Research Korner: The Marketing Report Of Hong Kong

The Marketing Report Of Hong Kong and A Marketing Report Of Hong Kong

Part 1: Marketing Report   Introduction             With the advent of information technology and other kinds of technology, different industries and companies have pave the way for the creation and development of new electronic gadgets and other technological gadgets. With the awareness of the consumer with the latest designs and products, different industries are now joining different exhibits to showcase their latest inventions and discoveries.  Some countries have been able to use this kind of events to help their tourism department to attract more tourists.             In Hong Kong, tourism is known to be the number one sources of income of the entire nation.   This is because of different theme parks, events, festivals, and shopping malls in the country. Primarily, the main goal of this report is to provide a marketing approach for specific events in Hong Kong. In this report, the author will give emphasis on sporting event, specifically the Hong Kong Electronic Fair events in the country.             Type of Event             The event that will be given emphasis is the Hong Kong Electronics Fair. This event was organized by HK Trade Development Council and being held at Hong Kong Convention and Exhibition Centre. This event aims on enabling different electronic industries to showcase their latest products and designs and to make more people be aware of the existence of these innovative products.              Since Hong Kong has long been associated with the electronics business as well as the city continuous to be a leading light in this kind of industry, the Hong Kong government have established this event. The event includes all kinds of assemblies, components, electronic production as well as display technologies.  Hong Kong Electronics Fair is conducted in different seasons like spring and Autumn Seasons. The aim is to help various industries 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 distinctive fair which attracts both industries and customers of electronic gadgets alike.   Age of the Event The Hong Kong Trade Development Council has been established in 1966 and since then, the organisation has been able to provide different events to gather industries and customers to see the latest inventions in terms of electronic products and other relevant products and designs. The event has been running for more than a decade and the event is being held for spring or autumn seasons. The 2008 Hong Kong electronic Fair will be the 28th electronic fair held and is expected to attract more industries and customers from various parts of the world.             Target Market             The target market of the organization focuses on local and international visitors who are enthusiasts of the latest electronic products or services. The event has been the largest electronics fair all over Asia and the third largest in the global market. The attendance for the event as said to be steadily increasing annually reaching the capacity of the host of the event. The target market includes industries who will introduce or launch new and innovative products and designs and also customers who are attracted by the products presented.   Market Statistics             The estimated event goer during the exhibits are said to increase every edition.  Every year the event has been able to attract for exhibitors and also more markets from different parts of the world. Accordingly, the market for electronic consumers in the country has been very vibrant. With the mobile subscriber penetration rate closing to 160% as well as the people amenable for adopting the latest technologies, Hong Kong has become a good testing venue for the latest IT innovations. Furthermore, the 7 million people who live in the country also have more than 28 million visitors (according to the last years statistics) and most of these tourists come to shop for the very latest and high quality electronic products and other technologies (Info, 2008).      Table 1 29th Edition Statistical Data : Year No. of Exhibitors Gross Area 2008 2,610 65,117 sq. m.   Pest Analysis             Hong Kong Electronics Fairs will also be analysed through the use of PEST analysis. o   Political             The first aspect to be considered is the political environment of Hong Kong Electronics Fair which concerns the role of the government and its influence in the event. In addition, this also includes the extent to which the political aspects intervene in the economy. The Hong Kong government has been very supportive with different festivals and event since the government knows the significance of these events to their tourism industry. Hong Kong government believes that these industries will be beneficial for the nations; the Hong Kong government is also open for other possibilities of considering the products of different industries which participated in the events.   Economical             The next aspect to be considered is the economic facto. Accordingly, the amount of economic activity in this kind of environment is extremely an important element for any events like Hong Kong.  Whilst assessing the economic environment in which the Electronics Fair operates. The Hong Kong government tries to terminate the level of economic activity to provide positive and friendly environment for this kind of festivals and events. It can be said that Hong Kong economic situation is strong and stable. With this, the country is able to sustain good relation with different vendors and industries of electronic and technology gadgets in the global market. The economic stability of the region has helped the Hong Kong Electronics Fair to have a good economic performance. o   Socio-Cultural             It can be said that social environment is of great importance when being applied to different organisations, and in this case festivals or events like Electronic Fairs. Hong Kong has been considered as one of the Asian regions which is considered to have a strong market for electronic gadgets technological products, it can be said that the Hong Kong electronics Fair have a greater opportunity to grow even more in the global market. The demographic changes and the psychographics of the global market have open more chances for the electronics and technology industry to achieve its goal and mission. o   Technological             Lastly, technological factor has helped in reducing the barriers of entry for other electronic and technologically associated industries. It has also supplemented in the cost of capital in other regions, to enhance the products shown in Hong Kong electronics fair. Through the use of more advanced and efficient technology, Hong Kong electronics fair have been able to provide innovative products and gadgets to meet the needs of their target market.   Marketing Strategy Positioning As of now, visitors or travellers are not only visiting a certain place or events, simply just for fun. Most of them are looking for excitement, and more importantly learning process and most of them are looking for new products and services that would satisfy their needs.  