Marketing International Event
Executive Summary
The main goal of this report is to provide a marketing plan to a specific event or festival in Hong Kong. The event that will be given emphasizing this report is Hong Kong Arts Festival. History, highlight and the festival will be discussed thoroughly. For this report, analysis of the event will be highlighted which include various marketing tools such as marketing segment, SWOT analysis and Hong Kong Arts Festival Life Cycle. In line with the marketing plan proper, marketing objectives, promotion, feature diversification, sponsorship, public relation and communication will be provided. This paper concludes that in order to promote Hong Kong Arts Festival intensively, strategic planning should be considered.
1. Introduction
1.1 History of Hong Kong Arts festival
The Hong Kong Arts Festival was founded in 1972. Since Hong Kong has been given emphasis a fast growing, vibrant nation, a group of individuals decided to have an art festival. In this regard, a no-profit institution, which is the Hong Kong Arts Festival Society Limited was formed and launched the first HK Arts Festival in 1973. Throughout the years, this art festival has been developed to become the most essential and significant event in the local arts calendar both in terms of the stature and number of artists invited to participate in the richness and diversity of the offered programmes. It is a charitable organization and given emphasis a major international arts festival and the premier arts even in the country. It features both the local and foreign artists of renown in eclectic types of theatre, music, famous entertainment, dance, film and exhibition programmes. It was done in a four to five week long cultural event yearly from February to March. The mission of the festival is to provide an annual international feast of the highest quality and standards for the enrichment of cultural aspects in the country. In addition, it also serves as catalysts to improve broader public interest in the arts and encourage artistic qualities and cultural exchange among nations.
1.2 Highlight of Event
The Hong Kong Arts Festival is noted as focus programmes for the culture of Hong Kong in order to provide art feasts from various nations of the globe. From its establishment and launch, Hong Kong Arts Festival has been able to show wide array of art programmes and exhibits from all parts of the globe. This festival has become a significant symbol of the HK culture. It also enable people to have various entertaining and exciting programmes in the local, national and international artists to the people of Hong Kong, and it has been able to enhance and improve people’s interest for arts and raise the level of appreciation. Every February and March, people go to the Hong Kong Arts festival and exhibitions at places and venues which traces from large performing theatres to intimate opera house locations.
This festival also enables people to have various choices and options from Classical Music or the Chinese Music, Dance, Chinese Opera, Globe Music, Drama, Western Opera, and family choice and those Art enthusiasts. Hong Kong Arts Festival is also made possible by the support of Hong Kong Jockey Club Charities’ Trust and the Leisure and Cultural Services Department of Hong Kong government. To be able to promote Hong Kong Arts Festival to the local, national, and international market, this event/festival has been able to give two membership series which include Young Friends Scheme and Festival friends are also provided.
1.3 The Festival, Races, Tourism
It is said that tourism is noted to be one of the most essential industries which helps in the economic sector of various countries. The tourism sector of Hong Kong has been known to be the number one resources of profit in the entire nation. This is because of various events, festivals, theme parks and shopping malls. One of these is the Hong Kong Festival which aims on promoting culture and arts to the local, national and international market. As mentioned the festival runs four-five weeks yearly every February and March. The festival sets various programmes and Hong Kong Arts Festivalions to please the target audience. The festival also has their website to inform people about the schedule of essential and significant events and useful information for traditional segments of the arts festivals such as leisure travelers, arts travelers and other segments.
The Hong Kong Arts Festival is known to be a major and only international Horse Racing events and also the premier arts events in the country. They feature works of arts and masterpieces of artist from all over the globe.
2. Analysis
2.1 Market Segment
The market segment of the Hong Kong Arts Festivals focuses on local and international artists whoa are arts enthusiasts including performers, painters and other types of arts. The market segment also includes children, adults and other people who loves arts and who wants to experience the artist festivity in the country.
2.2 SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within Hong Kong, and describes the opportunities and threats facing Hong Kong Arts Festival.
Strengths
- Strong relationships with local and national artists, as well as the market segments who are mostly arts entry
- Excellent artists that captures the heart and interests of the target audience from dance, paintings, entertainment and others.
