HSM 370 FINAL EXAM

The four realms of experience economy

Education, Esthetics, Escapism, Entertainment

The six P’s of marketing mix (in the event industry)

Product

Price

Place

Promotion

People

Process

Viral marketing

A phenomenon that facilitates and encourages people to pass along an advertising message

Green marketing

Describing efforts to produce, promote, package, and reclaim products environment-friendly.

Examples) Starbucks, unilever, H&M

Keyword marketing

Placing a message in front of users based on the specific keywords they are using to search to reach the right people with the right message at the right time

Outbound marketing

When marketers initiate contact with the customer through tv, radio, digital advertising, etc.

Inbound marketing

When customers initiate contact with the marketer in response to the email, events, web design, etc

What is a sales process?

A series of steps taking a prospective customer from being a lead to a paying customer (lead: an individual with an interest in what you are selling)

The 7 Steps of a Sales Process

1. Prospecting

2. Preparation

3. Approach

4. Presentation

5. Handling Objectives

6. Closing & Follow-up

7. Get Referrals

1. Prospecting

Figuring out what your ideal customers are, identifying potential buyers, and making initial contact (2 ways to do so: inbound and outbound marketing).

2. Preparation

identifying prospective customers’ problems, pains, and needs and determining how you are going to solve them with your product/service

3. Approach

making your final personal connection with your prospective customers

4. Presentation

pitching products/ services by making them hyper-relevant and personalized to prospective customers.

Example) product demonstration, facility tour, video presentation

Which of the following is correct about the sales process?

Handling objectives can be an opportunity to learn more about your prospects

5. Handling Objectives

listening to your prospective customers’ concerns/questions and addressing them. An opportunity to learn more about your prospects and convince them to pay.

6.1. Closing

closing the deals (sale is made!) and delivering on what you promised throughout the process

6.2. follow-up

staying in contact with the customer to strengthen the relationship.

Example) ask for posting a review or rating your product/service

7. Get referrals

Customers are spreading out positive word-of-mouth

Which of the below is correct about sales process?

None of them

(Approach, prospecting, follow up)

4 basic sales funnel stages (aida)

1. awareness

2. interest

3. desire

4. action

1. awareness

the moment when you first catch a prospective customer’s attention, and a customer discovers your business.

2. interest

prospective customers are reaching out to learn more, doing research, and thinking over their options (e.g. signing up for e-books, newsletters, webinars, etc.)

3. Desire

Prospective customers are beginning to find specific information like pricing and form a decision as to whether they should buy from you or not. No need to re-educate or re-introduce your business or re-entertain

4. Action

Action does not always mean that the prospective customers are converted to paying customers. Whether they made a purchase or not, it does not mean your work is done.

Among the four basic Sales Funnel stages, when should you filter out the ones that might be interested and move them further down the funnel?

Awareness

Among the four basic Sales Funnel stages, when should you continually build know, like, trust (KLT) factors?

Interest

Among the four basic Sales Funnel stages, when is the best time to make your best offer?

Desire

What is digital marketing?

All marketing efforts to connect with prospective and current customers in the online setting, where they seek information and entertainment.

Why is digital marketing important? What are the benefits?

It helps you reach a larger audience

It helps you easily target prospective customers

it is often more cost effective than other traditional marketing forms

It enables you to measure success on a daily basis

It is easier to adapt and change a marketing strategy

It can improve the lead quality and conversion rate

It helps you deepen customers relationships and build a loyal customer base

SEO (search engine optimization)

A process of optimizing your website to RANK higher in search results in search engine result pages, thereby increasing the amount of free/organic traffic to your website.

SEO makes your website more visible and gives more traffic and more opportunities to convert leads into actual paying customers.

PPC (pay per click)

A powerful form of paid search engine marketing drives traffic to your website by paying a publisher every time your ad is clicked. The goal of PPC is to find relevant customers, increase brand awareness, drive traffic, and generate leads.

Marketing automation

A software that serves to automate your basic marketing operations

Examples) email newsletters, bot chats, emails: welcome, thank you, confirmation

A/B split testing runs 2-3 ______ ads at ______ times to see which performs best

Similar, same

A/B split testing

A test that runs 2-3 similar ads at the same time to see which performs best. It helps better target your audience showing which ad people liked/engaged with more.

CTA (call to action)

A feature on a webpage that guides users to perform a certain task (featured in the form of a clickable button)

Impressions

How many times your ad appears on a website {was displayed} whether or not people actually see/interact with it

______ measures how many people actually see/interact with your content

Reach

Engagement Rate

Indicates how many people are interacting with you/your brand

CTR (click through rate)

CTR quantifies the reaction of users to measure the success of digital marketing efforts

If your CTR is low, it may indicate targeting the wrong audience or spending money on irrelevant keywords (nothing to do with audience size)

High CTR means low Cost Per Click, and vice versa

CPA (cost per acquisition)

A metric used to determine how much it costs to acquire one customer

Problem map

Benefits: enables you to see how problems inter relate & enables you to identify key problems from which they originate

Included in step 1 of event strategy formulation (Analyze event issues and problems: the event marketer should prioritize the issues and problems in terms of urgency)

1. Product

What is it that you are offering

2. Price

Do you have the right price? How much are your charging your attendees?

Different prices attract different consumers

3. Place

Where is the event being held? Destination? Venue?

4. Promotion

All activities designed to bring the attention of the event to customers

5. Process

What are the mechanics of booking and using the event?

