ENG - Learning Unit 5 - AR by AKETH

EVENT PLANNING AND DESIGN CONTENTS ANALYSIS

EVENT MARKETING – LEARNING UNIT 5

Learning Contents SUBUNIT

Fundamentals

Marketing SUBUNIT 2: Online Marketing SUBUNIT 3: Event Marketing SUBUNIT 4: Fundamentals of Market Economy

Learning hours:

Workload:

This project has been funded with support from the European Commission. This publication reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.

Unit Objectives Actions / Achievements Design a marketing plan for a specific event Knowledge

Skills

Competencies

Communicate specific Identify core concepts of marketing dynamics and the marketing and its role in selling propositions for specific Fundamental to key marketing events, applying it to the event events concepts, theories, and plan techniques Critically evaluate alternative Differentiate the branch‐ marketing strategies and select Comprehensive on market specific event forms based on the most appropriate economy typical characteristics Defining potential threats to an Fundamental to marketing Describe the means of event's success and build clear policy instruments achieving a sustainable competitive advantages within competitive advantage in the the total event design Comprehensive on social, legal, marketplace ethical and technological forces Assess key marketing on marketing decision‐making Establish the marketing information for an accurate strategies that align forces with problems diagnose, and the external environment with analyse potential solutions the event needs using qualitative and quantitative data

SUBUNIT 1: FUNDAMENTALS OF MARKETING Event managers analyse the regional market for companies of the fair and event industry. They compare markets and define the market for their services. They measure the importance of customer orientation for the market success. Of conference organizers and explain the contribution of companies in the event industry to the needs‐oriented care of the company and private customers with services. They open the different interests and needs of economic entities in their economic decisions and actions against the background. A market economy. They represent the market as a coordinating body of different interests, examine the given market conditions and show the consequences of the pricing process. In this context, they record the opportunities and risks of cooperation between companies and examine the possibility of different forms of cooperation. The event managers explain the possibilities and limits of market influence. They examine the extent to which the different methods of market research are suited to collecting data relevant to sales and using them for their own marketing policy. Based on industry analyses they open the economic importance of services offered by the event management industry. On this basis, they plan individual marketing campaigns for companies in their industry. They are responsible for the communication‐, price‐, distribution‐ and product targets. They act on this basis in the development of marketing concepts and how marketing measures can be used to achieve the defined objectives. The event manager analyses the different influencing factors of the company success. They explain the concept of integrated communication and explain that both the competitiveness in the sales market and the positive shaping of the company's relations with its partners in the procurement, capital, labour and opinion market determine the long‐term success of a company. Against this background, they are developing a concept of integrated communication based on the market analysis of a company in the sense of a coordinated communication mix as the core of a target group‐oriented marketing strategy. In the sense of integrated communication, they design for the customer

A sales promotion as part of the overall concept of this marketing campaign. The event manager feels that the success of the company depends essentially on whether the company acts inwardly and externally in a coherent manner. They use means of modern communication and information technology. The basic idea of marketing is the consistent orientation of the entire company to the needs of the market. Nowadays it is unquestionable that in competitive markets, the needs of the customers are at the core of company management. Marketing is, therefore, an entrepreneurial way of thinking. In addition, marketing is a corporate task, one of the most important challenges of which is the recognition of market changes and shifts in demand, to establish competitive advantages in time. (Anon., 2014) 1.1.

MARKETING OBJECTIVES

Marketing objectives are generally understood as the result of the marketing mix. As a rule, a company pursues many marketing goals between which contexts exist. A manageable market goal requires a precise definition and a concretization regarding content, timeframe, and degree of attainment. It must be operationalizable ‐ that means, comprehensible ‐ accessible and verifiable. Ideally, the objectives complement and support each other, but there are often in conflict. This means that achieving a marketing goal through the marketing mix is only possible at the expense of another. Prioritization is then required. Different types of marketing objectives can be distinguished. STRATEGIC AND OPERATIONAL MARKETING OBJECTIVES Strategic Marketing Goals ‐ Strategic marketing objectives are based on a long‐term goal, which is of central importance for the company ‐ for example, the opening of new markets or new target groups. Operational marketing objectives ‐ Operational or tactical marketing objectives, on the other hand, are short time oriented. They are subordinated to the long‐term objectives. QUANTITATIVE AND QUALITATIVE MARKETING

Quantitative Marketing Goals ‐ Quantitative marketing goals can be measured by numbers and values. Typical examples of this are cost, turnover, profit, etc. They are used for controlling because the degree of the goal can be easily ascertained here. Qualitative marketing goals ‐ Qualitative marketing objectives can only be described. Qualitative marketing objectives are, for example, the service, the image or the degree of recognition. (Anon., 2017) 1.2.

THE MARKETING CONCEPT

Before creating the marketing concept Before a marketing concept is created, each company should answer a few questions: • Who is my target group? • What needs does my target group have? • Where is my company compared to the competition? • What is the importance of marketing discipline for my company? • What experiences have already been made by previous marketing activities? • What are the company's objectives and marketing measures? • Which factors have a strong impact on customer loyalty? A marketing concept is structured in 7 phases: 1. Status Quo Analysis First, a holistic view of the status quo must take place. This may be e.g. per SWOT analysis (Strength, Weaknesses, Opportunities, Threats). Without the Status Quo analysis, you are in danger of making wrong decisions due to incorrect or incomplete basic information in the following steps. 2. Marketing objectives After you know how your business status, you need to determine in the 2nd phase which marketing goals you want to achieve next. Typically, marketing goals are based on sales, market share or customers. Marketing goals are derived and set based on the company's overall objectives. A clear separation of the marketing and corporate objectives is not always possible. 3. Marketing strategy