This is one of the reasons why, more and more countries are trying to be the number one choice of the tourists by providing them with exciting and unique travel experiences. The primary market for the said strategy will be local and international industries who want to show and promote their latest technology and electronic products and tourist who become potential customers for the event. The target market includes those individuals who want to have the latest in the electronic industry parents to see live horse racing events.             The said strategy will focus on attracting more industries to join the Hong Kong electronic Fair events and to attract more tourists to witness the exhibitions during the event.  The said offers and services will get the attention of the target market from the said field. On the other hand, it will also have an influence to those technologically attached individuals. Because it will give them a sense of knowledge regarding on what is latest in the electronic market. Tourists are also welcomed as a target markets especially those who came to see the most innovative products and services.  The said marketing plan will be benefited from the trade sector of the country; furthermore, it will also be benefited from the growing tourism industry of Hong Kong.     Communications Strategy             Communication strategy focuses on the entire relationship aspects of the Hong Kong Electronic fair events towards the target market. This can be done by different communication strategies that will mainly focus on communicating and relating with the electronic and technology fair events. It will be done by series of different communication method such as press, advertisement, website, seminars, and other events that are related to the said aspects. In terms of this approach, the use of Integrated Marketing communication strategy will be considered.             Primarily, the aim of communication strategy gives emphasis on the entire relationship to be build by the product to the target audience (Moschis, 1994) .  The approach that will be considered in this market planning is the integrated marketing communication. IMC is known to be an effective approach for coordination the entire message and media used by an organization to collectively impact its perceived product value (Clowe & Baack 2004). Furthermore, this can be used for generating and sustaining close relationship with the target market by controlling efficiently all the information and message sent to them and by objectively encouraging two-way dialogues with their audience. In this regard, the aim of the IMC is to promote the world smartest beach bag through the use of different promotional aspects and the marketing approach to communicate the message of promoting the products to the target audience mentioned above (Moore and Thorson, 1996).             In this regard, advertisement will be conducted to position the Hong Kong electronics fair events product by different video and visits different venues for actual demonstration on the function and use of the electronic gadgets and other products and this will happen via direct relationship. Moreover, another approach is to use print advertisements through newspapers and magazines related to tourism and travel.  And lastly, the use of the internet will be considered as the best way to communicate and reach more consumers through their website. Sales Strategy             The sales strategy focuses on the direct relationship with the industries and customers who are enthusiastic with the new products and designs for the electronic products. This will be done  by  this will be done by process of offering different packages in order to come up with the demand, desire and budget of the HK Electronics Fair events. In addition to that, it will also be important to have a direct relationship with different trade areas in Hong Kong.   Marketing Budget             The advertisement of the entire project focuses on the TV, Newspaper ads, flyers as well as the Internet. Each TV advertisement causes HK$500 dollars per 30 second ad per station. The newspaper ads cost HK$500 per advertisement; furthermore, the flyers cost HK$100, where in HK$0.10 each (Jacksack 2008). Communication Estimated Quantity Estimated Cost Per Unit Estimated Subtotal Flyers 5,000 HK$0.10 HK$500 Television 10 HK$500 HK$50000 Website 1 HK$350 HK$350 Sponsorship 3 HK$300 HK$900 Total     HK$51750               This communication and marketing budget will focus on the relationship of the organization towards the primary market.   SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the Hong Kong, and describes the opportunities and threats facing Hong Kong Electronics Fair   Strengths <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> Strong relationships with vendors that offer high-quality and innovative gadgets</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> Excellent staff who are highly trained and very customer attentive. </li> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> Great venue for clear and efficient exhibit</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> High customer loyalty among repeat customers and industries who go to the event</li> </ul> Weaknesses <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="line-height: 200%"> Hong Kong electronic fair lacks a clear website that provides the objective of the event </li> <li class="MsoNormal" style="line-height: 200%"> A large marketing budget to develop brand awareness in the area. </li> <li class="MsoNormal" style="line-height: 200%"> The struggle to continually appear to be cutting edge.</li> </ul>   Opportunities <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> Growing market in the global market with a significant percentage of the target market still not aware that the event exists </li> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> Increasing sales opportunities in other multinational industries and brands</li> </ul>   Threats <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%"> Competition from international trade and fair events. </li> </ul>     Conclusion             Analysis shows that Hong Kong Electronic fair events should be able to use effective and efficient marketing strategy to position them in both the local and global market. Herein, the Hong Kong Trade and Development Council marketing approach will serve as their competitive edge to establish competitive position in the market. Furthermore, it can also be concluded that although the company has some weaknesses, they are able to make it as a potential factor to stay in the competitive market. This marketing plan is a helpful tool for the company to achieve their vision and mission. In order to market the Hong Kong Electronic fair events in Hong Kong, the government should be able to give importance on the value of these events in the entire HK tourism.   