Opportunity to express the components and values of the event

6. People

All those event operatives who come into direct contact with attendees.

Internal marketing communication

Emotional connection

Allows brands to use experiences to affect the heart (moves people)

Education connection

Used by b2b brands

The more people know, the more they will buy

Surprise and delight connection

Using the act of surprising someone to connect. Causes spikes in memory and a lasting impact

Trial connection

Using a sample/trial of a product/service to engage the target

Incentive connection

Provide incentives to drive a target to participate (doesn’t have to be monetary)

Movement connection

Using charities, causes, and collective community efforts to make a connection (most organic and pure connection type)

Sales Conversion

Using experiences to convert somebody into a buyer and generate sales (most common)

Retention conversion

Using experiences to mountain a relationship with current customers (overarching goal to stimulate future repeat purchases)

Sponsorship and cause related event marketing

Understanding the perspective of the event sponsor

Event sponsorship is the way in which organizations give support to an event by providing financial assistance or products/ service

By sponsoring events, organizations aim to improve their marketing position and enhance their image and reputation

Stressing mutual interest

Event sponsorships should be mutually beneficial; symbiotic

What is the common denominator? The experience of the consumer

In-kind sponsorship

Provides goods/services instead of physical currency

Very appealing to new/small businesses with small/ medium sized events

Very popular with non-profit events

Cost vs quality OR cost + quality?

Your chosen metrics should be a mix of quantitative and qualitative measures

Experimental marketing/events should be measured based on its ability to create and accelerate short-term and long-term business outcomes

Money does not always matter: quality also does matter

Measurement Windows

Many brands measure various events and experimental programs on DIFFERENT timelines

Online tactics

Good online tactics are useful for both customer acquisition and retention

Influencers, virtual marketing

Advergaming: a video game that contains an advertisement for an event, product, service, or company (becoming very popular)

Location factors: Festival marketing fundamentals

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

Marketing the convenience of the location can increase acceptance of the event

Combining historic or resort attributes can excite potential attendees

Weather: festival marketing fundamentals

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

The weather especially plays a big role in sporting events

Trademarks and logos

Event branding is imprtant

The mere mention of the name brings instant recognition, awareness, and attention

Logos have powers

For established events, the logo incorporates a great deal of meaning

For less established events, the logo can be a useful brand builder

What are corporate meetings

Events that the company Carrie sour to accomplish a certain goal and they have an impact on the company’s market value and share value

Attendance: Characteristics of corporate meetings

Usually mandatory, highly predictable

Budget: corporate meetings

Highly predictable, typically develop a preset budget for events, zero registration frees ( bc attendee is usually required )

Decisions: corporate meetings

Decision makers are usually management level people

Discretionary; subject to decisions of management; market for corporate meetings is greatest in good economic times and reduced in times of recession

Professional associations

More academia oriented

Attendance is for enjoyment

Trade associations

More industry oriented

Attendance is not for enjoyment

Fraternal associations

May gender specific

Usual overarching principle is helping others

Meetings could be a “good cause” related

Online associations

Members may be scattered throughout the world (never meet physically)

Possible Virtually organized meetings

Discussions can be accomplished with physical presence

Attendance: association meetings

Usually voluntary, attendees decide whether to spend the time and money to attend (not forced)

Multiple reasons for association meeting attendance

locations and properties can help promote the meetings and increase attendance rate

Promoting spouse attendance can increase attendance rate

Budget: association meetings

Less predictable and highly varied

Monitor registration and adjust through the time as income and expense factors change

When registration is dipping, other revenues need to be generated/ increased.

Decisions: association meetings

Association meetings are more predictable

Have bylaws that usually require regular meetings

Meetings are rarely canceled

Members altogether meet to make decisions for the good of the association

Goal: association meetings

Exist for the benefit of their members

Core message is to Help is on the way. Come and take advantage of it

Marketing for association meetings grow in number and scope when economic times are tough

Most of the revenue from an association’s annual convention comes from:

Registration fees

If your CTR is low, it many indicate that you are_____

Spending money on irrelevant keywords

True or false: The four realms of experience economy are education, esthetic, escapism, and experience

False

Among the experience connection types, ________ is considered by many marketers to be most often used by B2B brands.

Educational connection

Among the experience connection types, _______ is considered by many marketers to be the most organic and pure

Movement connection

Among the 6Ps of event marketing, which of the following refers to all activities designed to bring the attention of the event to customers?

Promotion

Among the 6Ps of event marketing, which of the following refers to the opportunity to express the components and values of the event?

Process

Trade organizations are founded and funded by the businesses they represent, and their emphasis is organizational betterment. Their events/ meetings are examples of ________.

Association meetings

True or false: in-kind sponsorship is very popular with profit-oriented events, whereas cause-related sponsorship is very popular with non-profit events.

False

True or false: when it comes to sponsorship event, in kind sponsorship particularly appeals to new/small businesses with small/medium size events

True

True or false: The weather can be an advantage or disadvantage in selling a special event

True

circle your answer clearly

Regarding the orientation, trade associations are more _____ oriented, and professional organizations are more ______ oriented

Regarding the orientation,

TRADE associations are more ___INDUSTRY__ oriented,

and PROFESSIONAL organizations are more ___ACADEMIA___ oriented

What is the online tactic that is a video format that contains an advertisement for an event, project, service, or company

ADVERGAMING