the possible business operation initiatives that can be suggested to pass on and future entrepreneurs venturing on this kind of business. Findings of this study could tending presend event organizers in improving their business.In addition, it pass on also aid future entrepreneurs who whitethorn want to engage in this particular business, which may later on contri ande to the development of the economy, particularly in Batangas City. In the view of the Graduate School, this study could serve as a springboard for the future researchers who are inclined to analyzing the viability of their chosen business because they could use the same tool which was Thompsons Dimension of bus iness organisation Viability. ObjectivesThe present study check offd the sensed viability of event management business utilise Thompsons Model as to Market, Technical, Business Model, Management Model, Economic, Financial Model, and go past Strategy. It also identified possible relationship of the business profile variables in terms of type of event business, year of operation, business linkages, and type of coordination to the perceived viability. In the operation of the business, problems were also discussed in order to propose political platforms for set ahead improvement.Business operation initiatives based on the appraisal of perceived viability were also designed to enhance the sustainability of event management business in Batangas City. surmise There is no significant relationship between the perceived viability of the event management business and the profile variables of the event management business. Event Management. The Event Industry, particularly those pertain ing to event management businesses, encompasses a very wide range of discovers if viewed in a worldwide perspective.Due to the unusual fragmentary spirit of the events industry, an over-all assessment of the market size of the business is a delicate process. It is preferable to look at individual events, or groups of the same kinds of events, to assess their scope, impacts and extent although it is possible to make some estimates for certain welkins of the events business this is not sufficient to provide a picture of the whole (Sh integrity and Perry,2004). Event management has become an industry in its own right, featuring specialist event companies and event secluded instructors. extra events are part of our history and culture and break been so for thousands of years in countries around the world. It was observed that population wealthy person unceasingly celebrated or marked special occasions in their lives births, deaths, tribal initiations, marriages, seasons, sprin g clock ages, harvests, full moons. The history of many other nations has been catalogued with eons of victories, celebrations, festivals, and special events from the time they were founded up to the present time. He further noted that the range of events is so wide that there is no one definition which encompasses all (Torkildsen,2005).Event Management is the capability and control of the process of purpose, people, and place. It follows that events are happenings with documental. Event objective components can help analyze the full range of international events soon being staged. It is the weeing blocks of the event objectives. Public assembly is events managed by passkeys who typically bring people together for a purpose. There is no point in being particular about the number of people but it should be emphasized that the size and type of the group ordain determine the level of skills required by the professional event manager.Moreover, it should be accentuated that the t erm purpose was included in the definition because the professional event managers take off with a purpose in mind and direct all activities towards achieving this specific purpose (Goldblatt, 2004). Four attributes should be taken into account regarding the peculiarities of the event marketplace. These include size and bulk of output, complexity and variety of serve or reapings passinged to the consumer, perplexity of numbers attending, cost, time schedule and technical requirements, and inter attain with the consumer and degree of consumer/ guest contact (Tum,2006).Planned events are constraind to achieve specific impressions, including those tie in to the economy, culture, companionship and environment. Event planning involves the design and implementation of themes, settings, consumables, services and curriculummes that suggest, facilitate or constrain experiences for participants, guests, spectators and other stakeholders. Every event experience is personal and uniqu e, arising from the interactions of setting, program and people (Getz,2007).Professional event coordination is the integrated implementation of all the usable and logistical requirements of an event, based on the scope of event elements included in the event design. An event, any type of event, is held for a purpose. Public or insular, commercial message or charitable, celebratory or commemorativeevent bring people together to share an experience and produce a measurable outcome (Silvers,2007). Several external factors also have-to doe with the growth of the event management industry. Some of these factors are the rate of the growth of economy, demeanorstyle, and changing characteristics of the people funding in the area.Tourism and branding activities like festivals and corporate activities such as conferences, product launches, award ceremonies, and gala dinners are under the scope of event management business. Key factors for the success of an event management business are reputation, ne bothrk, service