- Great venue for clear and efficient art exhibits.
- High market segments retention and loyalty among repeat people who always attend to the event.
Weaknesses
- Hong Kong Arts Festival, sometimes lack coordination with some of the artists who wants to join the feast.
- A large marketing budget to develop brand awareness in the international market.
- The struggle to continually appear to be cutting edge.
Opportunities
- Growing market in the international business market with a significant percentage of the target market still not aware that the festival exists
- Increasing marketing opportunities in other multinational industries and brands
- Gaining sponsorships from art enthusiasts and lovers all over the globe.
Threats
- Competition from international arts festival
- Threat of changing market behavior which may affect their interests with arts.
2.3 Hong Kong Arts Festival Life Cycle
The Hong Kong Arts Festival life cycle shows the sales of a Hong Kong Arts Festival over time and consists of four main stages a Hong Kong Arts Festival can be at during its life such as introduction, growth, maturity and saturation and decline. In the introduction, the need for immediate profit is not a pressure. The Hong Kong Arts Festival is promoted to create awareness. If the Hong Kong Arts Festival has no or few competitors, a skimming price technique is employed. Limited numbers of Hong Kong Arts Festival are available in few channels of distribution. Next stage in the Hong Kong Arts Festival life cycle is growth (Marketing teacher, 2004). The Hong Kong Arts Festival line of Hong Kong Arts Festival, though they are not given emphasiss a profit organization, includes arts exhibits and performance of various artists from all over the globe. The proceeds of these will be given to charities in which Hong Kong Arts Festival are affiliated or connected.
3. Marketing Plan
3.1 Marketing Objectives
The main objective of this marketing plan is to consider strategies that will promote Hong Kong Arts Festival both in the national and global market and to promote awareness of the importance of exchange cultures through this kind of festival. Herein, approaches like marketing communications are being considered.
3.2 Promotions
To promote the Hong Kong Arts Festival and its Hong Kong Arts Festival, the Hong Kong Arts Festival will use video advertisements, print advertisements and the concept of online marketing approach. These promotion and communication techniques will tend to meet the target audience form various places, especially those arts enthusiasts or the target audience. Moreover, since the trend in the market place in this generation is the usage of online marketing approach, the Hong Kong Arts Festival will provide a website that any art enthusiasts can access. Online marketing approach is a powerful tool used by organizations around the globe. It is defined as the process of achieving marketing objectives through the use of electronic communications technology. Smith and Chaffey (2001) have provided a 5Ss’ mnemonic for how the internet can be applied by all business firms for various online marketing approach tactics. These 5S’s are selling, serve, speak, save and sizzle.
3.3 Feature Diversification
The feature diversification of the Hong Kong Arts Festival includes the organizations art exhibits and also arts performances from various artists around the globe. As much as possible, the committees of the Hong Kong Arts festival see to it that they provide diversified arts exhibits to meet the changing needs of the market. In addition, the feature diversification includes various themes every year to make it more interesting for the market segment.
3.4 Sponsorship
Hong Kong Arts Festival tries to be helpful to the community by engaging in various charitable activities and by helping local community groups financially as well as helping national movements by means of sponsorship. These factors among other management skills and abilities are the reasons why the Hong Kong Arts Festival is given emphasisto be the major player in tourism industry of Hong Kong.
In this regard, an institution like HK Arts festival attempts to sponsor various social programs like concerts and charity works which are expected to be attended by the target market. Aside from that, the Hong Kong Arts Festival may also sponsor prices of game shows to make the Hong Kong Arts Festival even widely known. During such events, promotion and advertising will take place as well. Again this is one way of making the Hong Kong Arts Festival known and accepted in the market. During sponsorship of huge events, the Hong Kong Arts Festival will be associated with these big events making it famousand widespread. Once Hong Kong Arts Festival has established its name and popularity in the market, then it can continue gaining more target market thus increasing fame and popularity which helps tourism industry. Once this has been accomplished, it will be easier to convince people to try the Hong Kong Arts Festival and have it upgraded in the future when new developments will arise.
