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Executive Summary
Throughout this study, it is clear that starting a business in Malaysia is very fruitful for every citizen. This country is very developed and helps its citizen with any kind of business help. In this discussion, the whole study is about the “Event Management” company. This service is very demandable, in this competitive market. Therefore, it is very helpful for any organizer to start any “Event Management business”. In this discussion, SWOT analysis, 4p analysis, social media marketing, competitor’s management, and VRIO analysis have been done. Throughout this discussion, it is clear that starting an event management company is fruitful but it has some competitors in Malaysia. Therefore, some major steps have to be followed by any student to start a company.
Introduction
An “event management company” can take proper care of all types of organization and as well as tasks to offer a fruitful event. Event management also allows a citizen or company to give focus on program day and their valuable guests. The principal quality of service will display if there are any kinds of faults. A good “Event Management Company” will have a chance in many cases. Purpose of an Event Management Business is to manage events or programs giving special focus on their lifecycle. “Event management” has proper planning, scheduling, and perfection of any event. There are different kinds of event management services such as organizing new products, implementing exhibitions and starting a new brand, organizing a conference, and others. An “Event Management Company” helps a common citizen to form a number of many kinds of special events, which are interesting for hosting. “Event management” includes many different types of functions for “executing large-scale events”.
Business description
A “Event Management Business” is an exercise of abstract business logic in identifying communicating events, labeling events, and similarly handling events. The business “event management company” is ready to start in Malaysia. Malaysia has a fruitful investment environment for starting a business. Malaysia was identified as global’s “busiest shipping lane”. Malaysia is described as a second most important and developed country in Southeast Asia. In addition, its GDP growth is high and unemployment rate is low. For this environment, Malaysia is best place to invest in any business and start a business.
Figure 1: GDP growth and unemployment rate in Malaysia
(Source: Tajudeen & Raja, 2021)
This picture clearly shows that Malaysia’s GDP is increasing gradually from 2020 to 2022. In addition, in the service sector GDP growth is about 58.3%. Therefore, starting an “Event Management Business ” in Malaysia is very relevant and significant for getting success. Starting a business in Malaysia there are some formalities, first, anyone needs to set a company’s name then, company’s secretary prepares some company-related “incorporation documents” such as name of raised company, nature of company, details information about shareholders, information about director of company and others. Moreover, for further clarification, this company needs to file necessary documents to “Companies Commission of Malaysia”. In addition, a company needs to register for “sales and services tax”.
Figure 2: Construction permission score of Malaysia
(Source: Tajudeen & Raja, 2021)
This picture clearly showed that getting permission for new business construction is not easy for Malaysian citizens. Therefore, for starting a business that student needs to follow the whole structure of Malaysian government and needs to fulfill all types of criteria. In forming a company, anyone needs to first identify all key investors and purpose of that business. If the demand for that business is high in Malaysia, then that business will become successful. The key audience of this company shall be all sections and classes of citizens in Malaysia. This company wants to operate its business by setting up a headquarter in the heart of Malaysia and wants to enlarge its business through social media sectors. The whole startup will be called an “Event Management Company”.
Market planning
Characteristics of creating a business
In creating a market plan for a new business there are five elements. Like, “Service”, “Pricing”, “Target Audience”, and “Communication”. Therefore, for starting a business, any student must need to clarify its delivery services. If that service has huge demand in market, then this business obviously, becomes successful. Then, business planners must set affordable prices for its service and products.
In addition, a business plan shall be identified its target audience, which means they shall identify which type of audience is more efficient to afford its products. As a starting business, this company will follow this all kinds of objectives for promoting their business. Starting company, this company will give special focus on its product price. This company will also give special focus on their demography of audience. They will calculate actual market demand of audience. In addition, they will give focus on smooth communication with its customers.
4p model of market planning
Figure 3: 4p market strategy
Place
For starting this “Event Management Business”, identified place is Malaysia. Malaysia is a developed country, as this country has a gradual GDP growth from 2020 to 2022. Malaysia is a perfect place for making and developing a companY. Malaysia has secured 126 ranks across the world for starting a business. Developing a business shall several factors such as construction permits, registering property, getting electricity from government, paying taxation, and as well as protecting many kinds of minority investments. Because of all these objectives, Malaysia is a very relevant place for starting a business.
Product
Product is playing an important factor in betterment of any business. Product is center for all business activities. Therefore, without a service or product, a business cannot run easily. A well-designed product or service is playing a key factor in any market success. “Event Management” is a very demandable service nowadays. This service has many aspects for making a profit. This business will utilize its market demand in their business policy, then this business will become more successful. Therefore, it is clear that, for getting success in business, a product or service is playing a key role. Here, “Event Management” is a demandable service for all kinds of citizens in Malaysia. This company will give special focus on their products.
