Need sunday @ 7:30pm est event budget

In this assignment you will assume the role of the planner of a video game launch event who is in the process of developing the event budget. As with any business venture a proper budget is required to determine the costs associated with a project as well as how income will be generated. When developing an event budget it is most important to keep the goals, objectives and target audience needs and expectations top of mind. An event scenario, price listing and income streams have been provided with the assignment below.

Objectives:

  • To explain the prioritization of expenses
  • To identify appropriate revenue streams
  • To calculate the break-even point and evaluate feasibility of ticket pricing
  • To prepare an event budget

Step One: Research & Lesson

  1. Attend and/or listen to the Week 3 GoToMeeting. The archive link is provided on FSO.
  2. Textbook reading: The Complete Guide To Successful Event Planning
    Chapter 6: Where is the Money?
  3. Read this article: Checklist: 8 Budget Items You Can’t Afford to Overlook, Bizbash 
  4. Read the “Event Scenario” section below 
  5. Watch the Event Budgeting Lessons Below (Revenue, Expenses, Breaking Even)
  6. Download the Budget Assignment Assets (Price listing, Excel Spreadsheets & Worksheet)

Event Scenario

Video Game Release: Shots Fired

Event EXPENSE budget: $7,500 (This is the cap for ALL expenses and cannot be exceeded.  Get as close to the $7,500 as possible without going over.) Please note that the event insurance and cost of games have already been allocated.

Length of event: 4 hours

Estimated total attendance: 300 (Participants will most likely come and go throughout the event.)

Estimated number of paying participants: 275

VIP attendance: 25 (Group #2- Refer to week 1 target audience breakdown. These individuals are not fans.)

Event Vision: Shots Fired is an eagerly anticipated, locally developed first person shooter video game that will be launched at local gaming facility.  Fans will have the opportunity to play specific features from the game and meet the developer.  In addition to being the first to receive the game with the ticket to attend, they will also leave with access to hidden levels that will only be available at the launch party.

Goals:  
To make a profit for a future Shots Fired tournament  
To generate exposure for the new game, Shots Fired  
To expand the current fan base of Shots Fired

Objectives:  
To make a profit of $3,500  
To increase the Facebook fan base by 120 fans between September 15 – November 12
To have two reviews written on well-known (1,000+ subscribers) gaming blogs

Target Audience:

Demographic description:  Hispanic and Caucasian men between the ages of 28-38 with an average household income of $85,000.

Psychographic description:  Working men with an affinity towards video games involving combat or hunting. They generally hold IT positions within companies and work regular business hours, however they are often on call after hours. Spare time is generally spent on the computer researching new games or home improvement projects. They would generally subscribe to, or visit websites similar to Game Informer, IGN or Game Stop.  They would also keep track of game industry events such as E3 or Blizzcon. They generally remain close to home at local pubs or restaurants.

Geographic description:  Most live on the outskirts of the city in a suburban area. They generally avoid traveling downtown, preferring to stick around their area of town for social gatherings.

Step Two: Instructions

  1. Using the Price Listing provided, develop a workable budget for the video game launch based on the cost listings provided

    All expenses provided will not fit within the allotted budget.  It will be up to you to select specific expenses that would create an event to meet the goals and objectives as well as the expectations of the target audience.

    Revenue streams should be considered based on reaching the goals and objectives of the event in addition to what the target audience could afford and enjoy.

  2. Complete the spreadsheet templates. The spreadsheet template includes three worksheets (expense, break-even & income)
  3. Complete the EVM Budget Explanations Worksheet
  4. Justify each of your selected budgeted line items using the worksheet. Be thorough in your responses and use research to support your decisions when necessary. This will be most important when justifying your marketing selections, merchandise options (if you choose to include merchandise), and ticket pricing.
    The target audience is provided to assist in making budgeting decisions.

    Use the following points as a guide for supporting your research and decisions.

    ⌾ Explain how your prioritized expenses support the goals and objectives of the event.

    ⌾ Explain how your prioritized expenses relate to the target audience and what their expectations would be for the event.

    ⌾ Use research to support the marketing mediums selected for the marketing campaign.

    ⌾ Use research into other gaming events and game pricing to support your ticket price.

    ⌾ If merchandise is included, then explain the merchandise selections based on the target audience and outside research.

    ⌾ If sponsorship is included, then provide an explanation of the companies that you would target and why, using research.

    Avoid: Restating the overview of the event or explaining why a planner prioritizes expenses.

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