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Key Accounts & Contract, Key Stakeholders in Tourism, Principles of…
Key Accounts & Contract
Law
Contract Obligations
Offer
Acceptance
Terms and conditions
Intentions to create legal relations
Considerations
All these elements play an important role in shaping a well-executed contract. Understanding how to draft up a contract is vital as a well-executed contract will boost credibility and reliability for the firm. Many stakeholders look for companies with high reputations to work and engage with as they are more credible and reliable to work with in the long run.
Licensing and Permits
An event involves multiple stakeholders and vendors to operate; thus, recognizing the right license and permits to organise the event successfully can be critical.
Recognizing the required licenses and permits needed for the event reducing challenges that may surface
Events Sponsorship & Marketing
Persona
Persona is an important tool that many event management companies can utilize for content marketing. It helps companies to
identify audience needs, wants, and pain points
By obtaining a better understanding of the attendee persona, we can also source compatible vendors to personalize the event for them.
Types of Events
Hallmark
Large events specifically associated with a city/destination. Hugely benefits the city/destination.
Every event is different and requires different strategies and actions to maximize its impact, hence classifying the right event type is the first step to greater success
Mega
Enormous events that affect whole economies and echo in the global media.
Major
Large in scale and attract significant media interest and are capable of attracting notable visitor numbers, media coverage and economic benefits.
These types of event usually bring in high level stakeholders such as media and tourism organizations that brings about huge influence
Local/community
These are small events happening at a local and regional level, usually are B2C events
These types of event usually involves host community stakeholders and vendors
Small
Events that are small in size and numbers. Objectives and audiences are very selective and only by invitation.
Business
Events specifically organised by and for the business community such as summits, conferences and are usually B2B events
Event Marketing
Website
Possessing a well-executed event website helps to allow external stakeholders to better understand the event itself and acts as a communication channel to interact with them to interest them more.
An event website also allows internal stakeholders to track and record the amount of traffic it receives to further improve their marketing reach
Comprises of Website, Email Marketing, Public Relations, Ticket Intermediary, Social Media Posts, Collaborative Marketing, Media-specific posts, and General Advertising
Introduction to Hospitality
Tourism Demand
Stakeholders greatly influence the development of tourism as they
monitor and support
all the social and traditional activities and practices of all peoples of different countries.
Maslow’s Hierarchy of Needs
By identifying stakeholders needs and wants, we can leverage it to build positive relationships between the respective vendors and stakeholders. Addtionally this can act as a effective negotiation strategy as well
E.g., If stakeholders have a high degree of interest, the business needs to communicate with them on a regular basis and keep them informed about its activities.
Maslow's hierarchy of needs helps to unpack the other party's needs and wants
Travel Geography
Tourism Appeal in Destinations
It is important for event organizers and key accounts managers to understand the motivations and determinants of demand for travel so that they can use it to their advantage to pull in potential stakeholders and maximise profitability and impact
Tourism Resources
Attractions, both natural and man-made, infrastructure, services, and the conditions that attract tourists to an area and may contribute to the development of a tourism destination
Famous Events
E.g, River Hong Bao, Chingay Parade, Dragon Boat or Rice Dumpling Festival
These events attracts people locally and international to attend due to its attractive programme and products offered
Human Geography
Demographic change
Event organizers must stay on top of their game and always be aware of the current demographics to stay relevant and to plan out a effective event
Travel Geography is the study of travel and tourism, as an industry and as a social and cultural activity.
Business Technology & Analytics
Excel
Formulaes
Excel is a valuable business tool many businesses utilize in management as it allows companies to store, visualize, and analyze data. KAM can better plan out strategies to manage their key stakeholders with the help of excel functions
Spread Sheet
Pivot Table
Statistical Analysis
Inferential
Confidence Intervals
Inferential statistical analysis is used to investigate the relationship between variables within a sample, allowing for accurate conclusions and generalizations about the population. This leads to better business decisions for the event.
Descriptive
Frequency distribution, central tendency, and variability
Descriptive statistics helps facilitate data visualization. It allows for data to be presented in a meaningful and understandable way, which, in turn, allows for a simplified interpretation for greater understanding within the internal stakeholders
Important for decision makings
Statistical analysis can help companies more accurately analyze their data and costs
Ability to use analytical skills to support a variety of clients is crucial in Key Accounts Management
Business Etiquette & Service Excellence
Formal Writing
Key account managers (KAM) are responsible for keeping clients and other stakeholders updated about any issues. As such, they need to be able to write and speak clearly in a professional manner
Appropriate Dressing
In BESE, we learned how to dress approperiately from head to toe to present ourselves neatly and professional in front of business clients.
