Posted: May 25th, 2022

Event Management Company 10 pages

Strategic Brand Management

Event Management Company

Building a brand is an extensive task that requires multiple important elements to be successful. It does not only involve branding the product/service a company provides, but also focuses on enhancing the image of the brand, developing brand by adding value to it and by improving it according to the dynamics of the markets. Brand development has been made crucial for the companies to flourish in the dynamic markets that exist today, considering the effects of globalization on the world market. With continuous advancements in the business industry, companies, in order to survive or thrive have to develop their brands to differentiate their products from others. This vital importance of developing brands gave birth to Brand management. Brand management is the application of marketing techniques on a product, a range of products or a brand (Shivanand and Hungund 2012). The major purpose of brand management is developing or improving the brand’s perceived value in the minds of consumers and thus build its brand equity.

Brand is, as many marketers call it, “a distinct name,” “a title,” “a sign or symbol” or “a color combination” that distinguishes a product in various ways from other similar products satisfying similar needs of customers (Shivanand and Hungund 2012). It is a promise/pact to customers that they will be provided with the same high quality product for their entire lifetime. It symbolizes quality product or service provision to customers and serves as an identity to the product/service being provided to the customers. From the manufacturer’s perspective, brand name helps the producer protect/patent their product’s unique features with a unique name (Keller, Parameswaran and Jacob 2011, p.g 7).

Our focus of the paper is on the brand which provides an event management service in Hong Kong and is a new entrant in the market. As the company is new, it preferred to build the company’s name as the brand name, distinguishing its unique services that it provides as an event management company among the pool of companies providing the same service. The name of the brand/company is PURPLE and the slogan and logo that goes with it is the following:

“FEEDING COLORS TO LIFE DIFFERENTLY”

The organization’s logo and name is PURPLE as it simply exemplifies or compliments the slogan FEEDING COLORS TO LIFE DIFFERENTLY. The slogan represents the main purpose of the organization which is seeing this country enrich with colors of innovation and prosperity through the efforts of its coming generation. Why the color PURPLE? The color purple represents royalty and the brand name and color thus represent the royalty the firm would bring to the country in the form of economic and social progress. The consumer attachment and feeling about the brand would thus help them associate the brand with patriotism and passion to serve the country and its people in the most inventive way possible. Moreover, people being able to contribute to the country’s progress would be a two way street as people stepping up and show casing their talent and inventive thoughts will be benefited as well, thus the association with royalty as people are being served as royals.

The paper will focus on how the company could sustain its presence in the respective industry in Hong Kong and how can it work on developing its brand to flourish and thrive in the same market. From this company’s perspective we will understand the brand management strategies implemented with justifications of the implemented strategies and how these would help the company achieve its goal of sustenance and growth of the brand.

PURPLE-Feeding Colors to Life Differently:

Purple is an event management company that aims to tap young talent of the country by providing them an opportunity to display their talent and ideas to the corporate world before even entering these markets. The aim of tapping the talent of the young blood of the country is implemented by the organization by organizing corporate or business competitions involving the youngsters to participate and bring out their ideas for the corporate world to see. Also the company aims to arrange corporate events of the organizations helping the other organizations as well to identify and simplify their search for highly talented individuals for future hiring. Moreover, the company goes further by organization professional development workshops for those about to enter the professional market as well as corporate trainings for the development of professionals.

Since the brand comes up into the market with this innovative idea of organizing competitions to tap young talent, it needs to have a separate identity and thus with its one unique purpose, will be able to stand out among the pool of event management companies already existing in the market. The company/brand became operational on November 2010 and launched its first event, which was a business idea competition by the name of ELIXIR. Participants from the Universities from all over Hong Kong were required to bring in an innovative business idea that has never been introduced in the market before, produce a complete business plan for it and present in front of a panel of corporate professionals. The brand aims to organize events along the same lines in the future. ELIXIR is an event organized by PURPLE every year in the first half of the year.

Brand Development decisions

The decision to develop this brand/company in the market has been taken according to the motive of the company/brand which is tapping the young talent of the country and providing them practical exposure. The positioning of the brand is as has been stated-tapping the young talent and providing them practical exposure while facilitating companies in identifying potential future employees. Further detail on its development and sustenance in local market has been stated below.

Sustenance in local market and Brand EquityManagement

In order to implement suitable brand development strategies for this brand, we first need to answer three basic questions to understand the effectiveness and level of intensity as well as the type of strategy to be implemented to develop this new brand in market and create its saliency and equity. The three key elements required to be considered are “who are you?,” “who needs to know?” And “why should they care?” (Yerian 2011). For this brand, they first need to define the purpose of the service provided by PURPLE, which is to tap young talent of the country through events related to the youth. The people who need to know are the college and university students which will be participating and the corporations for professional development of their employees or for identifying young talent that suits their company best for hiring. The target market must care because the service being provided is not only beneficial for their career development and business growth but is also beneficial to the country in the long run, helping reduce unemployment that may arise in future or by utilizing the talent that may otherwise be wasted.