Price
Price is also playing a key role in starting a business in Malaysia. As Malaysia is a developed country and has a larger per capita income, therefore it is clear that here about 60% of total population can afford any kind of new services. Here, the business organizer must be very careful about price structure of their business. Capturing more customers, this company will give offers and discounts on their business during some festival sessions.
Promotion
Promotion also plays a significant role in any business. As this “Event Management Company” is a newly started business, this business will give extra attention to its promotional purposes. There are many kinds of promotion areas, such as social media promotion, advertisement on print media, distributing their brand through leaflets, and giving big placards across Malaysia. If this company will follow these rules then, their business or company become more successful in this competitive market.
HR planning
HR planning of a new business is a continuous procedure of “systematic planning” to gain most favorable use of a company’s human resources. Starting a business or a company HR planning confirms well fit between jobs and employees due to reducing problems of labor surpluses. “Event Management Company”, will hire very creative employees, who have a thoughtful mind and ability to do hard work. Without unique and thoughtful ideas, no Event Management Business cannot run smoothly. Therefore, for hiring the best employees this company will create a proper plan and way. This plan helps them by appointing hard-working and creative employees within this company. Currently, Malaysia is a very developed country in Southeast Asia. Therefore, any company can easily find its required employees across this country. Their unemployment rate is decreasing comparatively from 2018 to 2022. Therefore, if this newly started company shall have a proper way to plan HR management then they shall easily afford and appoint creative, unique, and thoughtful employees. Currently, this company takes necessary steps for HR planning. Such as
Analyzing labor supply
Taking first step, this company will analyzes present labor supply of country. The HR department of this company is considered to focuse about strengths of this organization, such as its skills, positioning, performance level, and benefits to employees.
Calculating labor demand
Presently this company shall outlines the future perspective of its workforce. The HR demand of this company will find new technology, like AI, blockchain and 5G technologies, that may decrease or increase actual need for workers. They shall be working with retirements, promotions, and transfers of newly appointed employees.
Balancing labor demand with supply
HR team of this company shall be predicting employment demand in Malaysia. In addition, they also look into the matter of skill development of Malaysian youth.
Key financial assessment
Current Assets | Start of the business | December 22 | January 22 | |
Cash on hand | $85,000.00 | $1,000.00 | $2,000.00 | |
Debtors | $65,000.00 | $120.00 | $5,200.00 | |
Prepaid Expenses | ||||
General | $100.00 | $520.00 | $0.00 | |
Rates | $520.00 | $0.00 | $0.00 | |
Workcover | $100.00 | $0.00 | $0.00 | |
Insurance | $250.00 | $0.00 | $0.00 | |
Etc. | $63.00 | $0.00 | $0.00 | |
Total Prepaid expenses | $ 1,033.00 | $ 520.00 | $ – | |
Inventory | ||||
Tyres | $250.00 | $850.00 | $860.00 | |
Parts | $250.00 | $520.00 | $35.00 | |
Etc. | $360.00 | $630.00 | $100.00 | |
Total Inventory | $ 860.00 | $ 2,000.00 | $ 995.00 | |
Short term Investments | $ – | $ – | $ – | |
Other current assets | $ – | $ – | $ – | |
Total Current Assets | $ 151,893.00 | $ 3,640.00 | ||
Table 1: Key financial statement
Starting a business in Malaysia, a company needs to assess its all-key financial structure including its budget, investors, property, employees’ salary structure, and others. A financial is crucial analysis to measure financial figures including per month operating expenses, expenses of start-up, and future plan for next four to five years. This “Event Management Company” shall be taking some steps for their financial assessment policy. Such as
- This company shall identify its financial capacity in present market scenario. This company will be a newly started business, as this company is not supposed to be financially strong for increasing its further plans.
- The key strategy of this company is supposed to give assistance to Malaysian citizens by organizing any kind of event. This is a very demandable service in Malaysia. This company will follow this key strategy to enhance its business.
- Being a newly formed business, currently, this company shall have no such key investors which help this company for enhancing growth. this company will give proper attention to increasing its investors.
- Currently “Event Management Business” has a high level of market demand in Malaysia. This objective will help this company to enhance its economical and social values.
