Strategic Management and Integrated Approach - Case Study Example

EVENT MARKETING PLAN STUDENT’S NAME: INSTITUTION: INSTRUCTOR’S NAME: DATE: Overview An event has been defined to mean a certain function organized with the aim of satisfying people’s interest. Events are used to express talents and to entertain the viewers. Events have to be organized for a long time because strategies on how to ensure a successful event have to be developed by the management. There are companies that organize these events and therefore it is easier to organize an event through these companies. Globally, events have made histories because, in the process of expressing talents, there is identification and recognition of those who break the record in their areas of specialty. There are several types of events depending on the types of activities to be performed in the event. They include kid’s festival, Olympics, food and wine festivals, music festivals, cultural events and football events and many more. In this case we are going to analyze the marketing plan for an event whereby the chosen event focuses of comic con festival parade, the event consists of different categories of events for the month of October and the timetable is shown below. (Richard. 2013) AUTO MODE EXHIBITION COMIC CON FESTIVAL PARADE Critical Issues likely to affect the event marketing plan Inefficient use of resources to accomplish the event strategies Impacts of the external and internal environment which may affect the implementation process of marketing. An issue about other clashing of the planned event with other events at the same venue Description of the event The Portland events will comprise of several events beginning from first October as shown in the timetable. The events are organized in such a manner that audience will be able to go for an event by checking the timetable on the duration and charges. Portland comic con events are rated the best events since it allows one to plan his or her time well. Objectives of the event Facilitate high demand for the services offered by Portland comic con events To enhance community participation To facilitate innovative ideas through the talent expression To provide unique customer satisfaction Historical Factors that influence Comic Con Festival Parade Since Portland is well known for organizing comic con festivals and parade, there has been a rise in demand for events as shown in the timetable. The company organizes for extraordinary events that enable people to display their talents and generate innovative ideas. The parade involves organizing for talents shows, Halloween and tattoo exhibitions, cultural events parades and other events that require exhibitions. The purpose of doing this is to fetch the company higher profits and to also satisfy the customer demands considering the unique events showcased by the company. The company has implemented a unique system of developing a timetable for twelve months whereby each month has a range of events to be accomplished. Marketing objectives of an event The aim of any marketing activity is to increase sales and therefore generate enough profits so as to expand the business globally. Another objective is to create awareness of the service and products offered and attract more customers. Also in the process of attracting customers through ensuring quality products, an exhibition through festival parade enables the company to maintain its reputation, and this will boost the image of the company that will result to recognition globally. Winning the trust of customers by providing them what they want at exact time and place will prolong the sales during the events enhancing the customer loyalty. SWOT Analysis The main competitors of the company will be those big event organizers who have been known for organizing and conducting events. These competitors have established customer loyalty and their prices are stable (Calkins, 2008). SWOT analysis of the company focuses on the strength, weaknesses, opportunities and threats. It helps to decide which marketing strategy to use. It also helps in determining the target market. Strengths weaknesses The location of the event is efficient for the customers. Innovating different categories of events and developing a timetable has enabled achievement of objectives Inadequate online presence Lack of clear service differentiation compared with competitors Opportunities threats Use of technology to developing new services The use of special media. Example face book and twitter to advertise and sell their services Competitors introducing better services at lower prices Changes in economic environment that encourage customers to be less loyal to the service of the company Changes in customers taste and preference thus reducing the sales. Target market for Comic Con Festival Parade The target market for the event follows two steps; market segmentation and market positioning. Marketing segmentation is the process of dividing the total market into smaller distinct sub markets basing on the differences in demands, location, and social practices. Market segmentation can be based on geographic segmentation whereby the markets will be divided into different regions so as to enhance service availability to the customers, Demographic segmentation whereby markets will be divided basing on demographic variables such as age, gender, family life cycle and incomes. This is done because customer usage variations ,demands and needs are closely linked to these variables, Psychographic segmentation based on psychological and behavioral descriptions of the market, they include lifestyle, social class and personality and behavior segmentation where customers are segmented into groups based on their knowledge ,attitudes, uses or responses to a service. Behavioral segmentation emphasizes on event occasion, enjoyment that the customer needs, readiness of the services and the loyalty of the services by customers. Market positioning refers to the impact of the product on the mind of the customer with reference to the competing event organizers. The target audience for the company range from old people to young people (Aaker, 2005). Market research Performing an environmental analysis is essential to identify the factors that could impact on the effectiveness of the planned event. Before embarking on the events planned, the company should carry out an investigation on their internal and external factors so as to develop an implementation program that will adhere to these factors. Internal Factors Customers; they form the