Harvard Case - Up, Up, and Away! Event Planning and Production in Las Vegas
"Up, Up, and Away! Event Planning and Production in Las Vegas" Harvard business case study is written by Cheri A. Young, Daniel E. Nelson, Kathleen S. Nelson. It deals with the challenges in the field of General Management. The case study is 22 page(s) long and it was first published on : Sep 1, 2015
At Fern Fort University, we recommend that Up, Up, and Away! (UU&A) implement a strategic plan that focuses on leveraging its strengths in event planning and production, expanding its service offerings, and building a strong brand presence in the Las Vegas market. This plan should include initiatives to enhance operational efficiency, improve customer service, and foster a culture of innovation within the organization.
2. Background
Up, Up, and Away! is a small event planning and production company based in Las Vegas. The company was founded by two friends, Sarah and John, who have a passion for creating memorable events. UU&A has a strong track record of success, but it is facing increasing competition from larger, more established companies. Sarah and John are looking for ways to grow their business and ensure its long-term success.The case study highlights the challenges faced by UU&A, including:
- Limited Resources: UU&A operates with a small team and limited financial resources, making it difficult to compete with larger companies.
- Competition: The event planning and production industry in Las Vegas is highly competitive, with many established players vying for the same clients.
- Marketing and Branding: UU&A lacks a strong brand presence and marketing strategy, making it difficult to attract new clients.
- Operational Efficiency: The company's operations are not as efficient as they could be, leading to delays and increased costs.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Porter's Five Forces framework, which helps to understand the competitive landscape and identify opportunities for strategic advantage.
- Threat of New Entrants: The threat of new entrants is relatively low due to the high barriers to entry in the event planning and production industry, which include significant capital investment, specialized skills, and strong industry relationships.
- Bargaining Power of Buyers: The bargaining power of buyers is moderate. Clients have many options to choose from, but UU&A can differentiate itself by offering personalized services and creative event designs.
- Bargaining Power of Suppliers: The bargaining power of suppliers, such as venues, caterers, and entertainment providers, is moderate. UU&A can negotiate favorable terms by building strong relationships and diversifying its supplier base.
- Threat of Substitute Products: The threat of substitute products is moderate. Clients can choose to host events in-house or use alternative event planning services, but UU&A can mitigate this threat by offering unique and innovative event experiences.
- Competitive Rivalry: The competitive rivalry within the event planning and production industry in Las Vegas is high. UU&A must differentiate itself from competitors by focusing on its strengths, building a strong brand, and providing exceptional customer service.
A SWOT analysis can further illuminate UU&A's strengths, weaknesses, opportunities, and threats:
Strengths:
- Passionate Founders: Sarah and John's passion for event planning and production is a key asset.
- Strong Track Record: UU&A has a proven track record of success, demonstrating its ability to deliver high-quality events.
- Strong Relationships: The company has built strong relationships with key suppliers and vendors.
- Flexibility and Adaptability: UU&A is able to adapt to the specific needs of its clients and create unique event experiences.
Weaknesses:
- Limited Resources: The company's small size and limited financial resources are a significant challenge.
- Lack of Brand Awareness: UU&A lacks a strong brand presence and marketing strategy.
- Operational Inefficiencies: The company's operations are not as efficient as they could be, leading to delays and increased costs.
Opportunities:
- Growing Event Industry: The event planning and production industry is growing, creating opportunities for expansion.
- Emerging Technologies: New technologies, such as virtual reality and augmented reality, can be used to create innovative event experiences.
- Focus on Niche Markets: UU&A can focus on niche markets, such as corporate events or destination weddings, to differentiate itself from competitors.
Threats:
- Increased Competition: The event planning and production industry is becoming increasingly competitive.
- Economic Downturn: An economic downturn could lead to a decrease in event spending.
- Changes in Consumer Preferences: Changes in consumer preferences could impact the demand for event services.
4. Recommendations
To address the challenges and capitalize on the opportunities, UU&A should implement the following recommendations:
1. Develop a Strategic Plan:
- Vision and Mission: Define a clear vision and mission for the company that reflects its values and goals.
- Target Market: Identify and define the target market for UU&A's services.
- Competitive Advantage: Determine how UU&A can differentiate itself from competitors and establish a competitive advantage.
- Growth Strategy: Develop a growth strategy that outlines how the company will expand its business and reach its goals.
2. Enhance Operational Efficiency:
- Process Improvement: Implement process improvement initiatives to streamline operations and reduce costs.
- Technology Adoption: Invest in technology solutions to automate tasks, improve communication, and enhance efficiency.
- Outsourcing: Consider outsourcing non-core functions to free up internal resources and focus on core competencies.