The third phase defines the ways in which the marketing objectives are to be achieved. They are retained in the marketing strategy, which in turn serves as the basis for the realization of the marketing concept. The marketing strategy includes information about the targeted markets, the performance to be offered to customers, and the competition and their marketing activities. 4. Marketing instruments After you have defined your marketing strategies in Phase 3, you need to identify which tools you want to use in Phase 4. Here we distinguish between them 1. Product Policy, 2. Distribution Policy, 3. Conditions policy and the 4. Communication Policy. This classification is based on the 4P model of Edmund Jerome McCarthy, which considers the factors "Product", "Place", "Price" and "Promotion". This model has been used since about 1960 by marketers worldwide for successful marketing. An extended version represents the 7P model. Both models are referred to as the "Marketing Mix" since they form the corresponding framework for its creation. In phase 4, appropriate marketing instruments must be defined. 5. Marketing Mix The marketing tools defined in phase 4 are merged into a marketing mix in phase 5. You have to make sure that you do not lose sight of the long‐term goals of the marketing concept (phase 2). • Does the marketing mix still fit into the concept? • Is it compatible with the findings of the status quo analysis (phase 1)? 6. Realization of the marketing concept After the previous planning phases, we are now ready for implementation. In phase 6, campaigns are switched, sales channels are built, markets are developed, etc. Everything will be implemented, which was decided in phase 3 ‐ 5. 7. Evaluation of results

Once all planned measures have been implemented, we will proceed to the evaluation of the results. • What has worked? • What has not worked? • What goals have been achieved? • What is wrong? • Which processes can be optimized? • What do we do differently next time? The evaluation is one of the most important parts of a marketing concept as it provides basic insights into the following concepts and strategies, which can be included in the status quo analysis to be carried out. (Moeser, 2017) 1.3.

WHAT ARE MARKETING OPPORTUNITIES THERE?

The field of marketing is very comprehensive. There is not only online marketing, but also direct marketing. Potential customers are listed here, which, however, requires careful target group analysis. The presentation at trade fairs and conferences represents another form of marketing. Here, a company can present itself to its target group and at the same time make a comparison with the direct competition. Contacts can be made on site. In direct connection with the marketing is the advertising, which is possible through advertisements or entries in web portals. Industry directories and collections of company presentations are also considered. The telephone acquisition or other forms of customer acquisition is also attributable to advertising and thus to marketing instruments. 1.4.

TARGET GROUPS

Who should buy your product? The delineation of the relevant target group among consumers and/or private customers is often not easy, as boundaries are fluid. It is, therefore, all the more important to define a clear target group in order to be able to clearly define your future customers. The target group definition is the basis for market segmentation. You can use the market segmentation to position your product. The aim of the target group definition and target group analysis should be to offer a product custom‐tailored to the needs of your target group. Therefore, be as precise as possible when defining your target group. A clear definition of the target group will not only help you to get to know your private customers and their

wishes but will also make it much easier to work out the other topics of the business plan. The target group definition is particularly important for market analysis, product positioning and the marketing part of the business plan. The two‐step definition of the target group is best done by asking the following two questions: 1. What does characterise my target customers? 2. What price can and will be paid by my target customers? Characterising the target group You can characterize your target customers relatively easily by limiting your target group using the following characteristics: •Place of residence: In which state or municipality do the private customers who are interested in your product live? • Gender: Do you speak to women and/or men? • Age: What age group is your product aimed at? • Family status: Do you speak to singles or are families your target customers? • Working group: Are you focusing on specific professional groups? • Education, religion, nationality etc.: Are there any other features that your target group could have? Target group analysis What are the characteristics of your customers? If you have defined the target group definition, who is to buy your offer from private customers, you can make the target group analysis. In the target group analysis, you observe and describe the purchasing behavior of your target group. The target group analysis will help you get to know your target group better. The following questions help you analyze the purchasing behavior of your target group: Buying motive: Why is buying? With the help of the target group analysis, you know what the motivation of the target group for the purchase decision is. Influencers:

Partially related to the purchase motive and accordingly an important point in the target group analysis is to determine the influencers. Who makes and who influences the purchasing decision of your target group? Point of sale: Where is buying, which sales channels does your target group use? Purchase frequency: How often is buying? Through target group analysis, you can quantify the purchase frequency. Time: When is buying? Again, the target group analysis should provide information if there are specific times that are relevant to your target group. In addition, behavioural features, attitudes, and values are increasingly becoming the focus of private customers, which you should consider when analysing the target group. Examples are: • Strong health and/or environmental awareness • Preferences for pets, cars, hobbies • Traditional attitude or open to new ideas If you have described all the features, we advise you to do what great advertising agencies do: Design a meaningful profile of a typical target group representative. This will help you to better fit into your target group and understand the needs of your target group. To check whether you are right in your definition of the target group and target group analysis, it is a good idea to conduct a small market research. Describe the product or service to representatives from your target group and ask questions about your willingness to buy. (Anon., 2017) 1.5.

THE MARKET RESEARCH

Is a sub‐area of marketing research? Market research and marketing research have the same subject of investigation, as far as they relate to sales markets. While marketing research also collects and processes in‐house marketing‐relevant information, market research can also be applied to other markets, e.g. Procurement markets. Market research is the systematic exploration of a specific sub‐ market (supply and demand combination), including the identification of the needs of all

parties involved external sources of information. In contrast, the market investigation is only an occasional and unsystematic investigation of the market. Types of market research Numerous forms of market research can be distinguished according to different criteria: • According to the research object (ecoscopic market research, demoscopic market research); • After the survey or reference period (ongoing, case‐by‐case, prospective, retrospective); • according to the study area (local, regional or international market research); • By market areas or sectors (investment goods, consumer goods, services, commercial, non‐ commercial market research, competition analysis); • By business (procurement market research, sales market research, employee background check). Process of market research 1. Determination and delimitation of information requirements; 2. Determination of the method of investigation; 3. compilation of collection documents; 4. Collection of the data sought; 5. preparation of the data obtained, so as to clarify the need for information; 6. Presentation of the results and making a decision on the basis of the findings obtained. Methods Information gathering: Primary research and secondary research must be distinguished. (Anon., 2014) Primary research: Within primary research, four different methods are differentiated: • Interview (telephone, personal, written, computer‐assisted) • Observation (e.g. field observation, laboratory observation) • Experiment (e.g. labour‐test, market test (marketing), Store test, Waren test, Studio test) • Panel research (consumer panels, commercial panels, special panels) The following are the special forms of primary research:

• Omnibus surveys (also called "multi‐topic surveys") • Multi‐client study With the help of primary research in market research, market trends can be recognized at an early stage even before competitors can do so. This can lead to competitive advantages for product launches, provided the confidentiality is actually maintained. In addition, data obtained by means of a primary survey is currently available. Overall, over the market research process is to be characterized as a key advantage. Advantages of primary market research: •The specific target group can be consulted. •In contrast to secondary market research, information about the company's own product can be collected. •The data is current. •The data is only available to the company. Disadvantage: •Market research is very cost‐intensive •The data is only available after a certain evaluation time. Secondary research: Secondary research is a method of market research and, in contrast to primary research, uses existing information sources to obtain market information. • websites • textbooks • studies • Brochures, etc. Advantage: The primary advantage of secondary research is the minimization of costs and time. The results of secondary research can also support primary research and provide a quick insight into the research areas.

Disadvantage: a) The results of secondary research are generally not exclusive but are also available to other market researchers. This is connected with the fact that they are not very significant in some cases because the data were collected to answer specific questions. In addition, the "raw data" of the survey is not available, but only the results. The data of secondary research may also be obsolete. b) Selection of the examination objects (for example, persons, companies): The selection is made for partial surveys i.e. Using different statistical methods (selection procedures, random sampling). c) Data collection (survey): In the framework of primary research, data collection is carried out by means of observation and/or survey (interview, expert survey), which can take the form of an experiment. Methods of data collection may be used in field research (e.g., test market) or laboratory research (e.g., test market simulation). Z.T. Methods are used in the context of market research. Computer‐aided data collection is often used. In addition, numerous research methods and test methods have been developed in science and practice for specific questions of marketing (e.g., acceptance test, indicator test, look registering). d)Information processing: information processing is based on the research objectives, the number of variables to be processed and the quality of the data material Applications The results of market research form the basis for the diagnosis and forecasting of the future market and product development and thus for the planning of strategic and operational marketing measures (marketing). Especially the new product planning and the development of individual communication measures are dependent on the acquisition of comprehensive market research data. The needs of the customers can only be determined by systematic market research. Price tests underpin for an instant the fixing of specific prices for the individual product parts. Market segments can be used to identify new customer segments. Within the scope of investment product market research, the decision makers of important decisions are worked out according to the phase of a single project section. All the data obtained in the context of market research can be saved using a marketing information system (MAIS) and processed in a decision‐oriented manner, and can also be used as a basis

for the problem solving of poorly structured, marketing‐specific questions in marketing expert systems. 1.6.

MARKET ANALYSIS

The market analysis is a systematic investigation of the relevant markets with the aim of: • To maintain knowledge of how supply and demand are related to a specific product or service; • Provide information on the industry, customers, competitors and other influencing factors. The results of the market analysis serve especially to make decisions in the field of marketing. Market analysis can be divided into the following areas: •The conditions under which the company is active in the market. It is about the early detection of important changes, which a company usually cannot react in the short term, such as, for example, new laws and regulations, new trends, new techniques or procedures etc. •Industry analysis, the aim of which is to provide companies in the industry with an overview of the economic situation of the industry in the present and future. •Sales quantity analysis, with the help of which the market data influencing the sales are examined in order to obtain key data for sales planning and distribution. •Sales analysis, whose task is to determine possible distribution channels, at which locations, at which times, and in which situations the sale is most successful. •Customer analysis that enables to design products to the needs of current and potential customers. •Competitive analysis, which deals with the competitors of the enterprise. The aim is to examine the competitors and their products for strengths and weaknesses as well as to recognize their own position in the market. 1.7.

MARKETING INSTRUMENTS THE 4 "P'S"

Marketing instruments are all the measures a company uses to achieve its marketing objectives. It is possible to distinguish between four different marketing instruments, which must be coordinated: the four most important instruments are called the four Ps: PRODUCT (= PRODUCT POLICY)

The product (or the service) and the related product policy are the real factors of company success. The better the product, the easier it is to achieve success through targeted marketing tools. Product policy includes product range planning, product quality, customer service and the design of the product PLACE (=DISTRIBUTIVE POLICY)

The distributive policy is especially the consideration of how the product should reach the customer. Should a sales agent be used (for example a supermarket) or should be delivered directly to the end user, such as a mail‐order company or online shop? Also, a combination of the distribution channels is possible: Thus, an iPhone can be obtained either through a sales agent (electronics market) or directly at Apple. Product policy also includes how the goods are distributed ex‐factory. PRICE (= CONTRACTING POLICY) The contracting policy, or also the term "price policy", means all contractual and financial conditions that arise when purchasing a product. For example, the pricing policy stipulates discounts and bonuses as well as terms of delivery and payment. The most important function, however, is setting the price for a product. Here, attention must be paid to competition and to the company's objectives. Should our product be offered at low prices and in lower quality or rather high‐priced with particularly good quality? And how much is the customer at all ready to pay for what quality? PROMOTION (=COMMUNICATION POLICY) The promotion is what is usually meant when talking about marketing or advertising. This includes all communication measures of the company which are used to advertise and sell a product. The most important means of communication policy are advertising, personal sales, sponsorship, trade fairs, events and public relations. New trends and changes Several additional elements have been added to these four original Ps. Marketing is a particularly fast‐moving field and is subject to constant changes and trends. Terms such as big data, multi‐channel and cross‐media marketing, content marketing or customer relationship management (CRM) are becoming increasingly important. Nevertheless, the four Ps remain the foundation of every successful marketing campaign.

