Essay on The Marketing Mix Strategy of the Event

2021-05-21 19:10:47
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Product: Product deals with what the company is manufacturing. The first thing the EGX firm thought of before planning the event was which product would they going to sell. Their product is divided into three; the core product which was the games played, the augmented product which was the drinks they offered those participating in the games and the reward and lastly the tertiary product which was the rewards they gave to the participants.

Price: The EGX firm after choosing their product, they had to come up with a pricing strategy for the tickets putting in consideration factors such as fixed and variable costs, competition, company objectives, proposed positioning strategy, target group and willingness to pay. They then decided whether they would use penetration or skimming or competition.

EGX firm seemingly chooses the penetration pricing strategy because year in year out the price of the tickets tends to increase.

Promotion: After the EGX games event was accepted all over the world by game lovers., the company came up with a strategy to ensure that they increased awareness of the games and ensure customer loyalty. It used the following methods to promote its product:

Advertisements: EGX firm paid several media houses to media houses for them to air the event to their viewers, listeners, and writers.

Sales promotion: The EGX firm carried out several promotions on acquiring the tickets like opening the tickets selling early enough to enable people to include them in their budget.

Internet Marketing: EGX placed several adverts on the internet for the coming games and how to acquire the tickets.

Place: This puts emphasis on the distribution channel of the product. The product should be distributed far and wide as possible to reach all customers. The EGX was held in Birmingham because this is a city and most probably most game lovers were positioned there. The distribution of the tickets was all over the town like in shopping mall outlets, supermarkets and even over the internet; this made it easy for many people to access the product.

b) Elements of the marketing mix enabled a great deal the success of the event:

Product: By choosing the gaming product, they enabled the experts in the gaming industry to come forth and participate. This made other products like drinks, snacks, wine, t-shirts and phones to be marketed at the place hence making the event a success.

Pricing: Since the EGX decided to penetrate the market and start with a very low price to attract a broad market, this enabled many customers to come and assess the product since the tickets were affordable. But they could have also decided to:

Skimming: here the firm sets a high initial price of the tickets and later on lower the prices to make the product available to a wider market.

Competition: here the firm checks the prices with other competitors and sets a price that is closely in comparison with theirs.

But the two could not have attracted customers like penetration did and also despite the fact they started with a low price, it was able to cater for the costs they inquired.

Promotion: Internet marketing and advertisement enabled a wide variety of people to access the tickets for the EXG which led to a tremendous success since the turn up was large. It was also facilitated by the fact that tickets could also be bought online.

Place: Birmingham is the most popular city in the United Kingdom. It was chosen as the hosting place for the games was in itself a strategic move that led to the success of the event. The population in the city is high, and it's comprised mostly of the middle and upper-class people who could afford the luxury.

c) Target audience: the event would include most likely the people who love gaming activities

Product strategy: the core product should involve more games including the new ones.

The snacks and drinks in the event should be offered for free.

Price strategy: the first people to buy the tickets should be given one extra so that they shouldn`t realize the price hike.

Promotion strategy: before the event takes place the firm should go for corporate responsibility to up the public relations of the firm.

Place strategy: the place chosen should be its capital city where even transport is easy to access for outsiders.

Control to monitor progress: there should be auditors to check the tickets sales. The cost should be confirmed against the rate at which tickets are to be bought.

 

References

Event Management for Tourism, Cultural, Business and Sporting Events/ Lynn Vander Wagen, Pearson ISBN 9781862595353.

Event Studies: Theory, Research and Policy for Planned Events/Donald Getz, Butterworth Hernermann ISBN 978-0750669597

 

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