Event Management Principles & Methods
1.Explain the key elements of an event
Answer: No event can be successfully completed without interaction and inputs from the six key elements of events, viz., event infrastructure, target audience, clients, event organizers, venue and the media.
This carries an in-depth presentation of the issues involved in the interaction between these key elements.
Indian context and the other from the international sporting scene, bring out the essence of this in a concise manner.
The Exhibits also show that the difference in the national and international events is actually the same at the conceptual level; the factors that are different depend almost entirely on the socioeconomic conditions and the technological advances of the geographical area where the event takes place.
A graphical depiction of the event hexagon that is formed by the key elements event organisers design and execute all activities concerning an event. Event infrastructure is the broad term that encompasses core concept, people, talent and structure.
The target audience is the ultimate experience of the event and for whom the event organiser consciously designs the event. The client from the event organizers’ viewpoint is the sponsor or financier of an event venture.
The media is the vehicle used to communicate details of the event to the target audience and venue is the location at which the event is to be executed.
- Event Infrastructure
As the name indicates, event infrastructure includes those essential elements without which there cannot be any event. These essential elements are core concept, core people, core talent, and core structure. The nature of this infrastructure varies with the event categories and variations in events.
- Core Concept
Core concept is a term that can be used to define the fundamental underlying ethos and evolution of the various major categories of events. That is, what differentiates and demarcates the boundaries between the various categories amongst themselves.
The core concept of an event is like a root of a tree that generates the energy and lays down the base for the type of tree that shall grow.
The exact size and shape that the tree takes varies from tree to tree in the same ‘ family. Thus, an entire event family can be built on each of the event categories.
- Core People
These are the people who are performing, acting or participating in the process of influencing the audience to create a desired impact in terms of a favorable position for the clients’ brand in the audience’s mind. When the event gets underway, these are the people who hold sway and take the center-stage.
The audience comes to experience the expertise, charisma or knowledge of such core people and to have an opportunity to interact with them. The personality of the core people being used in an event should match the brand personality.
- Core Talent
With every event category, the core people are required to have a specific expertise, reputation, or knowledge. It is the core talent that attracts and influences the audience. In a music concert, the types of audience that are attracted to the event depend on the talent of the performer.
The core talent, therefore, helps in creating variations in any event category. For instance, in music whether the event is a classical music concert or a pop music concert, depends on the type of instrument and the music being played.
Similarly in sports, each game has limited time, constraints in terms of boundary, number of participants, etc. The physical manifestations of these constraints that act as a challenge or obstacle vary from game to game and lead to the need for different talents required in playing each game.
An example that can be cited here is in a competitive event such as sports, core talent is game specific, i.e. talent required in cricket differs from talent required to play basketball.
- Core Structur
The presence of a formal or informal organization to manage the event category as a whole is important to make it lucrative from its marketing point of view.
Depending upon the degree to which the event category is structured the requirements of management and marketing of events may vary. The more formal and structured it is, the more lucrative that event category becomes, since it becomes easier to manage and market.
By more formal and structured, we mean that, there is a proper organizational structure in which roles and responsibilities are clearly assigned to different members of the organisation along with proper delegation of authority to carry out these roles.
Depending on the stakes involved – not only of the monies but also of national pride and identification of the event category by the ordinary citizens – each of the categories has become structured to certain degrees. This organisation for efficient management has been denoted as the core structure.
Traditionally, across the world, competitive events have always been comprehensively administered right from the grass root level, i.e. right from the schools with league matches at every level up to the international level.
In fact, competitive events are the only category among all categories of events that have a strong and structured organisation. Among competitive events, sporting events are the most organised and structured both nationally and internationally.
Sports control bodies such as the BCCI (Board of Control for Cricket in India) and the ICC (International Cricket Council) are examples of this.
Such bodies not only carry out managerial functions and other administrative activities involved with the event but also focus on the members and players benefits during, and to an extent, after their playing tenure.
- Target Audience
Target audience is the customer groups who form the focus of events. The actual event design varies with the demographic profile of the target audience as well as the number of targeted audience.
It is from these criteria that the event gets its image and budget. Whether the event would be a mega-event or theme parties, which artist would perform or where the event is to be held etc. primarily depend on the target audience.
Therefore, starting from the initial conceptualization to the carrying out of the event the entire process cognizably takes into consideration the characteristics and the behavior of the target customer groups.