3.5 Public Relation
For this market plan, the quarterly action plan in terms of public relations will be conducted with the public relations manager. The main goal of this market strategy is to ensure whether the Hong Kong Arts Festival has been able to reach its projected revenues and to make sure that the Hong Kong Arts Festival has a greater relation with the community of Hong Kong especially for its target market. It can be said that to monitor this issue, the Hong Kong Arts Festival must have a quarterly meeting to be conducted and lead by the marketing manager. The manager will be the one responsible for discussing what has been the achievement of the Hong Kong Arts Festival each quarter and what should be done to increase public awareness. All in all, public relations practice management must be consistent across organizations.
3.6 Communication
It is said that each and every institution, may it be public, private or non-profit institution should be able to consider strategic marketing approach so as to ensure competitive position in the marketplace (Moschis, 1994). One of the most essential and significant aspects of marketing is marketing communications. It is significant because it enables an industry to communicate effectively and efficiently with their target market. Marketing communications is the term generally preferred to promotions. It is a vital contributor to the satisfaction of customer needs and wants. As such, it is essential that managers have an understanding of the factors that are involved in the development of strategies that enable organizations to communicate with their consumers (Shimp, 2003), their channel participants and with other stakeholders, such that those relationships may be developed over the long term.
Hong Kong Arts Festival is inevitably cast into the role of communicator and promoter. The question is not whether to communicate but rather what to say, to whom, and how often. It has been noted that marketing communication is like a coin which has two sides. The first side of marketing communication is concerned with efficiently and effectively giving information and details about the Hong Kong Arts Festival and the products or services to a chose market segments. However, in isolation, what to say and to whom this will be told can be nothing more than a risky second-guessing regarding the allegiances and interests of other individuals. The second face of marketing communication is the inquiry. This side of the marketing communication task gives emphasis with learning from other people regarding the values and interests, and eventually relating this to the interests of the personnel working in the institution. Such process should logically precede the promotion of a specific standpoint in terms of product desirability and relevant consumer satisfaction (Fill, 2002)
4. Reference
Czinkota, MR & Ronkainen, IA (2004). International Marketing. Thomson: South Western.
Elliot, G.R. (1990). The Marketing Concept – Necessary, but Sufficient? An Environmental View. Graduate School of Australia, University of Melbourne, Australia.
Hills, G.E. (1994). Marketing and Entrepreneurship: Research Ideas and Opportunities. Quorum Books, Westport, CT.
Smith, PR, and Taylor, J (1998). Marketing Communications – An Integrated Approach. (4th Edition) London: Kogan Page.
Vestergaard, T. and Schroder, K. (1985). The Language of Advertising. Oxford: Basil Blackwell.
5. Appendix
Appendix 1
Marketing Communication Process
Source: Borden, 1965.
Appendix 2
Traditional Mass Media Model of One-to- Many Marketing Communications
Appendix 3
New Model of Marketing Communications for the Web
Appendix 4
The One-to-One Marketing Communication Process
Task 2
Marketing Report of Events
EXECUTIVE SUMMARY
This report will give emphasis on various festivals and events held in various countries. Herein, the report will provide background of the chosen events and the analysis of each event using SWOT Analysis, Ansoff’s Product-Market Expansion Grid Model. The event includes events include Horse Racing events, Electronic Fair in Hong Kong and Beijing Olympics. For this report, the discussion will include the capabilities of this event in the marketplace and how they are able to sustain competitive advantage by understanding their marketing strategies and approach. This report will be divided in various sections to focus on each events or festivals.
1. Introduction
1.1 Background of Horse Racing events
Hong Kong has a rich culture and tradition of sporting events specifically with their horse racing activities since the establishment of the Hong Kong Jockey Club in 1884. In this generation, the horse racing sport events is still given emphasiss one of the most famous sporting events with fans from various generations. Horse racing events are done in two premiere racing places or arenas which are Sha Tin and Happy Valley race courses. Such two race courses are hosting high-stake races from September through July and draw fervent hordes of visitors as well as spectators who want to witness exciting race and to cheer for their favorite jockeys and horses for the bigger payoff and the big win.
