MICE Marketing and Post-Event Planning (EV53001FP)

This set of vocabulary flashcards covers the core concepts of developing a marketing plan for MICE events, including target audience segmentation, positioning strategies, and the 5 Ps of the promotion mix.

MICE

An acronym standing for Meeting, Incentive, Convention & Exhibition.

C1 Learning Objective

The objective to develop a marketing plan for a MICE event.

C2 Learning Objective

The objective to conduct a post-event plan.

C3 Learning Objective

The objective to collate a risk management plan.

Exhibitors (Sellers)

Companies showcasing their products or services at a trade event.

Visitors (Buyers)

Potential customers or decision-makers who attend to explore products, compare solutions, and make purchasing decisions.

Conference Delegates

Target audience members applicable if a trade exhibition includes a conference component.

Target Market

A specific group of people who are most likely to be interested in the product or service.

Market Segmentation

The process of dividing a larger market into smaller, more targeted groups based on similar needs or characteristics.

Psychographic Segmentation

A segmentation method based on personality, values, and lifestyle.

Behavioural Segmentation

A segmentation method based on factors like past attendance at similar events or engagement with marketing materials.

Market Positioning

Refers to how a brand/company positions its product or service in the market relative to its competitors.

Unique Selling Point (USP)

Distinctive benefits or features that make a product/service/brand stand out from competitors; must be unique, provide clear value, and be specific.

Five Ps of Marketing

A framework consisting of Product, Price, Place, People, and Promotion used for the promotion mix.

MICE Event (Service Product)

A product characterized as an intangible experience where no ownership is transferred and each event is unique.

Bundle Pricing

Selling multiple products for a lower rate compared to selling each item separately, such as combining booth space, advertising, and speaking slots.

Tiered Pricing

A pricing strategy where prices are segmented based on specified target markets.

Competitive Pricing

Setting a price based on what other event organisers in the target market are charging.

Demand Oriented Pricing

A strategy where a high price is charged when demand is high and a low price is charged when demand is low.

Early Bird Pricing

Using time-sensitive offers to attract attendees to sign up early through discounted ticket prices with a set deadline.

Destination Appeal

Factors like accessibility (flight connections), safety, cultural offerings, and reputation that influence attendee interest in a host city or country.

Distribution Channels

The platforms and methods, such as modes of registration and payment, through which attendees engage with the event.

Above-the-Line (ATL)

Mass media campaigns (e.g., TV, Radio, Billboards) used for broad reach and creating brand awareness.

Below-the-Line (BTL)

Direct marketing (e.g., direct mail, telemarketing, personal sales calls) targeted at specific groups for better conversions.

Digital Marketing

Interactive digital channels (e.g., social media ads, email marketing) used for both mass and targeted audiences that allow real-time tracking.

SMART Goals

Objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Return on Engagement (ROE)

A quantitative evaluation method assessing attendee interactions, such as social media likes, participation in sessions, and live polling.

Qualitative Evaluation Methods

Subjective feedback collection methods such as surveys and focus group discussions.