markets and marketing
DESCRIPTION
Markets and Marketing. Chapter Two. Market Summary. Market: past, present, & future Continuously review changes in market share, leadership, trends, market shifts, costs, pricing & competition. Midlevel Market. Number of customers. Deep Market. Shallow Market. Number of Events. - PowerPoint PPT PresentationTRANSCRIPT
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Chapter Two
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Market: past, present, & future◦ Continuously review changes in market
share, leadership, trends, market shifts, costs, pricing & competition
ShallowMarket
MidlevelMarket
DeepMarket
Number of Events
Numberof
customers
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(4) Main Categories◦ Convention
◦ Association
◦ Corporate
◦ SMERF
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Annual Expositions & National Meetings◦Often include trade shows◦Planned 2-5 years in advance◦Can be in same location each time, or
rotate Convention Affiliate - ICW
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Main factors in choosing facility:◦Availability of hotel and facilities
◦Ease of transportation
◦Climate
◦Recreation Opportunities
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Large National meetings
Monthly local meetings◦Breakfast, Lunch or Dinner
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Main factors in choosing a facility:◦ Price
◦Availability of “standing” functions
◦Quality of food & beverage
◦Desirability of location
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Types of Corporate Events:◦ Training◦ Planning◦ Incentive
Major Concern:
◦ Accomplish objectives – training, goal setting, new product orientation
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Main factors in choosing a facility◦ Quality of food & beverage◦ Meeting rooms; (size, look, location, etc.)◦ Image◦ Price
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Social Military Educational Religious Fraternal
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Generally limited budget Usually flexible Good “filler” business during off peak
times Can require lots of “hand-holding”
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Main factors in choosing a facility◦ Price◦ Facility amenities◦ Location◦ Recreation
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Key to successful growth & development Recognizing industry trends Identifying customer needs Formalizing sales plans Developing products, prices, advertising,
promotions & sales *Measurement of success in all above
areas*
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Recognize Trends in:◦ Cuisine◦ Entertainment◦ Customer Lifestyle◦ Other concepts that shape customer needs◦ Develop products and/or services in
response to those needs
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
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1) Identify customer needs
◦Shaped by demographic and social trends
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2) Create a product or service◦ Identification provides new opportunities
◦Must analyze perceived need before investing too much time or money
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Launch plan◦ If product is being announced
Promotion budget◦ Supply back up material with detailed budget
information for review
Jan Feb Mar Apr May Jun July Sep Oct Nov Dec
Phase 1Phase 2
Phase 3
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3) Develop customer interest
◦Done through combination of advertising and in-house promotions
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Strategy & execution◦ Overview of strategy
◦ Media & timing
◦ Ad spending
◦ Website, Phone, In-house Promotion
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Direct marketing◦ Strategy, vehicles & timing◦ Response targets, goals & budget
Third-party marketing◦ Co-marketing arrangements with other
companies Marketing programs
◦ Other promotional programs
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4) Measure success◦Customer response
◦Financial success can be measured by sales volume following promotions
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Group History Files◦ Records all facets of business relationship
Correspondence Decision Maker information Record of events General information on group
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Tracer Files◦ Used to follow up with clients
Keep track of deposit & contract due dates Follow up on event information Record of events Use for rebooking event
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Lost Business Files◦ Used to follow up on lost business
Evaluate why business was lost Follow patterns to make adjustments Develop future marketing plans Use for future booking of event
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Place Product Price Promotion
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Number of people that can be accommodated
Potential to handle groups◦ Elevators◦ Restrooms◦ Parking
Availability of services
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Consistency Quality Good Price/Value Comparison Knowledgeable/Experienced Staff
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Most Important and Troublesome Factor
◦ Identifying a price that both reflects the profit and cost needs of the business and responds to the needs of the consumer as acceptable on a perceived value basis.
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Determine Pricing◦ Factor in Food Costs◦ Factor in Variable Costs; labor, benefits, etc. ◦ Factor in allowance for overhead; rent◦ Factor in profit
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Things to consider:◦ Any additional revenue benefits to the property?◦ Any publicity factor involved?◦ Is it “off” or slow season?◦ How badly do you want/need business?
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Brochures◦ First contact with clients◦ Conveys image of organization◦ Catering policies
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Standardized Catering Menus◦ Offers suggestions◦ Pricing◦ Should include willingness to create special
menus for client
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CDs, Video Tapes and Photos◦ Expensive but effective◦ Can be grouped with testimonial letters◦ No pictures are better than bad pictures
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Proposals:◦ Direct response to client inquiry◦ First serious written understanding of a client’s event◦ Include one or more options for the client to consider◦ First major step to a signed contract◦ ALL DETAILS should be included