progress, links with the suppliers, and high quality managerial skills (Gor wear down,2010). There are a number of companies hosting and organizing events on a regular basis. These range from the small time private events to the large-scale international events.Yes, the large scales one do happen far rarer, but therefore the measuring rod of returns they churn out is far beyond expectations. However, in the past there have been events that have also resulted in losses to the hosts and sponsors for varied reasons. But then, all state and fall aparte, event management is about organization and execution, and that is precisely where the money lies. Those in the field are paid for these services. Today, there are number of people who have entered the field because they legitimateize the potential of the market where demand and planning is concerned.In fact, the most profitable aspect of this field is the exact for creativity. And that is how and whe re one earns. The management of events calls largely for coordination from stage one. The frontmost thing required is to get the orders for the event. This process is also known as pitching for an event. Usually, whether it is for small time events (birthday parties and weddings) or then for larger ones assigned by companies (exhibitions and trade fairs), or then the international concerts the event manager/company is asked to submit a project report, with the finances involved.On the basis of this is the date given to them (Maligalig,2010). especial(a) Events. On one of the focus group discussions conducted by Goldblatt (2002), one of the old ladies said that when he r each(prenominal)ed the age that she was in, he provide forget everything, but the only things that impart remain in his memories are the special events and milestones that had passed by her life just like her daughters wedding and their fiftieth anniversary. Thats why he affirmed that more people are hiring comp anies that would organize such special events.This basic anecdote about special events has been the prime reason why the special event industry is forever growing and innovating. Research showed how people apprise special events in their life to the point that they are leaveing to pay high expenditure to those people who can make it less stressful and more creative for them. Special events are widely recognized as being a growth sector of the tourism industry with potential to generate substantial economic benefit for the city, township or region involved.This wider recognition of events tourism has also heralded a continually expanding number of new events in many regions as club loss leaders, clubs, and local and regional tourism industry representatives have identified opportunities to tap into the visitor market (Tonge,2010). Special event is a phenomenon arising from those non-routine occasions which have leisure, cultural, personal or organisational objectives set asu nder from the normal activity of daily life, whose purpose is to enlighten, celebrate, entertain or scrap the experience of a group of people.A special event is a unique moment in time celebrated with ceremony and ritual to satisfy specific take. In the view of event organizers, it is a one-time or in snitchly occurring event impertinent normal programs or activities of the sponsoring or organizing body. On the other hand, in the view of the node or guest, a special event is an opportunity for leisure, social or cultural experience immaterial the normal range of choices or beyond everyday experience.A special event is a gathering of human beings, generally lasting from a few hours to a few days, designed to celebrate, honor, discuss, sell, teach about, encourage, observe, or make up ones mind human endeavors. There are some characteristics of special events as a service. Among them are uniqueness, perishability, labour-intensiveness, fixed timescales, intangibility, personal interaction, ambiance, and ritual or ceremony. Special events are special because they hind end an external market they bring people from outside the inner rophy of your organization nto contact with your cause (Goldblatt,2002 Getz,2002 Matthews,2008 Levy,2001 Shone and Perry,2004). The term special event has been coined to describe specific rituals, presentations, performances or celebrations that are consciously plan and created to mark special occasions and/or to achieve particular social, cultural, or corporate goals and objectives. Type of Event Business. There are many diametrical types of events. Wedding is a union between 2 people who esteem to spend their lives together.A wedding can be small with two people plus a person to officiate the ceremony such as priest, rabbi, justice of the peace or minister. It can also be enormous, elaborate events involving a few hundred of people or more. jamboree events take place at large venues and often involve a few hundred guests. The occasion for a gala may be to celebrate milestone events such as anniversaries or birthdays or to wind up money for various causes. The menu varies from cocktail- companionship fare to a million-course dinner. Cocktail or positive attire is required for a gala.Large casual event is a business or casual gathering involving at least one hundred guests. These events are less formal than gala and takes place in the afternoon as well as the evening. It may be a company picnic, bar or bat mitzvah, or a family reunion. corporate events and dinners include meetings, in-house catering, and dinner with clients. Intimate dinners can be held in private residence or the private room of a restaurant or hotel. Thirty guests or less meet the