BUS 372 Module 3
BUS 372 Module 3 ASSIGNMENT EVENT BUDGET ESTIMATION
You will use the event budget number provided to you by the event coordinator in the “Event Coordinator Interview” assignment from Topic 2 along with your own research to estimate expenses and value or revenue generation associated with your selected event.
Think about the event you are planning to execute and identify the costs associated with executing the event. Some costs to consider could include facilities, marketing and promotion, event presentation and awards, security, and legal and insurance fees. Refer back to the Topic 2 Material for additional information about event costs. Revisit the “PAPER Test” you completed for the Topic 2 assignment to ensure that you have included all the expenses you can think of related to promotion, audience, partnerships and environment. Complete the “Expense” and “Amount Budgeted” columns. Then write a sentence or two that justifies how you arrived at the estimate in the “Justification” column of the “Expenses” tab of the “Event Budget Estimation” spreadsheet to forecast the costs for executing your event.
Next, identify the revenue streams for the event you are executing. Remember that for your event, “revenue” does not necessarily refer to money. Revenue could take the form of providing a service (i.e., a youth sports clinic). Raising awareness for a specific cause or charity, collecting goods for a cause, charity (i.e., canned food, donations of supplies). Or it could actually involve raising funds to help a particular group or organization. Some monetary revenue streams to consider could include registration fees, ticket sales, concessions, and sponsorship. Refer back to the Topic 2 Material for additional information about revenue streams.
BUS 372 Topic 3 DISCUSSION QUESTION 1
Research methods of using digital media and technology to generate revenue and participation in the event you are planning and as a method of involving the community and securing and motivating volunteers. Some sites to visit as you learn about how to generate revenue and participation could include Go Fund Me or Facebook. As you look at sites related to community involvement and securing volunteers, consider Volunteer Match, Twitter, or Pinterest.
Using what you learn, select at least two specific social media techniques that could be applied to the event you are planning. Explain how you could utilize these tools to generate revenue and participation. Encourage community involvement, and secure volunteers by posting sample posts, blog entries, video clips, etc. in the Main Forum for your peers to review. Provide your classmates with feedback related to the effectiveness of their fictional social media content. Offer suggestions about additional ways to utilize social media in their events.
BUS 372 Module 3 DISCUSSION QUESTION 2
Navigating Faith and Work: 1 Peter 4:9 says, “Show hospitality to one another without grumbling”. One important way to maximize event revenue is to follow the key principle of treating everyone at the event with an attitude of hospitality. As you think about the event you are planning, brainstorm ways to make it accessible to everyone in the community. Regardless of their financial status. Share three specific examples of how you can show hospitality to all who want to be involved in the event. While still maximizing revenue and ensuring a positive experience for all event participants.