Reference Clowe& Baack (2007) integrated advertising, promotion and marketing communications 3rd edition. Pearson Prentice Hall. Moschis, G 1994. Marketing Strategies for the Mature Market. Quorum Books, Westport, CT. Jacksack, S 2008, Setting a Marketing Budget, Score, viewed 18 October 2008, http://www.score.org/m_pr_11.html Kotler et al (2004). Principle of marketing, the European edition. Moore, J & Thorson, E 1996, Integrated Communication: Synergy of Persuasive, Lawrence Erlbaum Associates, Mahwah, NJ.    Part 2: Marketing Report Portfolio of Festival   Summary             Marketing communication is one of the most important elements to generate target audience and to convey information to them. In this report, different events have been considered and analysed their marketing communication approach. The events include Hong Kong Electronics Fair, Hong Kong Rugby Seven, and Singapore Arts Festival. This paper has been able to provide details about marketing communication and how this can help an event to become successful. Analysis of the marketing communication of the three events has been considered and it shows that the three have been able to use different marketing communication approach and have different objectives in doing so. The Hong Kong Electronics fair objective was to attract tourists and electronic and gadget enthusiasts and to provide information and the latest electronic and technological products and services while the Hong Kong Rugby Seven, aims of attracting sports enthusiasts to visit Hong Kong and be part of the exciting tournament.             Singapore Arts festival campaign aims on promoting awareness on the cultural and arts elements of the nation not only in the local but also international level.  By and large, it can be concluded that marketing communication approach is important to convey important message to the people.   Introduction Marketing Communication has always been one of the key points to an enterprise’s success; how the products or services are being portrayed through the ads are very likely to help affect the sales rates. The aims of Marketing Communication are to convince consumers to use their products, to give them an alternative or convince them to change their current products, and to increase the company’s sales profits. Because of this, financial success is the goal of Marketing Communication, and it may be achieved through an equally successful persuasive ads.  According to Shimp (2003), there is ample evidence that the century-long domination in marketing communications by mass media advertising and advertising agencies is coming to an end. Marketing budgets are being shifted away from traditional advertising to behavior-oriented disciplines like consumer promotion, direct marketing, and direct-response advertising. Retailers are gaining strength over manufacturers New media technologies are increasing the fragmentation of media usage. On the other hand, prime-time television, long the main channel for mass campaigns, has had its audience diminish from 90 percent to 68 percent in the last 20 years (Griffin & Mcarthur, 1997). Every company is inevitably cast into the role of communicator and promoter. For most companies, 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 company 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 organisation. Such process should logically precede the promotion of a specific standpoint in terms of product desirability and relevant consumer satisfaction (Fill, 2002 Eventually, several companies began to go beyond conventional practice and used other promotional specialists to improve and implement their market plans. Primary, the main goal of this report is to compare and analyse the strategic effectiveness of the marketing communications strategy used by different events or festivals in various countries.  For this report, the sport events that will be analysed are the recent Hong Kong Electronics Fair, Hong Kong Rugby Seven, and Singapore Arts Festival. In this report, the marketing communication of each of the events will be given emphasis.   Overview of Marketing Communication It is said that each and every organisation, may it be public, private or non-profit organisation should be able to consider strategic marketing approach so as to ensure competitive position in the marketplace (Moschis, 1994). One of the most important aspects of marketing is marketing communications (See Appendix 1). 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. Every company is inevitably cast into the role of communicator and promoter. For most companies, 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 company 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 organisation. Such process should logically precede the promotion of a specific standpoint in terms of product desirability and relevant consumer satisfaction (Fill, 2002) The overall result of this effort is intended to be the positioning of the provider as an efficient preferred source of solutions to problems experienced by people as buyers and consumers. This is the managerial aim in managing marketing communication. The challenge is to ensure that expressive communicative activity is clear, consistent, and coherent, while also enabling and facilitating impressive communicative activity that aids judgement and decision-making. Marketing communication is widening in scope to embrace the idea that healthy relationships between customers and suppliers are the basis for the prosperity of each. Expectations are growing for authentic communication as part of a stakeholder relationship based on trust and commitment of core benefits to users and consumers so must be differentiated through benefit augmentation to attract buyer and consumer attention when promoted (Clow & Baack, 2004).   Comparison Analysis Overview of the Electronic Events             Hong Kong Electronics Fair has been conducted to facilitate exhibits of the new electronic and technology products and designs from different industries and multinationals. It caters to the needs of the customers to know the latest and the most innovative products and services a company can offer. Throughout the years, the event was being held and each year new companies are joining the event showing and demonstrating their products and designs at the fair. Since there are more people who are purchasing and utilising electronics, the interest in these products is reflected in the growth of the Hong Kong Electronics Fair. Every year is considered a bigger event, having to expand their venue into the adjacent building so as to accommodate guests, exhibitors and spectators.             In order to attract more vendors and industries to show their new and latest products, the Hong Kong Electronics Fair events facilitators are using an efficient marketing communication.  