The Happy Valley can be found in a residential area in the northern region of Hong Kong Island and is noted to be the city track. Happy valley hosts races on Wednesday nights with appealing backdrop of sparkling skyscrapers. In addition, weekend races are usually held at the so-called country track of Sha Tin, widely provide focus one of the globe’s finest racing facilities. Sha Tin has been able to host the Cathay Pacific Hong Kong International Races, which is the riches day of turf racing al over the globe and held every December. It also hosted the Mercedes-Benz Hong Kong Derby held every March.
1.2 Background of Electronic Fair in Hong Kong
The event that will be given focus is the Hong Kong Electronics Fair. Such event was organized by Hong Kong Trade Development Council and being held at Hong Kong Convention and Exhibition Centre. The goal of this is to enable various electronic firms to showcase their latest products and designs and to make more customers be aware of the existence of these innovative products. Since Hong Kong has long been connected with the electronics asepcts s well as the city continuous to be a leading light in this kind of products or services, the Hong Kong government has established this event. The events focus on all kinds of assemblies, components, electronic production as well as display technologies. Hong Kong Electronics Fair is being held in various seasons like spring and Autumn Seasons. The goal is to nebale various firms all over the world to reach more target market by introducing their products and services at the fair.
In this event, the section of Product Demo & Launch Pad at the fair is being set to enable the exhibitors to market their latest products or services. The Hong Kong electronic fair is a very unique and interesting fair which attracts both firms and customers of electronic gadgets alike.
1.3 Background of Beijing Olympics
The Olympics is a major international sports activity that has been noted as a prime tourist attraction as well. In countries like United Kingdom, preparations are underway for the upcoming 2012 Olympics. Tom Clift has been chosen by the Coventry, Solihull, and Warwickshire Partnership (CSWP) to be able to identify the various opportunities that could result from the 2012 Olympics. With Clift’s business and sports expertise, he had noted that these activities will bring about major business, tourism and sports benefits. Based from previous Olympic activities in China and other countries, increased tourism has been the most essential opportunity brought about by such major international activities. To be able to optimize the effect of this opportunity, hosts typically make major preparations to meet the satisfaction of the tourists and foreign visitors. Hosts also consider its transportation systems and other tourist attractions near the Olympic site; the preparation of these attractions will be done along with the construction of the Olympic facilities. Generally, it is intended to deliver the best that a country has to offer through major Olympic developments for the tourists (Harris, 2006). Like what China has done. Olympics were held to promore camaraderie and sportsmanship among people and sports enthusiasts all over the world.
2. Analysis
The analysis of the events will include the discussion of their strengths, weaknesses, opportunities and threats and also their product life cycle and the analysis of their products or offerings using ansoff matrix.
2.1 Analysis of Horse Racing events
2.1.1 SWOT Analysis of Horse Racing events
Strengths
- Strong relationships withspectators, horse racers, jockers and other horse racing enthusiasts who are fond of watching and betting in this kind of sports.
- Great venue to race the horse racing events in Hong Kong and to provide service for other international horse racing events.
- Gaining camaraderie and sportsmanship among players and spectators of this event.
Weaknesses
- Hong Kong Horse racing events lacks a clear website that provides the objective of the event and its schedule.
- A large marketing budget to develop brand awareness for the horse racing events.
- The struggle to continually appear to be on the cutting edge among other events.
Opportunities
- Growing market internationally who have interests in joining horse racing events
- Increasing sales opportunities in other international horse racing events
- Gaining more spectators and visitors who enjoy watching horse races.
Threats
- Competition from other venues holding the same event which affects tourism industry.
- Decreasing number of people interested in this kind of events.
2.1.2 Product Life Cycle of Horse Racing events
The product life cycle shows the sales of a product over time and consists of four main stages a product can be at during its life such as introduction, growth, maturity and saturation and decline (See Appendix 2). In the introduction, the need for immediate profit is not a pressure. The considered products for horse racing events include the ticket sales which will be promoted to create awareness. If the product has no or few competitors, a skimming price strategy is employed. In this manner, the Horse racing has a competitor in the market place, hence, the Horse racing events will imposed much lower and affordable cost to each and every ticket sales. The tickets and other good relevant for horse racing can also be considered as product of this event. The tickets and good sales can be done during the events. Tickets that are being sold can only be used once.
