Trade show intelligence
Introduction
Many organizations that offer products and services in their individual markets are involved in the practice of gathering data and information about their rivals or competitors. This practice is common in trade shows and other similar exhibition events. Trade shows offer a rich source of actionable information and most organizations know this and thus; their participation therein is crucial in order to adapt to their environment and keep up with their market (Calof, 2004). The aim of this paper is to discuss trade shows by focusing on how the most actionable information can be gathered from trade shows to enable better decision making and adaptation to changing environments. Firstly, a brief description of trade shows and trade show intelligence is provided, followed by the benefits and problems of trade and lastly; recommendations on forming an appropriate information collection and analysis team are provided.
What is meant by trade show intelligence?
Bonoma describes trade shows as a marketing tool whereby organizations and vendors are invited to participate to showcase their products and services in an exhibition setting (Bonoma, 1983). They are events organized solely for the purpose of marketing and information sharing, where competitors and partners are in direct contact with each other. As mentioned in the last paragraph, organizations are actively collecting information on each other’s strategies and operations. This allows them to identify trends and predict changes in their environments in order to become flexible and remain in operation (Calof, 2004; Cherry & Gardner, 2002). Trade shows are important for this reason, they provide organizations with “…the best opportunity for coll...
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...ormation from trade shows (Calof, 2004).
Once the trade show is over and information has been collected, it will be time to return to the office and analyze the results. A follow up can be made on formed relationships; agents can use these relationships to collect more data in the future. Since these agents will actively be involved in CI even after the trade show; these formed relationships can be of advantage to them.
Conclusion
To conclude, trade show intelligence is a sub-concept of competitive intelligence that allows organizations to use actionable information to change their position in the market, maintain it or make strategic decisions. A dedicated CI team made up of CI agents that understand the full context of the information needs derived from Key intelligence topics is required to collect the data and bring it back to the organization for analysis.
Through this video concerning the promotional mix of SXSW, I have learned how each element of the mix works together in order to create effective promotions to drive sales and profits. I actually never heard of SXSW prior to this video, so I have also gained knowledge about it and its marketing strategies. South by Southwest is a yearly display of movies, digital media, and music festivals and conferences that are held in March in Austin, Texas. It started in 1987, and has grown tremendously into a bigger event each and every year. Such an event is a great platform for businesses to gain the exposure that they need to market themselves in this competitive market.
Market research provides information to help unravel marketing obstacles that businesses face in today’s business climate, an essential part of the business planning process. As shown in the example certain strategies such as segmentation or differentiation are almost unattainable without relevant market research.
Hanging around big league traders at these trading expos is a temporary experience at best. Although you experience those high feelings, it does not last forever. What if that feeling of success could rub off on your trading performance? And even stay with you throughout your life as a Top Gun Trader?
Drayage is very important to the success of tradeshows and conventions because most places like convention centers or hotels do not have the space, equipment, or facilities to hold all of the exhibit freight. In addition to this, drayage companies can help ensure a smooth and effective flow of freight because there is someone who handles coordinating, managing, and receiving the shipments of exhibits pertainin...
• The company constantly visits and context dealer to keep in touch with the changes needs and desires for the consumers and dealers.
In this audience analysis, I have addressed a situation in which I am called on to present quarterly sales information at an in-person meeting to a group of stakeholders, including managers, salespeople, and customers. I will explain how I will address the communication to this audience by answering the following questions: (1) What characteristics of the audience must I consider?, (2) What communication channels are appropriate? (3) What are some considerations to keep in mind given the diversity of the audience?, and (4) How would I ensure that my message is effective?
If you had that one piece of the puzzle that would have prevented the bombings of the twin towers in New York and the Pentagon on September 11 2001 would you know it? If you saw someone do something weird or suspicious before the attack on September 11 2001, would you have called the police? If someone had walked into a United States Embassy in a foreign country and said that they know someone was going to use a plane to destroy New York in two days, could this have stopped the attack? Intelligence Analysis puts the raw sources of information together, make predictions based on the data, and finally publish the results.
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Through exceptional data asset leveraging in the service sector and aggressive acquisitions of their competition Harrah's Entertainment, Inc has made itself the world's largest provider of branded casino entertainment. Harrah’s CEO Gary Loveman is a former operations professor who has used information technology to create what people consider the most effective marketing organization in the service industry. Harrah’s operates fifty-three casinos, employing more that eighty five thousand workers on five continents. The secret to Harrah’s success is data. Through Harrah’s total reward card program the firm is able to collect information on almost every interaction made at their properties. Even though the program is optional, members enjoy additional benefits that non-members do not receive. This provides an incentive for casino patrons to join and receive the same white glove treatment as Gold, Diamond, and Platinum rewards members reducing the chances they may choose another destination for their gaming and entertainment needs. It also provides the firm with enough information to create a high quality and personalized experience that keeps customers coming back (Gallaugher, 2010).
It is apparent that sponsorship can be a viable and potentially profitable approach to achieving marketing communication objectives while also building strong product or brand equity (Aaker, 1991; Marshall & Cook, 1992). Ideally, sponsoring firms would like the fans of a particular event to connect positive feelings for the property to their brands or specific products and services (Madrigal, 2001), a process often operationalized as image transfer (Gwinner, 1997).
Businesses reached a critical juncture in global competition and the business intelligence capabilities and analytic prowess will play critical roles in the most competitive sectors of global economy.
There are a variety of challenges that firms may face when attempting to be the best in their specified industry. Economic and political challenges can make it difficult for companies to maintain a competitive advantage. In addition to maintaining a competitive advantage, some firms also find difficulty in keeping its branding alive and by attracting customers as their strategies, products, and management change over the course of time. Industries such as the automotive industry, healthcare industry, retail industry, and many more experience a variety of challenges based on their competition. Firms must create successful strategies in order to maintain competitive with their competition and in order to gain advantages in their industry (Hitt, 2013).
FLEISHER, C. S., & BLENKHORN, D. L. (2001).Managing frontiers in competitive intelligence. Westport, Conn, Quorum Books
So, furthermore, it is quite easy to enter and exit the market however, brand loyalty can influence how well your event planning does in the industry. Thus, consumers tend to look at the level of knowledge, expertise, and experience many event planning businesses entails in order to differentiate one from other competitors. Therefore, you tend to see that many consumers generally base their decisions and choices on if they have utilized the services previously, does the company have a great reputation, is the company known for exceptional services and events, and does other consumers speak highly about the business. All these factors contribute to how well a company excels over its competitors in the market. Moreover, these attributes and qualities brings forth and bridge brand loyalty among its consumers and potential consumers looking for quality services and companies within the event planning business and causes many event planning businesses to stand out and reign supreme over others. All the more making it harder for other incoming event planning business to excel due to others in the industry have the upper hand when it comes to knowledge and expertise according to many
World Expos hold as a meeting point for people all over the world, where innovative ideas are shared and improve on issues that are internationally important, such as the global economy, or even an enhanced life for the world’s population. Expo 2020, which will be held in the heart of Dubai, will be one big step towards efficient development. The Expo will be held in the name of ‘Connecting Minds, Creating the Future.’ Their goal is to connect people and innovative ideas, leading the people of the world towards a better tomorrow. The Expo may have a gigantic effect on a country and its people, but it also has some downsides.