Every marketing activity is essentially customer based. Depending on the clients’ marketing requirements, as discussed earlier, event organisers decide the audience to be targeted.
Based on the target audience as a common denominator, the event organiser can canvass for other clients who would like to associate with the event, thus events can also act as a converging ground for a diverse range of corporate with the same target audience. The costing of an event will also definitely vary with both the profile and number of audience being targeted.
The importance that the target audience definition as the first step in event designing carries can be fathomed by understanding the differences that could occur in the event by a change in the target audience profile.
The Rang Barse to Holi Gyrations transformation discussed in is a classic example of how the event design varies with the target audience.
Starting with the title itself, the ethnic and traditional feel obtained from the original title had to be changed to something that sounded more sophisticated and appealing to a homogenous group of young people of a particular age, behaviour etc.
Not only does the profile of the target audience have an effect on the event but also the number of audience has a major impact on the design. This is so, because the venue and other related costing are decided on the basis of the number of expected audience.
If the number of target audience varies there is a cascading effect on the event design. Hence, not only the profile but also the number of targeted audience is important in designing successful events.
Clients are the people or organizations who act as sponsors at any event. They sponsor the events because they use events as a more effective marketing communication tool to create for themselves a desired position in the minds of the target audience.
They provide funds that either fully or partially subsidies an event to make it affordable for the target audience. As will be discussed later, the risk rating of an event increases if enough monies from sponsors do not support the event affecting the event organisers.
Corporate clients can be either event savvy or may need to be educated about the uses and benefits of events as a strategic marketing communications tool. The one factor that event savvy companies are always on the lookout for is greater value addition from the event organisers.
For extracting higher value from the event, clients also have to actively involve themselves with the event activities. Right from the briefing to the actual execution of the event, clients also need to be on their toes.
As explained in the on ‘Why Events’, the uses and benefits that one single event can provide need to be exploited to the hilt. Irrespective of how good the event organiser is, the client also needs to prepare and do their part in the event efficiently.
2.Discuss supplier and vendor management
Answer: SUPPLIER MANAGEMENT:
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We use your detailed uploaded purchase order information to:
Work with your suppliers at origin to prevent stock-outs, shortages, and delivery delays
Make arrangements for collections, handling, and air or ocean freight transport
Provide detailed in-transit inventory visibility through UPS Order Watch
Building tighter connectivity with your vendors enables shorter lead times and more reliable fulfilment.
Supplier management services give you vital order, item, and vendor information earlier in the fulfilment process. This gives you more control over inbound purchase orders and can lower your costs through:
- Better container utilisation
- Reduced on-hand inventory
- Fewer expedited shipments
- More efficient operations
A vendor management system (VMS) is an Internet-enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services – temporary, and, in some cases, permanent placement services – as well as outside contract or contingent labor. Typical features of a VMS application include order distribution, consolidated billing and significant enhancements in reporting capability that outperforms manual systems and processes.
In the financial industry due to recent regulations (see FRB SR13-19; OCC 2013-29 and CFPB 2012-03), vendor management implies consistent risk classification and due diligence to manage third-party risk. A number of institutions have re-classified or renamed their programs to Third Party Risk Management (TPRM) to align with the verbiage used by the regulatory agencies.
3.How crucial are Lighting, Audio/ Video for an event
Answer: Lighting is definitely one of the most important aspects of an event. It can give depth and ambiance to an event space as well as tie together other conditions of an event, such as slideshow presentations, seating, and sound.
Four Elements of Event Lighting
There are four elements of great lighting that further explain the importance of carefully integrating it into an event, performance or function.
Lighting illuminates the speaker, facilitator, performers, or panel of experts. Lighting facilitates the big picture and keep an audience engaged.
Certain types of lighting can follow a person or an object, which inspires an audience to center their attention without even trying. Lighting can also be projected onto a wall or be a backdrop for sponsor and/or company logos.
Once you know the type of scene you would like for your event, a lighting professional can help create and enhance the appropriate atmosphere. The natural light in the room can affect the possibilities, and when working with technology, the outcome can be breathtaking.
You can create a balance in surroundings by using different color lighting to guide emotions or attention.
Memorable Event Lighting
Lighting not only provides the focus for an event, it also makes an event memorable with the moods it triggers. Gridworks has the experience and expertise to design and install theatrical and event lighting in the greater Los Angeles area.
The importance of audio visual (AV) in delivering a successful event should not be underestimated. It means the difference between another mundane corporate presentation and a real experience that leaves you with a lasting message. In the current digital age, the opportunities are endless.
