Monday, June 22, 2009 &
b) Compare the selected festival with a similar festival that has been successful in another city in terms of its marketing strategy
From Wikipedia, the definition of marketing strategy is a strategy which can enable an organisation to use its limited resources on things that are able to increase the sales, and also achieve a sustainable competitive advantage.
From Wikipedia, the definition of marketing strategy is a strategy which can enable an organisation to use its limited resources on things that are able to increase the sales, and also achieve a sustainable competitive advantage.
Also, a marketing strategy should focus most on customer satisfaction.
And also, as defined in the lecture notes, “marketing events is the process of employing the marketing mix to attain organization goals through creating value for customers and other stakeholders.
The organization must adopt a marketing orientation which stresses the building of mutually beneficial relationships and the maintenance of competitive advantage.”
Thus, I understand from the lecture notes that, I am able to compare the festival I selected with a similar festival that has been successful in another city in terms of its marketing strategy by using the 8P’s in marketing events.
The 8P’s consists of product, place, partnership, promotion, packaging & distribution, programming, people and lastly price.
The 8P’s are further divided into 2 components, experiential components and facilitating components.
Under experiential components, there are product, place, programming and people.
Under facilitating components, there are partnerships, promotions (communications), packaging and distribution and lastly, the price.
Before continuing to the 8P’s to compare the two festivals, the similar festival that has been successful in another city that I have chosen, is the Hong Kong Arts Festival.
The Hong Kong Arts Festival started in 1972, when a group of individuals decided that Hong Kong should have an arts festival.
Thus, they formed the Hong Kong Arts Festival Society Limited, a non-profit-making institution which launched the first Hong Kong Arts Festival in 1973.
Not only is the Hong Kong Arts Festival for its locals, it is also an international arts festival in which only the best of Asian and local talents are able to showcase their skills with top artists from different parts of the world.
Webpage of Hong Kong’s Arts Festival
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