How feasible is the event?
Having identified and defined all the elements of the event, it is necessary to consider the feasibility. Broadly speaking there are three areas which impact upon event feasibility;
- Market factors (target market, demand, supply, competition)
- Operational factors (venue availability, skills required, resources, licences and permits)
- Financial factors (costs and predicted revenues, funding sources)
After considering the above areas it is common practice to undertake a SWOT analysis which identifies Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses are issues which relate to the event concept and the organisation delivering it. Opportunities and threats are issues relating to the external environment which you are operating within. A quick online search will provide a range of templates for conducting a SWOT analysis.
Following on from your SWOT analysis, the outcomes would be to proceed with the concept as defined, defer the staging of the event to a later date when it is feasible, cease event planning or amend the event on market, operational or financial grounds.
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