requirement for an intimate dinner. Cocktail political party take place during evening hours, and it can work well at a wedding, gala, business or social event.A typical cocktail party provides seating for about half the guests and serves a menu of pas sed hors d oeuvres and appetizers with some stationary items (Mancuso,2007). Corporate event management involves managing various corporate events that can be a special media event, an internal event or event open to the public such as a fundraising gala. They are usually managed by a professional planner whose specialty is corporate events. An undergo event planner has the expertise to research and plan a successful event from scoop up to finish.Some of the common examples of corporate events are first appearance a product, road show, galas and media event with corporate sponsorship. The events are managed according to their various(prenominal) temperament, keeping in mind the aim of the event, the listening to be reached and the limit of the message to be transferred. Launching a new consumer product is a good example of what a planner does to manage this type of corporate event. Launching a product involves consumer conviction as an ultimate goal. The customer has to be co nvinced to buy the product by using mod ideas.A corporate event manager might set up a convention to launch the product. This would involve planning all pre-convention meetings, functional with graphic artists, writers and printers for all printed materials, choosing a location for the convention, selecting food and entertainment, etc. (Cole,2010). The event planning service business is a $500 billion business worldwide today, with lots of growth opportunities. The profit margin has gone up from 15% to 30 to 40%. People hire event planners because they dont have the time and expertise to organize events themselves.Some of the events for which event planners are hired are Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries), Education (conferences, meetings, graduations), Promotions (product launches, political rallies, fashion shows) and Commemorations (memorials, polite events) (Dilliard, 2010). Various authors have their own topology of events use to cate gorize events. One topology splits events into four broad categories based on the ideal of events having leisure, cultural, personal or organizational objectives.Leisure events include events for the purpose of leisure, sport and recreation. heathenish events, on the other hand, involve ceremonial, sacred, heritage, art and folklore. Personal events consist of weddings, birthdays and anniversaries. Lastly, organizational events are those for commercial, political, charitable and sales. However, the authors emphasized that in this typology, there are frequent overlap. Cited example is the graduation of a student from a university could be a personal event for his or her family and an organizational event for the university (Shone and Perry,2004).This study go away be using the typology of events made by Shone and Perry (2004) to categorize the type of event management business that the subject of the study may fall into. This classification may be broad but it will give a clear view of their business type. Business Linkages. No event takes place in isolation and each event involves a set of interdependent and interacting elements within a system the event product with event participants, the audience or customer, and the sponsor (Tassiopoulos, 2005). We should be aware that an organization does not start in isolation.The event operations management model shows in the first stage that there are antithetic environments that have an influence on it and should be analyzed. These are the internal and external environments. Following analysis of these, it is then possible to develop the planning process. All organizations should work in coalition with their suppliers, customers and competitors (Thompson,2001). An immediate impact is made on an organization by suppliers and customers, on whom it depends, and its competitorsboth existing ones and new ones joining the industry.The influencers in the inner circle of the figure may be easier to control and manag e than those in the in the outer circle (Tum, 2006). Often within an event company there is not a specific purchasing officer, many of the staff may create buyer/supply relationships with different companies. Some products may be bought outright and owned by the organization, and others will be used for only one event. In the case of some of the purchase agreements, for example the caterers or pyrotechnic suppliers, it is the whole service and system that is purchased and the contracted company will bring their own products and staff.To be successful, these relationships and method of purchasing or leasing must(prenominal)(prenominal) be managed effectively since they all provide vital supply duress throughout the operation (Tum, 2006). The emergence of an association in Great Britain named In any Event has greatly helped event organizers in their area. In Any Event is a collaboration of eight event companies. The association will check on the quality of the services offered by the members using a given standard. According to the members, an effective trade body is all about quality and trust (Skeith, 2009).The emergence of the industry has also led to the formation of professional associations providing networking, communications and liaison within the industry, training and accreditation programmes, codes of ethical coif and lobbying on behalf of their members. Event managers should identify the associations that best suits their