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N821 Event Management
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N821 Event Management
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Course Code: N821
University: Coventry University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Question
1. Do you agree with the definition of marketing used in this chapter? How can it be unproved?
2. Why should an event manager segment a market? What are the advantages?
3 Outline five key motives for attending a community festival. Why should event managers focus on these motives, rather than the motives of the festival organisers?
4 Identify the key steps in the consumer decision process. Offer examples of how each step affects the event consumer.
5 Given that the Manly Musical Society (see event profile on page 293) does not wish to make enormous profits and their cast and musicians are not paid, what do you think would be a fair price to pay for a ticket to one of their productions, that covers their costs and produces a surplus to fund their next production? Five shows including a matinee would be scheduled.
Answer
Event Management
1. In the definition provided, marketing is defined as the process of satisfying customer needs and demands by providing services and products which add value to the customer. The definition is true to a certain extent. This is because customers do not simply buy products or goods on a random basis. Instead, they buy something because they are able to identify with it and because it offers a specific kind of experience. This definition draws on previously existing concepts of marketing which define the concept as a way of satisfying the unique needs and wants of the customer. As a matter of fact, the concept of marketing may also be applied to event management as well. It involves the planning, pricing and promotion of ideas and services catered to a specific audience. However, it must be mentioned that this definition only looks at the concept of marketing from a customer’s point of view. Including the various components of marketing and how it can be effectively used would make the definition more holistic and wholesome.
2. Market segmentation refers to the process of segregating the market or the customers on the basis of certain demographic, psychographic or even geographic factors so as to understand common behavioural patterns, buying preferences and so on (Cross, Belich and Rudelius 2015). Thus, for an event manager, it is of utmost importance to segment the market so as to devise effective marketing strategies, promotional strategies and pricing strategies. There are a number of benefits of event segmentation. For example, it would give the event manager insight into what customers really want or look for in an event. Based on this data obtained, event managers can accordingly devise marketing plans to lure in more audiences. For an event, effective market segmentation would draw in more attendees, thus increasing revenue generated from ticket sales.
3. According to research and theory, there are mainly five main motivating factors for customers (Solomon et al. 2014). They are – excitement, escape, socialization, family togetherness and event novelty (Rani 2014). Excitement may be defined as the thrill one feels on attending a community festival with a highly charged environment. Most people desire to find an escape from the hustle and bustle of daily life and community festivals offer scope for the same. Additionally, community festivals offer people the opportunity to socialize, interact with new people and spend more quality time with their families. Event novelty or the uniqueness of community festivals is another major motivating factor that lures in global audiences. More often than not, event managers tend to focus on the interests of the festival organizers instead of the aforementioned customer motivators. However, the latter should be the point of focus for the event manager because it is ultimately the customer who receives the service. Accordingly, it is the customer’s viewpoint and his expectation that must be accounted for. Taking into consideration these above factors would ensure maximum customer engagement and satisfaction.
4. There are five steps in the decision making process of the customer (Wolny and Charoensuksai 2014). In the first step, the customer becomes aware of his need to acquire a certain product or avail of a particular service. In event attendees, this need may arise when they become aware of their favorite musicians performing at community festivals. In the next step, the customer begins to search for ways of satisfying his needs. During this phase, an event attendee would look up upcoming events and seek the most effective ways of fulfilling his needs. In the third step, a customer evaluates alternatives. For instance, a potential event attendee would weigh his or her options and conduct thorough research on all possible events that could cater to his or her interests. In the fourth step, the customer makes a decision and selects the service to purchase. For event customers, this is when they finally arrive at a conclusion as to the kind of event they want to attend. In the final stage, the customer moves to action. For instance, an event customer would purchase tickets during this phase.
5. The Manly Music Festival has a SABO system for venue and ticket management. Such a system requires a very nominal charge (within $50) for ticket fees and parking fees. Yet, such nominal fees would suffice as far as their revenue outcome is concerned. As a matter of fact, they would still be left with a surplus that allows them to schedule other shows. This is because an online ticket management system as no upfront costs, as compared to traditional methods. The organization would make a profit despite nominal fees because the investment required would be very less.
References:
Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer, Cham.
Rani, P., 2014. Factors influencing consumer behaviour. International journal of current research and academic review, 2(9), pp.52-61.
Solomon, M.R., Dahl, D.W., White, K., Zaichkowsky, J.L. and Polegato, R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). London: Pearson.
Wolny, J. and Charoensuksai, N., 2014. Mapping customer journeys in multichannel decision-making. Journal of Direct, Data and Digital Marketing Practice, 15(4), pp.317-326.
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