The combination of all marketing instruments is called a marketing mix. The marketing instruments are designed differently depending on the type of industry, product and target group. For consumer goods, the marketing mix is different from e.g. for companies offering services. But the target group also influences the marketing mix considerably. If you try to win private customers as a company, the 4Ps are usually the most important marketing tool. If especially companies are targeted, the direct marketing is often an important marketing tool. MARKETING INSTRUMENTS FOR SERVICE PROVIDERS Due to the increased demand for services in the last decades and the associated rise to a service company, the model of the 4Ps for service‐oriented companies has been extended by three further marketing instruments: • Process: The process of service provision can have a bearing on customer satisfaction in the case of a service. Therefore, it is also considered one of the marketing tools. • People (Personnel Policy): In the case of the provision of a service, a person in the form of a service provider is frequently the centre of attention, for example, the hairdresser. As customer satisfaction is largely dependent on this person, personnel policy is another of the marketing tools. • Physical Facilities: The premises or environment in which a service is rendered can have a decisive effect on the perception of the service quality by the customer. The equipment policy as one of the marketing instruments deals with measures for the optimization of these locations. CHOOSING THE RIGHT MARKETING INSTRUMENTS The marketing mix, so the combination of the relevant marketing instruments, looks different in every company. However, it should be noted that companies in similar industries or similar products have a comparable marketing mix. Which marketing instruments should be designed for which company depends on the type of service (product or service) and the industry in which the company is located. A further serious difference in the choice of marketing instruments is also shown by the respective target group: •B2C‐Marketing (Business‐to‐Consumer) •B2B‐Marketing (Business‐to‐Business)

Companies with private customers as a target group (B2C) fundamentally differentiate their marketing instruments from companies that have other companies as their target group (B2B). COMMUNICATION POLICY IN THE MARKETING MIX The fourth "P" in the marketing mix stands for communication ("promotion"). Marketing communication policy includes all marketing and image‐forming measures. The basis for a convincing communication policy is the target group on which every "P" is oriented in the marketing mix. The central question is how you can influence the purchasing decision of your target customers in a positive way. Advertising is an instrument, but other image‐promoting measures should be taken for your business model check. As with the other "P's" in the marketing mix, the target group is the basis for the communication policy. The better you know your target customers, the better you can also use the various instruments of the communication policy and positively influence the purchasing decision of your target group. The main elements of communication policy include advertising (including online marketing), sales promotion and personal sales, trade fairs and events, sponsorship, public relations (including the corporate identity) and a clear branding policy. For which instruments of the communication policy you decide to depends ultimately on the habits and characteristics of your target customers.

SUBUNIT 2: ONLINE MARKETING 2.1.

DEFINITION

Online marketing is a form of interactive alignment of marketing tools (product policy, pricing, communication policy and distribution policy) through the use of networked information systems (eg telephone, internet). With online marketing, in addition to interactivity, there is also the possibility of synchronizing the marketing instruments to customer needs at the right time. 2.2.

APPLICATIONS

Website The design, technical implementation, and administration of websites is a central measure of online marketing. The company homepage often forms the core of all online marketing measures of a company. It should inspire new visitors to the products and services and bind existing customers to the company in the long term. SEO Search engine optimization includes all activities that improve the position of a website in the organic (free) search results of a search engine. Search engine optimization has the goal of catapulting the company's presence on the first page of the search results. This can be done through improvements on the website itself ("OnPage"), such as the placement of important keywords in the page text, or by building relevant links from external sites ("OffPage"). E‐Mail‐Marketing

E‐mail marketing is the online equivalent to traditional offline offline mailing. Consumers are made aware of current promotions by means of mostly personalized e‐mails, for example. In this case, also in newsletter dispatch, clear legal framework conditions apply when this form of the electronic direct marketing is permissible.

Online PR (Public Relations) Press and public relations work enable companies to publicize their offer outside of advertising campaigns and positively support their image to the public. The Internet in particular offers cost‐effective opportunities to present itself in a non‐ promotional form, for example via blogs and forums as well as via online press portals. Social‐Media‐Marketing The goals of social media marketing are to reach potential customers through social media, to convince them of the product and to keep it. In general, popular platforms such as Facebook, Google +, Twitter, Youtube or business networks like XING and LinkedIn are used. Which channels are used exactly, usually decides the exact user composition of the platform, which is researched in the context of social media strategies. Affiliate‐Marketing In affiliate marketing companies work together with so‐called "affiliates" (English: "partners" or "distribution partners"). The affiliates place links to the external company website on their own websites and thus forward traffic. For this, they are paid by the company according to a previously agreed model. As a rule, distribution partners (affiliates) only receive a commission for actually generated traffic or successful sales of the forwarded visitors. Companies can have very large affiliate networks to ensure a reliable traffic flow.

Search Engine Advertising (SEA) SEA is part of search engine marketing and describes how to postpaid ads on search engine results pages, such as Google. Paid ads are placed prominently in search results, for example, at the top or in the right column next to organic (unpaid) Search results for the search engine. Search engine advertising allows a very accurate approach to prospects because certain ads are shown for specified search terms. Thus, the system ensures that the ad is seen only by people who are actually interested in a particular topic. Well‐known SEA systems are for example Google AdWords or Bing Ads Display Advertising The best‐known form of online marketing is display advertising. It refers to classic advertising via online platforms in the form of display ads. Display ads can be integrated into a web presence, for example, as a banner, pop‐up or layer display. Compared to print media, display ads on web pages offer numerous additional design options: in addition to the combination of text and image, graphic artists can integrate animations and videos and even enable user interactions with the advertisement.

SUBUNIT 3: EVENT MARKETING Event marketing refers to the purposeful and systematic planning of events (trade fairs, conferences, sales presentations, investor meetings, press conferences, sports and cultural events) as a sales policy tool or image‐ and opinion‐promoting measures to enforce corporate goals and build reputation, including that of top management in particular, in the context of marketing communication. In addition to marketing instruments, staging techniques are also applied from other areas (show, theatre, performance). Event marketing addresses (potential) customers very directly and personally and is a typical below‐the‐line marketing measure. (Anon., 2017) 3.1.

