Business value - ANSWER Not measured by only the financial bottom line, but on what
outcomes are expected by the business. For some this will mean
... [Show More] exceptional education or
brand positioning. For others the value will be the quality of contacts made through
networking or sales generated by the event.
Event strategy - ANSWER Involves the what and why of a meeting, which drives the how or
the planning of the meeting.
Strategic planning - ANSWER Process by which an organization develops its long range
plan of action
Development role in strategic planning - ANSWER Answers the question: how will we
achieve our organizations mission through our meetings
Implementation role in strategic planning - ANSWER Fully understand the strategic goals
for the organization and event, and then develop objectives to achieve those goals.
Strategic plan - ANSWER Long range call to action for a company
3 distinct elements of strategic planning - ANSWER Discovery, analysis, and planning
(DAP)
Discovery - ANSWER Purpose of the event, internal assessment, business environment
Analysis - ANSWER Disciplined management requires a solid foundation of data. Variety
of information on past events should be collected.
Planning - ANSWER Once discovery and analysis phases are complete, development of
events strategic plan begins.
Mission statement - ANSWER Defines the purpose of the organization
Goals - ANSWER Broad and general; expected to be achieved over a long term horizon.
Used to achieve the mission
Objectives - ANSWER Specific and narrow and used to achieve a goal. Tie directly to
evaluation measures.
SMART-ER objectives - ANSWER E - ethical
R - recorded
Internal factors to determine event feasibility - ANSWER History
Financial
Role of the event in the organizations finances and overall strategy
Availability of Human Resources
Commitment
Marketing and brand considerations
External factors to determining event feasibility - ANSWER Audience
Industry
Economic context
Applicable legislation or regulatory requirements
Economic and social impacts on hosting communities
Risks (internal or external)
Requirements for the event - ANSWER Financial resources
Human Resources
Marketing & PR Resources
Technology requirements
Logistical requirements
Event specific resources
Legal or regulatory requirements
Evaluation resources
Sustainability resources
Safety & security resources
Financial summary - ANSWER Fundamental part of your strategic plan
Answers:
-How event will be funded
-Financial goal of event
-What is the event budget
-How will event respond to budget shortfalls
-How will event address cash flow concerns
-Which currency will be used
3 things to analyze for financial summary - ANSWER 1- Historical income and expense
statements
2- Budget for best and worse case scenario
3- Do any financial decisions impact policies at an organization? (Fee for family members
implies family members allowed)
Monitor strategic plan - ANSWER 1- measurable objectives
2- monitoring tools and processes
3- feedback and modification processes
KPI - ANSWER Quantifiable measures of critical success factors for an organization
Can be applied to events in order to measure how effectively goals and objectives are
being met
Example KPIs (9) - ANSWER Financial
Registration
Education
Exhibitors
Motivation
Sustainability
Planning
Marketing
Evaluation
Sustainable events - ANSWER Reduce the impact of events on the environment and can
improve the financial outcomes for organizations. [Show Less]