Why use AV for a corporate event?
Competition in the business world is as strong as ever thanks to the recession. This makes it increasingly important to stand apart from others in the minds of the people who matter i.e. stakeholders such as customers, investors and the press.
A corporate event is an extremely effective way of achieving this, either marketing your business, or delivering a particular message. Using AV equipment essentially brings the presentation alive so that the audience is able to connect with the brand and the message, which makes it easier to access psychologically, once they have left the event.
It has long been cited that customers who use their senses to engage in activity, remember that activity for a longer period of time, than activities where their sense are not engaged. AV uses this principle, as the technology is able to bring the message alive through visuals, sound, lighting, interaction etc.
Where to source AV
If you don’t have an in-house AV team, there is a plethora of AV suppliers, i.e. specialist event companies, specialist AV companies or businesses that lease AV equipment.
The first thing to consider is the type of venue you wish to use, as this will determine the type of AV equipment required. For example smaller and larger venues have different AV requirements. Other things to consider are:
- The mood you are trying to create
- Whether the event is indoors or outdoors
- Whether you need certain areas highlighted, such as product display
- Whether there will be entertainment (I.e. a DJ, or band)
A large space capable of seating more than a few hundred people requires video monitors to ensure your message is seen throughout the large room. If looking to make an impression, the bigger the better
If feasible a video projector supplemented by video monitors further back in the meeting room will make certain your entire presentation is seen clearly by everyone. For a truly professional feel to the video simulcast of your presentation, video cameras should not just be mounted in a locked position but manned by professional cameramen.
4.Understand the concept of strategic planning for events
Answer: The benefits of strategic planning are very considerable but the process needs to be undertaken with care. There are a number of steps to follow and some critical success factors to bear in mind.
Steps to Follow
Step 1: Develop a plan / timetable
At the outset, the management committee (or organisation management) need to devise a plan for strategic planning. The plan should identify who will be involved and include a schedule of dates for key events. Strategic planning needs the involvement of a lot of people and therefore there is a need for coordination. Developing and the communicating a schedule of dates upon which important planning events occur is necessary to get people on board. Some thought should be given to obtaining the services of an independent facilitator, preferably with experience in strategic planning.
Step 2: Survey customers/members
Feedback from customers is an important input into the strategic planning process. Valuable information can be learned about the organisation´s programs, services and events. A survey can draw out the views of customers as to where issues need to be fixed, and it provides an opportunity to test the popularity of proposed changes to programs and services. Important factors in conducting a survey are (1) Defining the questions correctly and (2) utilising technology to analyse the surveys.
Step 3: Review the previous plan
Review the previous strategic plan, if one exists. The review should attempt to identify progress towards any goals and what strategies have been successful and unsuccessful. This information will be useful in strategic planning meetings. It is a good idea to create a one page summary of the previous plan´s successes/failures and to provide the document to those who will be involved in the planning process.
Step 4: Conduct SWOT meeting
In this model of a strategic planning process, there are TWO strategic planning meetings. The first meeting is the "SWOT" meeting in which persons gathered attempt to identify the organisation´s strengths, weaknesses, opportunities and threats. Here the impartiality of an independent facilitator is most useful. The meeting duration will be approximately 3 hours with a 20 minute break with refreshments served.
The issues and ideas raised by meeting participants need to be documented using a laptop by someone who can type reasonably fast. This record of the meeting can then be sent to those who attended, and any others who may be attending the next meeting. The facilitator can be very useful in two ways. Firstly they can prompt and assist the meeting documenter/note taker on what to record and secondly they can assist the meeting work towards defining goals.
Step 5: Prepare for Strategic Planning Meeting
Using the record of the SWOT meeting, the independent facilitator prepares an additional document that will assist in the process of formulating the goals, objectives and strategies in the next meeting. This document should list many possible strategies, which in the view of the facilitator, could achieve progress towards fixing an identified issue or achieving and identified goal.
Step 5: Conduct Strategic Planning Meeting
The objective of this meeting is to find consensus on (a) 6-8 goals and (b) the strategies to be adopted to pursue those 6-8 goals. It is not recommended to set too many goals as this makes the strategic plan harder to achieve.