EVENT MARKETING AS PART OF COMMUNICATION POLICY

Event marketing is part of the communication policy and can be described as "use of Events as means of communication or media within the Communication instruments advertising, promotion, public relations or internal communication. "It is considered new Instrument of corporate communication that flooded the stimulus Consumers should offer something interesting. It's about event marketing, In particular, events in the entire corporate and Integrate brand communication, making it 'integrated component a holistic marketing concept of a company. " belongs to the "systematic planning, organization, implementation and control of events within the communication tools advertising, Sales promotion, public relations or internal communication." The integration of event marketing into the communication mix represents one of the biggest and most important tasks. Here is the success of an event Often the successful integration into the entire communication policy dependent on the company or is thereby reinforced. 3.2.

FORMS OF EVENT MARKETING

In addition to the typing of events listed above, events can also be distinguished by whether they are informative or entertaining Character, that is, their content. You can between work‐ oriented and leisure‐oriented events, as well as infotainment as Differentiate between mixed form. While work‐oriented events, such as Product training, mainly informative character, aim e.g. Incentive Travel Emotionalization and Entertainment. Infotainment provides the connection between entertainment and information.

3.3.

INSTRUMENTS OF EVENT MARKETING

Classic advertising also called media advertising, has the greatest importance of all instruments in marketing communication. The condition for the success of the classical advertisement is the acceptance of the advertisement with the consumers. Classical advertising is advertising in insertion/print media and audio/video media. The insertion/print media include: •newspapers •consumer magazines •Special‐interest magazines •journals The audio/video media include: •TV •Movie theater •Broadcast •Internet Advantages and disadvantages of different media Newspaper Advantages are that they allow a short‐term scheduling, a precise timing, and a high timeliness. Their disadvantage is that addressing the target audience is difficult as newspapers are read by a wide range of people, not just the target audience. Furthermore, advertising letters and free newspapers can be prevented with a corresponding sticker on the mailbox. Audience and Special Interest Journals The advantage is the relatively high chance for multiple contacts, they have a long range and cause low costs. Disadvantages, however, are scattering losses, and longer‐term planning is necessary. Journals

Advantages: They are read by a specific readership and there is a high level of reader involvement. Disadvantages: The purpose of the journals, the communication of information, can counteract the advertising, as the readers focus their attention only on the articles and completely ignore the advertising. TV The advantages are that there are a variety of design variations for television advertising, and newer forms of advertising such as Teletext have been made possible. The TV is now a basic medium, and the advertising is geographically and temporally flexible. In contrast, the disadvantages are that advertising causes high costs, and there are restrictions on the placement of advertising. Furthermore, the ratio of the spot length to the total advertising time is problematic, because if the spot length is too short for the total length of the advertisement, the advertising message is lost in the crowd, but if the commercials are too long it may lead to a decrease in attention. Furthermore, there are slight alternatives to advertising (computer use, mute, switch to another program or off). Cinema The advantages of advertising in cinemas are a high contact probability and high intensity. In addition, products can be offered in the cinema directly after the corresponding spot. Disadvantage is the relatively short range (only the people in the cinema are exposed to advertising), and there is a relatively high reactance (people are in the cinema to see a movie, too much advertising decreases the attention that is allocated to the advertising, and there may be a negative effect of advertising). In addition, long advertising blocks can also lead to annoyance and irritability of the audience. Broadcast Advantages are low costs, and can quickly be accumulated a high range, and it is regionally an effective form of advertising. This is contrary to the disadvantage that this medium is not suitable for national nationwide advertising. In addition, in some cases, the desired target group is difficult to achieve. Internet Its advantages are the variety of design variations for advertising over the Internet. The possibility of short‐term plannability, exact timing, high timeliness and a more targeted

approach to the target group, through individualized advertising. The disadvantage is the Reaktanzgefahr by too much advertising. By the use of "Popup and banner blockers" advertising is no longer perceived by the user, even if in the meantime so‐called Anti‐ AdBlock scripts are in circulation. Corporate Identity Is the integrated use of communication tools. The means of communication should support the corporate identity and not hinder each other or even weaken their effect. This could be the case, for example, if the company wants to convey a particularly luxurious image in a television spot, but the employees in customer contact appear in jeans and T‐shirts. Public Relations

PR, short for public relations, or what is often referred to as "public relations", serves primarily to communicate company (and/or product) information to a wider public. In the process, targeted information is passed on either as a broadcast (PR broadcast) or in a direct conversation with media representatives (press conference, individual interview). The aim of the companies is to convey "good" messages to the target groups, which promote the company's image and/or image and thus trigger positive, desired behavior among the customer target group. In some cases, companies are also required to publish information, eg. Annual reports of listed companies. Other types of publications: •Special events e.g. Return actions of certain products •Press conferences on current events •Crisis management •Difference public relations and classic advertising The classic advertising is known as TV, radio, poster, and print advertising (newspapers, magazines). These media are typically used by corporations to reach as large a mass as possible with their message. Accordingly, these media are cost‐intensive and thus not suitable for smaller companies to this extent.

The classical advertising is usually also marked as "advertising" (eg the individual advertising blocks on the TV), the activation or publication in the media is paid for by the advertising company. In classic advertising, the company has almost 100% influence on the size and content, as well as the time and place of publication of its own advertising. In the case of public relations or public relations, this is not the case. Whether the transmitted information actually appears in the media as desired is usually the sole responsibility of the publishers of these media; the influence of companies on the design of the message is very small. Social Media: The social media channels offer you numerous means to successfully promote your event. On the one hand, you can use the channels like Facebook, Twitter, Google+, your own website or online press releases to announce your upcoming event. In doing so, you should make sure that your announcement indicates the date, the location, possible highlights of your event or possibly participating celebrity guests. You have to make your announcement exciting and appealing. When distributing via social media channels, it is important that you include images or videos in your post, as visual content often attracts more attention than long texts that many ignore. E‐mail advertising E‐mails may be targeted, but check in advance if you have permission to send any e‐mails to your contact persons. When contacting, also make sure that your e‐mail is rousingly designed to encourage many recipients to attend your event. Poster/flyer:

These can be distributed in the city to draw attention to your event. However, you should not only access posters or flyers as the only means of advertising. You have to find the right combination of advertising materials to reach as many people as possible. If you print flyers or posters and distribute them in the city or you interpret them, you can, for example, as a template for your post on the Internet to make uniform attention to your event. Personal communication: But also with the help of short presentations and technical contributions you can provide information about your upcoming event to your potential

participants. Use appropriate event and press portals, so your announcement reaches your target audience directly. Multimedia communication Pinterest: A special insider tip is a social network Pinterest, which is used by numerous companies, brands, and private individuals. The platform allows you to create bulletin boards where you can "pin" pictures and videos. To do this, you can write short comments that should contain the keywords you want to find. So you can build a network with your guests and share photos and impressions with others. For your upcoming event, you can create pinboards for the location, topics of your event or for example your previous events to give your guests a first impression. You should note that you publish the photos on your website first because you can then link directly from Pinterest to your page. If your guests, followers, or customers like your pictures, they can "repaint." This means they display your pictures and videos on their own wall. The pictures for your event spread faster in the network and increase the range of your event. Of course, you can, in turn, spread your Pinterest pinboards on your other social media channels to make more people aware of it 3.4.

EVENT MARKETING WITH SOCIAL MEDIA

This is an example of an event marketing schedule, with which the measures can be logically structured and structured. Before the event Event online site: An event page can be displayed before the event, even if not all details have been determined yet. This can increase the SEO visibility of the event and promote interest. Blog post: Next, the public should be informed about the reason and mission statement of the event. This supports the further event marketing measures, as outsiders are convinced of the necessity of the event. Social networks: By integrating the social networks, the application of the event gets a decisive boost, a community is built up and the mission statement from the blog post can be disseminated. At this point, you should already have a hashtag for the event, which will be used in all posts.

Attracting partners Through early partnerships with potential employees, media partners, etc. can be made even better known. Event announcement E‐mail: While preparing for the event, a large‐scale email campaign should be sent to potential participants including pre‐registered contacts. Press release: A press release can be published via free distribution channels. It's all about integrating keywords that can be picked up through Google Alerts. That's how it manages the event in local newspapers or smaller online portals. Greater coverage can be accelerated through a special press release that contains more than just the date, location, and price of the event. Attention can be directed to one of two individual aspects: 1.Why is the event unprecedented, strange, groundbreaking, unconventional etc ...? 2.To bring in a human aspect: Are people involved in the event suitable for an exciting story or have challenges been successfully mastered? Blog and social networks: In a second blog post, the main reasons for participating in the event should be mentioned and the process presented. This information can then be distributed across social media across multiple announcements. Partner: Now the partners have to be asked for event marketing support. A weak participation can be counteracted by pre‐emails and social media updates, which the partners only have to take over. Daily tasks Regular emails, posts and blog posts:

After the first excitement has settled after the event announcement, it is now time to stay tuned. Through regular blog posts, e‐mails and social media posts, in which advertising and good quality content alternate, the interest remains constant. Early booking discount: With early booking discounts and an increase in ticket prices, the closer the event is approaching, registrations can be increased. Paid advertising Now the time has come for possible paid advertising since concrete contents of the event can be advertised, but it is not yet too late, so that the advertising can develop its full potential. This can be used, for example, to promote social media contributions or a Google AdWords campaign. Last call: Last email campaign, posts, and blog posts: The latest blog posts, social media updates, and emails should now have a more urgent, sales‐related tone. Now, direct action calls can be incorporated and long‐term strategies can be converted into ticket sales. Participants Recommendations: Create attractive incentives so that already promised participants to promote the event. Opinion leaders winning: Now opinion leaders can be contacted again and invited to the event. At best, they will pay for the invitation with advertising within their network. By phone: Direct phone calls often sell a few tickets. Targeted participants or pre‐registered persons should be specifically addressed. A phone call is harder to ignore than an e‐mail or social media post.

SUBUNIT 4: FUNDAMENTALS OF MARKET ECONOMY 4.1.

WHAT IS A MARKET AND HOW IS IT CREATED?

The market is the place where supply and demand converge. It arises from the needs (deficiencies) of the consumers who want to be satisfied. If the needs are covered by purchasing power, they become a necessity. If the needs of the consumers are large enough, it becomes a demand and meets the offer of the companies in the market. The offers are the produced goods and services provided by companies. The market is differentiated according to several ranges: Classification of the markets by subject (according to the case) • consumer goods or merchandise market; Goods for the end user, e.g. foods • Capital goods market; Goods for the manufacture of other goods, e.g. machinery • Money market; Provision of short‐term capital (<1 year) by banks, private individuals • Capital Markets; Provision of long‐term capital (> 1 year) by banks, private persons • Labour Market; Supply and demand of human labor • real estate market; Sale and purchase of plots and buildings • foreign exchange market; Purchase and sale of currencies • services market; e.g. Trade with insurance companies • Special market; Trade in special goods Classification of markets by territory •Global market (worldwide, Europe‐wide, neighboring countries) •Internal market Structure of the markets according to their function •Procurement market (where do I collect goods for production?); Domestic and import market •Sales market (where do I sell finished products?); Domestic and export market Classification by time (duration) •Weekly market (e.g. market day once a week) •Fair (eg Christmas market)

Classification of the markets according to their organizational forms •highly organized as e.g. Exchanges or trade fairs •not or only very little organized, such as shops where supply and demand meet at random (most common form) 4.2.

WHICH MARKET TYPES ARE DIFFERENTIATED?

Market types are spoken when access to the market is considered. Differences: • Free market; No access restrictions for market participants • Restricted markets; Restricted access for market participants by economic or legal requirements such as minimum capital requirements, authorizations or concessions 4.3.

