Differences between Local and Overseas Marketing Strategies
The term marketing is defined as the number of activities to be performed by the companies or organizations to build the brand image as the this will help to provide the satisfaction to the individuals. The marketing is the best way to build good relations with the people. Marketing of business events aims to attract the maximum people the success of the event. The audience in the business events is the main focus and the marketing is must to increase the audience. However, Marketing of business events involves into two main strategies, one is local strategy and the other one is the overseas strategy. These are also known as the domestic business event marketing and international marketing of the business events. Local strategy is used when the commercialization of the business events is done or limited to the home country only. Therefore, the overseas strategy is related to the marketing of the business events across the various countries (Pizam, 2017). By using the overseas strategy, it is very easy to promote the business events globally.
As we know that, the strategies are playing the significant role in the marketing of the business events. In this report, I have explained the key differences in the local strategy and overseas strategy in detail.
The key difference between these two strategies are explained below:
- The local strategy of business events is focused on the promotion, advertising, customer segmentation activities in their own area or country and it is also known as the domestic marketing of the business events. Whereas, on the other hand, the overseas strategy of the business events is undertaken at the international level (Hornsby & Scott-Halsell, 2015).
- The area covered by the Local Marketing Strategies is small and on the other hand overseas marketing is covering a large area for the promotion and advertisement of the business events.
- The involvement of the government is less in the case of domestic marketing, whereas international or overseas marketing is highly influenced by the government because of the rules and regulations of the various host countries.
- Promotional events activities are done in home country in the case of a local strategy, whereas these promotions otherwise organized in the different overseas countries.
- The access to the latest technology is possible in the overseas marketing which is the advantage for the business events, and absent in the local strategies (Palumbo, O'Hara, & Herbig, 1998).
- The main difference found in the terms of risk. The risk is high when we decided to promote the business events in the overseas countries because of the some factors such as currency rates, social and cultural differences, and government rules and regulations.
- The need of investment is more in the overseas strategies whereas low investment required in the local strategies.
- The marketers will face less problems if they adopt the domestic or local strategy because of the similar culture, values and tastes as it is not an easy task to handle the people of different preferences, tastes and segments (McDougall, Oviatt, & Shrader, 2003).
Sponsorship is defined as the financial support to the business activity in order to achieve the business goals. There are many events and the organizations, which are looking for the support of sponsors to offer the more interesting business events. This is the sponsorship that allows large organizations to tap the niche markets without wasting any time and cost. The sponsorship is considered as the powerful tool for the business events and for the purpose of maintaining customer relations.
The need of the Sponsorship arises because of the goals and objectives of the company as sponsorship supports to achieve the goals. There are various reasons of using the sponsorship support as it helps to enhance the brand image of the company. As I have analyzed that the business events helps in shaping the attitudes of the people, so it leads to generate the positive reaction or an image of the company. For example, coca cola sponsored many events just to build the positive image of their products in the minds of the customers. On the other hand, sponsorship is important to generate the leads or drive the sales by organizing the business events. There are many organizations such as American Express, which promoted its business by making some donations to the needy people and this social work increases the sales volume of the American Express. Moreover, the sponsorship is required to enhance the business and consumer relations by giving an opportunity to the companies to generate the awareness of the brand (Backman, 2017).
Importance of Sponsorship and Partnership in Business Events
Both the terms, sponsorship and the partnership are used as the fundraising strategies. Sponsorship is the support given to the person or business when they need it to achieve the goals, whereas the partnerships are the long term support towards the collaboration of the activities. There are many corporations who believed to have the long term partnership rather than the one time sponsoring of the business events. The similarity between the both terms is that they signed a government contract that consist of the mutual responsibilities and obligations. Sponsorship for the business event involves any organization either its nonprofit or profit organization. Moving further, as per my personal view, the partnership is about strategic planning. The main goal of the partnership is to get the maximum return on investment. It is observed that the partnerships are a much easier task in comparison to the sponsorships is easier. However, it is more productive for your organization as well as for the sponsors.
As we know that the business event refers to the activity or an opportunity that basically involve the large audience to show some activities and to share some relevant knowledge about the organizations or event to the public. The sponsorship in that case is the financial support and the most important tool of communication. It is very important to plan before organizing any event in the organization. Event management is the process that involved into preparation, planning and implementation. The event manager is the person who is responsible for all the activities like researching, planning, organizing, decision making and controlling. The business event can be of any forms such as it can be Ceremonies, promotions, conferences, sports events, health event, competitors and different occasions (SPARC, 2005).
The sponsorship has the greatest impact in building the brand image of the company as it involves the marketing, advertisements and the communication strategies. I have seen that the events are the best way to attract the new participants in the business as this report is based on the business event organized by the companies to attract the people to generate the brand awareness and to identify the brand equity.
the word brand equity itself refers to the word brand image of the company and for this the marketing and the advertisement is also important to create an awareness among the public and attract the maximum number of people for this event. The advertisement and promotion can be done through social media sites like Facebook, Twitter, Google+, Linkedin and other networks. This is one of the techniques to attract the customers and building a good brand image.