Considering these questions the company then comes to the brand development according to the current situation that is introducing itself in the market and creating the brand’s market worth or equity. The current Hong Kong market of event management has been flourishing at an immense speed and in the past few years have experienced an exponential growth in the event management market. Due to the location and infrastructure available, the country has become the hub of conventions, conferences exhibitions, meetings and other mega events. The country is a home to a huge number of event management companies professionally organizing events and providing certain support services. This signifies the largeness and competitiveness of the event management market in Hong Kong and thus brings forward many considerations for the development of this brand. Moreover, it also specifies the easiness of setting up an event management company in the country. There is no tedious licensing involved for setting up except some activity-specific licenses or permits. Despite the presence of many event management companies, the demand for event management has been seen to rise continuously and thus setting up this firm would be an easy go (Guide Me Hong Kong 2012).

To develop the brand the first requirement is to research the market, which has been done above. The next step is to develop the positioning and value of the brand in the market. The consumers will perceive the service as providing an opportunity to the youth to discover and reveal their talent to the corporate world, providing practical exposure to the youth and providing corporations with a chance to acquire the talent discovered through hiring. This could also be called the brand’s point of difference compared to other brands.

Next in line is specifying the brand’s definition which in this case is “For the betterment of the country, the nation, and ourselves” describing that the events arranged will be based on professional development of individuals whether it be students or corporate professional and thus benefit the society in the long run. The next step is developing the name, logo and tagline, all of which have been specified above (Chiaravalle and Schenck 2012). This would also include the formulation of the mental map specifying the core associations that customers would have with the service provided. The organization/brand is prone to be patriotic considering its motto described above. It is all about the young people and bringing out their talent so the youth associates themselves with it. Moreover corporations association with the brand would be assistance in their professional development as well as in capturing the most talented creem of those participating in the conferences (Keller, Parameswaran and Jacob 2011, p.g 39-41).

The next step is launching the brand in the market which would require a big launch in order to show the customers the uniqueness of the brand compared to other brands available. The launch would include the brand’s inauguration through media channels, billboards and televisions commercials. Customers will be reached through internet as well through a facebook page and a website. Rigorous marketing will be essential along with appropriate advertising techniques mostly which will consist of social media advertising. Teasers campaign could be launched just a few weeks before the launch of the brand. The teaser campaign could be done through gorilla marketing with bus stops made purple and the entrance in famous shopping malls could be used for marketing with a small purple colored bench with a tagline “The next big thing in town.” After the launch the brand could be marketed using gorilla marketing more intensively but now with the brand’s name since it’s no more a teaser. This could be followed by placing of 3-D billboards all over the country to advertise the brand. This is important at the initial stage for making people aware of the brand’s existence. Continuous short-term advertising would be required inn order to remind over and over the customers about the brand and not let them forget it (Kapferer 2012, p.g 181).

The final step is brand management which involves brand management, leveraging and protection. This involves building brand loyalty among the customers in order to sustain the brand’s worth for longer term. For building brand loyalty, it is first important to build the brand’s awareness which will be done as has been mentioned above. Since the service is a high involvement service where customers consider a lot before investing, especially for corporations which will be investing hugely in training and development conferences for their employees. For young students it’s a high involvement product because most students do not earn and thus paying the registration fee in such conferences and participating in such competitions would involve many considerations and inquiry. This means that the brand when launching its first conference event will have to advertise and market extensively and at an extremely high level to convince people to participate (Fish 2009).

The satisfaction that the customers achieve from the first event launched by the brand would decide the fate of its brand loyalty range among its customers. Therefore, the brand/company must concentrate on efficient and unique implementation of the event and organize the event spectacularly to promote a positive word of mouth of the brand in the market. This is called experiential branding. The brand can emotionally be associated with customers’ preferences by inviting celebrities or personalities related to corporate world or media on the event but the personality must pertain to the field for which the event is being organized. For instance, for a business idea competition, a famous innovative business tycoon could be invited for instance Bill Gates. In case of social events or conferences pertaining to professional development, a famous corporate trainer could be invited to conduct the session. A brand ambassador could be adopted to psychologically attract customers to avail the service of event management or participate in the conferences the organization arranges (Kapferer 2012, p.g 190-193).

Thus these are a few strategies that the brand could make use of to sustain in the existing market or create brand’s equity.

Application of Strategic Brand Management theories

One theory that applies to this new brand being launched is Brand community theory, which states that the members of the community has a sense of responsibility towards the community, thus participants bringing in and revealing their talent is contributing to the community by helping members of community make use of their talent, thus benefiting the community. Due to shared rituals and traditions, people focus on shared consumption experiences with the brand and story telling helps in the spread of word of mouth regarding the brand. Story telling is a good means of creating and maintaining a community and thus contributes well to the society.

Another approach that applies here is cultural approach focusing on the brand culture brought in the country. Considering the flexibility of the brand, the brand could be easily embedded into the country’s culture and seen how it could be used strategically to build an iconic brand. According to cultural brand perspective, the marketers’ role is that of bird’s eye view and thus helps in the creation of brand value by playing an active role in conventional culture. Cultural branding theory is all about how a brand could contribute to the brand’s value creation. Here the brand is flexible enough to embed with any culture it steps forth in. The theory highlights a cultural icon, who is a person or a symbol serves as an identity of the brand (Heding, Knudtzen and Bjerre 2011).

