Shared Flashcard Set

Details

Events Midterm
Events Midterm
28
Other
Undergraduate 4
10/10/2011

Additional Other Flashcards

 


 

Cards

Term
What does DMC Stand for?
Definition
Destination Management Company
Term
What does CVB Stand for?
Definition
Convention Visitors Bureau
Term
What are the Event Design Steps? (7)
Definition
• Determine the Goal & Need for the Event
• Define the Event
• Select Event Name (if necessary)
• Determine Event Theme
• Define the Target Audience
• Set Date & Time
• Select the Location
Term
Tangible Vs. Intangible (goals/objectives)
Definition
T- Money I-happiness
T-Short-term vs. I-Long-term
goals/objectives
T-Economic vs.I- Emotional Currency
Term
Event Vision (3 Steps)
Definition
1. the governing body responsible for the event 2. the finacial resources available for the event 3. the time needed to accomplish the vision
Term
Target Audience
Definition
For sponsored/company events
– You are planning a sales conference
– Company holiday party
• For invited events
– Fundraisers
– Is there a public component also?
• For public events
– Who do you want to attend
Term
How to Pick your Date (Holidays, superbowl, etc,)
Definition
Time of Year/Season
– Will everyone be in town?
• Holidays
– Obvious
– Not-so-obvious
• Competing events
– Area events
– Same demographic
• Allen, 60-67. Prosser, 5
Term
"Need Date"
Definition
Date you "need" to have business
Term
Time of Day
Definition
Where will guests be coming from?
• When does the workday end?
• Will they have guests?
• Will they be caught in traffic?
• How late is the event?
• Will they need to change?
Term
Event Flow
Definition
-“Flow” = Time + Space
-How will people make their way
through the event?
-p. 38-39
Term
Staffing
Definition
• Working with committees
• Often no / little budget for
additional staff
• Volunteers need clear direction
-contract staffing
Term
What would you use staffing for instead of volunteers?
Definition
Valet Parking, Security, Alcohol, casino night dealers, severs (par ex) Allen p. 121
Term
The Letter E (5)
Definition
Enlightening, Engaging, Energizing, Educational, Entertaining
Term
Variable vs. Fixed Cost
Definition
Fixed: paid the same regardless of attendance
– Examples ballroom costs
• Variable: depends on attendance or usage
– Examples tents for vendors # of tents may vary
Term
Budget
Definition
• Budget = itemized estimate of expected
income & expenses (Prosser)
– First Draft
– Reconsider Strategy if necessary
– Expect unbudgeted items (contingencies)
Term
Cash Flow
Definition
• Cash Flow Budget: anticipates timing of costs
– Think about deposits, start-up costs, line of credit
– Why is this essential for events?
Term
Types of Budget
Definition
• Operating Budget: financial plan for fiscal
year
• Capital Budget: expense at least $1,000 with
life of at least 2+ years
• Cash Flow Budget: anticipates timing of costs
– Think about deposits, start-up costs, line of credit
– Why is this essential for events?
Term
Expenses
Definition
• Fixed: paid the same regardless of attendance
– Examples
• Variable: depends on attendance or usage
– Examples
• Who has seen this before?
Term
Revenues
Definition
• Be careful about over-estimating revenues
• See Prosser, 32-33 for a full list:
• Admission fees
• Grants / foundations / sponsors
• Concessions/food/beverage
• Vendors
• Merchandise
• Auction / Silent Auction
• Are there costs associated with your revenue
Term
Tax & Service Charge
Definition
$20.00 (per person) + 10% Tax (2.00) + 20% Service Charge (4.00) + (you tax the service charge) (.40) = New Price $26.40
Term
RFP
Definition
Determine client Objectives
-Request for Proposal (or Request for Quote)
• As a catering/sales manager at a hotel, you will
get these every day
• Cash / credit card handling (Prosser, Appendix
5.2)
• Potential for fraud
Term
Contracts (payment schedule, clause, restrictions)
Definition
• Clearly defined costs
• Clearly defined payment schedule
• Clearly
• Almost all terms are negotiable
Term
1st Step of Budgeting
Definition
-Preliminary Cost Estimates
– List everything you may need
– List everything you may want
• Allen, 22-23 has a list of a lot of topics
• Is it better to wait then to stage the event on a
shoestring budget? (Allen, 5)
• You can break up into categories that you like
Term
Critical Path for Budgeting (7)
Definition
1. Determine the client objectives
2. Layout cost sheet
3. Primarily budget
4. Request for quote
5. Update Budget
6. Receive contract
7. Start timeline
Term
What goes in a policy guide?
Definition
• Not “how-to” but “guiding principles”
• Prosser, 19, gives many examples
– Who can sign contracts?
– How will bidding work for contracts?
– Food & alcohol policies?
– Sponsorship policies?
– Volunteer guidelines?
Term
What goes in a Operations Manual?
Definition
• The “how-to” guide (…for dummies?)
• Includes all elements:
– Operations timetables
– Policies
– Volunteer job descriptions
– Checklists / to-do-lists
– Timelines / Setup schedules
– Sponsorships
– Emergency numbers
– Etc….
• Can this be paperless?
Term
Event Timelines
Definition
Once you decide on each element, break it down
into steps:
• Sample from Prosser, 21:
– Determine equipment needs:
• Chairs
• Tables
• Booths
• Stages
• Barricades
• Golf Carts
• Tents
• Bleachers
Term
Finding a venue
Definition
venue
Start with event objectives
• Make a wish list

Hotel
• Convention Hotel
• Conference Center
• Convention Center
• Restaurant
• Outdoor Space
• Alternate Venues
ex. of alternate

Boutiques
• Yachts
• Airport Hangars
• Museums
• Galleries
• Colleges/universities
Supporting users have an ad free experience!