By implementing integrated communication more effectively, any firm may gain advantage by offering its product or service that is cost effective as compared to other products or service in the market. So the writers or speakers in any business organization may gain competitive advantage over its competitors by using effective business communication techniques as if they are differentiated from their competitors by offering their target market something unique and different that is of more value. So the business communication is more related to the concept of rhetoric which is treated as a discipline that concentrates on effective communication in oral, written and print media that places the audience at the center of communication activity.   Herein, the event is using print advertisements, media and internet advertisement to announce when the event will be held. Through their official websites, people and industries can see the agenda of the event including the schedules.             It can be said that during the fair, most of the exhibitors of the events are using personal selling approach. Sales are an important part of any commercial transaction. The most common approach to personal selling pertains to a systematic process of continuous yet measurable methods in which the person selling describes his offered products or services in such a way that the buyer will be able to visualize how to benefit from the offered products or services in an economic way. Selling is basically a part of the implementation procedures of marketing.  It often forms a particular grouping within a corporate structure, employing independent specialist operatives known as salesmen (Berger, Demsetz & Strahan 1999). The continued interrogation in order to understand a consumer’s goal as well as the establishment of a set of feasible solutions by conveying the necessary information that convinces a buyer to achieve his goal at a reasonable cost is the main responsibility of the sales person. On the other hand, the main objective of professional sales is to be able to know the needs and satisfy the wants of consumers effectively, and therefore convert possible customers into actual and reliable ones. Some of the distinct advantages of personal selling include the immediate access to feedback, the persuasive nature of the endeavours, the option of choosing a target audience for the sales person, and its capability to give detailed information. For some scholars, personal selling is a one to one communication with potential customers of a specific product or services with the intention of making a sale.  In Business to business marketing communication, the concept of personal selling is considered essential. Through the aspect of personal selling, it enables the marketers that the entire campaign element has been integrated in order to achieve the desirable marketing communication objectives. Consumer does not separate or divide advertising, sales promotion, sponsorship and internet as marketing communications techniques. They tend to receive the messages from various sources and build-up either favourable or unfavourable images a certain products or services.  As far as they are concerned, the source of the message is unimportant. What they will be concerned with is the content of the message and to what degree the product promise is actually delivered (Fill & Yeshin, 2001).             In addition, the use of effective communication plays a critical role in the Hong Kong Electronics Fait n in a way that it gives the opportunity for the product to sustain its marketability. The application of integrated marketing tools can enable the sellers or marketers to communicate with the other target segment. For instance because of the increasing popularity of the world wide web, each company that invests in having their own website will have the chance to reach consumers locally and internationally. This means that the reach of the product are also extended and expanded in the global market, through the use of integration of effective marketing communication approach. With this, products of different company in the Hong Kong Electronics Fair will be able to emerge quickly in the marketplace since the tools and approaches of integrated Business to business marketing communication will act as shop window for many businesses today. In addition, through personally selling integrated with it, this will also permit the clients to easily know important information about a specific product and to know the different features a specific product.  In addition, the effective marketing communication is also important in impacting the product since this will served as a marketing communication approach for effectively promoting the new electronic and technology products and services, which will aim to result in a more sales from other distribution channels.                The rationale for choosing this marketing channel is that Integrated marketing communication can help products to meet target consumers worldwide and this could be a great opportunity to be developed and in order for product to be quickly recognized by the target market.     Overview of the Sports Event             Rugby sevens is a variety of rugby union in which football is played with only seven players per side feature instead of the full 15.  The Hong Kong Sevens have been established in 1976. It has been suggested that Rugby Sevens tournament will be logistically more possible and be a better spectacle than a 15-a side tournament. Accordingly, the Hong Kong Sevens Tournament has been noted to have a good history. This is now considered the iRB’s Jewel in the Crow in the series and has been able to grow in popularity with the spectators and players alike. The marketing communication approach of this sporting event aims on telling the importance and the logistical reason for choosing Rugby Sevens tournament.  The marketing communication approach features various promotional activities to reach target audiences from local and global market. They consider media through TV and radio advertisements, print advertisements through sports magazines and newspapers and interactive approach through mobile, online or the internet throught he official website of the Rugby Sevens which is http://www.hksevens.com.             The main goal is to target younger market through high-profile websites like and other social networking sites and the mobile activity. This marketing communication approach has used their official website to promote the tournament all over the world to spectators and players as well.             With the success of the of the Rugby Sevens tournament host in Hong Kong, it can be said that the marketing campaign and communication through the help of their website and other sponsors has been successful and effective. Through the marketing communication strategy of Hong Kong Rugby Sevens they are able to relay the messages to the public. Accordingly, it can be said that HK Rugby Sevens has been able to use integrated marketing communication approach to reach target audiences in both local and global market. The IMC approach has been effective for campaigning Hong Kong Rugby Sevens as it helps in identifying the most useful and appropriate methods in communicating and establishing good customer relations, including good relationships with stakeholders like the sponsors of the Hong Kong Rugby Sevens like major brands such as Adidas and other brands. By and large, it can be said that Hong Kong Rugby Sevens has been successful in generating income and turnover through their comprehensive marketing communication approach.   