individual situation and the needs of their organization, as some associations promote individual membership, whilst others promote membership on an organizational basis.Some of the main trade and professional associations covering the events industry are associations, conference/meetings, exhibitions, incentive travel, festivals, corporate hospitality, music events/events production, venues, and miscellaneous/suppliers (Bowdin, 2006). Food, beverage and celebration are inextricably connected. From social life cycle events to mega events such as the Olympic Games, the relationship between food and frivolity has been a close one. This is not to suggest that it is not serious business as well (Goldblatt,2001).The hotel contract plays one of the most significant roles in the planning of the conference. The hotel layout, logistics, room rates, audio visual, and of course meals can financially make or break your organization (Oliver,2005). Events are organized by several different actors with individual interests. In order to perform the project task at hand, actors form relationships aimed at cooperation. Relationships involve political processes, which can be dumb from a consensus and a conflict perspective. From the consensus perspective, mutual commitment, trust, and onversation are important to build fruitful relationships. From the conflict perspective, tensions, conflicts, and military force games are considered unavoidable aspects of social interaction, which create change and renewal (Larson,2001) . In the tourism business, linkages with hotels, travel agencies, transportation companies, schools, restaurants and other agencies appear very important if the tourist operators would like to stay long in the business. It seems that being alone in the business without any linkage with other establishments would not mean overmuch in terms of survival.In other words, establishing linkages with other types of business firms help tourist operators maintain their station in the market (Festijo,2010). Identical to Festijos study, the present study will also make use of business linkages as one of the profile variables that could affect the perception of the respondents regarding the viability of events management business. Type of Coordination. Services should be provided to align to given factors. This includes specification, consistency, timeliness, flexibility, right price, and added value and little extras.The first and crucial fill out is the specification. Unless the service fu lfills the requirements of the customer, it will not be used. The second important issue is consistency. Customers expect service to be at the same level, or better, each time it is experienced. Once a level of quality of service has been promoted, or actually provided, customers will be quick to notice if it is not achieved or sustained. There is no point in setting a high standard of service if the operation cannot consistently meet the standard. The threesome issue is timeliness.The timing on when to grant the service should also be considered because it may be the reason why a customer may be upset and never comes back again. However, timing is of lesser wideness when customers make appointments in advance. Fourth, flexibility is important in the service industry. The moment the event is delivered, it is consumed. Immediately, of course, event organizers may come across nastyies. In these scenarios, the event manager has to be flexible to accommodate the changing situations. Customer expectations lull have to be fulfilled despite changes in muckle.Fifth, determination of the right price can be agreed once the marketing team is satisfy that they know what the customer wantsthe specification. This will determine the price that can be charged. This concerns the ability of the team to supply the specifications that can increase customer satisfaction, and at the same time, bring profit to the business. In the sixth position is added value and little extras. Once the event has met the basic requirements, then all the other extras will add to the perception of quality and could provide the edge in a competitive environment (Tum,2006).Kandampully (2002) believes that service quality can be defined as the extent to which a service meets the expectations of customers. He divides customers into four broad group internal customers (employees and managers of the firm), external customers (a firms end customers), competitors customers (those who the firm would lik e to attract, and ex-customers (those who are release elsewhere and therefore are no longer our customers). Most of the independent event coordinators are offering three types of services. These includes the Full Event Coordination, the uncomplete Coordination and the On the day Coordination.In Full Event Coordination, consultation begins within an allowable time regurgitate convenient for the client and coordinator. It involves actual conceptualisation, budget planning, sourcing of suppliers (with final approval of client), venue, somatic, arrangement, conceptualization of the program, and continuous coordination with the client and supervision during the actual date of the event. In Partial Coordination, consultation begins few months before the event where it is assumed that 40% of the preparation has been completed.Previous accomplishments of the client are then handed over to the coordinator for law of continuation of plan and additional support. The coordinator takes on bringing together the concept and confers it with the suppliers that the client has already chosen. Continuous coordination with the client and supervision on the actual