Marketing Mix and Olympic Games in London - Coursework Example

? Marketing Mix being used for the Olympic Games in London: a Report of the Marketing of the Concerned 31 January, 2012 Executive Summary London is hosting Olympic Games for the third time in its history. Going by the objective of connecting the young people from diverse segments of the British society to the glory of sports and to retain the sanctity of the brand Olympic, while assuring a sufficient funding for the games, the marketing mix put in place, relying on the traditional appeal of brand Olympics amongst youth, an inclusive promotional strategy, well spread and multi layered pricing of tickets, the inherent global appeal and the infrastructural self sufficiency of the city of London, is poised to make London 2012 a sporting, social and commercial success. However, a more pan-global approach towards marketing, highlighting the security preparations and making arrangements to prevent flaws in the systems attending the important marketing aspects, like the ticket sales could certainly make things better. Table of Contents 1.0 Introduction ................................................................................................. 4 2.0 Discussion ................................................................................................... 4 2.1 Marketing Mix ........................................................................................... 4 2.1.1 Product ................................................................................................... 4 2.1.2 Price ....................................................................................................... 5 2.1.3 Place ......................................................................................................... 5 2.1.4 Promotion ................................................................................................. 6 3.1 Conclusion ................................................................................................... 6 4.1 Recommendations ........................................................................................ 6 Reference List .................................................................................................... 8 1.0 Introduction There is no denying the fact that London’s successful and ambitious bid for the 2012 Olympics was to a great extent dependant on the commitment of hosting inspiring as well as spectacular Olympics for both London and the world. The pivotal objective of the organizers of these games is to connect the young people and varied social segments in the UK with the inspirational potential of sports (The London Organizing Committee of the Olympic Games and Paralympics Games Ltd 2010). The other paramount objective of the organizing committee is to retain the commercial and emotive appeal of the Olympic 2012 brand, which is so central to the objective of funding these games (London 2012: Online). 2.0 Discussion It goes without saying that the organizers of London 2012 are affiliating to a successful and effective set of marketing tools to give way to just the right marketing mix required to achieve the marketing objectives envisaged by them in the context of the target market (Kotler 2003, p. 15). 2.1 Marketing Mix 2.1.1 Product The organizers of London 2012 are to a great extent relying on the established brand appeal of Olympic Games to cash on its popularity amongst the youth sans race, gender and social affiliations. A plethora of related brand building activities like parading the 2012 mascots Wenlock and Mandeville across UK, hosting the London 2012 Festival featuring artists from around the world, actively involving the young people and children across communities in the actual management and casting of games and organizing the London Prepares Series hosting world class athletes at the brand new and already existing Olympic venues are already under way to stimulate the excitement about London 2012 amongst the target segments that are young people from diverse racial and social segments in the UK (London 2012: Online). London 2012 Shop has been put in place, online and at select locations to sell the Olympics associated memorabilia and collectables to the target customers (London 2012: Online). 2.1.2 Price The placement of the ticket selling locations is so designed to penetrate the young people across the UK and the EU. The interested customers across the EU can purchase the tickets for varied sporting events either from the London 2012 website or from the authorized ticket resellers appointed by the local National Olympic Committees (London 2012: Online). Tickets are being sold on the first come first serve basis until 6 February, 2012 (London 2012: Online). The tickets are available in a wide range of price categories, spanning from five to three depending upon individual sporting events, to assure ample price flexibility to suit the budget of customers of all hues and to assure optimal participation (London 2012: Online). The organizers hope to sell almost 8 million tickets (London 2012: Online). 2.1.3 Place In many ways, London is an ideal location to host the 2012 Olympics, considering the objectives envisaged by the Organizing committee. London is a truly diverse place, being home to more than 50 ethnic communities and a city where more than 300 languages are spoken (The London Organizing Committee of the Olympic Games and Paralympics Games Ltd 2008). Besides the city of London has the unique honour of twice holding the Olympic Games before also that are in 1908 and 1948. The infrastructure, security arrangements and transport system in London is sufficient enough to take the pressure of London 2012 so as to assure a rich and satisfying experience for the target customers. 2.1.4 Promotion It goes without saying that London 2012 happen to be the Olympic with a well researched promotion strategy aided and designed with the help of the research and insights extended by professional companies like Nielsen (London 2012: Online). In the context of the objective of the game that is to connect young people from diverse segments of the British society, the organizing committee designed an Open Diversity and Inclusion Strategy as far back as in 2008, linking varied aspects of the games like promotion, development, recruitment and engagement to forge a connection with the target customer segment (The London Organizing Committee of the Olympic Games and Paralympics Games Ltd 2008). 3.1 Conclusion Going by the objectives governing the London 2012, and the commensurate target customer segments, the marketing mix put in place by the organizing committee and the concomitant marketing activities like the hosting of a range of pre London 2012, cultural and sporting events, a penetrative and multi layered pricing strategy, the development of the requisite infrastructure both through public and private funding and a concerted effort to cash on the traditional appeal of Olympic Games amongst the youth across the world, the overall marketing strategy of London 2012 is certainly a success. 4.1 Recommendations In the light of a very professional marketing strategy backing London 2012, comprising of a propitious balance of societal and commercial objectives, the following recommendations are made: Olympics are primarily a global sporting event. However the marketing strategy for London 2012 seems to have potentially ignored the sporting aspirations and interests of the youth in emerging economies like China and India, and those in the less developed parts of the world like many African and Latin-American nations. A pan-global approach towards marketing will certainly bolster the societal and commercial objectives attending London 2012. In a post 9/11 scenario, it is not only imperative for the organizers to put an immaculate security network in place, but is also vital to assure the attending customers about the infallibility of such a setup. The organizers should highlight the security cover guarding the London 2012 to boost the confidence of the participants and the attending customers. The organizers should assure a proper backup for the important aspects of the games, like the ticket sales. On 6 January, a major system glitch left many buyers and sellers angry and frustrated (Kelso 2012). Such problems could dampen the customer enthusiasm and confidence. Reference List Brand Protection 2010, The London Organizing Committee of the Olympic Games and Paralympics Games Ltd, London. Kelso, Paul 2012, ‘London 2012 Organizers Locog are Left Red-Faced as Ticket Resale Online System Fails on Launch Day’, The Telegraph, 6 January, viewed 31 January 2012, < http://www.telegraph.co.uk/sport/olympics/8997597/London-2012-organisers-Locog-are-left-red-faced-as-ticket-resale-online-system-fails-on-launch>. Kotler, Philip 2003, Marketing Management, New York, Pearson Education. London 2012, Olympic Games, viewed 31 January 2012, < http://www.london2012.com/>. Open Diversity and Inclusion Strategy 2008, The London Organizing Committee of the Olympic Games and Paralympics Games Ltd, London. Read More