Overview of the Cultural Events             The cultural event that will be given attention in this report is Singapore Arts Festival. The Singapore Arts Festival is considered as focus programmes for the Singaporean culture so as to provide a broad range of art programmes from all different parts of the world.  This festival has been an essential symbol for the Singaporean culture.  The festival has been able to introduce various entertaining and exciting programmes locally, nationally and internationally produces to the people of Singaporean, and it has been able to stimulate the interest of the people in terms of arts to raise the level of appreciation.             The Singapore Arts Festival started in 1977 as a national arts festival that celebrates local arts activity of the country’s diverse communities. Throughout the years, Singapore Arts Festival has been able to play a catalytic and symbiotic role in the development for the cultural and artistic life of the nation.  This even has helped in transforming the city’s cultural landscape, turning into one of the major cultural hub today in the entire Asia. The event has impacted the work of artists and creates a growing public demand for the arts, establishing new cultural platforms, events as well as the movements which help in underpinning the lively cultural scene in present Singapore. Today the Singapore Arts festival has been described by an innovative and progressive spirits, committed to commissioning new art works by primarily Asian and Singaporean artists inverting in works which bridges cultures, disciplines, and geographical boundaries which explores contemporary and modern issues related to memory, history, migration and urban living; and discovering the existence and promising artists and encouraging both local and international artistic collaborations and exchanges.             In addition Singaporean Arts Festival, also give emphasis on an extensive programme of free outdoor performances in the entire island to bring the arts tit the doorsteps of Singaporeans. The festival has the ability to the create social network that conveys the process of festival collaborations and cultural dialogues. Accordingly, the marketing communication of the Singapore Arts festival promotes and raises the cultural consciousness of the people from the local and the international market. Aside from this, Singapore Arts Festival also utilise celebrity endorsements by considering famous Artists to participate in the Singapore Arts Festival events. Through the use of an effective marketing communication approach by the Singapore Arts festival, it gives the opportunity to the festival to sustain its marketability and its visibility in the print and media advertisements and also interactive ads through their website. The application of this marketing communication approach enables the Singapore Arts festival to communicate with the other target segment. For instance because of the increasing popularity of the World Wide Web, Singapore Arts Festival have the chance to reach consumers locally and internationally. This means that the reach of the festival are also extended and expanded in the global market through the use of integrated marketing communication.   Conclusion Marketing communication approach is said to have many benefits among different products, organizations, events. Through an effective communication, the message is being relayed to the target audience effectively. Furthermore, this will also permit the clients to easily determine the essential information about the events may it be sporting, community and cultural events.  Analysis shows that each of these events has been able to use unique but effective marketing communication approach. The three events: Hong Kong Electronics Fair, Hong Kong Rugby Sevens and Singapore Arts Festivals have used integrated marketing communication approach to market the events. The three has been able to have successful marketing campaign because of their comprehensive marketing communication approach. Different evernts have decided to set aside traditional approaches and have come to accept the innovative perspectives in promoting their products and services to their target market. Herein, marketing concepts has exceeded from the connotation of being an expense to being a part of the industry’s essential investment; from being product-focused to becoming customer oriented.  The context of both marketing and advertising can be considered as investment because of the potential profit that may emerge upon implementation of such strategies.  Furthermore, instead of emphasizing product attributes, many firms have realized that it is the customer is more important to be given attention for every marketing strategy since the customer are the recipient and the ultimate assessor of the products and services the company provides.  In order to do so, many marketers are able to consider the use of Integrated Marketing Communication (IMC).  By and large, it can be said that the new communication model of integrating personal selling can help different industries to significantly improve marketing communication and help different events and festivals meet their short-term and long-term business objectives and establish stronger relationships with all of their target audiences.     Reference   Berger, A.N., R.S. Demsetz and P.E. Strahan (1999), ‘The consolidation of the financial services industry: causes, consequences, and implications for the future’, Journal of Banking and Finance, 23, 135-194.   Borden, NH 1965, “The Concept of the Marketing Mix,” in Schwartz, G., (Ed.), Science in Marketing, New York: John Willey and Sons, pp. 386-397.   Clow, KE & Baack, D 2004, Integrated advertising, promotion, &marketing communications, 2nd edn, Prentice Hall, Upper Saddle River, NJ   Fill, C and Yeshin T 2001, The Official CIM Course book: Integrated Marketing Communications, Butterworth-Heinemann, Oxford. Fill, C 2002, Marketing Communications: Contexts, Strategies and Applications e. Harlow: Pearson Education. Harris, A, 2006, 'Sporting chance!', Coventry Evening Telegraph (England), Shimp, TA 2000, Advertising Promotion: Supplemental Aspects of Integrated Marketing Communications, 5th edn, The Dryden Press, Harcourt College Publishers, Fort Worth, TX. Shimp, TA 2002, Advertising, Promotional and Supplemental Aspects of Integrated Marketing Communications. The Dryden Press, Harcourt College Publishers, Fort Worth, TX.               Appendices Appendix 1                     Marketing Communication Process Source: Borden, 1965.

The Marketing Report Of Hong Kong and A Marketing Report Of Hong Kong

Part 1: Marketing Report Introduction With the advent of information technology and other kinds of technology, differ...

