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The Market for Events and the Events Stakeholder

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Ryan Dexter Rahon
Ryan Dexter Rahon

The document identifies the key stakeholders in events including the target markets, event hosts, guests, event committees, financiers, suppliers, and external entities. It discusses how the target market is segmented into individual/families and organizations. Organizations are further divided into companies/businesses and associations. The needs and decision making processes of each market segment is explained. The document also defines who the various event stakeholders are and how they each have different interests and definitions of success related to events.

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The Market for Events and the Event Stakeholders Chapter III
Objectives: The learning objective of this powerpoint presentation are as follows: Identify the target market for events Understand the needs of different groups Know who the event stakeholders are Understand the concerns of event stakeholders
I. The Event Market Consistent source or revenue for the hospitality business such as: hotels restaurants catering facilities entertainment venues leisure venues Segmented into individual, families, and organizations Events may be classified as either social or corporate.
I - A. Market Segments 1. Individual and Families Typical prospects for life-cycle events - Birthdays, Weddings, Anniversaries, etc Usually less formal in decision making - No formal organization or structure when it comes to events. Sources of business for this segment - Local civil registry, churches, bridal fairs, wedding suppliers, referrals and previous clients
I - A. Market Segments 2. Organizations Typical prospects for events to convene and for commerce, commonly referred to as corporate events - Meetings, seminars, conferences, conventions, product launches, sales promotion activities, incentive trips, etc. The Segment is further divided into: - Companies and Business Establishments - Associations and Organizations
I - A. Market Segments SUB-SEGMENTS OF ORGANIZATIONS a. Companies and Business Establishments - May have events: As part of their Operating Calendar (annual meetings, quarterly sales rallies, etc.) In response to the demand for their products (product launches, promotional activities, etc.) - This sub-segment is smaller in attendance compared to association, but are likely to be more frequent. - The Company foots the bill for the event in most cases.
I - A. Market Segments SUB-SEGMENTS OF ORGANIZATIONS (cont) b. Associations and Organizations - Group of people that have a common interest or purpose (Abbey, 2003). Categories: Trade Associations operate within an industry, or are bound by same trade or similar business concerns. Ex. PCCI Philippine Chamber of Commerce and Industry Professional Associations in a common or affiliated profession. Ex. PDA - Philippine Dental Association Non-profit organizations SMERFs, which stands for social, military, educational, religious and fraternal groups
I - A. Market Segments DIFFERENCE AND SIMILARITIES BETWEEN THE SUB-SEGMENTS - Associations and organizations have fewer events (but with a huge number of participants) than companies - Budget is tighter in associations than in companies - Events for both are staged for various reasons To share ideas To educate To sell or market a product To provide information To motivate people To strengthen corporate image - Common objective for both and measure for success is Return on Investment. To get something (not necessarily in monetary terms) out of the Event.
I - A. Market Segments SUB-SEGMENTS OF ORGANIZATIONS (cont) The sub-segments usually give the responsibility for an event to an event committee. But the Event Manager (or Organizer) should be able to distinguish who are part of the final decision-making. The Event Manager must find answers to these: Who will make major decisions regarding the event? What decisions can members of the event committee influence? What is their level of influence? Are there others within the organization who could influence the decision? What is their level of influence? What evaluation criteria will each decision-maker use?
I - A. Market Segments LEADS and INQUIRIES Building contacts is essential in the Event Business Take every opportunity to spot potential clients For social events, potential clients may come Relatives Friends Referral of Friends For corporate events, sales blitzes are good sources of leads. ***The next slide will show samples of lead forms called Social Event Inquiry and Corporate Event Inquiry
The Market for Events and the Events Stakeholder
II. Event Stakeholders Event Stakeholders are individuals and groups who have some form of interest in the event. Such interest may be: - Financial - Emotional - Political - Social - Other form of Personal Involvement
II. Event Stakeholders The HOST the originator, the main celebrator, or the one financing the event. The Event Host delivering his thank you speech to the guests of the event.
II. Event Stakeholders The GUESTS the people attending the event; also called audience, participants, attendees or visitors. The Guests picture taken after the successful event.
II. Event Stakeholders The EVENT COMMITTEE the group involved in the planning and execution of the event. The Stage and D辿cor Committee an hour before the beginning of the event.
II. Event Stakeholders The FINANCER the one who pays for the bill. The Financers celebrating after a successful and profitable event.
II. Event Stakeholders The SUPPLIERS provide supplies (products or services) that will bring the event concept into a reality. The main photographer of the event having his picture taken.
II. Event Stakeholders The EXTERNALS other entities external to the host or the event manager but have financial, emotional, political, social or personal interest in the event. Ex. Government regulatory agencies, the media, the local government, the community, corporate shareholders, etc. While all stakeholders have the events success in mind, each may define success differently (Salvador, 2016).
References Abbey, J.R. (2003). Hospitality Sales and Marketing (4th ed.). Lansing, Michigan: Educational Institute of the American Hotel and Lodging Association. Goldblatt, J. (2002). Special Events: Twenty-first Century Global Event Management (3rd ed., J. Schiptsova, Ed.). New York: John Wiley & Sons, Inc. Kotler, P., Bowen, J., & Makens, J. (2010). Marketing for Hospitality and Tourism (3rd ed.). Singapore: Pearson Education South Asia Pte, Ltd. Salvador, G. (2016). Event Management: Envision. Execute. Evaluate. (2nd ed.). Quezon City: C&E Publishing, Inc.

