hsm 370 test 3

Experience economy, long answer question

The grass of experience economy of pricing income competitive position have to rating stand points. There is market in undifferentiated to premium and differentiated.

One example is back in the day for a birthday the family would make the cake from scratch and it was very cheap. The next level was buying box cake of premix ingredients from the store and buying with a higher price. Next level is buying from the store or bakery a pre-made cakewhere there’s no baking involved from yourself, which is very different from level one and more expensive. Lastly, level four is spending money on a birthday experience with decorations and location and premium packages at most expensive price.

Stressing mutual interest

Event sponsorships should be mutually beneficial; Symbiotic

The common denominator is the experience of the consumer.

The benefits of event sponsorship / sponsor perspective

Generate store traffic

Strengthen the reputation/image

Can find target consumers

Two broad methods to evaluate return on investment ROI

Measuring awareness, levels or attitude change about sponsors products/services

Measuring the increase in sales of a sponsors products/services

In-kind sponsorship

Very popular with nonprofit events

Provides goods/services instead of physical currency and is very appealing to new/small businesses with small events

For experiential marketing/events

should be measured with a mix of quantitative and qualitative measures

Metrics that matter (pick three for test)

Satisfaction. (was it meaningful and what is their perception)

Revenue and sales growth (it’s all about the bottom line.)

ROI (know what your business value is, events and experiences provide a significant return on investment.)

Digital body language (measures attendees online activity with an email that website visit post on social media, etc.)

Purchase intent (are participants more or less likely to purchase the product or service after the experience)

Loyalty. (did the experience increase the likelihood that customers will buy in the future)

ROI expectations

Events and experiences provide a significant ROI

Measurement windows

Mini brands measure various events and experiential programs on different timelines

What does it mean a webpage should be a safe port? Short answer question.

We can control the information on our webpage while social media like Facebook TikTok and Twitter cannot really be controlled once something is posted.

Advert gaming

A video game that contains an advertisement for an event, product, service, or company. Becoming very popular.

Two advantages of online advertising tools

Motivates the advertiser to promote the ad (works on a paper click system)

Precise target can be achieved (largely based on keywords in a search engine or user profile demographics and psychographics

Entertainment and festivals

Entertainment are stand alone events

Festivals are a collection of entertainments

Entertainment enables attendees to be engaged in a festival

Location factors (festival)

The selection and marketing of location has a significant impact on attendance and and the success of the event

Marketing the convenience of the location can increase acceptance

Combining, historic or resort attributes can excite potential attendees

Weather

Unlike a consumer product, the weather can be an advantage or disadvantage in selling a special event

The weather especially plays a big role in sporting events

Media

Certain types of media help evolve, the excitement of festivals in entertainment

Ideally festivals use a mixture of online and traditional medias to promote themselves

Live streaming also can be a great option for those who couldn’t make it to the event in May and track them to come to the event next time

Three benefits of applying the celebrity factor

Can add credibility and enhance image

May help differentiate the event from others, attracting more sponsors

Can spread the word and increase the attendance

Corporate: Training meetings

Reaping what the participant will learn

Corporate: stockholder/shareholder meetings

To gather many of investors and geared towards their wants and needs

Corporate: product introduction

To overwhelm the audience to get excited about the product launch

Corporate: management meetings

To announce the agenda, gain active participation during the decision-making process

Corporate: sales meetings

To generate motivation among sales professional, to be advantages of the corporation

Corporate: incentive programs

To offer rewards and motivate employees

Make sure of business and pleasure

High spouse, attendance in high expenditure

Characteristics of corporate meetings: attendance

Usually mandatory for corporate meetings, highly predictable

Corporate Meeting characteristics: budget

Highly predictable. Corporations typically develop a preset budget for event events. Sierra registration fee fees because attendance is usually required.

Corporate meaning characteristics: decisions

Decision makers are usually management level people. Corporate meetings or discretionary. They are subject to the decisions of management.

The market for corporate meetings is greatest in good economic times and reduced in times of recession.

Corporate meeting characteristics: goal

Number one internal marketing

Goals are to encourage employees to be felt as a real part of the company

To enhance employees, citizenship, behaviors

Bring inspiration to the company

Types of associations: professional

More academia oriented

Their attendance can be for enjoyment

Types of associations: trade

More industry oriented. Their attendance is not for enjoyment.

Types of associations: fraternal

May be gender specific. Usually overarching principle is helping others. Their meetings could be caused related.

Types of associations: online

Members may be scattered throughout the world. They may never meet physically. Meetings can be virtually organized. Discussions can be accomplished without physical presence.

Association characteristics: attendance

Attendance is usually voluntary for association meetings

There will be multiple reasons for association meeting attendance

Promoting spouse attendance while increased attendance rate

Attendees will decide whether to spend the time and money to attend no one can force them to come. Locations and properties can help promote the meetings which will increase attendance rate.

Association characteristics: budget

Associations budgets are less predictable and highly varied because they aren’t preset

Most of the revenue from an associations annual convention comes from what?

Registration fees

Association characteristics: decisions

Association meetings are more predictable. They have bylaws that usually require regular meetings. So meetings are really canceled. Members altogether me to make decisions for the good of the association.

Association characteristic: goal

The market for association meetings Grow in number in scope when economic times are tough. Opposite of corporate meetings.

Helping member solve problems is the goal of why they exist

Corporate meeting

Events that the company carries out to accomplish a certain goal and they have an impact on the companies market value in share value

Corporate culture

Refers to the beliefs and behaviors that determine how a company’s employees and management interact.

Corporate events should align with the corporate culture.