Competitor analysis
Variables | Jiggee company | A&D Creative Solution |
Cost structure | Jiggee company gives its service with the best quality and at an affordable price. Per event, this company takes about $25 (Jiggee, 2022). | This is a very trusted event management company in Malaysia (A&D Creative Solutions, 2022). It gives its services to Malaysian citizens at an affordable cost. For any official purpose, it offers $35 per event. |
Brand value | Its brand value is so high; it gives its services in Singapore in an effective manner. | Main brand value of this company is to target audiences in Malaysia. |
Brand position | Jiggee event company brings about 100,000 people together through its services. | Brand position of this company is very positive among Malaysian citizens. This is a very trusted company (A&D Creative Solutions, 2022). |
Customer | Throughout Malaysia, its customer is about 100000 with about 500 clients (Jiggee, 2022). | From 2008, this company captures about 50000 customers across country. |
Position | This company is a leading event management company in Malaysia. | This secured top 3 positions in Malaysia for its service. |
Partnership | It has many partners in business, private and public sectors. | This company has many investors across the country. |
SWOT analysis
Strength ● This company’s main strength is supposed to be its location, as Malaysia is a very developed country; therefore, this company gives many help to start their business. ● This country’s unemployment rate is very low, that is why this company will get skilled labor for its needs. ● “Event Management Business” is a very demandable service in this competitive market. Therefore, this company will get its demand in the Malaysian market. ● About 90% of citizens of Malaysia follow social media. The increasing social media structure shall provide help for increasing its business. | Opportunity ● Malaysia is a very developed country in Southeast Asia. The main opportunity of this company shall be its location. ● The Malaysian government is giving its full support for any kind of business. This is another opportunity for starting a business. ● Currently, the demand for “Event Management” service is gradually increasing on a regular basis. This market demand will also be a key opportunity for this company. |
Weakness ● The main weakness of this growing company shall be scarcity of investors. ● This company shall have no such investors from its start. For that reason, this company will not get proper economical help from any investors. ● This company’s HR management policy is not strong. For this reason, this company’s appointment policy will not be so well decorated ● Capturing more customers, this company will set its service price in an affordable manner. | Threats ● One of the key competitors of this company is Jiggle Company. This company gives significant challenge to any company. ● This “Event Management” company will face key challenges from its competitor company. ● Lack of investors is also a challenge for this company. ● Scarcity of skilled labor shall another threat for this company. ● Lack of management policy shall also a key threat for this company. |
Social media campaign plan
Social media is a very strong platform for increasing their business. Nowadays social media platforms play a significant role in enhancing any business of a company. Presently, many startups and organizations follow the path of social media sectors to improve a business’s growth. Currently this “Event Management Company” follows path of a social media campaign. Enlarging this campaign, this company follows some path. Such as
Social media campaign strategies | Plan |
facebook and You tube management plan | facebook and youtube is currently very popular social media platform for promoting any business. as, Malaysian citizen is very interested in social media and online business. therefore, for this reason, this “Event Management” company now follow the rule of social media campaigning to spread its business across the country. |
Digital marketing plan
| Spreading business on a digital platform is currently gaining its popularity throughout the world. Therefore, this “Event Management” company from its starting period will give a larger focus on digital marketing policy. if this company will follow this path that will be very helpful for this company.
|
Organic and website promotion
| Organic marketing is a path to capture customers to a company’s website without using any paid advertisement. in addition, website promotion is also a key tool for social media campaigning. as a starting business, this company will follow this way for capturing more customers across the country. This rule also helps to increase its reach of a company. Therefore, this company will follow this way. |
Paid marketing promotion plan | “paid marketing promotion plan”, helps any company to purchase any advertisement that helps a company to significantly target customers, instead of waiting for customers to find company organically. Therefore, this “Event Management” company is a starting company that will follow this rule of paid marketing promotion plan. After starting the business, this company will focus on enlarging its business through e-mail marketing. That helps this company to attach their valuable customers. |
Online business | “Online business” currently very popular marketing tool, therefore, this company will focus on online business policy to enter this competitive market. |
Figure 4: Social media platform used by Malaysian citizens
(Source: Statista, 2022)
Conclusion
Throughout this study, it is clear that starting a new business in Malaysia is very fruitful for any organizer. As Malaysia has a large and developed growth this is very useful for starting a business. As a developed country, any organizer can get many kinds of help, to set up their business. This company currently uses social media platforms to increase its business.
“Event Management Business” has a strong demand in this competitive market, which helps this company to survive in this competitive market. From economical growth, this company now follows the rule of capturing more investors. That also gives them useful growth. Similarly, from SWOT analysis it has some competitors but this company can get many bits of help from the Malaysian government.