Legal Issues to Consider:
Given the details of the event, three legal issues that the team ought to consider in the future if we were to realize the idea include that of contracts, intellectual property, and legal business form. With regards to contracts, it will be important to ensure all necessary contracts be it with UTS, employees, and volunteers, and even with pizza houses and beverage providers meet required standards. The importance of this is to have everyone involved in the event understand their responsibility and effectively satisfy them for the success of the event.
Since this is an idea that we came up with, it can be considered as an intellectual property and therefore there might be the need to ensure we register it with the relevant authorities. There is also the legal aspect of making the event have all the legal business attributes. There is the need to consider if this is to be a partnership, corporation or a sole proprietorship. This is important as it allows any business idea looking to make a profit or not to be recognized by the relevant authorities. As such, it makes its operations legal and possible to carry out its objectives while satisfying its legal objectives.
Exploring the Target Market:
In consideration to exploring the target market for the event, we are looking to sell it more to new students who have just joined UTS business school. These are students who have recently enrolled and are therefore new to the environment thus the need to familiarize them with not only the course they will be taking but with each other. The demographics of the target population includes both males and females who are currently schooling and in their early twenties or late teenage years.
Their behavior characteristics include persons who like to socialize at the event will include a lot of social activities aimed at getting the students to interact amongst themselves. They also need to be open-minded to new environments, ideas and opinions because they will be grouped with different people who all have different personalities. Therefore, apart from being social, they exhibit the behavioral characteristic of being open to their environment and peers. Given the location where the event will take place, a vast majority of the target population will be located at UTS and its environs.
Market Potential for Diversification:
Finally, there is market potential for diversification. Once the idea of the event picks up and it becomes a regular event, more ideas can be incorporated into it. This could include concerts, hiking trips and other fun related activities that will ensure students are constantly engaging with each other. The market shows this potential because currently, technology is taking over students social lives that there is a reduction in the rate at which they physically engage with each other to have personal communications and engagements. Diversifying the event to include different activity will grow the target population and further help to achieve the initial objective of the event. Therefore, the event not only has a market gap to fill but the potential to grow and develop even further.