Financial Management: Hong Kong Hospital Authority

Financial Management: Hong Kong Hospital Authority   Executive Summary             The main goal of this paper is to conduct business case analysis on the proposed approach of HA to reduce the cost of hospital fee by the government, specifically for those patients who are suffering from cellulites who need intravenous antibiotic everyday.  In this regard, the discussion involves the analysis of the potentials of this new financial management approach using different techniques such as Stakeholder’s analysis, PESTLE analysis and Forced Field Analysis. In terms of financial aspects, this report has been able to use Cost Benefit Analysis of the said venture. Further, this case also provides some important details on this can be done through various options.  The analysis have found out that with the objective of the hospital to reduce the hospital fee for patients with cellulites they must be able to know what option to use and that is by collaborating with other agencies to help them shoulder the cost or assist them.   Introduction             A business analysis is an essential tool to enable the company to evaluate the viability of starting a new management venture. It gives essential information required to make the critical decision of whether to go forward with the new approach or not. The main goal of the analysis is to ensure that the institution is on the right track.  The aim of this analysis is to make sure that the firm will be able to identify or not to proceed with a project and to identify any important risks associated with the project. The feasibility of this new organisational venture can be ascertained in line with the technical aspects, economic aspects or both. On one hand, a business case approach is documented with a report that shows the entire ramifications of the project. It is a preliminary analysis conducted before real work of a project begins to ensure the likelihood of the project’s success. Such type of study enables the institution in finding alternative solutions to a certain issue and presents recommendation on the best alternative (Shaw, 2001). In establishing a new project, one of the most essential business aspects that should be considered is the financial capabilities of the organization. In this particular report, being able to recognize the needs of Hospital Authority of Hong Kong to meet the needs and improve the hospital environment by reducing the burden of costs shouldered by the government in terms of caring with patients having cellulites, the HA is trying to do it by considering various options. The following are the considered options. o   Seek the cooperation of the patient and let them attend AED once daily until the session is finished o   Encourage the patients to avail private hospitals service and let them should the cost of their treatment. o   Engaging with other institution which will help patients and governments in reducing the cost that their allocate for patients with cellulites.   In this regard, the third option which is s by seeking the help of other institutions who will should half or even the entire fee of the patient with this sickness is being chosen. In this regard, the goal of this study is to provide a clear financial project plan for the proposed options in solving the issue of cost reduction. This report will provide a discussion will include the analysis of the current environment of HK in terms of health and social contexts and to provide ways on how this service would be pursued in terms of financial aspects.   Overview of the Service             The case was about the financial analysis for considering various options on how to reduce the cost of the hospital feel for patients with cellulites. .  It can be said that this is one of the growing problems among individuals in HK. In Hong Kong, hospitals has been able to realized the need for reducing the cost of hospital fee for these patients, they are still having problems on which approach to use that will be beneficial for the patient and the government and hospital. Basically, the reduced cost of hospital fee that government is allocated with these patients will be a big help for the government because the finances that they will save from this will benefit other patients.  The service will be implemented in the hospitals in Hong Kong Hospital Authority.             Analysis of the Proposed Service Extension             In the proposed reduction of cost for hospital fee, it is important to analyze the market environment of the said service portfolio to determine the potentials of the proposed service. In this regard, the market environment will be analyzed using some tools like stakeholder’s analysis, PESTLE analysis and Force Field analysis.                         Stakeholder analysis             In order to have an effective implementation of the new approach used by HA to reduce the cost provided with the patient having cellulites   it is essential to analyze the stakeholders who will be active or involved in this project. The main goal of this analysis is to identify who among the stakeholders will have high and interest on the problem, which will have the authority to influence others for the new approach used by HA to reduce the cost provided with the patient having cellulites. Further, this stakeholder analysis also aims on identifying who are the subjects, players, bystanders and actors involved in the new approach used by HA to reduce the cost provided with the patient having cellulites. The stakeholder analysis will be discussed using the stakeholders’ grid.   Figure 1 Stakeholder Grid     HIGH     INTEREST   Patients with cataract, most especially older patients         Health care providers, community or local government and federal government Non-government organization, volunteer groups, media, Educational organization       Relatives Parents Youth           Community or local healthcare providers, Department of health and federal government International Institution   LOW   POWER/INFLUENCE HIGH     In this proposed service extensions the potential stakeholders include the hospital administration, community health organizations, HK government, the cataract patients, funders and HK government health regulators and policy makers. Accordingly, various stakeholders have varying amounts and kinds of power, and those with the greatest influence shape a strategy from a number of specific decisions (Shafritz & Ott, 2001). Stakeholders are given the outmost authority in any business setting, like in this case the implementation of the new service for the new approach used by HA to reduce the cost provided with the patient having cellulites. Their power and importance is beginning to gain slighter advantage when compared to an organization’s management team. Stakeholders provide a diverse influence to both kinds of organizations and they guide the people in the organization so that the goals will be met. In this regard, the stakeholders for this proposed service extension can be considered as significant for the decision making of pursuing new service of the new approach used by HA to reduce the cost provided with the patient having cellulites in one of the hospitals in Hong Kong Hospital Authority. According to Johnston & Clark (2001), product and service design involves translating stakeholder needs into service requirements, formulating quality goals and cost target, documenting specifications, refining existing products and services, and developing new ones as well.  