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The Market for Events and the Events Stakeholder

  • 1. The Market for Events and the Event Stakeholders Chapter III
  • 2. Objectives: The learning objective of this powerpoint presentation are as follows: Identify the target market for events Understand the needs of different groups Know who the event stakeholders are Understand the concerns of event stakeholders
  • 3. I. The Event Market Consistent source or revenue for the hospitality business such as: hotels restaurants catering facilities entertainment venues leisure venues Segmented into individual, families, and organizations Events may be classified as either social or corporate.
  • 4. I - A. Market Segments 1. Individual and Families Typical prospects for life-cycle events - Birthdays, Weddings, Anniversaries, etc Usually less formal in decision making - No formal organization or structure when it comes to events. Sources of business for this segment - Local civil registry, churches, bridal fairs, wedding suppliers, referrals and previous clients
  • 5. I - A. Market Segments 2. Organizations Typical prospects for events to convene and for commerce, commonly referred to as corporate events - Meetings, seminars, conferences, conventions, product launches, sales promotion activities, incentive trips, etc. The Segment is further divided into: - Companies and Business Establishments - Associations and Organizations
  • 6. I - A. Market Segments SUB-SEGMENTS OF ORGANIZATIONS a. Companies and Business Establishments - May have events: As part of their Operating Calendar (annual meetings, quarterly sales rallies, etc.) In response to the demand for their products (product launches, promotional activities, etc.) - This sub-segment is smaller in attendance compared to association, but are likely to be more frequent. - The Company foots the bill for the event in most cases.
  • 7. I - A. Market Segments SUB-SEGMENTS OF ORGANIZATIONS (cont) b. Associations and Organizations - Group of people that have a common interest or purpose (Abbey, 2003). Categories: Trade Associations operate within an industry, or are bound by same trade or similar business concerns. Ex. PCCI Philippine Chamber of Commerce and Industry Professional Associations in a common or affiliated profession. Ex. PDA - Philippine Dental Association Non-profit organizations SMERFs, which stands for social, military, educational, religious and fraternal groups
  • 8. I - A. Market Segments DIFFERENCE AND SIMILARITIES BETWEEN THE SUB-SEGMENTS - Associations and organizations have fewer events (but with a huge number of participants) than companies - Budget is tighter in associations than in companies - Events for both are staged for various reasons To share ideas To educate To sell or market a product To provide information To motivate people To strengthen corporate image - Common objective for both and measure for success is Return on Investment. To get something (not necessarily in monetary terms) out of the Event.
  • 9. I - A. Market Segments SUB-SEGMENTS OF ORGANIZATIONS (cont) The sub-segments usually give the responsibility for an event to an event committee. But the Event Manager (or Organizer) should be able to distinguish who are part of the final decision-making. The Event Manager must find answers to these: Who will make major decisions regarding the event? What decisions can members of the event committee influence? What is their level of influence? Are there others within the organization who could influence the decision? What is their level of influence? What evaluation criteria will each decision-maker use?
  • 10. I - A. Market Segments LEADS and INQUIRIES Building contacts is essential in the Event Business Take every opportunity to spot potential clients For social events, potential clients may come Relatives Friends Referral of Friends For corporate events, sales blitzes are good sources of leads. ***The next slide will show samples of lead forms called Social Event Inquiry and Corporate Event Inquiry
  • 12. II. Event Stakeholders Event Stakeholders are individuals and groups who have some form of interest in the event. Such interest may be: - Financial - Emotional - Political - Social - Other form of Personal Involvement
  • 13. II. Event Stakeholders The HOST the originator, the main celebrator, or the one financing the event. The Event Host delivering his thank you speech to the guests of the event.
  • 14. II. Event Stakeholders The GUESTS the people attending the event; also called audience, participants, attendees or visitors. The Guests picture taken after the successful event.
  • 15. II. Event Stakeholders The EVENT COMMITTEE the group involved in the planning and execution of the event. The Stage and D辿cor Committee an hour before the beginning of the event.
  • 16. II. Event Stakeholders The FINANCER the one who pays for the bill. The Financers celebrating after a successful and profitable event.
  • 17. II. Event Stakeholders The SUPPLIERS provide supplies (products or services) that will bring the event concept into a reality. The main photographer of the event having his picture taken.
  • 18. II. Event Stakeholders The EXTERNALS other entities external to the host or the event manager but have financial, emotional, political, social or personal interest in the event. Ex. Government regulatory agencies, the media, the local government, the community, corporate shareholders, etc. While all stakeholders have the events success in mind, each may define success differently (Salvador, 2016).
  • 19. References Abbey, J.R. (2003). Hospitality Sales and Marketing (4th ed.). Lansing, Michigan: Educational Institute of the American Hotel and Lodging Association. Goldblatt, J. (2002). Special Events: Twenty-first Century Global Event Management (3rd ed., J. Schiptsova, Ed.). New York: John Wiley & Sons, Inc. Kotler, P., Bowen, J., & Makens, J. (2010). Marketing for Hospitality and Tourism (3rd ed.). Singapore: Pearson Education South Asia Pte, Ltd. Salvador, G. (2016). Event Management: Envision. Execute. Evaluate. (2nd ed.). Quezon City: C&E Publishing, Inc.