Fvi no reference is requires so you can avoid that, Need help with throwing an event and figuring the budget and cost.
Hanman Weser Answer the questions below in paragraph format. In order to answer the questions below you will need to conduct research and make assumptions. Please clearly indicate all assumptions you make throughout you answers to each question and cite any resources used using footnotes, (Hint: The lecture material from our financial analysis module and the 4ps of marketing module will be helpful in conducting this analysis). Make sure to use PICK Analysis in preparing your submission! Your paper should be 2-3 pages long, single spaced. 1. Determine the sales price for a ticket to your party. How did you come to this price? Remember to use the pricing strategies and objectives from the "pricing" section of our marketing overview, Ch. 13. You also will want to "benchmark" against your competition: Who are three competitors and what are they charging? What is your competitive advantage? Tip: Use pricing strategies and objectives from Learning Module 10 (pricing) in the text. 2. Identify, research, and estimate major expenses for your party to calculate what you expect the costs will be. You should get creative here about what you need for your party (e.g., security, a band, food, etc.). Determine whether the costs noted are fixed (operating expenses that do not change no matter how many tickets are sold) or variable (costs of goods sold, which change based on the number of tickets sold). (e.g, Staples charges $5 for a roll of tickets). Using this proposed pricing structure and expenses for the first year, calculate the break even point - the number of tickets you need to sell to break even and the revenue needed to break even. Use the breakeven analysis information from the "pricing" section of our marketing overview, and the activity available under the corresponding learning module 10 to help you understand how to conduct this analysis. Identify a city and venue for this party in the state of Maryland, supporting your choice using population data (HINT: U.5. Census Bureau website) and additional information that supports your reasoning. Based on your target market, and using sales projection methods from the financial analysis learning module 12 Prezi overview, project the potential sales (revenue) for this party. Will it exceed your break-even point? Tip: Make sure to use a strategy from the prezi overview, such as the "build up" approach. Using the revenue information collected and the expense estimates, prepare an income statement (Le. profit/loss statement) to calculate the projected profit/losses in year one for this business. Tip: Learning Module 12 can be used to help determine how to build an income statement. 7. Should we throw this party? Why or why not? Use the answers to the preceding questions to answer this question, supporting your reasoning with the financial information collected
