LSBM305
Small Business Management
Assessment 1
Student Name
Student ID
Table of Figures
Lock N Load Events:
The Lock N Load Events is an organization that provides the cultures event management based on the music and club. It was founded in 2006 in London. They have over 30 years of experiences in the field of music and club event management. They provide a high level of management for a particular event no matter what is the people capacity in the event. All the events are managed by the experienced event management team. This organization manage most of the club and culture event in London that helps them to increase their revenue and development of the organization (DNB 2021).
Vision & Current Strategy:
Lock N Load Events have a mission to accomplish the lead in management marketing in the entire London and provide various ideas based on management and implementation. The different strategies are used by the Lock N Load Events for developing the marketing of the organization. They provide various other business like Promotion and Management based on marketing that helps them to increase the revenue of the organization and implement the different solutions for it. The Lock N Load Events wants to innovate different ideas and implement those ideas to manage the business and marketing for better solutions.
Market Analysis:
The organization provides different management ideas based on the event planning and implementation so the target audience of Lock N Load Events are those who are managing and organize different events like the social event and clubs. The organization uses different techniques to manage their clients and provide them with satisfied and organize event teams. The audience of the Lock N Load Events has different views on the management and planning so the organization understand the concept of the client requirements and fulfil them with all the priorities (Albuquerque et. al 2020).
The market of Lock N Load Events is affected by the COVID 19 pandemic and lockdown because all the business related to the company is stopped and the revenue is dressing because of these situations. Different problems are phased by Lock N Load Events in the time of pandemic that affects the marketing of the company. Because of the pandemic, no event has taken place so it completely affects the business of Lock N Load Events. The organization waits over 2 to 3 month for the new project which is not good for the Lock N Load Events. Organization phases different problems after the lockdown because of the people's safety in the events and manage different ideas for a new marketing strategy.
Competitor Analysis:
Lock N Load Events provide many different techniques of event management and marketing. Based on these services there is more organization present in London has similar business and analyze as a competitor of the Lock N Load Events. So these lines of business have various typical versions in the marketing and management of the organization and provide the promotions based on the management and implementation. Dun & Bradstreet (D&B) is the organization that provides similar services as Lock N Load Events and it is the best competitor of Lock N Load Events (Myk Pono 2021).
Because of the pandemic, the B&D increase their revenue by providing more and different services as compared to the Lock N Load Events. This competition makes the marketing slow of Lock N Load Events. The B&D increases the marketing scenarios and business services by the implementation of different techniques and ideas into the management and development of the organization. This may affect the business of Lock N Load Events and decrease the market funds and shares of the organization. Because of the various business models, B&D helps their clients to fulfil all the requirements and manage the safety services because of the pandemic.
Organization and Management:
The management is based on the complete organization all the employee's work can affect the project. The implementation of the project is related to every member of the organization because all the employees are done a certain task based on the project. The team is based on better planning and management. So the Lock N Load Events manager or the CEO is the leader of the company and every project. It makes the organization to work fast for any project. Based on the team structure of Lock N Load Events the entire task has performed by the particular employee (Mozhayeva et. al 2019).
Strength and Weaknesses:
The following are the strength and weakness of the leadership team of Lock N Load Events.
Lock N Load Events manager is the project team leader that helps to manage the different ideas in the project.
This will increase the trust of the client for their project.
All the different terms based on the project implementation can be developed without any concern.
The marketing and promotion can be easily managed by the team leader.’
Because of the limited employees, there is no way to manage different work at the same time.
This makes the limited strength of the Lock N Load Events.
Marketing Plans:
The following marketing plans describe the Lock N Load Events strategy:
Product:
The product of Lock N Load Events is based on the management of the music and club events. So there are different ideas based on project development and management. This will increase the product t quality and the services of Lock N Load Events.
Price:
The price of Lock N Load Events services is based on client requirements and management time and complexity. The organization provides a reliable process for the product and services provided by them.
Place:
The Lock N Load Events did their business in London and provide them with all the king of services related to their business. So based on the place the organization is stated in a better business and marketing place.
Promotion:
For the promotion of their product, the Lock N Load Events uses different ideas like the advertisement and the social marketing to increase their business and manage the lost revenue in the time of the pandemic. The promotion is based on the different services provided by the Lock N Load Events (Twin 2020).
Financial Analysis:
The Lock N Load Events start in 2006, the revenue of the organization is $8.36 million. Before the pandemic, the same revenue is taken by the Lock N Load Events and managed all the different financial analysis based on business and marketing. The financial analysis based on the implementation and management can describe the various form marketing of product and based on these ideas Lock N Load Events can able to manage their financial conditions. The management is based on the various terms related to the strategy taken by the Lock N Load Events to increase their financial conditions and provide different services like other organization to improve their revenue.
The current state of Lock N Load Events is based on the financial condition before the start of pandemic and still, the financial condition is the same. At the time of the pandemic, the Lock N Load Events phases various challenges regarding the management of the financial condition of the organization. The entire loose and empty project decrease the financial condition of the Lock N Load Events. This may affect the personal employees of the organization and create chaos in the organization (Tuovila 2020).