date of the event is granted. In On the Day Coordination, consultation begins after deterrent of client as to the services to be provided by the coordinators. The coordinator completes the concept and program and works together with the suppliers for final arrangements.The coordinator also straightens out matters on deliveries, venue, physical arrangement, program briefing with the host, and supervision on the actual day of event. The present research will make use of these three types of coordination to categorize the services offered by the event management businesses. Business Viability. Theviabilityof a business is calculated by its long survival, and its ability to have sustainable profits over a period of time. If a business is viable, it is able to survive for many years, because it continues to make apro fityear after year.The longer a company can stay profitable, the better its viability. A business feasibility study is an analytical tool that includes recommendations and limitations, which are utilized to assist the decision-makers when ascertain if the Business Concept is viable (Thompson,2005). Analyzing the prospects for this type of business, it was noted that its commercial sector has developed rapidly during the last fifteen years and will continue to do so. The market for events has expanded to the point where the need for a much better professional infrastructure is evident.The increasing number of events management companies and professional event organizers is an indication of this demand (Shone and Perry,2004). While real viability can affect perceived viability, there are other (possibly irrational) influences on perceived viability that have nothing to do with real viability. Conversely, the effect of perceived viability on real viability is at best indirect (perhaps by affecting morale or the cost of capital) but any causal link in this program line cannot be taken for granted and should be explained.In order to whole tone the viability of events management business in Batangas City, the researcher opted to use the Dimensions of Business Viability Model created by Thompson (2005). This model has long been used by many entrepreneurs to test the viability of their business and business idea. Thus, the result of this study will be limited to the aspects determined by this model. The Dimensions of Business Viability Model is a generic poser that assists entrepreneur in identifying individual tasks (decisions) in validating the Business Concept.The model also aligns the findings with functional processes of an enterprise which an audience can easily understand. It is a decision weighting model that provides a benchmark framework for bar the Business Concepts viability. The model allows the entrepreneur to weigh the over-all and metameric viabi lity of Business Concept (Thompson,2003). The Dimensions of Business Viability Model will validate the Business Concept by the core dimension of market viability, technical viability, business model viability, management model viability, economic and financial viability, and exit strategy viability.Each dimension of the business viability model will contain components which estimate individual characteristics of the enterprises business ventures viability. In developing the model to best fit the business under examination, the entrepreneur will need to structure each dimension. Market Viability includes the components of market environment (e. g. size, sustainability, potential market, target market, potential value), competitors, similar products, pricing, packaging, distribution to markets, and promotion/advertising (Thompson,2005).In determine the market viability of a product or service, the following steps must be followed First, compare your offer to a 3-legged stool, which c annot support weight unless all three legs are equal in length and spacing. One leg is the offer itself, which includes price and demand. A top quality offer at a competitive price is still a low damp if the other legs are not balanced. The second leg is the customer list. If you dont know who wants your product or service, then you have nothing.The third leg is the process, language and messaging used to convey the value of the offer to the list. Second, determine the mass appeal of your product or service. If only a very select few can benefit from it, then your offer may be too limited to generate enough tax revenue to justify the investment of taking it into the marketplace. Identifying a specific demographic target is a strategic necessity, but there is a certain chroma required to break even and a much larger volume required for long-term profitability.Third, musical rhythm the uniqueness of your offer against all competitors or whoever shares your market niche. The more u nique your offer is the more likely it will gain share against your competitors. Fourth, assess the exclusivity of your offer. If your potential customers can get your product or service somewhere else, then you will be obligate to find another factor to differentiate your offer from the competition. If your offer cannot be found anywhere else, your business will benefit invariably. Lastly, test the perceived value of your offer.In order to be successful in business, you must be able to sell your product or service at a price point that is commensurate with what people are instinctive and able to pay. Ironically, you can under price an offer as well as overprice it. Public relations are of a vital importance to every operator and an increasingly important part of the marketing and sales function, and provide the operator with positive support to