This meeting will have a duration of 3 hours with a 20 minute break for the serving of refreshments. This meeting will be a little more difficult than the SWOT meeting. It is in this meeting that the strategic plan is mostly set. Using the document prepared in Sep 5, the meeting participants undertake the following:
Look at the main issues that were raised in the SWOT meeting
Agree on goals (the independent facilitator may have penciled in some goals already but there may be many blanks)
Agree on strategies to be implemented to pursue the agree goals.
The facilitator needs to inform all persons present that it usually takes the implementation of many strategies to achieve a single goal. Therefore if 6-8 goals are set, then the likely total number of strategies set will be 15-20. Some strategies may cost significant amounts of money (e.g. employment of a person) whereas other strategies have have negligible costs involved.
Step 6: Prepare first draft of the Strategic Plan
Following the second meeting the independent facilitator should prepare and provide the first draft of the strategic plan to the management committee. Ideally the management committee will circulate the draft to all persons who participated in meetings and invite further comments. It is possible that the first draft may have missed important elements or there are errors in the wording. Furthermore, there may be people who want to contribute but were not able to attend either of the two meetings.
Step 7: Prepare second draft of the Strategic Plan
After an interval of one month from the circulation of the first draft, a second draft may be published that incorporates further comments and corrections. This draft could be published on the organisation´s web site with an invitation to comment. A deadline should be set for feedback.
The circulation of this second draft ensures that there opportunity for the widest possible consultation. Strategic planning is as much about being seen to do the right thing. It is important to avoid criticism that the strategic planning process lacked due consultation.
Step 8: Implement the Plan
It is not necessary that the plan be implemented immediately after publication but may be implemented on a defined date e.g. 1 January.
The strategies contained within the plan are put into operation. Work is carried out according to the plan and the organisation begins to move in the direction of the desired change.
The implementation of the plan continues until either all goals and objectives have been achieved or until the organisation sets a new plan. Typically a strategic plan has a duration of 3 to 5 years. However strategic plans of greater or smaller duration may be warranted from time to time.
Step 9: Monitoring of Plan Progress
It is necessary to continually gather and monitor data in accordance with set Key Performance Indicators (KPI). Keeping a membership database and continually monitoring the number of members is an example.
Data on whether the organisation is making progress to Key Performance Indicators should be reported at management committee meetings.
The continual monitoring of this data, over the lifetime of the plan, enables management to determine whether the strategic plan is being properly implemented, the level of success being achieved and whether the plan requires and modification.
5.Discuss the event scheduling aspect
Answer: Event scheduling is the activity of finding a suitable time for an event such as meeting, conference, trip, etc. It is an important part of event planning that is usually carried out at its beginning stage.
In general, event scheduling must take into account what impact particular dates of the event could have on the success of the event. When organizing a scientific conference, for example, organizers might take into account the knowledge in which periods classes are held at universities, since it is expected that many potential participants are university professors. They should also try to check that no other similar conferences are held at the same time, because overlapping would make a problem for those participants who are interested in attending all conferences.
When it is well known who is expected to attend the event (e.g. in the case of a project meeting), organizers usually try to synchronize the time of the event with planned schedules of all participants. This is a difficult task when there are many participants or when the participants are located at distant places. In such cases, the organizers should first define a set of suggested dates and address a query about suitable dates to potential participants. After response is obtained from all participants, the event time suitable for most of participants is selected. This procedure can be alleviated by internet tools.
6.Give example of seasonal timing.
Answer: Seasonal Timing
One example of strategic event planning is the decision to hold a special event during a given season. Study accounting records to determine the months or seasons with traditionally high or low sales, and create events that correspond to these trends. For example, a retail business that sees its sales increase during the December holidays could hold a large sales event with live music and steep discounts in early November to extend its holiday business by another month. Likewise, a business that sees its sales slump in the summer could hold a Memorial Day or Independence Day barbecue with free food to entice customers to stop in during the slow summer months.
7.Discuss the Tangible Objectives and Sensitivity in evaluation
Answer: Event evaluation is an activity that seeks to understand and measure the extent to which an event has succeeded in achieving its purpose. The purpose of an event will differ with respect to the category and variation of event. However, to provide reach and interaction would be a generic purpose that events satisfy.
There can be two attitudes with which event evaluation can be put in its proper perspective. The concept of event evaluation stated above was a critical examination digging out what went wrong. A more constructive focus for evaluation is to make recommendations about how an event might be improved to achieve its aims more effectively.
