Benchmark - Costs and Pricing For this assignment, conduct research to analyze industry related data that would support financial projections for your revenue-generating idea. Complete a series of...

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Benchmark - Costs and Pricing



For this assignment, conduct research to analyze industry related data that would support financial projections for your revenue-generating idea. Complete a series of financial worksheets in order prepare for one of the selected revenue-generating opportunities identified in the previous assignment. Developing cost assumptions is critical for determining short-term and long-term financial needs for your revenue generation idea. You must consider all costs associated with the development and implementation of your idea. Develop multiple financial spreadsheets that consider factors such as materials, equipment, employees, indirect costs, and pricing strategies to develop a profit from the event or idea. The desired outcome is to determine the value of your revenue-generating idea and identify costs incurred for developing and implementing the idea. You should have two separate financial spreadsheets labeled 'Costs" and "Pricing." The following should be addressed:



Costs



  1. What types of costs, including materials and equipment, are associated with the development of your event or idea?

  2. Which resources are most costly?

  3. Are there any additional features required to implement your idea or event? What are the costs associated with these features?

  4. How do you prove your customers are willing to participate in this idea or event?



Pricing



  1. Evaluate the 4 Ps of the Marketing Mix to determine what is offered to the customer through the revenue-generating idea or event.

  2. What value is your customer willing to pay for the idea or event?

  3. Is your competition offering a similar opportunity? If so, what are they charging customers to participate?

  4. How will implementing this idea or event create a competitive advantage?

  5. How does a particular revenue stream contribute to the overall revenues?


While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.


This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.


You are not required to submit this assignment to LopesWrite.



Benchmark Information



This benchmark assignment assesses the following programmatic competencies:



BS in Hospitality Management



5.4
: Analyze hospitality industry-specific metrics and trends to make business decisions.



5.5:Generate innovative revenue models for the hospitality industry.

rubricprintformat-fvzaqfgt.xlsx
Answered Same DayFeb 19, 2021

Answer To: Benchmark - Costs and Pricing For this assignment, conduct research to analyze industry related data...

Sayani answered on Feb 20 2021
129 Votes
Running Head: BENCHMARK - COSTS AND PRICING                    1
BENCHMARK - COSTS AND PRICING                             2
BENCHMARK - COSTS AND PRICING
Table of Contents
Introduction    3
Costs    3
1. Types of Costs Required    3
2. Most Expensive Resources    3
3. Additional Features with their Costs    4
4. Ideas to Prove Customers’ Attention    4
Pricing    4
1. The 4Ps of the Marketing Mix    4
2. Offered Value Price from Customers    5
3. Offering Price of the Competitor to their Customers    5
4. Implementation    6
5. Contribution of the Revenue Stream    6
Conclusion    6
References    7
Introduction
In any hospitality industry, several events are well organized with some specific and genuine planning. The costing and the pricing factor in organizing a combined social and business event is the most important part in our planning. Other aspects include operating and understanding the type of project and its expenses, handling the salaries and profits, market rate and many more.
Costs
1. Types of Costs Required
Every section of an event demands profitability. However, generating revenue through registration process is quite unpredictable and therefore needs some other possible ways to manage it. As mentioned by Fabra, Rapson, Reguant and Wang (2021), some other powerful ways can be initiated to generate revenue without totally depending on registration fees.
Therefore, we can sell our advertisements with the help of attractive brochure, several booklets, fliers, catchy pages in event website and many more. Extra revenue can be generated for our event by selling sponsorships also. Different equipment required for an event planning charges different prices such as laptop/computer will charge +$1,500- $2,500, printer +$300- $1,000, high quality camera +$500- $2,000, furniture and decorative items +$100- $3,000 and many more.
2. Most Expensive Resources
In order to organize an event     in a proper way adequate equipment are required to proceed the program successfully. The equipment may be a bit expensive as it helps to arrange a total combined social and business event program. The most expensive materials we are using to conduct our event are the Wi-Fi connections for gathering updated information, tracking the venues, money transactions, downloading several crucial plans and many more so therefore, the connections should be a faster and smoother one, which can charge bit high. Next, for planning event we required a car for scouting several venues, for meeting different clients, searching and purchasing different furniture and carrying them safely.
3. Additional Features with their Costs
Additionally, we required the food items to be distributed in the event program...
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