Marketing and Advertising in Building Brand Image for Business Events
The sponsors of the business events also support the marketing strategy for organizing an event and these strategies involve following approaches to build the brand image of the business organization in front of the people. These different approaches to pricing, distribution, advertising and promotion, and customer service.
- Pricing- There is the possibility that the sponsors can offer the discounts to the audience to attract the more people for the business events. This strategy is helpful because in today’s world every person compares the services with one another. As a result of which the prices reflect the organization’s mission and quality of its services.
- Distribution- This business event should occur for the team as well for the community also.
- Advertising and Promotion- I have observed that the social media, press, Printed material, presentations, advertising in industry specific journals and a comprehensive website will be used to create the awareness among the people about the business event.
- Customer Service- The business event should take care of the satisfaction of the people to promote the business activities and its brand value to reduce the problems of the countries (Lund & Greyser, 2015).
I have seen that the global social, technological, economic, political and environmental changes affect the design of the business events. The business events are highly influenced by the changes and the companies may need to redesign the events as per the circumstances.
Social Factors: The change in the social factors like the change in the culture, attitudes, perceptions, tastes and preferences within the community, highly affect the business events. The business events need to restructure in order to meet the individual’s needs. The impact of the social and cultural factors can be positive or negative depending on the situation. The change in the norms and standards of the social and cultural relationship of the host as well as home communities affects the business relations. However, the event manager has the responsibility to examine and measure the satisfaction, benefits, engagement and legacies before reorganizing the new events.
Technological Factors: As in the case of the overseas marketing, there is a possibility that the organizations can have the access to the latest technologies, but the change in these technologies also forces the companies to change the design of the business events. The companies organizing business events need to be in touch with the latest technologies for the sake of the survival in the company (Andrews, 2012).
Economic Factors: Moreover, the change in the economic factors forced the company to organize their events and conduct new business events as per the economic conditions of the country. The economic factors included that are affecting the event management industries are as follows:
- Business cycle stages
- Change in the interest rates and inflation level
- Unemployment situation in the country
- Cost of the labor in the business events
- Globalization impact
All these are the economic factors, which the organizations should keep in mind before making a plan for the business events.
Political Factors: As we know that the rules and regulations of the countries are different and the international marketing of the business events highly affected by the change in the policies of the government. The business events are organized in the domestic market as well as in the international markets, as a result of which they are highly affected by the change in the political factors such as, change in the tax policies, trade policies, change in the laws of the country, and change in the consumer protection legislation. According to my point of view, the organizations should learn about the rules and regulations made by the government of the every country. The success of the business events and the sale of the organization will increase all these factors will take into consideration (Miner, Miner, & Griffith, 2011).
Factors Affecting Business Events
Environmental Factors: Business events have the direct and indirect connections with the environment. The event managers, as per my own view, should also focus on these factors for the sustainable event management. The conscious planning and development should be taken into account as these are helpful in the successful implementation of the business events. If environmental factors and the proper planning are not taken into account, then the business events will take an undesirable turn. As a result of which, it is recommended that, the event manager should analyze all the factors before making any plan and organize a business event.
However, as discussed about all the important factors, social, political, economic, and the environment, so it is clear that the business events are connected with these factors to a great extent. This is concluded from the analysis of the above factors that it is very important to plan before organizing any event in the organization. However, the process of the event management involves many activities such as preparation, planning and implementation. All these factors should be properly identified and the event manager is the person who is responsible for all the activities like researching, planning, organizing, decision making and controlling.
There are many opportunities available in the field of the event management. The growth of the business events and the sponsorship programs opens up the opportunities for the people to get employed in the companies as event manager or co-ordinator. The event management industry or the business events of the corporation also promotes the tourism sector. However, lots of employment opportunities will be the result of these business events (Hewitt, 2013).
Furthermore, I have analyzed that all the changes like political, social, economic and technologies affects the employment too. Therefore, it is very significant to manage the employees and engaged them in the different task at the time of change. The leaders or the managers should improve the communication strategies to maintain the good relations with its employees. There is the possibility that these changes in the business environment leads to change the attitudes, lifestyle or the perceptions of the employees. The negative effect of the changes could be that employee turnover rate increases because of the change in the attitude and behavior of the employees. Therefore, the event manager or the leader should communicate with the employees to understand their problem and then find the accurate solutions to solve their problems.
The employees working in the organizations want stability in their jobs and do not accept the changes. There are many employees who do not like the new experiences and thus, do not accept any change in the working conditions. The employee satisfaction in the organization is must to get the best out from them. Organizational change management as well as the event management is the important tasks that need to be focused for the future growth. As we know the different type of change has a great impact on the employees and to manage the situation, it is a better option to make all the employees engaged in the important to work. At the end, I will say that the employee satisfaction is an important part, soothe organization should effectively manage all the risks as well as opportunities associated with the change in the business events.
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