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Event management and its relationship with other industries
Assignment for event management
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Principles of Event Management
Since the dawn of time, in one way or another, events have existed to mark an important occasion that is to happen. Celebrating the changing of seasons and phases of the moon are all events because it gathers people of a common interest to a specified place at a particular place. Although events have been around for many years, the 1990’s saw the events industry emerge. The events industry saw the growth of events related education in colleges and universities. At present times, events have grown in popularity to such a scale, that it is now a global industry. There are different types of event, which include social life cycle events, sporting, cultural, business and fundraising. Events can be divided in terms of size and the impact they make on society economically and socially. These are called Hallmark, Mega and Major Events. A hallmark must earn its name. An event is considered to be so significant in the spirit or ethos of a city or region, that it helps form an identity for that city and region. It also gains widespread recognition. A classic example is the Carnival in Rio. It represents Latin vitality and the exuberance of the city. Social Cycle events include birthdays, anniversaries and funerals. This events occur in accordance to the calendar, for example a person’s birthday can only be an event at a specified time of year. Sporting events are categorised into three types, which are Mega events, calendar events, one-off events and showcase events. Mega events are events that are so large that they affect whole economies and obtain media coverage globally. Examples are the Olympics and Fifa World Cup. It is difficult for many other events to be labelled a mega event. Getz (1997) defines a mega event: “those that yield extraordinary high levels of tourism, media coverage and prestige. Their volume should exceed 1 million visits, and their reputation of a ‘must see’ event”. A smaller version of a mega event is called a Major Event. Major events are capable of attracting significant amount of visitors, media coverage and economic benefits. There are numerous major events particularly in the cultural sector. For example, major musicals such as Cats and Mama Mia receive huge amounts of tourism revenue for London’s West End. Glastonbury Festival is a main contender to be categorised as a major event. Festivals itself can i...
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...marketing mix is a vital factor of marketing in events. Event organisers need to be aware of the consumer decisions-making process. The acronym PIECE explains this process, which stands for problem recognition, information search, evaluation of alternatives, choice of purchase and evaluation of post purchase experience. Problem recognition is involved in selecting a target market and appealing to their needs. This links to Maslow’s Hierarchy of Needs. Refer to Appendix F. Does your target audience want to look for romance? Build self-esteem? Overall what need will your event fulfil. These needs must be highlighted through marketing. Other competitors are a vital component in the decision-making process. What will make your event appeal more than another? What will finally convince a consumer to attend an event? What are the incentives? Post event is just as important. Did the target market enjoy the experience? Was it enjoyable? How will customer satisfaction be monitored? Handing out questionnaires is one tool. Kotler et al defines the marketing mix in as “the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market”.
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
Rawlinson, J. (2013). Music Festival Tourism Worldwide - International - June 2013. Retrieved 02 28, 2014, from Mintel Report: http://academic.mintel.com/display/643783/
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
So, furthermore, it is quite easy to enter and exit the market however, brand loyalty can influence how well your event planning does in the industry. Thus, consumers tend to look at the level of knowledge, expertise, and experience many event planning businesses entails in order to differentiate one from other competitors. Therefore, you tend to see that many consumers generally base their decisions and choices on if they have utilized the services previously, does the company have a great reputation, is the company known for exceptional services and events, and does other consumers speak highly about the business. All these factors contribute to how well a company excels over its competitors in the market. Moreover, these attributes and qualities brings forth and bridge brand loyalty among its consumers and potential consumers looking for quality services and companies within the event planning business and causes many event planning businesses to stand out and reign supreme over others. All the more making it harder for other incoming event planning business to excel due to others in the industry have the upper hand when it comes to knowledge and expertise according to many
The marketing mix is "the controllable variables the company puts together to satisfy the target market" (Perreault and McCarthy, 2004). The target market is the group of customers the company wants to attract or appeal to with the service or product. The marketing mix includes four elements called the four P's of marketing: product, place, price and promotion. These four elements work together to produce a profit. Changing any one of the four will affect the results of the other three. The marketer uses the marketing mix to develop the marketing strategy; thus, determining the marketing mix is an important first step in the process. "It takes proper coordination, planning and use of each of these elements to reach the consumers in one's target market". (Lake, 2006).
According to Principles of Marketing, 14e, Kotler and Armstrong, 2012 - "The Marketing Mix is the set of tactical marketing tools - Product, Price, Promotion, and Place - that the firm
In Singapore, event management is a large sector and it is growing rapidly along with Singapore’s position as a global business city. Singapore is known to be a country with excellence meeting and convention spots and a preferred destination for Meetings, Incentives, Conventions, Exhibitions (MICE) and other events. As Singapore is strategically located at the crossroads of multiple air and sea routes, it is able to provide convenience for people travelling to Singapore, with many direct flights from other countries. Singapore has grows to become an international large-scale events destination over the years. With the government’s vision of expanding Singapore’s sports, arts and entertainment sectors, infrastructures were developed such as
...fective marketing tools to reach consumers” (Kerin et al., 2009 p. 13). Additionally, the main recommendation for the marketing mix concept is to stay focus and go beyond and above its goal to sell a product. In other words, from the consumers’ perspective, identify and meet the needs of a selected targeted market and from the company’s angle, meet financial and marketing objectives. “… [the four] elements [of the marketing mix] will potentially contribute to the success of the product…” (BusinessMate, 2010).
The Marketing Mix: According to University of Newcastle (2017) Marketing mix is the company strategy to outline which customers the company will serve and how it will create value, the program builds relationship by transforming the strategy into action.
Ziakas, V & Costa, C 2011, ‘The Use of an Event Portfolio in Regional Community and Tourism Development’, Creating Synergy between Sport and Cultural Events, vol. 16, no. 2, pp. 149-175.
...fields will be given and afterwards it will be covering marketing, public relations and advertising main points and this way providing a comparison. “Marketing mix” serves as a connector between “target market” and “target consumers” for companies to achieve their marketing aims (Kotler, Armstrong,Wong and Saunders, 2008:49). “Marketing mix” is the key desicion part of marketing to implement their goals (Jobber, 2010:17). Moreover, the “4-Ps of the marketing mix” consists of:
While in Rio, Gomes (cited in Smale 2012), agreed that the citizens of Brazil became more attracted to the Olympics after the 2012 Olympic in London. She concluded that according to the public, Rio would not gai...
The "Marketing Mix" is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to the customer. It is also known as the 4 P's Product, Price, Promotion, and Place. The marketing mix is also known as the '7 P's', when you add people, process, and physical evidence to the first four.
The marketing mix, also known as the 4 Ps of marketing, refers to the set of actions that a company uses to promote its brand or product in the market. It consists of product, price, place and promotion. All elements of the marketing mix influence each other. They make up the business plan for a company and can give it great success.
Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)