The event management is an essential part of the successful development of business. At the same time, the event management allows to organize and accomplish events successfully only on the condition that the event management is carefully planned and prepared. In this respect, it is necessary to focus on the planning, human resource management, development of effective strategies to implement the plan effectively. In such a way, through detailed planning of the event management, it is possible to maximize its effectiveness.
On analyzing the contemporary business environment, it should be said that the development of new music act can be very prospective and the even management should focus on the successful implementation of the project. The launch of the project in Liverpool is particularly prospective, taking into consideration the overall success of many musical act projects which have been already accomplished in this city successfully. In fact, this means that Liverpool has traditions of the successful implementation of such projects and the launch of musical act in Liverpool will attract people interested in music because the local population and tourists have certain expectations concerning musical performance and musical acts. At this point, it is worth mentioning the fact that the choice of the place for the successful implementation of the even management’s plan. Nevertheless, the event management should focus on multiple factors that can influence of the overall success of the event, including the definition of goals and objectives of the event management, financial resources and marketing strategy, and effective human resource management.
The launching of a musical act in the contemporary business environment may be accompanied by significant complications caused by the high level of competition in the industry. On the other hand, the development of the totally new musical act may contribute to the rapid progress and commercial success of a company that launches the project. In such a situation, it is extremely important to work out an effective marketing plan and take into consideration possible threats and opportunities that a company may face in the process of the realization of the new musical act project.
At any rate, it is important to identify the major objectives of the introduction of new musical act, take into consideration the current situation in the industry and the pressure from the part of competitors and develop an effective marketing strategy that could help to realize the musical act project successfully. In fact, the launching of a musical act should primarily focus on the market perspective of the project since, in the current situation, the marketing success of musical act defines its future and perspectives of the further development of this project as well as the creation of new ones by the company. In contrast, in case of the market failure of the musical act, it cannot survive and the project should be shut down.
The creation and introduction of the new musical act involves the employment of a large number of qualified specialists because this is the key factor that determines the general success of the entire project. In fact, it is the creative potential of the team working on the musical act that defines its success and popularity and, therefore, its commercial profitability. At the same time, it is important to create the project that will be interesting to the audience and in this regard it is possible to refer to some traditional work and adapt it to the contemporary life and culture. In terms of this project, it is possible to choose “The Comedy of Errors”¯ by William Shakespeare and, on its basis, create a musical that should interpret the original play in a modern way with the use of modern music and change of the traditional setting of the play. In fact, it is necessary to involve in the development of the project some postmodernist artist who could rework the play by Shakespeare and convey it to the contemporary audience in a more comprehensible way to make it closer to the present epoch, its morals, beliefs, norms and traditions.
Basically, the major idea of the project of the new musical act is to create the musical which represent the classical work in an absolutely new, different way. In such a way, it will be possible to attract the audience by the use of the classical work, which may be viewed as a brand itself that the audience is confident in and loyal. In addition, the interest of the audience may be enforced by the innovation in the representation of this classical work in the new musical. In this respect, it is possible to use “The Comedy of Errors”¯ by William Shakespeare as the basis for the new musical comedy.
Naturally, the project will involve qualified specialists, preferably those who have already had an experience of the creation of such works.
For instance, ideally it would be possible to invite specialists that worked on “The Boys from Syracuse”¯ since this musical head a tremendous success in 1970s, while, taking into consideration the recent trends to remake works that used to be popular in the 1970s-1980s, the new musical on the basis of the play by Shakespeare may be particularly popular, especially if the audience remembers the past success of the creators of “The Boys from Syracuse”¯. Naturally, nowadays, it is impossible to involve the creators of the musical proper, but it is possible to find their assistants or people who worked on that project and create the new one.
Basically, the project does not suppose huge budget, but, on the other hand, it is preferable to create a project that could afford the presentation of the new musical nationwide in the UK and probably, in the case of the commercial success, to organize a tour in Europe, though such a perspective is not among the priorities of the project since the target market is the UK.
Aims and Objectives
In such a way, the major mission of the new project is to revive the interest of the audience to the classical work by William Shakespeare, revaluate this work and present it in a new form of a musical comedy. In fact, the use of the classical work is one of the strategically important elements of the project of the new musical act because it is due to this work the musical act can intrigue the audience and attract the public attention. It is possible to presuppose that, even though, artistic representation of the new musical act fails and the first presentation of the musical to the audience is severely criticized, it will be still possible to count for the public interest to the musical. In this respect, it should be said that even severe criticism of the musical will be a good promotion to the project since the audience could hardly remain indifferent in both cases, i.e. in the case of artistic success or failure. What is the most dangerous to the commercial success of the new musical is the lack of the attention from the part of both critics and the audience because, in such a case, the entire project will be doomed to failure.