2.2 Analysis of Electronic Fair in Hong Kong
2.2.1 SWOT Analysis of Electronic Fair in Hong Kong
Strengths
- Strong relationships with vendors and other industries that offer high-quality and innovative electronic products and gadgets
- Excellent staff who are highly trained and very customer attentive to ate
- Great venue for clear and efficient exhibit
- High customer loyalty among repeat customers and industries who are electronic enthuasiasts.
Weaknesses
- Hong Kong electronic fair lacks a clear website that provides the objective of the event
- A large marketing budget to develop brand awareness for the electronic fair events.
- The struggle to continually appear to be on the cutting edge among other events.
Opportunities
- Growing market internationally who have interests in joining to electronic fairs/
- Increasing sales opportunities in other multinational industries and brands
- Gaining customer loyalty and enhanced tourism industry for visitors in Hong Kong.
- Being identified as a globally oriented electronic fair held in different seasons.
Threats
- Competition from international trade and fair events.
- Existence of electronic fair that caters much bigger venues in the global market.
2.2.2 Product Life Cycle of Electronic Fair in Hong Kong
In terms of product life cycle, Hong Kong Electronic fair usually share proprietary corporate information with external partners and suppliers while ensuring maximum security to enhance efficiency across the product lifecycle by streamlining the company’s procurement, production, fulfillment, and distribution processes (Sobrero & Roberts, 2001) that requires integration of applications and data across multiple geographically dispersed supply chain partners, as well as internal integration with legacy systems (Appleyard, 2003). As stated in the case, the product lifecycle of th gadget market is preferably short, since, buyers have different preferences of gadgets’s in various seasons. In Hong Kong Electronic fair, they use strategiesfor their product lifecycle by identifying which products would be attractive or appealing to the market in a particular period. They provide innovative design and creative electronic products to ensure that all their products will be purchased by the target market.
2.3 Analysis of Beijing Olympics
2.3.1 SWOT Analysis of Beijing Olympics
Strengths
- Strong relationships with spectators, sports enthusiasts and tourists who are fond of watching athletes and other sports activities.
- Great venue to accommodate the Olympics and to provide service for other international sporting events in the future.
- Gaining camaraderie and sportsmanship among players and spectators of this sports event.
Weaknesses
- Beijing Olympics have problems with regards to cultural foundation
- A large marketing budget has been used to develop brand awareness for the Olympics.
- The struggle to continually appear to be on the cutting edge among other events.
Opportunities
- Growing market internationally who have interests in joining horse racing events
- Increasing sales opportunities in other international sporting events like Olympics
- Gaining more spectators and visitors who enjoy watching sports activities.
Threats
- Competition from other venues holding the same event which affects tourism industry.
- Decreasing number of people interested in this kind of events.
2.3.2 Product Life Cycle of Beijing Olympics
Like the electronic fair, the Beijing Olympics has also a short product life cycle because the event is only done in given period of time. As an innovative and unique product, the life cycle of the Beijing Olympics is expected to be extensive. With the current interest of the consumers for sports and sporting events and their increasing openness towards its objective, the Beijing Olympicsis expected to go through years of strong market impact, but in other venues. The main products of the Beijing Olympics which will be available for the sports enthusiast and it will be different in other competition in a way that the company will maximize quality but minimize the cost to be affordable for all types of consumers (Proctor, 2000).
3. Discussion
There are many marketing tools and models that can be used to analyze an existing market, one of which is the use of Ansoff’s Matrix. Hence, this paper will analyze the events using Ansoff’s matrix (See Table 2). Ansoff’s matrix comprises of the present or existing products, new products, market penetration, market development, market diversification, product development, and diversification. Summary of the analysis of events using Ansoff’s Matrix can be seen in the following table.