Without any client for like 2 to 3 months directly affects the financial conditions of the Lock N Load Events. The pandemic decreases the revenue by 10% of the organization and it takes 6 months for the Lock N Load Events to rebalance their situations and manage the revenue before the pandemic. The conditions are now managed by the organization and increase the revenue by 5% after the pandemic. This can helps the organization to rebalance their situations and managed all the losses during the pandemic. The financial analysis of Lock N Load Events describes the management techniques of the organization and the different strategy uses by the organization to rebuild its revenue.
SWOT Analysis:
SWOT analysis of Lock N Load Events is based on the following terms:
Strength:
The strength of the Lock N Load Events is based on their marketing skills. The marketing of the organization managed by the social media platform and the commercials in the different article these can increase various opportunities for the Lock N Load Events.
Weakness:
The weakness of the Lock N Load Events is based on its financial condition that stops the organization to take different opportunities and increase the level of threats to the financial conditions of the Lock N Load Events.
Opportunities:
The strength of the Lock N Load Events increases the opportunities for increases the revenue and techniques for the business. Different ways of marketing help the organization to manage all the financial and promotional strength (Parsons 2021).
Threats:
The financial condition of the Lock N Load Events made different threads related to management and promotion. This can decrease the marketing of the organization. The management process can not be able to handle the external analysis in the organization. This may impact on the financial condition of the organization in terms of different revenue schemes.
Pivot Strategy:
The pivot strategy can be helpful for the different organization to enhance their performance in the market and provide reliable services at a different time. The Lock N Load Events provides the management of the music and club event. This makes different services needed by the organization to provide its clients. Various other strategies and the services are also provided by the organization like marketing and promotion management. These services can be managed by consulting with the client. So the Lock N Load Events can implement the pivot strategy in the organization for the management of different services.
Various terms based on the implementation of the service are used by the organization to enhance its pivot strategy. The change in the organization affects the different conditions of the organization but it can be managed by using different plans and services provided by the pivot strategy. At the time of COVID 19 pandemic, the pivot strategy can be helpful for the organization to manage the services and business. Plan implementation is the first step taken by the Lock N Load Events ton to manage the services and develop their organization to provide those services to their client.
Employing new technology like the implementation of the online service can be helpful for the organization at the time of pandemic to provide services like promotion and marketing. Both the services can be easily handed over the online platform that provides different ways to handle the business. Various other techniques can be used under the pivot strategy at the time of pandemic and lockdown. The organization can easily be managed their services without any problems, so it can be helpful for the organization financial condition. There are many different ways to select the process and manage the clients and their requirements by using a platform at the time of the pandemic.
Different revenue models are used at the time of managing the financial condition of the organization that can be helpful for services management. The Lock N Load Events analyze the complete market resources and the requirements of the new type of customer and design a new model of the revenue for the organization based on the development methodology. Different revenue scheme based on their online business can provide the resources needed by the Lock N Load Events. Resource management is the way to establish a new model of business at the time of pandemic based on the pivot strategy (Lee and Trimi 2021).
The pivot strategy model helps the Lock N Load Events to manage their business at the time of pandemic and lockdown that helps the organization to maintain its revenue and shares in the market. The Lock N Load Events can not provide the services like the management of the physical event but they can manage a way to make the event virtual like by videoconferencing. Different other services like marketing and promotion can also be handled by the online platform of the organization that keeps them manage their business at the rough time of lockdown.
References:
DNB, 2021. LOCK 'N' LOAD EVENTS LIMITED. [online] Available at: <https://www.dnb.com/business-directory/company-profiles.lock_n_load_events_limited.e161d4757a69b37a6b93f7cbe2034022.html> [Accessed 8 February 2021].
Albuquerque, R., Koskinen, Y., Yang, S. and Zhang, C., 2020. Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), pp.593-621.
Myk Pono, 2021. Competitive Analysis: How To Conduct a Competitive Analysis. [online] Myk Pono. Available at: <https://www.mykpono.com/how-to-conduct-competitive-analysis/> [Accessed 8 February 2021].
Mozhayeva, T.P., Simkin, A.Z., Sorokina, E.I. and Proskurin, A.S., 2019, May. Management of personnel risks in the organisation quality management system. In IOP Conference Series: Materials Science and Engineering (Vol. 537, No. 4, p. 042061). IOP Publishing.
Twin, A., 2020. The 4 Ps of Marketing. [online] Investopedia. Available at: <https://www.investopedia.com/terms/f/four-ps.asp#:~:text=What%20Are%20the%204%20Ps,of%20a%20good%20or%20service.> [Accessed 8 February 2021].
Tuovila, A., 2020. Financial Analysis Definition. [online] Investopedia. Available at: <https://www.investopedia.com/terms/f/financial-analysis.asp#:~:text=Financial%20analysis%20is%20the%20process,to%20warrant%20a%20monetary%20investment.> [Accessed 8 February 2021].
Parsons, N., 2021. What Is a SWOT Analysis and How to Do it Right in 2021 (With Examples). [online] LivePlan Blog. Available at: <https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/> [Accessed 8 February 2021].
Lee, S.M. and Trimi, S., 2021. Convergence innovation in the digital age and in the COVID-19 pandemic crisis. Journal of Business Research, 123, pp.14-22.
