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
Chapter Two
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
(4) Main Categories◦ Convention
◦ Association
◦ Corporate
◦ SMERF
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
Main factors in choosing facility:◦Availability of hotel and facilities
◦Ease of transportation
◦Climate
◦Recreation Opportunities
Large National meetings
Monthly local meetings◦Breakfast, Lunch or Dinner
Main factors in choosing a facility:◦ Price
◦Availability of “standing” functions
◦Quality of food & beverage
◦Desirability of location
Types of Corporate Events:◦ Training◦ Planning◦ Incentive
Major Concern:
◦ Accomplish objectives – training, goal setting, new product orientation
Main factors in choosing a facility◦ Quality of food & beverage◦ Meeting rooms; (size, look, location, etc.)◦ Image◦ Price
Social Military Educational Religious Fraternal
Generally limited budget Usually flexible Good “filler” business during off peak
times Can require lots of “hand-holding”
Main factors in choosing a facility◦ Price◦ Facility amenities◦ Location◦ Recreation
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*
Recognize Trends in:◦ Cuisine◦ Entertainment◦ Customer Lifestyle◦ Other concepts that shape customer needs◦ Develop products and/or services in
response to those needs
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.
1) Identify customer needs
◦Shaped by demographic and social trends
2) Create a product or service◦ Identification provides new opportunities
◦Must analyze perceived need before investing too much time or money
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
3) Develop customer interest
◦Done through combination of advertising and in-house promotions
Strategy & execution◦ Overview of strategy
◦ Media & timing
◦ Ad spending
◦ Website, Phone, In-house Promotion
Direct marketing◦ Strategy, vehicles & timing◦ Response targets, goals & budget
Third-party marketing◦ Co-marketing arrangements with other
companies Marketing programs
◦ Other promotional programs
4) Measure success◦Customer response
◦Financial success can be measured by sales volume following promotions
Group History Files◦ Records all facets of business relationship
Correspondence Decision Maker information Record of events General information on group
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
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
Place Product Price Promotion
Number of people that can be accommodated
Potential to handle groups◦ Elevators◦ Restrooms◦ Parking
Availability of services
Consistency Quality Good Price/Value Comparison Knowledgeable/Experienced Staff
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.
Determine Pricing◦ Factor in Food Costs◦ Factor in Variable Costs; labor, benefits, etc. ◦ Factor in allowance for overhead; rent◦ Factor in profit
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?
Brochures◦ First contact with clients◦ Conveys image of organization◦ Catering policies
Standardized Catering Menus◦ Offers suggestions◦ Pricing◦ Should include willingness to create special
menus for client
CDs, Video Tapes and Photos◦ Expensive but effective◦ Can be grouped with testimonial letters◦ No pictures are better than bad pictures
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