WHICH MARKET FORMS ARE DIFFERENTIATED

The difference in the market forms is the number of suppliers of a similar good compared to many buyers. • Monopoly Market form, in which there is only one current seller on the side of the offer (supply monopoly), while the demand side has much small demands. • Oligopoly Market form where only a few relatively large sellers or buyers appear on the side of supply and/or demand. • Polypody Market form, which is characterized by many suppliers and/or buyers. Who are the market participants? Market participants are private individuals, states, banks, companies and foreign countries who offer and demand their goods and/or services. In order to represent all economic activities within an economy and beyond, simplifications are inevitable. Sales market A sales market has to do with a salesman or very few sellers facing a large number of buyers. The seller (s) determine the prices and the purchasing conditions of the buyer. A sales market can arise through two conceivable developments:

• the supply decreases but demand remain unchanged. • demand is rising, but the supply remains the same. Both of these factors mean that prices are rising and that the seller can set the conditions on which they are delivered at will. Buyers’ market A buyer's market is created when a limited number of buyers are facing many sellers. The sellers with the most favourable products and the best purchasing conditions are put through. How is a buyer's market generated? The reason for the emergence of a buyer's market is usually a supply surplus: the number of suppliers is increasing; the providers constantly bring new products on the market. However, the demand of the buyers remains the same or even decreases. The decline in the population and the change in the age structure (less young, more elderly people) can lead, for example, to a decreasing demand for certain products. The buyer has the market power In such a market situation, the buyer decides (as a rule ‐ exceptions are conceivable and known) for the least expensive products. In addition, he chooses the provider who grants him the highest discounts and offers the best conditions for delivery and payment. The buyer has a good chance to successfully negotiate the price, the granting of discounts or bonuses, a free delivery or long payment periods or the granting of a discount. In market economically oriented economies, the buyer market is the normal market situation. But in many socialist or communist countries with a central administrative economy, the number of providers ‐ and thus the tendency towards the buyer market ‐ is growing steadily. 4.4.

SUPPLY AND DEMAND

Supply A supply is the quantity of available goods and services on the market, whereas demand is only the intention of households and companies to purchase goods and services against money or other goods in exchange. Demand

In a free market economy, demand regulates the equilibrium price, which arises when supply and demand coincide. Any good and service that has a price is usually scarce and thus not unlimited. The price determines the value of a service, a good. If the price is too high, the demand for this commodity will drop automatically, with the exception of luxury goods. They serve as statistic symbols, where the demand can even rise. The price associated with supply and demand If the offered quantity increases and the demand remain the same, the price of the commodity, e.g. The harvest of apples is very high, more apple juice can be produced, but the demand remains unchanged, is produced more than is bought, thus decreases the price of apple juice. On the other hand, if supply and demand remain the same, the price of the commodity, e.g. The apple harvest is very low due to early frost, the price of apple juice increases when demand remains the same. 4.5.

PRICE AND PRICING

The pricing of certain goods is not always the same. The decisive factor here is primarily the respective market form. Finally, it is logical that the price structure in the case of a monopoly looks quite different from the "oligopoly" or "polyol". Pricing in the monopoly The special thing about price formation in the monopoly is that often a monopolist alone has the fixing of prices in the hands. He can pretty much set alone which is to be high the price for his offered good. However, a monopolist becomes too greedy and the price exceeds the so‐called Cournot point (intersection of marginal and marginal costs), then the buyers begin to restrict themselves and sometimes renounce the good. In addition, there is the possibility for consumers to access spare parts. As a last option, there is also a state intervention. In principle, a monopolistic position in an economy is, of course, undesirable. Finally, a monopolist usually has no competition and also the incentive to save costs falls away. Pricing in oligopoly

The situation in the case of the oligopoly is somewhat less dramatic as market form. There are few suppliers and there are many consumers. As there are several competitors in the oligopoly, different pricing strategies are also used. A strategy is a direct competition over price reductions. If supplier A lowers the price and supplier B do the same, a so‐called ruinous competition arises. For the consumer, this price formation offers the advantage, of course, that they can profit from a constantly favorable price. The providers, however, run the risk of getting into financial bottlenecks. In the worst case, such an oligopoly develops into a monopoly over time. Another generally illegal strategy is price agreement. The competitors are talking about the price. This is, of course, very disadvantageous for the consumer and, of course, forbidden. Pricing in poly poly The market form of the polypody is most common in most economies. In the case of a polypody, the price is formed by the continuous interaction between supply and demand. In the ideal case, the price settles at the equilibrium price. Basically, one distinguishes between the perfect and the imperfect competition in the market form of the polypody. This type of market is usually only advantageous for the consumer.

EXERCISE 1 Situation: As an agency, you will be commissioned to organize a multi‐day open‐air charity event in Dortmund in the summer in favor of a foundation for children with leukemia. It is a cultural event with concerts by the most famous opera singers. The artists abandon their salary. This means that the entry fees will be added to the foundation minus any costs incurred. The aim is to make donations about 200,000 € to get. Therefore, sponsors and sponsors are to be supported. In addition, the city would like to make the event known across Europe and improve its image in the field of culture. Task: 1. What do you mean by public relations? 2. Identify and explain 3 topics of PR and media planning for this event. 3. Explain the criteria that are particularly important when looking for potential sponsors. Solution example study case 1 Task 1 Public relations (public relations) means the planning and design of the relations between the organizers and the sub‐publishers as well as stakeholders, e.g.. here media, business associations, project participants, sponsors, sponsors, institutions, artists, the city of Dortmund, foundation, city office aims: ‐ To gain or build trust, understanding, and interest in these groups ‐ No direct sales‐promoting goals, but psychological objectives ‐ Comprehensive information on the activities ‐ Dialogue with stakeholders and stakeholders ‐ Create an atmosphere that is so beneficial to the project