3.1 Analysis of Horse Racing events by Ansoff’s Product-Market Expansion Grid Model
Table 1
Analysis of Horse Racing Events using ANSOFF’S MATRIX
Product
Market
Existing Products/Services
Horse Racing Events
New Products/Service
Horse Racing products and apparels
Existing Products/Services
Horse Racing Events
Market Penetration
-
Considering advertisement for promotion
-
Strategic use of branding and marketing communication
Service Development
-
Utilizing innovative and creative marketing strategy to promote the new products/services
-
Giving focus on different target market from spectators, to sports enthusiasts
New Products/Service
Horse Racing products and apparels
Market Development
-
Market entrance to international or global market.
-
Recognize because of excellent marketing approach
Diversification
-
Using concentric diversification
-
Acquiring other brands and products
3.2 Analysis of Electronic Fair in Hong Kong by Ansoff’s Product-Market Expansion Grid Model
Table 2
Analysis of Hong Kong Electronic Fair using ANSOFF’S MATRIX
Product
Market
Existing Products/Services
Electronic gadgets
Mobile
Digital cameras
Scanners
and other gadgets
New Products/Service
New and innovative electronic gadgets
Existing Products/Services
Electronic gadgets
Mobile
Digital cameras
Scanners
and other gadgets
Market Penetration
-
Considering advertisement for promotion of these electronic gadgets
-
Strategic use of branding and marketing communication to help multinational companies gain competitive position
Service Development
-
Utilizing innovative and creative marketing strategy to promote the new products/services
-
Giving focus on different target market from spectators, to sports enthusiasts
New Products/Service
New and innovative electronic gadgets
Market Development
-
Market entrance to international or global market.
-
Recognize because of excellent marketing approach
Diversification
-
Using concentric diversification
-
Acquiring other brands and products
3.3 Analysis of Beijing Olympics by Ansoff’s Product-Market Expansion Grid Model
Table 3
Analysis of Hong Kong Electronic Fair using ANSOFF’S MATRIX
Product
Market
Existing Products/Services
Oympics Sports Apparel and other products
New Products/Service
New and innovative apparel products in sports
Existing Products/Services
Oympics Sports Apparel and other products
Market Penetration
-
Considering advertisement for promotion of these sports apparel and other products
-
Strategic use of branding and marketing communication to help multinational companies gain competitive position
Service Development
-
Utilizing innovative and creative marketing strategy to promote the new products/services
-
Giving focus on different target market from spectators, to sports enthusiasts
New and innovative apparel products in sports
Market Development
-
Market entrance to international or global market.
-
Recognize because of excellent marketing approach
Diversification
-
Using concentric diversification
-
Acquiring other brands and products
The major services/products offered mentioned in the tables above for the three events in Horse racing, Hong Kong electronic fair and Beijing Olympics are provided. It can be seen that the three events considered new market products/service, which is also shown in the tables. The events products/services have been recognized because of its strategic market penetration which includes branding and the use of advertisement. With this the events have been able to have a new market segment from different target audience and market segments. In order for these events to enter in this marketing arena, the company used the concentric diversification. Concentric diversification is the expansion of a certain industry through diversification into a related industry (Hunger & Wheelen, 1996) like what the three events have done.
It can be said that through the marketing strategy utilized by the three events, they have been able to competitively position themselves in the marketing arena. Withother events in the global market, these events is said to have competently position its place to be known by their targhet audience. l. In addition, with its strategic used of the concentric diversification which lead these events to acquire other marketing approaches, the events have reduced the cost of marketing entry but increase the profits of the organization as a whole.
Elliot, G.R. (1990). The Marketing Concept – Necessary, but Sufficient? An Environmental View. Graduate School of Australia, University of Melbourne, Australia.
Hills, G.E. (1994). Marketing and Entrepreneurship: Research Ideas and Opportunities. Quorum Books, Westport, CT.
Hunger, D.J. and Wheelen, T.L. (1996). Strategic Management (5th edition), England, Addison-Wesley Publishing.
Proctor, T 2000, Strategic Marketing: An Introduction, London: Routledge, pp. 21-36.
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