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Key Accounts and Contract Management, Effective segmentation, to fully…
Key Accounts and Contract Management
Principles of Marketing
Marketing mix
Place
is measured as part of the experiential component
Location
Atmosphere
Destination features & pull factors
Venue
Promotion
- Create public relations and social media campaigns that start well before the event and continue afterward to maximize the benefit
Price
- Event organisers target areas to generate direct revenue. Eg. Admission, Conference fee or Vendor rentals
Product
-Since the event is the service product, it is important to personalise the wants and needs to attract potential clients
Market Segmentation
Psychographic segmentation
this segment ensures that event guests has similar values, beliefs and lifestyle enabling a effective marketing strategy
Geographic segmentation
segmenting the event guests based on looking at which location they are coming from to save costs on marketing budget
Demographic segmentation
looks for potential event guests based on population characteristics
Behavioural segmentation
segments guests according to their behaviour to achieve an effective marketing plan to enable them to feel valued.
Sales and Distribution
sales presentation strategy
Negotiation
resolving issues or concerns that prevent clients from sealing the deal and building relationships instead of making one-time deals
Keep budget in mind
Be clear in goals and expectation
Detail all services provided
Consider multi-event agreement
Customer Strategy
Customer Relationship Management(CRM) software
for event organisers can help gather valuable analytics; pinpoint attendee trends, see event performance metrics in real-time, and track attendees engagement to communicate with event guests on a personal level to increase key accounts
Business Law
Contract Law
Elements of a contract
Offer
when a person indicates to another his willingness to enter into a contract on the terms which he sets out in the offer.
Acceptance
unconditional consent by the offeree to all the terms of the offer
Intention to create legal relations
Before a contract can be legally enforceable, it must be shown that the parties had intended the contract to be legally binding.
Consideration
It is some benefit or profit accruing to one party or some detriment or loss suffered or undertaken by the other.
Remedies for contract breach
Equitable remedies
given by the courts based on fairness of the circumstances and the more direct needs of the aggrieved party
Specific Performance
a court order which orders the business partner who has breached the contract to perform what he had promised to do to prevent the events company from losing out. Failure to do so would amount to contempt of court.
Legal/common law remedies
remedies given by the courts, if the events company is able to prove the claim, they can seek the legal remedy as of right.
Quantum Meruit
means ‘as much as has been earned’. A events company that has done some work but did not completely fulfil the obligations under the contract can claim a reasonable amount which is proportional to the amount of work they have done if the business partner decided to withdraw midway through the event planning process.
Contract
is a agreement between both parties for some purpose with their intention being to create a legally binding contract.
Innova
Pitching idea
Easily being understood when you explain the proposal
Seize opportunities when speaking with potential clients to get more key accounts
Build your confidence if speaking your event concept to a large audience
Seal the deal when you are pitching to potential clients for a certain event
Business model Canva
this provides events company with a “one-glance- see-all” illustration of an event operation, supported by its resources to improve strategic management.
Introduction to Hospitality and Tourism
Determinants of demand for tourism
Seasonal Variation
Eg.Weather, events, public holiday, school schedule and other activities impacting large groups
High/Peak season
MICE experience high visitor arrivals that increases their revenue
Low/Lull Season
MICE experience low visitor arrivals that causes them to lose revenue and opportunities
Quality in Tourism Services
Service Characteristics
Inseparability
Event guests are part of the service or product, hence it is important for them to understand the service system
Intangibility
MICE events can be seen and experienced but not touched physically. Hence, event organisers will provide welcome gifts to signal the quality of the event.
Perishability
When a facility or service is unused, will result in loss of revenue if no one turns up for the event, we cannot reuse it later
Variability
the service provided in MICE events are inconsistent, hence to prevent customer disappointment implement Standard Operating Procedures and Training.
Supply of Hospitality and Tourism Services
Transportation
BT MICE and events should have an accessible location to increase number visitors. It is critical to the organisation of the events
Types of distribution channel
Direct channel/one level distribution
events company deal directly with clients without the intermediaries
Understanding basic tourism receipts
Important for BT MICE and event tourism planners as it is a key strategy to generate tourism revenue
Travel Geography
Appeal of Destination Attractiveness
may attract international event guests to travel to a destination to grow our tourism revenue
Special events
event guests will travel to mega events held in other countries, eg.Festivals,Olympics
Man-made and purpose built to attract tourists
,eg. Museums,Theme parks
Man-made but not orginally designed to attract tourists,
eg.castles,cathedrals
Natural
eg.beaches,caves
Factors affecting tourists decisions of a destination when selecting a destination to host an event
Types of Attractions and tourism activities available
Accessibilitty of the destination
Cost and Standard of living in the destination
Culture
Climate
Principles of management
Organisational Structure
Departmentalisation
Traditional Approach
Matrix approach
combines aspects of both functional and divisional structures simultaneously to improve horizontal coordination and information sharing
Functional approach /U-form (unitary structure)
employees are positions into departments based on their expertise,enabling teams effectiveness
Innovative Approach
Team approach
gives managers a way to delegate authority, push responsibility to lower levels and to be more flexible and responsive to clients.
Network approach
keeps the core function of the business internal while outsourcing non-core functions to third party
Effective segmentation
Measurability
the size and purchasing power of the event guests should be easily measurable
Accessibility
the segment be easily served
Substantiality
the segment is large and profitable
Actionability
effective programs can be designed for attracting/serving the segments
to fully understand client
Developing active-listening skills
• Focus your full attention
• Paraphrase the customer’s meaning
• Take notes!