Task 2 ‐ Winning a (national) TV, radio or print media partner (reporting, presentation, editorial contributions, special pages) ‐ Communication campaign (image ads, posters, publications) ‐ Dialogue PR (lobbying, networking, association work, for example, Rotary, Lions club etc.) ‐ Press work (press conference, press kit, press kit in electronic form) Task 3 ‐Imageaffinität ‐ product affinity, possibly in the field of culture ‐ Target group and acceptance with the target group ‐ political criteria (company values, available It cultural sponsorship, no environmental scandal) ‐ Over regional, nationally active, well‐known companies with high popularity ‐ Present the benefits of the sponsors and the media range ‐ Observe the sponsorship and sponsoring motives of the potential sponsor

EXERCISE 2 Situation: Trade fairs are of great importance to companies. They work in an agency for the planning and implementation of trade fair participation. Task: 1. Explain the marketing mix and what functions a trade fair is doing within the framework of the marketing mix. 2. Explain the importance of trade fairs for companies. 3. What should be taken into account when selecting and planning a test stand? Solution example study case 2 Task 1 ‐ Marketing mix: how marketing instruments are used and combined To reach the set marketing objectives ‐ 4 marketing areas (4 "Ps"): Product policy, communication policy, distribution policy, contracting policy (price and terms policy) Functions of the fair: ‐ product policy: product innovation, product testing against competition, testing of product acceptance, product ranges and services ‐ Communication policy: Increasing awareness, new customer acquisition, announcement of product innovations, profiling of the image and corporate design ‐ Contracting policy: testing the acceptance of prices, checking the prices and conditions Against the competition, testing price differentiation ‐ distribution policy: establishment of sales structures, a search of cooperation partners, sale

Task 2 ‐ Branch meeting, information exchange, networking ‐ Experience, dialogue, and interaction with customers and business partners ‐ Market research and benchmarking ‐ Possibility of purchase and conclusion of contracts ‐ Open up new markets, customers, and partners ‐ Stand position and Standard ‐ Required area, area section, functional areas (e.g., presentation areas, counters, warehouses) ‐ Architecture and design, lighting ‐ technical requirements, supply connections, safety regulations ‐ Observe corporate design and image ‐ Use of media and projections, special effects

EXERCISE 3 Situation You are working in the marketing department of Nörenberger Haushaltsgeräte GmbH. A market study was carried out for the marketing of vacuum cleaners The following figure shows.

Task 1 How do you describe the market situation at a price of 55.00 euros? 1. The market is a typical sales market, as supply is greater than demand. 2. The market is a typical sales market, as the demand is greater than the supply. 3. The market is a typical buyer market, as the supply is greater than demand. 4. The market is a typical buyer market, as demand is greater than supply. 5. The market is in equilibrium at a price of EUR 55.00. Task 2 Which marketing strategy is suitable in this situation to successfully market the vacuum cleaner? 1. In the context of product policy, it is not necessary to pay particular attention to the quality of the vacuum cleaner. 2. Customer service hotline and extended warranty are not required as part of the service policy. This project has been funded with support from the European Commission. This publication reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein.

3. Within the framework of the price policy, the desired price can be further increased as demand increases. 4. Within the framework of the price policy, the price has to be lowered as it represents an important criterion for the buyer Task 3 Determine the amount of market turnover at a price of 30 euros per vacuum cleaner. Task 4 Nörenberger Haushaltsgeräte GmbH GmbH is considering if to enter a price competition on the market for vacuum cleaners or not. Which of the following statements about marketing strategies is applicable? 1.In order to outstrip the competition, Nörenberger Haushaltsgeräte GmbH should, in any case, offer the vacuum cleaners at a non‐cost price, as otherwise the market will be lost. 2.In the case of production capacities that are too large, the sales success must be ensured by correspondingly aggressive advertising so that the production target can be met. 3.Nörenberger Haushaltsgeräte GmbH can strive for a quality competition instead of the price competition, H. Quality high‐quality vacuum cleaners quite at a higher price. 4.Since the market analysis is always a past consideration, it has no meaning for the generation of the marketing strategy. 5.With a public relations strategy, Nörenberger Haushaltsgeräte GmbH can lead buyers to pay significantly higher prices for vacuum cleaners. Solutions Task 1: Solution: Answer 3 Task 2: Solution: Answer 5 Task 3: Solution: 6000 (Only 200 pieces are offered at this price.) Task 4: Solution: Answer 3, since the challenge lies in the market definition.

FURTHER READING AND BIBLIOGRAPHY Anon., 2014. Springer Gabler Verlag (Herausgeber). s.l.:Gabler. Anon., 2017. Marketingziele. [Online] Available at: http://www.betriebswirtschaft‐ lernen.net/erklaerung/marketingziele [Accessed 10 7 2017]. Anon., 2017. Privatkunden als Zielgruppe. [Online] Available at: https://www.fuer‐gruender.de/wissen/existenzgruendung‐ planen/idee/zielgruppe/privatkunden [Accessed 12 7 2017]. Anon., 2017. Wikipedia. [Online] Available at: https://de.wikipedia.org/wiki/Eventmarketing [Accessed 10 11 2017]. EdX, 2017. EdX. [Online] Available at: https://www.edx.org/course/introduction‐marketing‐tools‐set‐ edinburghx‐mktg101x [Accessed 1 12 2017]. Iversity, 2017. Iversity. [Online] Available at: https://iversity.org/de/courses/digital‐marketing‐strategies‐ channels [Accessed 1 12 2017]. Kleinaltenkamp, M., Plinke, W., Wilkinson, I. & Geiger, I., 2015. Fundamentals of Business‐to‐Business Marketing: Mastering Business Markets. s.l.:Springer Texts in Business and Economics. Lake, L., 2017. https://www.thebalance.com/step‐by‐step‐guide‐to‐the‐ fundamentals‐of‐marketing‐2295834, s.l.: The Balance. Moeser, J., 2017. Marketingkonzept: 7 Phasen für die erfolgreicheVermarktung. [Online] Available at: https://blog.fastbill.com/marketingkonzept/ [Accessed 12 7 2017]. Perreault, W. D., Cannon, J. P. & McCarthy, J. E., 2013. Basic Marketing: A Marketing Strategy Planning Approach. 19 ed. s.l.:Irwin Marketing.