Establishing Tangible Objectives and Sensitivity in Evaluation
Setting objectives for an event is easier said than done. It is more difficult to set standards and declaring an event successful after it meets them. To provide tangibility to the problem, the best approach is to begin with definition of the target audience for whom the event has been organized. In the case of commercial events, the audience could be end users who use the company’s products. An event might be conceptualized to achieve different things for different audience. Once the audience has been defined, the next step is to identify and put on paper what each of the audience is expected to think, feel and do having been to the event, that it did not think, feel or do beforehand. This adds an element of tangibility to the evaluation and measurement proceedings.
The number of mega-events has increased dramatically in the past few years and the costs of organizing events have also increased exponentially. The costs of production in major events can be enormous and therefore, in the near future one can expect companies to start asking questions about the effectiveness of their events to see whether their money is being spent prudently.
Creativity is derived from the Greek word enthousiasm which literally translates into ‘God, within’. Setting out to evaluate such an effort that is considered to be the work of Gods themselves demands a certain amount of sensitivity during evaluation. Objective evaluation should also take into consideration the nature of the concept and the process of execution of the event in their entirety. However professional the evaluation, there is scope for error and misjudgment if sensitivity is not adhered to. This is because it takes a creative and sensitive mind to spot wrong questions or situations where asking questions might be the wrong method and observation might be more appropriate. One of the ways of nurturing and encouraging this sensitivity is to place evaluation within the context of a team approach all the way from conceptualization to carrying out of the event.
From experience, it is known that people involved in an event are more open. minded and less committed to any particular course of action before the event occurs. Yet another learning is that, if things are shown to be wrong after a decision has been taken, the majority of people involved in the decision-making process may try to wash their hands of the fault. Thus, adding sensitivity to the evaluation process is very important.
8.Explain the evaluation from organizers’ perspective
Answer: Evaluation is a systematic determination of a subject´s merit, worth and significance, using criteria governed by a set of standards. It can assist an organization, program, project or any other intervention or initiative to assess any aim, realisable concept/proposal, or any alternative, to help in decision-making; or to ascertain the degree of achievement or value in regard to the aim and objectives and results of any such action that has been completed. The primary purpose of evaluation, in addition to gaining insight into prior or existing initiatives, is to enable reflection and assist in the identification of future change.
Evaluation is often used to characterize and appraise subjects of interest in a wide range of human enterprises, including the arts, criminal justice, foundations, non-profit organizations, government, health care, and other human services. It is long term and done at the end of a period of time.
The word "evaluation" has various connotations for different people, raising issues related to this process that include; what type of evaluation should be conducted; why there should be an evaluation process and how the evaluation is integrated into a program, for the purpose of gaining greater knowledge and awareness?
There are also various factors inherent in the evaluation process, for example; to critically examine influences within a program that involve the gathering and analyzing of relative information about a program. Michael Quinn Patton motivated the concept that the evaluation procedure should be directed towards:
- The making of judgments on a program
- Improving its effectiveness,
- Informed programming decisions
Founded on another perspective of evaluation by Thomson and Hoffman in 2003, it is possible for a situation to be encountered, in which the process could not be considered advisable; for instance, in the event of a program being unpredictable, or unsound. This would include it lacking a consistent routine; or the concerned parties unable to reach an agreement regarding the purpose of the program. In addition, an influencer, or manager, refusing to incorporate relevant, important central issues within the evaluation
CASE STUDY: Corporate Event
Lexus came to the cievents corporate event production team with the objective of staging an edgy, fresh and innovative launch of the new Next Generation IS Lexus to their dealer network.
The Cox Solution
Working in unison with Lexus, cievents conducted comprehensive research into existing marketing campaigns, social media and the aesthetics of the vehicle itself in order to design an event that encapsulated the look and feel of the new Lexus.
Around 50 dealers were taken to a photographic warehouse in Collingwood, immediately setting the scene for a product showcase like no other. The warehouse was transformed into a 360-degree immersive visual extravaganza, with Lexus content integrated into the surfaces of the room.
All the dealers in attendance were positioned on swivel chairs and were surrounded by multiple screens and speakers. As the conference unfolded, they were required to adjust their viewing angles to take in the various different presentations and videos playing throughout the room.
That evening, cievents booked out the highly exclusive Club 23 nightclub at Crown Casino, where dealers were treated to a customised bespoke menu. The central themes of modernity, innovation and style were maintained throughout, delivering a consistent and enthralling message to the dealers.