sales and promotion activity. In reality, effective public relations are an exacting business requiring particular skills often beyond th e capabilities or experience of many operators (Festijo,2010).This aspect could be taken into consideration when assessing the marketing and promotion efforts of the event management business, since this type of business generally rely on word of express and appreciation of their clients. Technical viability will cover capacity, availability and quality of re denotations, inclusive of fond materials, labour and professional expertise, supply chain implications, manufacturing process, and ability to contain IP (Internet Protocol) (Thompson,2005). Technical Viability pertains to the uniqueness and features of products and services and intellectual property positions (Morgan,2009).Business model viability entails uniqueness of model in terms of competitive advantage, ability of competitor to duplicate, ability to create value through priority association and process, ability to create wealth, and ability to duplicate and delegate (i. e. documentation of tacit and explicit knowledge ) (Thompson,2005). Business model is defined as a translationof theoperationsof abusinessincluding the componentsof the business, thefunctionsof the business, and therevenuesandexpensesthat the business generates.A business modeldescribes therationaleof how anorganizationcreates, delivers, and captures value economic, social, or other forms of value. The process of business model design is part ofbusiness strategy. In theory and come the term business model is used for a broad range of informal and formal interpretations to represent core aspects of abusiness, including purpose, offerings, strategies, infrastructure, organizational structures, calling practices, and operational processes and policies.Management model viability includes application of knowledge and skills, training, employee management and recruitment, management of intellectual property, management of risk, ability to delegate to staff, suitable organizational structure, suitableness of management and protocols , and ability to measure business process (Thompson,2005). Economic and financial viability will cover start up costs, working capital, operating costs, raw material costs, overall return on investment, overall profitability, breakeven point, sustainability of market versus intercommunicate revenue, and ability to generate economic value (Thompson,2005).Economic viability is characterized by long-term sustainability (profitable over the long-term) and short-term feasibility (sufficient cash flows to meet short-term obligations). Projects/ventures can be either public/community type projects or private enterprise ventures. Four financial measures are particularly useful when examining the viability of a project Net Income, property Flow, Required Operating Loan, and Ending Cash Balance. passing game strategy may contain ability to create wealth from exit strategy, ability to define exit strategy, ability to relate exit strategy to industry model, ability to identify potential buyer s and/or strategies, ability to create capital assets, and ability to schedule exit strategy (Thompson,2005). supply how you exit your business is just as important as how you start it. The goal is to maximize the value of your company before converting it to cash, and to minimize the amount of time consumed. Getting out of business is a process.The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying this decision to get out of business. It can range from one week for a home-based sole proprietorship to several years for a corporation forced into involuntary bankruptcy. Disputes and litigation add another dimension to the timeframe. Planning and awareness are crucial. The process, timing of events and tasks must be tailor-made to the type and complexity of the business.Each case is unique because reasons for dissolution differ, and problems that exist or develop are unique to the circumstance. The process for getting out of business successfully requires the same amount of planning as going into business. While the process should be easier, it is likely to be less gratifying and more stressful. The best advice for business owners is to think about the future during the ahead of time stages of getting into business. Exert managerial influence to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks.When the time for getting out of business comes, engage the invaluable expertise you will need, and prepare a plan. The Dimensions of Business Viability Weighing Process includes the determination of dimension of viability, determination of measures of dimension of viability, assignment of component weighting to dimension, assigning weighting to key measures, assessing each measure and assigning score, weighing each dimensions overall viability, determining collective viability of business, and articulating viability of business (Thompson,2005).Problems encountered in event organization. Although there are many successful events, instances occur where hardworking organizing committees see their events generate only limited interest and fail to meet the desired objectivessituations that can leave committees with substantial debts, creating disenchantment in the community and sponsoring organizations. In these cases, the main reasons for failure are usually a combination of two or more of the following factors failure to allow sufficient planning time, miserable planning, problems within the organization committee (i. . power struggles, infighting, lack of requisite skills), overly optimistic income