The planning function is involved in micro-level event coordination activities such as liaison with the creative team discussing, facilitating and arranging for the technical specification viz., sound, light, stages and sets. Short-listing artists and stand by artists in tune with the dictates of the creative guys/gals is one of the most challenging tasks in the event planning function. Event planning also involves checking out alternative arrangements for locating the event, the venue, the conditions for the event and gathering information to assist in taking a decision on whether the event would be held indoors or outdoors. While at the last task, understanding the requirements of licenses, clearances, etc. and arranging for the same as and when required is a fundamentally responsible task that the event coordinator is burdened with. Deciding soft issues such as whether the show is to be a ticketed, non-ticketed, fully or partially sponsored is also part Continue reading
Marketing Strategies
What Is Customer Lifetime Value (CLV)?
While some companies aim to grow their customer base, the successful ones recognize the importance of increasing customer lifetime value. Loyal customers offer more value to your business‐generating over 10x more revenue. Customer lifetime value is an important concept to understand from a marketing standpoint. The cost of obtaining a customer and gaining that first sale is often much higher than the costs of maintaining the relationship with the customer. Customer lifetime value (CLV) is a critical metric used to estimate the value of each customer you acquire. It validates whether you’re actually producing a profit. Several companies strive to increase customer lifetime value because they believe it’s a good indicator of business performance. Companies use the metrics such as customer life time value (CLV) to understand the importance of a certain type of customer towards the business and give a greater insight of the expected future revenue as well Continue reading
Case Study of Fedex: Using Marketing Channels to Create Value for Customers
FedEx as a service company that mainly focuses on transportation or shipment services, channel played an important role leading to success. FedEx need a good channel to get and reach more customers. FedEx has a strong network structure linking all the market together. FedEx serves more than 220 countries and territories currently. Further, these networks are linked up by land, air and ocean transportation. FedEx’s service covered all around the globe, making services available for customers from many countries and almost every place. FedEx has many drops off location around the globe. Customer can choose either one drop- off location that is nearest to them. FedEx has great air network, having more than 320 daily international flight and 654 aircraft ready to ship the packages. FedEx has many hubs around the world working as a midpoint of delivering the packages. There are four hubs in Asia pacific. That is Shanghai, Continue reading
Knowledge of Sub-Cultural Groups and Market Segmentation
The segmentation of the market involves the dividing of entire market into small customers groups who have different type of responses for different marketing strategies for particular service or product. In this way the organization can design the marketing policies according to the particular needs and requirements of each segment in order to have more profitability by more generating favorable responses than by simply applying a single marketing policy for whole market. The market segmentation is mostly done at the level of customers. But in case of international marketing sometimes markets are also segmented on the basis of whole countries by considering the aspects that are common among countries. This type of segmentation is not proved that much successful as countries have great variation in them and it is difficult to take meaningful averages. The most suitable basis that is used to segment the markets is customers and their unique Continue reading
Seven Steps in Organizing a Successful Event
To market events (Read: Event Management — A Modern Strategic Marketing Tool), one should be well organized, with the required infrastructure that the target clientele will find it worthwhile to invest their time and resources in anticipation of assured results. To achieve this objective, a suitable event strategy should be designed and developed for organizing a successful event. There are seven important steps in organizing a successful event. Step 1: Planning Prior planning prevents poor performance. No event manager should be complacent or procrastinating. Nothing should be left to chance, only to regret later. Planning, hence, is essential for organizing a successful event in all respects. Before starting any event, a bit of research would help. One should start sufficiently early so that there will be ample time to complete the assigned project. It would help to have a briefing note or a checklist listing out the objectives and goals Continue reading
Business Strategy Case Study: Relaunch of Fiat 500
On 4th July 2007, Fiat Auto the Flagship division of Fabbrica Italiana Automobili Torino (FIAT) re-launched its heritage brand the Fiat 500. It was exactly 50yrs after the launch of Fiat 500 on 4th July 1957, which not only helped Fiat in post World War-II recovery but also provided mass motorization to Italians. Luca De Meo, CEO, Fiat Auto, on the re-launch occasion stated that “This is the car that gave ordinary Italians four wheels for the first time; that transformed a country and a company.” In its 18yrs of career between 1957 and 1975, 3,893,294 Fiat 500s were built & sold, which provided millions of Italians and Europeans individual mobility. Post 1970 with beginning of free trade in Europe, Fiat’s market share eroded continuously. Foreign companies such as Volkswagen, Renault, Ford, Peugeot, Honda and Toyota became prominent players in the Italian car market threatening survival of Fiat. The prime Continue reading