The next day, guests were flown by helicopter direct to Phillip Island off the coast of Melbourne and offered the chance to experience the new Lexus for themselves. A professional drive team took them through their paces, and those in attendance underwent
a driving experience they won’t soon forget.
Response from both Lexus and the dealers in attendance was highly positive. cievent’s comprehensive knowledge of the Lexus brand and our ongoing dedication to consistently delivering above and beyond the needs of our clients allowed us to stage a successful and entertaining product unveiling.
1.Explain the above case in your own words
Answer: The arrival of the first Lexus vehicle in 1989 was a major landmark in the history of parent company Toyota. It marked the culmination of an unprecedented development programme which involved tens of thousands of hours and an uncalculated cost to build an all-new luxury vehicle that bettered the established marques at their own game. It simultaneously created a fitting figurehead for an all-new luxury brand.
Toyota already had experience in premium quality vehicles, of course. Its production equipment was widely regarded as the best in the world, and the mass-produced Crown and hand-built Century limousine were luxury models that had been available for decades within the domestic market. But there was no single vehicle within Toyota’s line-up that possessed the important characteristics of prestige, quality, safety and performance that could also be considered world-leading and widely available.
Minding the gap for the ‘baby boomer’ generation
This omission was most keenly felt in the United States, where many within the ‘baby boomer’ generation that had been loyal to Toyota through college and early adulthood were becoming more affluent and trading up into luxury German brands because the Japanese manufacturer could offer no viable alternative.
To fill this gap, executives initially suggested re-introducing the Crown model to North America but after almost a decade away from that market the model was deemed too small, too ornately decorated and not powerful enough to be truly competitive.
The most vocal advocate of Toyota producing an all-new luxury model was Yukiyasu Togo, recently appointed president and chief executive of Toyota’s US division. Utterly convinced that Toyota could build a true luxury car, he presented his case with passion and no little salesmanship to Toyota’s board members. He argued that such a car would boost the company’s image in its most important export market and send reverberations throughout the motor industry.
2.Why do you think research is important to carry out marketing campaigns?
Answer: All marketers will agree that market research is important. Because the media landscape is in a constant state of flux and marketers are constantly overwhelmed with data and business priorities, though, marketers tend to shave timelines, do "internal" research, and lose sight of the need for consumer marketing research for their organization.
Market research, however, is essential to you and your brand’s long-term success. Market research will keep your brand afloat while companies who fail to make research a high priority drown.
Market research should be bumped to the top of your priority list for the following five key reasons.
- Market research centers your business on your consumers
We all get tripped up by internal politics, agendas, and internal brand priorities. However, some of the best advice that I can give marketers and researchers is to remember that your customer is always your boss (even above your company´s CEO). You need to keep the lines of communication open with your "boss" through research. Work hard at understanding and continuously meeting and/or exceeding consumer and customer needs. Even if you purchase your company’s products, you are not your consumer, and therefore, focusing on your consumers and their perspective is critical.
- It keeps you focused
All marketers and marketing researchers today have a tough job multitasking and rightfully so. They are managing multiple projects, running businesses, and often playing many roles within their organization. However, when used properly, marketing research should tell you what’s most important to your consumers and help you to prioritize and maximize your time effectively. It can inform both your short-term and long-term marketing playbook, helping you feel less frazzled and overwhelmed in the long run.
- It allows you to pursue the most lucrative growth opportunities
Marketers want to grow their business, but we are not always clear on which is the right path to do so. Marketing research can help you weigh and quantify opportunities to prioritize those with the highest revenue potential for your brand.
- It keeps you relevant and future-oriented
We have all heard of the phrase “Adapt or Perish,” and that is true for our businesses and brands. Conducting regular research with consumers and customers enables us to make sure we are constantly adapting and evolving our brands to meet long-term needs. While focusing on maximizing short-term results is easy, focusing too much on the short-run limits your brand’s longevity and relevancy in the future. If you aren’t keeping up with consumer, and product and category disruptions, someone else will.
- It improves your decision-making capabilities and reduces your risk.
Market research can provide insightful information about your market, product, audience, competition, and more. When you use a comprehensive research library, you can make decisions with greater clarity and confidence. By having research to backup your marketing decisions, you can optimize your brand strategy choices and minimize your risk for failure.
So now that we have established why marketing research should be a top priority, let’s discuss for the best ways to use it! After all, a research study’s results are only as good as its ability to accomplish its key objectives.