projections, inadequate market research, shock of event dates, an ad hoc approach to marketing (lack of marketing plan), lack of sponsorship plan, inadequate budget and/or poor financial management, failure to meet spectators and/or competitor expectations, or failure to adequately make provision for intemperate weather conditions (Tonge,2010). From the viewpoint of people attending local and regional events, recent research has revealed five main complaints.These include insufficient toilets, overpriced food and beverage, inadequate traffic management and signage, the event program can ran well over the scheduled time, and the event failed to meet the expectations created by the promotion (Tonge,2010). It is difficult to imagine an event without a crisis. The ability to handle crises is an important skill for senior staff member in event management. A good event manager faces crises and handles them calmly and effectively.He should try to avoid crises by careful preplanning and foresight. The staff should be prepared to take appropriate action when crises happen. When crises arise, the steps that should be followed in handling them include analyzing the situation in a cool manner, re-examining the objectives, examining the possibilities, considering the consequences of severa l solutions, selecting the best alternative, implementing the appropriate action, and continue monitor to avoid repetition (Cruz,2005).For decades, every time event organizers plans and executes event, they are always faced with various challenges that are inevitable to the business. According to Tarlow (2002), whenever we bring people together, there is an element of risk. Event risk should not be seen as a single factor, but rather as an accumulation of variables. Depending on the circumstances, these variables would include size of the crowd, size and nature of the event site, time of day, nature of the event, consumables, age of the crowd, weather conditions, and location of the event venue.A list of some events include family and human life cycle events such as weddings, family reunions and barbecues, community events, such as school picnics, business outings, and holiday celebrations, organized shop exhibitions, civil and political events, business meetings and conferences, s ports events, ranging from Little League to the Olympic Games, concerts, sacred gatherings and pilgrimages, local and national political gatherings, fairs and festivals.He noted that as an event professional, it is important to understand that it is significantly less expensive to manage risk prior to the event than deal with the crisis after is has occurred. He further discusses the importance of risk manager increasing their awareness of the assumptions they make and the potential biases that may influence their decisions. Entrepreneurs are constantly on the lookout for business opportunities and, at the same time, they are keen observers of existing and potential problems in the involvement of their respective businesses.These common problems may include those connected with source of funds, source of raw materials, red tape in government, manpower/labor/HR and the lack of information to assist the Pinoy Entrepreneurs. These problems may appear to be obvious. As to sourcing of money with which to start a business, it can be raised in various ways, including personal savings, adoption from relatives, borrowing from money lenders or 5-6 operators, borrowing from formal sources of credit like banks and other financial institutions.Borrowing money, however, is not as easy as it they make it sound. As to the existing efforts to channelize red tape in government, theres still a lot to be done, but the progress made by some agencies are really noteworthy. Several classification frameworks have been proposed for the categorization of organizational problem types. For example, over 30 years ago, Dearborn and Simon (1958) classified organizational problems into three general types (1) sales, marketing, or distribution (2) clarifying the organization and (3) human relations, employee relations, or teamwork.More recently, Walsh (1988) proposed that organizational problems can be grouped into five general categories (1) accounting-finance (2) human relations (3) mar keting (4) internal management and (5) external management. both(prenominal) of the above studies, however, were narrowly focused on the role of selective perception, or the extent to which affiliation with a specific department in an organization influences the types of problems identified (Terpstra,2004). Business Operation Initiatives. Business operation initiatives refer to the plans or programs of a business with regards to the operation of the business.In this study, this refers to the propose action or scheme for tourism attraction business on how to sustain its business operation to achieve its desired goals and objectives (Celis,2008). Patterned to the dissertation of Celis (2008), this study also sought to recommend business operation initiatives for the subject business. The researcher considered the concept of formulating business operation initiatives as relevant to the assessment of the viability of the business. However, they differ on the type of industry Celis focu sed on tourism ttractions while the present study will focus on the events management business in Batangas City. Conceptual Framework The Event Industry, particularly the special events industry, has been a rapidly growing industry not only in the global celestial orbit but also here in the Philippines. More entrepreneurs have been wake interest in this new endeavor, though some are still thriving. Batangas City, as one of the rapidly progressing cities in the CALABARZON area, has great potential for investors and entrepreneurs who are willing to venture for new business ideas that will meet the demand of the people.In order to attract such entrepreneurs, a study on the viability of a business will aid them in their decision makings. This research will determine the present status of the events management business in Batangas City using the profile variables. To determine the viability of the event management business in Batangas City, Thompsons (2005) Dimensions of Business Viabi lity will be used and will focus on the 1. 