With these, stakeholder analysis, the hospital management can be able to modify the new approach used by HA to reduce the cost provided with the patient having cellulites to meet the needs and demands of the stakeholders and most especially the patients.               PESTLE Analysis             The environment for the new approach used by HA to reduce the cost provided with the patient having cellulites is also analyzed through the use of PESTLE analysis.   Political The new approach used by HA to reduce the cost provided with the patient having cellulites will not get any good reputation, trust and success if it will not be aware of what is happening in the political sector Hong Kong, especially in line with the health policies by the Department of Health and Hospital Authority. The hospital should guarantee that sure they are aware of the political situation of the country and the company has its position with regards to political issues and that the management of the hospital who will implement the said services should be prepared for any problems concerning the political sector (Brundtland, 2001). The government or organizational jurisdictions or responsibilities involved includes department of health (Caulfield & Liu, 2006), local and national government and their international linkages who are supporting the notion of having quality living. The responsibility of the government is to establish an organization which focuses on the new approach used by HA to reduce the cost provided with the patient having cellulites management about the new approach used by HA to reduce the cost provided with the patient having cellulites. In addition, the government is responsible in providing financial support to the hospital that will pursue that said health project. The government should make a new policy that engage in enabling hospital authority that will disseminate information about the problem.   Economic Throughout the years, it can be said that one of the problems of HK health authority is with regards to their financial stability. With the reformations made by the HK government, it can be said that the country’s economic stature is doing well that’s why they try to improve their services to give the best healthcare services that meets the needs of their patients. It is not only the economic situation of the hospital that should be taken note of but also the economy of the country, the hospital management should be able to check first the economic status of the country they are operating in before making decisions because making decisions during a difficult time on the economy of another country may cause catastrophe for the company. The role of the government in regulating health care providers will be limited to ensuring that providers and payers do not engage in anticompetitive practices and that the safety of patients is protected (Casebeer and Hannah, 1998). This means that the government tries its best to reduce the healthcare costs at all levels for the consumer’s benefits.   Social The hospital management that proposes the implementation of the new service for the patients with cataract makes sure that the service they offer and will be accepted by the general public. The hospital management restricts and does not authorize the implementation of new services which they know will cause outbursts or complains from different group in the society. The hospital management makes sure that they have a very good relationship with different sector in the society.   Technological As part of the new service that will be implemented in one of the hospitals in HK, the management offered new innovations in the technological sector and introduced new concepts with regards to the new approach used by HA to reduce the cost provided with the patient having cellulites.  Since technology rapidly changes the company makes sure they are updated to what is happening and they can adjust to these changes. The company makes sure that the services they have are updated with regards to technology and if new technologies emerge they can compete with this kind of service.   Legal             In any country there are laws that need to be followed. These laws restrict or allow any action to be done. The laws make sure that the people do what is right and just. It prevents any arguments or differences. The hospital management makes sure that it follows the different laws and provisions provided by Department of health of Hong Kong and the Hospital Authority.  In addition, the hospital management also makes sure that the different healthcare laws are followed in any actions and activities they made.   Environmental The world is starting to be more conscious of building a better future for the people. Every possible way to ensure a better future is used. Different organizations are doing things to ensure that the future will be a bright one. The hospital management makes sure that the services that would be given will cause minimal problems to the environment.   Force Field Analysis             Aside from the stakeholder and Pestle analysis, this business report will also include Force Field Analysis (See Appendix 1). FFA is a useful approach for analyzing all the forces for and against a certain decision (MacDuffie & Depoy, 2004). In this regard, force field analysis is a specialized approach of weighing the cons and pros. The following figure presents the Forced Field analysis for the proposed service extensions about the new approach used by HA to reduce the cost provided with the patient having cellulites.   Figure 2 Forced Field Analysis   Forces against Change Score Cost problem 2 Inability to meet the needs of the patients         1 Inability to provide quality service. 1 Forces for Change Score The needs of the healthcare providers for having the new approach used by HA to reduce the cost provided with the patient having cellulites that will help government in the cost problems 3 The need of individuals with cellulites in HK to avail services which is cheaper or free. 2 Enables Patient’s to have a quality living. 3                                         Having a total of 8 for the forces for change and just 4 for forces against the implementation of the new service, there is a favouring score of 8:4 for implementing the new approach used by HA to reduce the cost provided with the patient having cellulites.   