3. Strengthen Brand Presence and Marketing:
- Develop a Brand Identity: Create a strong brand identity that reflects the company's values and target market.
- Implement a Marketing Strategy: Develop a comprehensive marketing strategy that includes online and offline channels.
- Content Marketing: Create valuable content, such as blog posts, videos, and social media updates, to attract and engage potential clients.
4. Foster a Culture of Innovation:
- Encourage Creativity: Create an environment that encourages employees to be creative and innovative.
- Invest in Training: Provide employees with training and development opportunities to enhance their skills and knowledge.
- Embrace Technology: Encourage the adoption of new technologies to improve efficiency and create innovative event experiences.
5. Improve Customer Service:
- Focus on Client Relationships: Build strong relationships with clients by providing personalized service and exceeding expectations.
- Gather Feedback: Regularly gather feedback from clients to identify areas for improvement.
- Implement a Customer Relationship Management (CRM) System: Use a CRM system to track client interactions and improve communication.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of UU&A's strengths, weaknesses, opportunities, and threats. They are aligned with the company's mission to create memorable events and its goal of achieving sustainable growth. The recommendations are also consistent with industry best practices and are designed to address the key challenges facing UU&A.
The recommendations are attractive because they are:
- Cost-effective: Many of the recommendations can be implemented without significant capital investment.
- Measurable: The recommendations are measurable, allowing UU&A to track progress and assess the effectiveness of its initiatives.
- Achievable: The recommendations are achievable given UU&A's resources and capabilities.
- Relevant: The recommendations are relevant to the current market conditions and the challenges facing UU&A.
- Timely: The recommendations are timely and can be implemented immediately to improve the company's performance.
6. Conclusion
By implementing these recommendations, UU&A can position itself for long-term success in the highly competitive event planning and production industry in Las Vegas. The company can leverage its strengths, address its weaknesses, capitalize on opportunities, and mitigate threats.
7. Discussion
Other alternatives not selected include:
- Merging with a Larger Company: This option could provide UU&A with access to greater resources and a wider customer base, but it could also result in a loss of control and a dilution of the company's brand.
- Focusing Solely on Niche Markets: This option could allow UU&A to specialize in a particular type of event, but it could also limit the company's growth potential.
The key risks associated with the recommended strategy include:
- Failure to Execute: The success of the strategy depends on UU&A's ability to effectively implement the recommendations.
- Economic Downturn: An economic downturn could negatively impact the demand for event services.
- Increased Competition: The event planning and production industry is becoming increasingly competitive, which could make it difficult for UU&A to maintain its market share.
The key assumptions underlying the recommendations are:
- UU&A has the resources and capabilities to implement the recommendations.
- The event planning and production industry will continue to grow.
- UU&A can successfully differentiate itself from competitors.
8. Next Steps
The following timeline outlines the key milestones for implementing the recommendations:
- Month 1: Develop a strategic plan, including a vision, mission, target market, competitive advantage, and growth strategy.
- Month 2: Implement process improvement initiatives to streamline operations and reduce costs.
- Month 3: Develop a brand identity and implement a marketing strategy.
- Month 4: Invest in technology solutions to automate tasks, improve communication, and enhance efficiency.
- Month 5: Gather feedback from clients to identify areas for improvement.
- Month 6: Implement a customer relationship management (CRM) system.
- Month 7: Create valuable content to attract and engage potential clients.
- Month 8: Encourage employees to be creative and innovative.
- Month 9: Provide employees with training and development opportunities.
- Month 10: Track progress and assess the effectiveness of the implemented initiatives.
By following this timeline, UU&A can ensure that its strategic plan is implemented effectively and that the company is on track to achieve its goals.
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Case Description
Event producer Dan Nelson is faced with a crisis involving a punctured sprinkler water line and a 1.5-ton forklift stuck in the resulting mud during set up for an event for 350 attendees taking place that evening. The event is to be held outdoors on the driving range of a Las Vegas resort's golf course on the famous Las Vegas Strip. Dealing with the resort's catering staff and various contractors, Nelson must now create alternatives on-the-fly for dealing with the crisis during the implementation phase of this event, make a quick decision, and implement an alternative under time pressure. The case provides opportunities for: (1) assessing potential risk and crisis management issues pertaining to a particular event and compiling suggestions for closing gaps; (2) using various decision tools (GANTT chart, project management software, EMBOK model) to aid in crisis management, and ultimately, decision making; (3) identifying event stakeholders and managing the relationship between the stakeholders and the event producer; and (4) reflecting on the crisis that happened and learning from it so as to avoid or prepare for it in the future.
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