major part of internal factors of the company, aspects such as customer relationship and customer services should be analyzed in order to ensure that there are loyal customers who will contribute to the success of the company marketing strategies Management; the company has a strong management which has contributed to its success all through from the beginning. When there is good management, the activities of implementing the plan will be successful. Before embarking on a journey towards implementation of marketing plan, the management should be analyzed and the managerial aspects to be reviewed to keep the company up to date. Financial resources; this is an internal factor that should be analyzed to ensure that the finance of the company is sufficient enough to ensure accomplishment of event marketing plan. In every company, financial resource is a sensitive factor that guarantees the success of implementation processes of any plan. Comic Con Festival Parade has enough finance to ensure the success of the planned event (Thomson, 2003). External factors Political Political factors; these are factors that relate to political stability of the country. there has been an enabling environment due to calm political issues of the country and therefore enabling the companies to conduct their event. Economic Economic factors; focusing on the economic conditions in the country, there has been a challenge caused by rising dollar, as per the stipulations from monetary and fiscal policies. Therefore, the company has to depend on innovative ideas on how to win more customers and hence make more sales Social Social factors; most countries comprise of people from different diversities, therefore, when implementing marketing plan; the company has to consider the aspects that relate to the social lives of the customers. Technological Technological factors; changes in technology impacts on the business forcing the country to embrace new technological advances and therefore it is a requirement for companies to adopt technological changes that will facilitate the achievement of their objectives. Legal Legal factors; these are factors such as taxes and the form of business structures; they dictate the nature of business to be carried out in the country. The company will have to follow the legal aspect to ensure success of marketing plan. Elements of Marketing Mix to be used in the event Product Product is defined as the goods and services offered to the market. The case of Portland comic con festivals provides customers with different services in terms of the organized and timetables events. This is a strategy that aims at creating awareness for the recognition of the planned comic events. These services should be of good quality and this maintains the reputation of the company and encourages the customer to continue inviting the company to conduct stage connections for their event. Price The price is what the customer pays in order to gain possession of the product or service. The comic con events and parade have been timetables in the sense that the prices charged for every event have been labeled. This helps the company to develop a monitoring and evaluation strategies that will ensure successful planned events and thus making profits. Before determining price, the company will consider the following; the cost of production and Competition. The perceived value of the price by the customers also matters because there is always a value attached to service with high prices, as a result of segmenting the service based on psychological and behavioral descriptions of the customers. Promotion Promotion is described as all activities intended to inform and persuade the targeted customer to buy a product or service. Elements of promotion are; advertising, public relations, personal selling, sales promotion and internet selling. The Company will integrate all these aspects of promotion to achieve its objectives. Advertising will involve the use of radio, television and newspapers this targets people at work and old people because they are keen when it comes to listening, watching and reading newspapers. Public relations will aim at creating awareness in the public and bigger organizations. Personal selling will involve use of sales people who will face the customers directly and persuade them to order for the event service, it is the sensitive aspect of promotion since the customers ask questions and demand answers, it therefore means that the company will use resources to train sales persons. Internet selling will involve the use of websites, face book and twitter, the aim of internet selling is to reach customers globally and to avoid the threat of online absence, it also targets and attracts the young generation especially the youth who spend most of the time on the internet. (Philip and Gary, pg. 44) Place Place represents the location where the service can be provided. The Company does all the activities that will enable the service to be available to the target customer. The outlets of the Company are located in the appropriate and visible places where customers can easily locate; this will generate more sales because the services are readily available. By use of internet selling, the Company will strategize their place in a manner that customers can order for the service via internet and arrangements will be made. This will enhance appropriate delivery to the customers and hence creating customer loyalty. (Philip and Gary. Pg., 120) Marketing tools Since Portland Comic Con Festival Parade is a big event, the company uses different means to market for their services in organizing event. The company uses print, media advertising and the use of internet. The company prints posters and leaflets where they advertize their service especially the event they are organizing. The same case applies to the media and also the use of internet especially social network. Event budget Estimated budget $ 300,000 Estimated expenditure $ 250,000 Estimated income $ 350,000 Conclusion and recommendation The event marketing plan for Comic Con Festival Parade is an appropriate plan that will take the company through marketing of products and eventually attracting more customers, winning customer loyalty and making more sales. The company should, therefore, ensure the success of the implementation program through hiring skilled and competent sales team who will accomplish the task of marketing. Reference Richard Shipway, A. F. (2013). International Sports Events: Impacts, Experiences and Identities. Routeledge. Read More