Feasibility Analysis of the Service             There are various ways on identifying the feasibility of the implementation for the new approach used by HA to reduce the cost provided with the patient having cellulites in one of the Hong Kong HA. In this regard, this financial analysis would use the Cost-benefit analysis. Cost-Benefit models require a well-informed respondent or group to provide subjective information regarding characteristics of the project under consideration. Such methods typically avoid conventional economic data (Hanley, Ryan & Wright, 2003), such as projected sales, profit margins, and costs, but rely more on subjective assessments of strategic variables, such as fit with corporate objectives, competitive advantage, and market attractiveness. Included in this category are checklists and their extension, scoring models (Cooper 1993, p.170). Cost benefit techniques rely on the subjective inputs of characteristics that are likely to be known. Cost benefit techniques recognize the lack of concrete financial data at earlier stages of the project and the fact that financial analysis is likely to yield unreliable results. Because of limited information and because only a tentative commitment is required during the early stages of the project, benefit methods are the most logical evaluation tool. In Cost benefit analysis, all costs and benefits are measured and compared in monetary terms (Smith, 2003).             The Cost benefit analysis for the implementation of the new service in HK hospital is shown below.             The new approach used by HA to reduce the cost provided with the patient having cellulites Needs Costs Other management approach cost and fund raising approach to collaborate with potential organisations HK $1.2 million New hospital care approach for the new approach used by HA to reduce the cost provided with the patient having cellulites. HK $200, 000 Other Costs HK $500, 000 Total Costs HK1.9 million Benefits: ·         Ability to alleviate reduce the costs of the patients with cellulites to lessen the burden faced by the government with hospital fee/ $70, 000/ year ·         Expanding and extending better community relations/$100 000/ year <ul type="disc" style="margin-bottom: 0in"> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Improved efficiency and reliability of the services extended to patients: estimate: $1.7 million/ year </li> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Improved patient service and retention: estimate: $100,000 / year </li> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> More ability to manage hospitals sales effort: $250,000 / year </li> </ul> Total Benefit: HK $2.22 million /year Payback time: $3.8 million / $2.22 million = 1.7 of a year = approx. 20 months   The payback time is commonly known as the break even point of the analysis. It is said that it is important than the overall benefit of a service can deliver. As anticipated, the estimates of the benefit given by the new service can be noted as quite subjective. In spite of this, the management of the hospitals in cooperation with the Hospital Authority is very likely to pursue the implementation, given the short payback period.   Strategy to gather Enough Funding to pursue the service             In order to pursue the new approach used by HA to reduce the cost provided with the patient having cellulites in HK, the management and the healthcare professionals should be able to gather enough funding. In this regard, there are many ways that the hospital can be used to implement the said service extensions.             One of which is through the help of the local government of Hong Kong. Local government is a large portion of the overall health care safety net in Hong Kong, providing direct-care services and funding such items as public hospitals, transportation, educational outreach, and housing subsidies (Ketchum, 2001). Government agencies are established at the local, state or provincial, and federal levels to provide public health services. Health agencies at the state, county, or city level vary according to the need of the area. Their funds, generally from taxes, are administered by elected or appointed officials (Kozier et al, 2004). Local health departments have responsibility for developing programs to meet the health needs of the people, providing the necessary staff and facilities to carry out these programs, continually evaluating the effectiveness of the programs, and monitoring changing needs.  State health organizations are responsible for assisting the local health departments specifically by providing funds for implementing new services needed by the public. In addition, the hospital that will implement the said can also raise funds and financial budgets from different non-government organizations which addresses the needs for having quality living among elder patients with cellulites and other patients. The finance committee can also make some adjustments on the budget and can even seek external help from other organizations for additional funding. During the actual running of the new service, the hospital manager must make sure that proper allocation of the budget will be provided for the new service. With this, proper accounting of resources must be done, taking note of the progress of the new approach used by HA to reduce the cost provided with the patient having cellulites service and using graphs to monitor the progression of the project. The finance committee of the said service can also seek help from different organizations; especially multinational organizations that are based in Hong Kong in helping them have enough budgets to pursue the project. Herein, the management is able to create good relationships to potential industries that would sponsor then their financial needs to pursue the project. Solicitation is another important way to gather funds from private and public individuals, groups or corporations.   Reference: Brundtland G. H. (2001) Improving health systems’ performance. OECD, p. 4   Casebeer, A.L. and Hannah, KJ. (1998). The process of change related to health policy shift: reforming a health care system. International Journal of Public Sector Management, 11 (7): 566-582.   Caulfield, J. and Liu, A. (2006). Shifting Concepts of Autonomy in the Hong Kong Hospital Authority. Public Organization Review, 6 (3): 203-219.     Cooper, R.G. (1993): Winning at New Products, Accellerating the Process from Idea to Launch. Second Edition, Addison-Wesley Publishing Company.   Darby, M. (1998). Health care quality: From data to accountability.   Hanley N, Ryan M, and Wright R, (2003) “Estimating the Monetary Value of Health Care: Lessons from Environmental Economics,” Health Economics 12: 3–16   Johnston,R and Clark, G (2001). Service Operations Management, London: Financial Times/ Prentice Hall   Kozier, B. Erb, G, Berman, A. and Snyder, S. Kozier & Erb’s Fundamentals of Nursing, Concepts, Process and Practice Upper Saddle, River, NJ   MacDuffie and DePoy (2004). Force Field Analysis: A Model for Promoting Adolescents’ Involvement in Their Own. Health Promotional Practice 5: 306-313   Shafritz J. M. & Ott, J. S. (Eds.). (2001). Classics of organization theory (5th ed.). Fort Worth, TX: Harcourt College Publishers.   Smith R, (2003). “Construction of the Contingent Valuation Market in Health Care: a Critical Assessment,” Health Economics (August 2003).   Shaw C. (2001) External assessment of health care. British Medical Journal, vol. 322, p. 851-854     Appendix Appendix 1

Financial Management: Hong Kong Hospital Authority

Financial Management: Hong Kong Hospital Authority Executive Summary The main goal of this paper is to conduct busin...