Contemporary Thinking in Marketing - Essay Example

Contemporary Thinking in Marketing Table of Contents Table of Contents 2 Introduction 3 Utilization of Experiential Marketing by the Two Events Management Organizations 4 1.1 Jarvis Woodhouse Events 4 1.2 Definitive Events Limited 4 2. Present Application of Experiential Marketing Theory in One of the Organizations 5 3. Definition of Customer Value and Examination of Value Types of Definite Events Limited’s Products and/or Services 6 Conclusion 8 Introduction Promotional or experiential theory is regarded as a ‘media mix promotional’ based regulation, which tends to encourage sensual interaction and attraction of the customers into specific brands. In comparison with traditional promotion mix process, experiential marketing theory helps in spreading personal and emotional touch. Experiential marketing theory also supports in maximizing the return of investment (ROI) factor relating to promotion of a particular brand (Shaw, 2005). According to promotion or experiential marketing theory, the marketers often remain much focused on determining customers’ experiences based on their real consumption of varied products and/or services. These experiences indicate the physical, emotional, behavioral and rational value of goods and services. In other words, experiential marketing theory can be defined as any event, which helps in marketing products and/or services, ideas, places and person among others by forming effective communication with the targeted customers or audiences (Sharma, & Sharma, 2011). The experiential marketing theory is often viewed to be a contemporary marketing discipline, which practice by several companies of this modern day context for generating greater awareness about their respective potential products and/or services (Heng, 1990; Wood, n.d.). Amongst varied business corporations operating in dissimilar industry, the organizations belonging to events sector are also identified to use promotion or experiential marketing theory. Such organizations operating in events sector of the UK market can be ascertained as "Jarvis Woodhouse Events" and "Definitive Events Limited.  With this concern, the essay tends to discuss and analyze the application of either promotion or experiential strategy by the above discussed two event organizations for targeting their profiled customers. Moreover, the essay will also describe consumer value through the execution of marketing theory and also the value types that are being offered to the customers by the products and/or services of the above stated event organizations. 1. Utilization of Experiential Marketing by the Two Events Management Organizations 1.1 Jarvis Woodhouse Events Jarvis Woodhouse Events, an UK based events management company, remains much committed towards serving clients with quality services and forming effective communication with them. The company was mainly established in the year 1992, which continued its business journey by offering the products and/or services like conferences, corporate hospitality and incentive programs among others to its potential customers (Jarvis Woodhouse Events, 2014). It can be apparently noted that the above stated company utilizes the notion of experiential marketing theory in the form of varied effective ways. These ways mainly encompass acquiring an in-depth knowledge about the experiences of the customers towards a specific product and/or service and most vitally promoting the aspect of unrivaled creativity in the business or operational procedures. Generally, the theory provides a real picture about the available or under developed products and/or services, which supports Jarvis Woodhouse Events to increase ROI by an extensive level (Eventia, 2014; Jarvis Woodhouse Events, 2014). 1.2 Definitive Events Limited Definite Events Limited is the other renowned UK based events management company, which was established in the year 2006. Specially mentioning, in order to attain the predetermined strategic objectives and long-term sustainability, the company took the initiative of considering varied significant aspects including ‘creativity’, ‘innovation’ and ‘logical business procedure’ among others. It can be apparently observed that Definite Events Limited uses the concept of experiential marketing theory by taking into concern customers’ experiences and providing them with their preferred choices of products and/or services (Event Marketing, 2014). It will be vital to mention that the company uses the notion of experiential theory in order to build and manage customer relationship (Definitive Events, 2014). 2. Present Application of Experiential Marketing Theory in One of the Organizations In this particular section, Definite Events Limited has been selected as one of the UK based events management companies, which is viewed to be presently applying experiential marketing strategy. It has been started earlier that the stated theory aids the modern business corporations to raise greater awareness about their respective products and/or services depending on customers’ experiences and the demand of the same. In this regard, it can be seen that the company i.e. Definite Events Company use the notion of experiential marketing theory by dealing with the customers effectively in the form of building healthy customer relationship. This company use different promotional activities for marketing its varied products and/or services in different situations. These promotional activities of the company generally depend on the profile of the customers. This particular company is largely supported by the use of the aforesaid theory in an effective manner through the deliverance of certain possible solutions to mitigate any sort of problem regarding product demand (University of Florida, 2014). While elaborating how Definite Events Limited use experiential marketing theory by drawing various evidences, it can be affirmed that in general, common types of online events are recognized as virtual events and webinars among others. In this context, the events management based company possesses strong belief in gaining loyalty of the customers or clients for assessing the results of the aforesaid strategy. The theory of experiential marketing is quite important for the company to be taken into concern, as