Impact of Internet on Brand Development

Internet over the last few years has become the next best thing and one of the major mediums of marketing for the brands. It is a direct mean of communication with the customers at a convenient expense. It can be called as one of the most crucial elements required for developing a brand’s equity and recognition in the market. As mentioned, we will be establishing an online website as well as a facebook page for the brand as it goes operational. With customers feedback easily gathered through websites, with the convenience of answering all customer complaints and with online statistical analysis to know about the customers’ wants and requirements, the brand could be developed with a stronger image of rightfully fulfilling customers wants and thus help the brand successfully build high customer loyalty (Roberts and Schwaab 2006).

International Aspects of branding

Considering the high demand of event management, the company/brand has the potential to grow at a faster pace. With this level of development expected with its unique edge over other event management firms, the brand could be launched iin international markets as well. Some of the high potential markets, where event management companies could flourish, especially with high and unique expertise which this company offers, are China, India and Pakistan, where untapped talent is in a colossal capacity, thus bringing the brand a potential to grow in the market (Daye 2010).

Considering the current competition in the Hong Kong market, the brand will have to face the intense competition through innovative and smart strategies. Although the brand has brought in an inventive and new idea in terms of event management, yet soon after the launch of the brand, the idea will be copied by other brands and thus the idea would become commonplace. In order o cope up with this, the brand needs to keep on inventing and marketing intensively through creative and attractive marketing strategies.

Impact of critical success factor in relation to endorsements and extension strategies

Endorsement and extension strategies will be employed by the brand after the establishment of its brand’s equity in the Hong Kong market. Once the brand has been established in the country, the company could go with a brand endorsement strategy by introducing another brand with the name of PURPLE MEDIA PRODUCTIONS which would be a brand organizing media events like plays, series or other media competitions. So PURPLE company will introduce a new brand and endrse it through marketing (LUO 2008, p.g 29). Thus the critical success factor of tapping young talent could be now achieved with the new division bringing message oriented media shows, plays and series and giving youth chance to explore their talent in these fields by participating in media competitions.

Brand extension can also be adopted by the company. PURPLE company can introduce a new product under the brand PURPLE. The first product of the firm is event management, the company can go further and introduce a product of different category, which could be educational workshops for school students, helping them see what career must they pursue and what higher studies must they acquire accordingly. Again, this calls for career development, helping youngsters discover where they belong to prepare them to be future highly talented individuals and thus workforce (LUO 2008, p.g 29).

Co-branding and its impact on selected company/brand

The company could pursue co-branding, which is utilizing two or more brands to name or produce a new product. It could collaborate under the brand PURPLE with a wedding planning or social events planning company and add another product into its portfolio which is social events management, including wedding planning, school or university social events arrangement, corporate social events or gatherings planning. This would help the company expand into a greater market and thus functioning with a multi-brand portfolio will help it sustain its position as an innovator in the market for longer, with the added advantage of a high magnitude of growth (Crawley and McKee 2012).

Summary

The paper elaborates on the development of the new Event management company’s brand PURPLE in the Hong Kong market and evaluates various different aspects and situations that the company might have to face considering the entrance of this new firm in the Hong Kong’s already flourishing event management market. The company brings in an innovative idea of organizing business conferences, competitions and other events for professional development of the youth, professionals and tap/reveal the young talent for future hiring for the country’s various corporations.

Bibliography

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Daud, N 2009, ‘The 3 Aspects of Branding Which Really Matter’, Articles Base, [online] Available at http://www.articlesbase.com/management-articles/the-3-aspects-of-branding-which-really-matter-1136989.html, [Accessed on [14th August 2012]

Daye, D 2010, ‘Brand Building: The China Challenge’, Branding Strategy Insider: The Branding Blog [online] Available at http://www.brandingstrategyinsider.com/global_branding, [Accessed on 14th August 2012]

Dr. Shivanand & Hungund, M 2012, ‘Brand Management Strategies’, Golden Research Thoughts Vol – I, ISSUE — VIII, [online] Available at http://www.aygrt.net/PublishArticles/245.aspx, [Accessed on 14th August 2012]

Chiaravalle, B & Schenck, B.F 2012, ‘How to Develop a Brand’, Dummies.com: Making Everything Easier, [online] Available at http://www.dummies.com/how-to/content/how-to-develop-a-brand.html, [Accessed on 14th August 2012]

Fish, P 2009, ‘Low or High Involvement’, Go Fish Client Catchers, [online] Available at http://www.gofishclientcatchers.com/internet-marketing-blog/Marketing-Blog/Low-or-High-Involvement, [Accessed on 14th August 2012]

Guide Me Hong Kong 2012, ‘Starting an Event Management Company in Hong Kong’, [online] Available at http://www.guidemehongkong.com/industry-guides/mice/mice-company-setup-guide-hong-kong, [Accessed on 14th August 2012]

Heding, T & Knudtzen, C.F & Bjerre, M 2011, Brand Management-Research, Theory and Practice, paper presented by Mika.

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