Domain A: Strategic Planning Flashcards
What is Strategic Planning?
Strategic Planning is the process by which an organization develops its long range plan of action.
Skill 1: Manage Strategic Plan for Meeting or Event / Page 2
What three elements does a strategic plan include?
A strategic plan is a long range call to action for a company or organization. It includes discovery, analysis, and planning.
Skill 1: Manage Strategic Plan for Meeting or Event / Page 2
What is the discovery phase of strategic planning for an event?
A deep understanding of the organization - the trends that are affecting it, business objectives and strategies, historical and cultural issues, and current formal and informal processes that exist.
What is the analysis phase of strategic planning for an event?
Collecting information on past events: Results, ways decisions were made, direct and indirect costs, resources used, policies, processes, practice, templates, tools, financial tracking
What is the planning phase of the strategic planning for an event?
- Mission statement, goals, objectives for the event
- Business environment analysis
- Implementation Plan
- Sales, marketing, and comms plan
- Financial Plan
- Success measures or KPI’s
What is a Strategic Meetings Management Plan (SMMP)?
Involves developing and applying an organizated system of policies, proceures, and tools that enable an organization to reuce costs, leverage overall spending, and provide optimum service levels related to meetings.
Fundemental concepts:
* Business Planning and Strategy
* Organization and Execution
* * Trust and Transparency
What factors help you determine the feasibility of an event?
Internal Factors: History, Financial, Role of event in overall strategy, avail of human resources, senior mgmt commitment, marketing & brand considerations
External Factors: Audience, Industry, Economic Context, Regulatory requirements, economic and social impacts, risks.
What requirements do you assess to carry out your meeting?
- Financial: budget, payment schedule, fees, sponsorship
- Human: skills,
- Marketing & PR: guidelines, promotion
- Technology: staff, equipment
- Logistical: destination, venue, F&B
- Event-Specific: stakeholders and content
- Legal and Regulatory: laws
- Evaluation: KPI’s, meeting goals
- Sustainability: Environmental
- Safety & Security: Risk assessment
Why is a financial summary an important part of strategic plan?
It answers how event will be funded, financial goal of event, budget, cash flow, currency used,
What do you need to develop a financial summary?
Analyze historical income and expense statements and cash flow, budget for worst and best case scenarios, finanaical decisions that impact policies.
What KPI’s do you monitor as part of a successful strategic plan?
Financial, Registration, Education, Exhibitions, Motivation, Sustainability, Planning, Marketing, Evaluation
What is a KPI?
Quantifiable measurments of critical success factors for an organization.
What are sustainable or “green” events?
An event with a balanced approach to economic activity, environmental responsibility, and social progress.
How do you implement a sustainability management plan?
The 4 R’s:
- Rethink
- Reduce
- Re-use
- Recycle
What is APEX/ASTM?
Checklist with nine standards for event professional and suppliers: Accomodations, Comms, Destinations, Exhibits, F&B, Venue, On-site ofc, Transpo, AV.
