HSM 370 Test 3

People want experiences rather than goods

Experience economy graph

1. Extract Commodities: Making cake from scratch

2. Make Goods: Premixed ingredients available

3. Deliver Services: Ordering cakes from bakeries

4. Stage Experiences: Outsourcing entire party from company

Experience Economies Graph

Generate store traffic, strengthen the reputation/image, can find target customers

Benefits of event sponsorships

Measure awareness level or attitude change, measure increase in sales

Methods to evaluate ROI

Satisfaction (Was it meaningful?), Revenue/Sales Growth, Loyalty (will people buy in the future?)

3 metrics that matter

ROI

Events and experiences provide a significant ____

We can control the information on our website, but we have no control over the content posted on social media. Once something is posted on social media, it cannot be deleted.

What does it mean that a web page should be a safe port?

Advergaming

A video game that contains an advertisement for an event, product, service, or company that is gaining popularity

Motivates the advertiser to promote the ad, precise targeting can be achieved

Two advantages of online advertising tools

Stand alone events

Entertainments are….

A collection of events

Festivals are…

Can add credibility and enhance image, may help differentiate from other events, can increase attendance

Benefits of applying the Celebrity Factor

Training meetings

relaying what the participants will learn

Stockholder/Shareholder Meetings

to gather many of the investors and geared towards their wants and needs

Product introduction

to overwhelm the audience to get excited about the product

Management Meetings

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

Sales Meetings

to generate motivation among sales professionals to be advantages of the corporation

Incentive Programs

to offer rewards and motivate the employees