it perform various roles including hosting, encouraging customers and generating greater awareness about its respective products and/or services to the customers. It can be apparently observed that the company uses distinct promotional activities according to customers’ needs and demands, which often forms a better interrelationship with the customers. This relationship will prove to be quite successful for the company, as it would lead towards gaining maximum customer loyalty (University of Florida, 2014). In the context of targeting the profiled customers who are mainly males aged between 30-40 having the tendency of saving money and possessing varied aesthetic features, the effective utilization of experiential marketing theory will prove to be quite beneficial for Definite Events Limited. This beneficial aspect can be measured in the form of strengthening the delivery process and working in best ways to comply with the requirements of the clients (University of Florida, 2014). 3. Definition of Customer Value and Examination of Value Types of Definite Events Limited’s Products and/or Services Customer value is a useful term for the marketers and managers. It is principally described as generating greater value to the potential customers by developing varied product attributes of any organization. Customer value is the difference persisting between the benefits obtained by the customers from using a product and the cost of buying such product. Thus, it can be affirmed that the notion of customer value signifies the interrelation prevailing between total customer value and total customer cost (Yamamoto, n. d.). It is often argued that marketing play a decisive role in generating greater level of customer value. This can be justified with reference to the fact that the prime intention of marketing is to raise value to the customers in the form of providing them with their respective products and/or services, resulting in attaining superior competitive position as compared to others. It is worth mentioning that successful marketing strategy is possible to implement by gaining superior customer loyalty, resulting in creating greater value to the customers. Notably, customer value and marketing is related with each other, which generates better results for the business corporations (Korkman, 2006; Li, n.d.). With regards to examine the value types that are being offered to the customers by Definitive Events Limited, it can be affirmed that the company focuses on serving its potential clients effectively in order to reap varied significant benefits. This company provides the best services for its clients in the form of promoting innovation as well as creativity in the overall business or operational procedure. The important values that this company provides to its clients can be apparently noted as promoting creativity, gaining in-depth knowledge about customers’ experiences and greater and understanding of the fact of the business. This company is specialist in varied fields that entail “event management”, “conference”, “incentive travelling”, “prize management”, “sponsorship programme” and “corporate hospitality” among others.” The company often arranges distinct event programs according to the demands of the customers, creating wider customer value. It is beneficial for the company to build long lasting relationship with the clients (University of Florida, 2014).This company also provides online events for its clients to fulfill their respective demands with the above stated products and/or services. Moreover, it can also be apparently observed that the events management based company i.e. Definitive Events Limited also provides sponsorship programs for those customers whose budget is low. This can be duly considered as one of the value types of the company, which supports in deriving the exact level of customer value by a considerable extent. Conclusion From the above analysis and discussion, it can be affirmed that promotional or experiential marketing theory aids the modern business organizations to attain their respective business targets. Thus, the two events management based organizations i.e. Jarvis Woodhouse Events and Definitive Events Limited have been viewed to use experiential marketing strategy in order to generate greater value to the customers. Throughout the discussion, it can be revealed that the above stated two organizations focused mainly only on deriving customers’ experiences with the aim of targeting their profiled customers and provide them with their desired products and/or services in an effective manner. References Definitive Events, 2014. Event History. Event Services. [Online] Available at: http://www.definitiveevents.com.au/ [Accessed Nov 21, 2014]. Definitive Events, 2014. Company Profile. About Us. [Online] Available at: http://www.definitiveevents.co.uk/company-profile/ [Accessed Nov 21, 2014]. Event Marketing, 2014. The Definite Guide to Event Marketing. Customer Success. [Online] Available at: http://www.marketo.com/definitive-guides/event-marketing/ [Accessed Nov 21, 2014]. Eventia, 2014. Eventia the Guide. The Essential Guide to Planning Events in the UK and Abroad. [Online] Available at: http://eventia.org.uk/dyn_data/files/EventiaGuide2010.pdf [Accessed Nov 21, 2014]. Heng, S. L., 1990. Marketing Theories And Concepts For The International Construction Industry: A Study Of Their Applicability At The Global, National And Corporate Perspectives. Bartlett School of Architecture and Planning, pp. 1-569. Jarvis Woodhouse Events, 2014. About Us. Our Services. [Online] Available at: http://www.jarviswoodhouse.com/about-us/ [Accessed Nov 21, 2014]. Jarvis Woodhouse, 2014. Creative Event Management. Services. [Online] Available at: https://twitter.com/jw_events [Accessed Nov 21, 2014]. Korkman, O. 2006. Customer Value Formation in Practice. A Practice Theoretical Approach, pp. 1-208. Li, L. M., No Date. A Mediating Influence on Customer Loyalty: The Role of Perceived Value. Journal of Management and Marketing Research, pp. 1-12. Sharma, R. & Sharma, V., 2011. Experiential Marketing: A Contemporary Marketing Mix. International Journal of Management and Strategy, Vol, 2, Iss. 3, pp. 1-10. Shaw, H. E., 2005. A History of Schools of Marketing Thought. 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