Reply to material below with at least 250 words citation and reference
- The alternatives that are available to Anna and Ethan with regard to holding the conference are a). postpone the conference in hopes for more registries for the next event by researching why this one went south OR b). cancel the event all together OR c). holding the conference as is.
- Holding the conference with the limited number of attendees would guarantee a loss of money as their expenses reached $27,450 and their attendees only contributed $6,950 leaving a loss of $20,500.
- Canceling the conference means losing money as well since the cost of booking and cancellation fees and airline tickets include a maximum of $17,800.
- Rescheduling the event means a cash inflow of $109,600 subtracted by the operating expenses of $56,700 (hotel, planning, operating fees) leaving a profit of $52,900.
- The pros of holding the conferences as scheduled is getting some sort of satisfaction in knowing you might have a few loyal customers who would be happy that the event continued. The cons, however, are there will be lots of money lost and the conference would be very awkward with not many people showing up (potential tainted reputation).
- The pros of canceling the conference include the company saving money from not incurring costs by holding the conference. The company can focus their money, time, and energy on priorities within the company outside of the conference. The cons, however, include losing those “loyal” customers who were willing and ready to attend the conference.
- The pros of rescheduling the conference include holding a legitimate conference (after they go back and review what went wrong with the first one) which attracts many new customers and builds their company reputation and profit. Cons include the hotel company not letting you re-book as you cancelled the first time. Also, by rescheduling the event, the company must devote their time and energy towards a new event rather than devoting their time and money towards other affairs.
- As a short-term perspective, Flagstone should learn from this conference by understanding what went wrong the first time. Understanding why there were few registrations and how to make better marketing decisions in the future is key prior to rescheduling any event. Once Flagstone develops an idea of what went wrong, they can pin their eyes towards the future and long-term business decisions. Long term decisions should reflect on how to hold another event which does not repeat the same mistakes and does serve its purpose of attracting many customers. Flagstone needs to identify their weaknesses and build on their strengths in order for maximum success.
References:
Davis C. E., & Davis E. (2020). Managerial Accounting, Enhanced eText (4th ed.). John Wiley & Sons. ISBN-13: 9781119577669
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