Meetings etiquette
It is crucial to understand meeting etiquette as KAM normally partake in meeting discussion with key stakeholders to discuss and negotiate. Thus, it is important as to position yourself strongly in meetings.
E.g, Being Punctual, Silencing Phone, Listen well and Being Prepared
Managing Diversity at Work
Company Culture
Employee engagement and opportunities for advancement.
Internal Stakeholders such as Employees are valuable assets to the company. Hence it is important to understand how to effectively engage employees and provide opportunities for their advancements to effectively manage them.
Teamwork
An event requires the coordination of many different stakeholders, so things can and often do go wrong along the way. Because different members approach a problem in different ways, teamwork encourages innovation and problem solving.
Managing Diversity Challenges in the Workplace
Generational Gaps
Generational gaps in the workplace can cause unconscious generational biases and stereotypes. For instance, there's an assumption that older generations are not knowledgeable about technological advances. Having these negative stereotypes can slow down the organization's growth.
Racial Discriminations
Singapore is a multiracial society and it is not uncommon to see multiple different races in the same workplace, however racial discrimination has always been a deep-rooted issue that causes problems for the employees and managers (internal stakeholders) hence affecting the performance of the business.
Thus it is important to recognize these issues form in the workplace and find ways to tackle this to improve relationships to enhance productivity and profitability in the events industry.
A diverse workplace can bring about many pros such as wide perspectives however there are many elements such as race and generation that causes challenges in the workplace
Key Stakeholders in Tourism
Tourism Organisation
Government
Host communities
Vendors
Consumers
(Inbound, domestic and outbound travellers)
Principles of Management
External Environment
General Environment
These dimensions can either positively or negatively impact the event thus understanding these dimensions can bring about many benefits
Compromises of six key dimensions:
Legal-Political, International, Sociocultural, Technological, Natural and Economic.
Task Environment
These are typically known as the direct stakeholders as they have direct influence to the events success and performance
Typically compromises of
Customers, Suppliers, Competitors and Labour Market
Corporate Social Responsibilities
The Stakeholder Concept
Key & Major Stakeholder Roles & Responsibilities
It is crucial to recognize that every stakeholder is different and has different perspectives and influence to events
Organizational Goals
Clear organizational event goal benefits the internal stakeholders as they can clearly understand the desired outcomes of their work
Principles of Marketing
The
4P marketing mix
is a marketing strategy that of comprises four key elements (Price, Product, Promotion, Place).
It is important to identify the 4Ps as the 8Ps of the event marketing mix starts from the 4Ps model and adds people, processes, programs, and performance.
With a meticulous marketing mix, meaningful insights can arise from engaging with the stakeholders into the marketing mix as they hold a special interest and have expertise to elevate the value of an event.
Event tourism is focused with the creation and marketing of events as tourism motivators from a management perspective.
SWOT Analysis
Threats
Could the threats of the stakeholder bring risk to the event?
Can the threats be reduced?
Weaknesses
Will the stakeholder's weakness greatly hinder the event?
What are the stakeholder's liabilities?
Strengths
What strengths do the Stakeholder possess?
Does the strengths align with what the event needs
Opportunities
What positive expertise, connections or influence can the stakeholder provide
Is the stakeholder interested in this project and can we use the interest to our advantage?
Will the stakeholders make significant tangible and symbolic contributors to event tourism
Helps to identify suitable stakeholders and vendors for event
Sales & Distribution for Hospitality & Tourism
Sales Negotiation
In Sales Negotiation, Listening, Persuasive and Negotiation Skills is critical to achieve a successful negotiation that ends up in an win to win agreement
Plays an important role in Key Accounts Management as having a effective negotiation strategy helps to turn accounts into key accounts
Distribution channels
Direct
Allows consumers to buy and receive goods directly from the manufacturer (external stakeholder)
Crucial to avoid failure of deliveries, as that would mean that we fail to meet Internal and external stakeholders expectations and this will cause dissatisfaction with a loss of reliability.
Indirect
Uses intermediaries to make delivery to end consumers
An effective distribution channel optimizes the distribution process and meet stakeholders’ expectations.
Demand Data
Demand data is an important concept when it comes to key accounts & contracts.
Access to relevant real-time business data ensures that stakeholders can contribute to growth, increased revenue, and higher profitability
. It is important to communicate with external stakeholders so that better and accurate decisions can be produced.
E.g, Ageing population, Household composition and family structure