This is actually why the combination of the classical work and modern musical comedy has been chosen as the basis for the project. At the same time, it is important to involve qualified specialists, though the project does not imply the involvement of some celebrities. At this point, it is possible to involve some young but perspective musicians and artists who have already gained the public approval and who are recognizable by the audience.
Speaking about the contemporary business environment and musical industry, it is necessary to underline the fact that this industry is rapidly progressing and the main characteristics of the contemporary musical and entertainment industry is the focus on the mass production and growing popularity of pop culture. What is meant here is the fact that the contemporary audience is actually prepared for the consumption of products en mass and musical acts are just a kind of products the audience is expected to consume. In this respect, it is necessary to underline an important characteristic of the contemporary business and musical industry, this is the trend to commercialization that leads to the decreasing of the artistic value of musical acts. In actuality, this means the in the contemporary business environment the commercial success of the project prevails over its artistic values. This is why it is extremely important to create a new competitive musical act that could take its own niche in the contemporary musical market of the UK.
Basically, the growth of the musical industry stimulates the creation of new musical acts and, in such a context, it is possible to speak about the favourable situation in the industry for the creation of the new project. However, on a profound reflection, it becomes obvious that the new project will inevitably face certain difficulties and problems that can affect its commercial success and decrease the interest of the audience to the project.
First of all, it should be said that the growth of the industry gives the new project a chance take its own niche in the market and attract a large number of spectators. Secondly, investors are interested in the development of new and perspective projects which could bring substantial benefits after the release. Consequently, in case of the creation of the perspective project, it will be possible to find investors ready to support and fund the project, at least on first stages of its development.
On the other hand, it is necessary to remember about problems that the project of the new musical act may face. In this respect, it should be said that one of the major problems is the high competition in the contemporary musical industry. Furthermore, it will be quite difficult to attract the audience to the musical comedy that is supposed to be developed and the risk of the low interest can undermine the entire project. In addition, it should be said that the interest of the audience to the project may last for only a short period of time. In such a case, even the use of the combination of a classical work and its modern representation and adaptation can hardly help to preserve a long-term interest of the audience without the effective promotional campaign.
Basically, the company working on the project should provide the product of the high quality, but, at the same time, it is necessary to remember that the material and financial resources for the project are limited. In this respect, it should be said that the product should be the musical comedy that could be presented on the national level, but this is rather the ultimate goal of the entire project that the primary goal. In other words, the first target market of the product is the local level, which may be used for the launch of the new musical act and after that it will be possible to extrapolate the project on the national level. At this point, the product should have the positive reception by the audience, at first, on the local level and, then, on the national level.
Furthermore, the product should target basically at the adult audience from 21 to 45 approximately. In fact, this audience is the most suitable for the experimental project since the older would more likely prefer the classical presentation of the pay by Shakespeare, while the younger audience would hardly be able to adequately perceive the message of the creators of the musical act and its artistic value. While the target audience defined above is ready to experiments but, at the same time, it still appreciates classical works.
In such a way, the product should be destined for the national market though initially it should be introduced on the local level, for instance, in London or some major cities of the UK, such as Liverpool, where musical industry is well-developed and very popular.
Financial Planning and Resource Strategy
The successful accomplishment of the project is possible only on the condition of the adequate funding of the project. In this respect, it is important to focus on the search of financial resources for funding the project. Basically, it is possible to choose several options: bank loan, investment, partnership, the use of hedge funds and others. In actuality, the most prospective financial resources are the bank loan, partnership and the direct investment into the project. In this respect, it should be said that practically all of the aforementioned financial resources have its drawbacks and advantages. To put it more precisely, the use of the bank loan will increase the costs of the projects because of high bank interests to pay off because, in the time of scarce financial resources, banks are incline to rise their interest rates, especially when they deal with new projects and when the company does not have an extensive experience of operations in the market. At the same time, the attraction of investors can solve possible financial problems. However, it will be necessary to persuade investors that the project will bring considerable returns on investments and, what is more, the return on investments should outweigh potential risks investors can face, such as the risk of the failure of the project. On the other hand, the involvement of investors implies that investors can have their own conditions of the development and the implementation of the event management plan. In such a situation, the partnership proves to be the most plausible financial resource for the event management because it allows to attract financial resources and conduct the event management autonomously sharing the revenues after the implementation of the project with the partner.
Taking into consideration the target audience of the new musical act that has been just defined above and the specificity of the product, it is necessary to develop the marketing strategy that could provide ample opportunities to maximize the company’s profits by means of the attraction of the mass audience to the new musical act. First of all, it should be said that the interest of the audience should be stimulated through the effective promotional campaign, but before the launch of the promotional campaign, it is naturally necessary to create a really interesting product. In this respect, it is possible to recommend involving some young but very perspective artists and musicians who have already gained certain recognition of the audience and who are known to people at the age of 21-45.