The Best Ways to Use Marketing Research
The uses for market research are vast. However, at Insights In Marketing, we have found that most marketing research projects we encounter have the following five critical marketing objectives.
- Optimize brand strategy and positioning
Every marketer’s objective is to position themselves uniquely in the marketplace ahead of their competition. Quantitative (numbers-based) and qualitative (conversation-based) marketing research can be used to identify where your brand stands compared to the competition, what metrics you should be tracking over time, and what brand benefits matter most to your target market.
- Identify or better understand your target market
Market research is an excellent way to find the best market or target demographic for a product or service. By focusing your efforts to the right markets, you can see faster results, improved efficiency, and greater overall performance from your marketing campaigns. In addition, if your target is already defined, you can use marketing research to better understand your target consumer and to uncover critical behavior drivers and attitudes that inform their purchase decisions.
- Elevate your messaging and communication
Marketers often find ourselves talking at consumers rather than with them to determine how we may fit into their lives. Our messaging must resonate with our audience, whether through our advertising, package design, or website. Marketing research is a great way to test concepts and key messages to evaluate which ones our target customers can relate to.
- Innovate with impact
Innovation is a key part of any brand’s growth. However, conducting marketing research enables you to focus your innovation efforts on the highest growth opportunities for you and your brand, design a product or service with the optimal benefits and features, and zero in on the ideas or concepts that address your consumers’ desires, needs, and interests
- Assess your category and competition
Whether you are a small local business or a multinational corporation, understanding your competition and category is a crucial part of dominating the market. Market research can help to reveal key aspects of the competitors’ products, services, marketing strategies, and target audience. Using this information within your own campaigns can help to lead in the market over your competition and add value to your business or brand. In addition, regularly monitoring your category and potential major industry changes will enable you to stay ahead of the game and prepare your brand to adapt and innovate.
In the modern global market, marketing research is not just helpful; it is essential to success. Put it on the top of your marketing to-do list and don’t forget to set your research objectives to get the best results for your business!
Question No. 1 Marks - 10
An event might be ………… to achieve different things for different audience.
Question No. 2 Marks - 10
Event evaluation is ………. to make you and your team more efficient and effective.
Question No. 3 Marks - 10
Random anonymous ……. forms posted around with collection boxes for filled in forms are good ways of evaluation.
Question No. 4 Marks - 10
The ……-evaluation of an event is a very significant procedure that is being neglected by a majority of event planners.
Question No. 5 Marks - 10
. ………. is the task that can be of enormous value for future events.
Question No. 6 Marks - 10
………. require a post-evaluation report so as to see whether the audience has been affected by the sponsorship.
Question No. 7 Marks - 10
………. document serves as a single, clear record of the event and its outcomes.
Question No. 8 Marks - 10
Your …………. reports will help you to evaluate your fundraising success.
Question No. 9 Marks - 10
The ………. components comprise of items such as the performances of your team, your overall design concept and your management style.
- Both of above
- None of the above
Question No. 10 Marks - 10
An …….. person out of the event team and organization who knows a fair bit about event organizing to do drop-in sessions unannounced and is primarily an observer is preferred for evaluation.
Question No. 11 Marks - 10
An event with a distinct ……. is easier for customers to understand and remember to attend.
- Colour combo
Question No. 12 Marks - 10
Every event requires personalized attention and ……….. to anticipate every scenario.
Question No. 13 Marks - 10
……… and signs must be installed and removed by general service contractors in a manner approved.
Question No. 14 Marks - 10
…….. is responsible for coordinating all resources needed for event.
Question No. 15 Marks - 10
Since every event is unique, setting the proper ………… and tone is critically important.
Question No. 16 Marks - 10
One way to strategically lay out an event involves ……… planning.
Question No. 17 Marks - 10
Businesses get the most for their advertising dollars when they market to ……. demographics.
Question No. 18 Marks - 10
………. from customers is an important input into the strategic planning process.
Question No. 19 Marks - 10
Strategic planning needs the involvement of a lot of ……. and therefore there is a need for coordination.
Question No. 20 Marks - 10
Using the record of the …….. meeting, the independent facilitator prepares an additional document that will assist in the process of formulating the goals and objectives.
Question No. 21 Marks - 10
An event manager must recruit personnel during which stage of an event management plan?
- staging the event
- scheduling the event
- coordinating the event
- negotiating the contract for the event
Question No. 22 Marks - 10
event managers must post signs to direct spectators while