Coming up with a working budget based on research and sticking to it is one of the hallmarks of organizing successful trade show exhibitions (Herbig, O’Hara, & Palumbo, 2016). In the case study, the event planners underestimated the importance of researching a way of creating a realistic budget for the trade show. Additionally, they overlooked their inexperience on the issue. Therefore, instead of contracting an experienced person to guide them through the process of managing a 10′ × 20′ space, they decided to use the trial and error method to settle on the best solution.
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Analyzing the Event
The Top Three Challenges
The top challenges faced in this event included inadequate budget, inexperience, and limited resources.
The Most Glaring Aspect of Inexperience
The most outstanding aspect of inexperience was setting the backdrop for the booth. First, the event planners did not research the cost of printed backdrops that could fit on the background of the 10′ × 20′ booth. Therefore, after settling for a pop-up booth structure with walls covered with a Velcro receptive fabric, the team realized that the cost of a printed backdrop was beyond their budget. As such, the team started looking for cost-cutting options, but due to inexperience, it could not find a reliable solution. Consequently, the planners settled for trial and error to find out what could work. Foam core was tried at first, but that option was ruled out because the material punctures easily. The second option was to use a gatorboard, which could not hold the wallpaper in place. The inexperienced aspect affected the strategy through time wastage and extra expenditure over what was planned. More than 500 feet of wallpaper was reordered, which meant extra cost. Additionally, over 200 feet of sticking wallpaper on the gatorboard were redone, thus time wastage.
The Importance of Budget Recommendations and Allocation
Coming up with budget recommendations and allocation plays an important role in executing any form of a project (Symonds, 2014). As such, different tasks are accomplished within the set budget limits. Without budget recommendation and allocation, the execution of some activities may require more resources than anticipated (Booker, 2017). As such, the planning team may be forced to change a strategy to accommodate emerging needs (Tafesse & Skallerud, 2017). For instance, in this case, study, the team chose to expand its presence beyond the booth to include other events like organizing a party for the attendees and multiple educational workshops among others. Consequently, the budget was strained, which affected the building of the exhibition through the adoption of cost-cutting measures.
What I Would Do Differently
If I were planning this trade show, I would do thorough research on what it entails to manage a 10′ × 20′ space. My research would entail the kind of materials to be used, the costs involved, and the workforce requirements. After gathering enough evidence-based data, I would make budgetary recommendations. Additionally, if I realize that I cannot manage the space effectively within a reasonable budget, I would hire a professional to set up the booth as a way of saving time and money.
The size of a budget does not matter as long as the given recommendations and allocations are based on verifiable data from best practices in an industry. Additionally, acknowledging that one is inexperienced in a certain area creates an opportunity to consult experienced individuals, which saves time and resources. The planning team in this case study failed to acknowledge its inexperience in managing a trade show in a 10′ × 20′ space. Therefore, even though the objectives of the exhibition were met, time and resources were wasted.
Booker, B. (2017). How to get your event budget planning right. Eventbrite. Web.
Herbig, P., O’Hara, P., & Palumbo, F. (2016). Trade show: Who, what, why. Marketing Intelligence & Planning, 16(7), 425-435.
Symonds, P. (2014). How to budget for tradeshows and events. MarketingProfs. Web.
Tafesse, W., & Skallerud, K. (2017). A systematic review of the trade show marketing literature: 1980–2014. Industrial Marketing Management, 63, 18-30.