In fact, the involvement of such artists and musicians will increase the interest of the target audience to the musical comedy and, at the same time, it will be possible to use them in the promotional campaign. Speaking about the promotional campaign it is possible to start with the advertising in the local media, focusing on the use of radio, TV and probably print media. In addition, it is important to use Internet since, on the one hand, the promotion via this medium may be cheaper and more effective since the target audience uses it in abundance and this medium may be even more popular than all others. Also, it possible to use some visual advertisement, such as billboards inviting people to the musical comedy.
Finally, it is necessary to work with investors in order to raise funds for the realization of the project. At this point, it is possible to emphasize the strengths of the project, such as the use of classical work which has always been popular and, therefore, it will definitely attract the audience. Also, it is necessary to focus on the work with investors which are interested in the improvement of their public image through the support of art and musical industry.
However, the major problem the company launching the new musical act will have to solve is the problem of the competition. In fact, at the present moment, the competition in the musical industry is high. Consequently, the introduction of the new product may inevitably face the lack of attention from the part of the audience because of the high level of the saturation of the musical market. In such a situation, it is important to focus on the use of innovative approach in representation of the classical work of Shakespeare in the new musical comedy. On the other hand, it is necessary to avoid extremes, i.e. the musical comedy should be modern but comprehensible to the mass audience.
Otherwise, it will be quite difficult to gain the public recognition, while the low popularity of the musical act will lead to the commercial failure of the project.
As for the major competitors, it should be said that they are basically represented by companies operating in the same segment of the musical market and targeting at the same audience. The major to win the competitive struggle is the originality of the musical act, which should be close to the audience.
Finally, it is necessary to develop the action plan which could reflect basic stages of the realization of the project. First of all, it is necessary to start with the creation of the team that will work on the project. At this stage, it is important to find major specialists who could create the musical comedy and adapt it to the contemporary audience’s interests. On creating such a team, it will be possible to give it the autonomy in the casting the actors and musicians for the musical comedy. At the same time, it is necessary to start searching for investors who are ready to fund the project and support it, at least on the first stages, until the presentation of the musical act to the mass audience.
After that, the creation of the musical comedy and its rehearsal should get started. Simultaneously, it is necessary to prepare the audience to the introduction of the new musical act. In fact, it is only after the launch of the promotional campaign, it is possible to launch the musical act proper.
Human Resource Strategy
In actuality, human resource management is an essential condition of the effective and successful implementation of the event management. Taking into consideration specificities of the project, it is important to lay emphasis on the fact that it is necessary to employ well-qualified professionals but it is also possible to involve some young professionals who can bring in new ideas and attract the youth to the project. To put it more precisely, the employment of musicians is an essential part of the project. At this point, it is possible to recruit musicians both experienced and beginners in order to balance the musical act and attract representatives of different generations to the project. In addition, such a combination will help to implement the plan successfully because experienced musicians will be able to share their knowledge and experience with their younger colleagues. The latter, in their turn, can bring in new ideas and accelerate the development of the project because they are eager to get fame, whereas experienced musicians may be less ambitious because they have already achieved certain success. Furthermore, the recruitment of professional managers and accountants is also extremely important because they need to plan, develop the project and implement and use the available financial resources effectively. In fact, managers should be experienced in the field of event management. Moreover, managers need to conduct the marketing research to plan the project successfully. At the same time, they should manage and control the implementation of the project effectively. In fact, to manage the project effectively, managers need to motivate their employees effectively. In this regard, it is possible to recommend focusing on the use of non-material motivators. In such a context, managers should use the servant leadership style to become stewards for their employees and guide them to the successful accomplishment of the project.
Finally, the risk assessment is another important factor that influences the overall success of the event management. The adequate risk assessment helps to attract investors or business partners to support the project financially. In this respect, it should be said that, in terms of the current project of the event management, it is necessary to take into consideration the risk of the possible financial problems related to the funding of the project caused by the financial crisis. At the same time, the major risk is the risk of the failure of the event management caused by the poor promotion and ineffective recruitment. In fact, the employment of gifted musicians, for instance, may be a serious challenge and, ideally, it is necessary to involve a successful professional musician who can assist in recruitment of musicians for the musical act. As for the promotional campaign, this is the responsibility of managers and the extent, to which can work effectively, can define the overall success of the project.
Furthermore, it is necessary to remember about the risk of the high competition, which actually persists in Liverpool. On the other hand, the high competition among musicians creates favourable conditions for the recruitment of well-qualified and gifted professionals.
Nevertheless, the risk of the failure of the project because of the high competition persists.
Thus, taking into account all above mentioned, it is possible to conclude that the musical act can be implemented successfully, if the aforementioned recommendations and plans are met. In actuality, the event management can be successful because, in terms of the implementation of the project, it is possible to attract business partners who can support the project financially as well as support by means of sharing knowledge and experience. At the same time, it is important to remember about potential risks and threats the event management can face in the course of the implementation of the project. In addition, human resources management can play the key part in the successful implementation of the project.