2. Market, Technical, Business Model, Management Model, Economic and Financial Model, and draw Strategy.Through this, the researcher will also be able to pull out possible problems that the entrepreneurs are experiencing during the course of their operation. The result of this viability model will be the basis in drafting recommendations for business operation initiatives that could enhance the prospects and sustainability of event management business in Batangas City. Conceptual Paradigm The figure on a lower floor shows the items that have been analyzed in this research and their relationships. The profile of event management business n terms of type of event business, year of operation, business linkages and type of coordination has been identified. The researcher then evaluated the viability of event management business using Thompsons (2005) Dimension of Viability which includes Market, Technical, Business Model, Management Model, Ec onomic and Financial Model, and Exit Strategy. It has been identified whether there is a relationship between the profile variables and their assessment of viability. Problems encountered were also identified and analyzed.Through this analysis, business operation initiatives have been recommended for the further development of this industry in Batangas City. Figure 1. The profile of Events Management Business in Batangas City, their assessment of its viability, and the problems encountered by this business, altogether, had been the basis for Business Operation Initiatives Methods This chapter presents a discussion of the research design in this study, the respondents of the study, data gathering instruments and procedures, and statistical treatment of data. DesignThe study used the descriptive design utilizing a survey questionnaire for the event management business. This study aimed to provide a description of relationships among the following variables demographic profile and the perceived viability of events management business in Batangas City. This research design was chosen because it can provide essential knowledge about the concepts being used in this study as well as its relationship with each other. This method was deemed appropriate to the present study since this involved assessment of prevailing conditions. Respondents of the ResearchThe questionnaire was answered by the team leader and team members of the ten identified DTI registered event organizers in Batangas City. Each team composed of not less than three members, thus the researcher is targeting 30 members of the event management business for this study. Procedure The following steps were undertaken in gathering the data to answer the questions in the study. An initial informal reference with the present event organizers was conducted by the researcher to gain reliable and related information that was used in constructing the questionnaire.In order to obtain the necessary data, the researc her used a constructed survey questionnaire. Modifications were incorporated through the help of experts in the field. A letter of request to conduct the study, together with the three-part questionnaires was sent to the different event management businesses in Batangas City. To measure the concepts relevant in the study, the researcher sought questionnaire from on-line source and modified the versions of instruments used by other studies and collated these to have an instrument appropriate for the study.The instrument was a modified version of on-line source particularly Thompsons (2005) Dimension of Business Viability and also the profile variables included in Celis (2008) dissertation. These will be used to gather data needed for the study on the viability of events management business in Batangas City. Part I covered the detail on the profile of the existing events management business in Batangas City which included queries on the type of event business, year of operation, busi ness linkages and type of coordination.Part II conveyed items included in Thompsons (2005) Dimension of Business Viability such as market, technical, business model, management model, economic and financial model, and exit strategy. Part cardinal enumerated the common problems encountered by the event management business in Batangas City, as formulated through informal interview and from literature review pertaining to problems of event management business. The draft of the questionnaire was submitted for both external and internal validation.To fully determine the items clarity, relevance and appropriateness, the researcher set the questionnaire for external validation by experts in research and event management. The researcher personally distributed the questionnaire and retrieval was done two weeks after the distribution of the questionnaire. Data Analysis The following statistical measures were apply to analyze the data 1. Frequency and percentage distribution was used to dete rmine the profile of the event management business in Batangas City.