Raising Brand Awareness through Supporting Major Running Competitions - Research Paper Example

Introduction Almost every has a major marathon that is connected to. These are contests and arrangements that involve various people in the community who take part in them as a means of taking part in some active sporting discipline or activity. Hungary is no exception to this. The Hungarian marathon was first held in 1896 and after that, it has been repeated annually (Martin & Gynn, 2010). There are numerous marathons held at city levels and this includes Budapest, Szombathely, Miskolc and may other cities in the country (Phillips, Scotchmer, & Illes, 2010). However, the different marathons and games are held under different names and different banners which are advertised and showcased to very few people with specialised interests. This includes various runners and their closest relatives and friends. In other cities and countries around the world, marathons are marketed and promoted in various ways that makes the popular within the city, country and around the world. Many people know about the London Marathon, New York and Boston Marathons around the world (Higdon, 2011). This is mainly due to the reputation, goodwill and high levels of investments that are made into these events and how they are managed (Bryant, 2009). Research Problem The main reasons why most of these marathons thrive and go on is the fact that it provides the opportunity for many sponsoring firms to gain some kind of brand awareness and brand equity through sponsorship. These sponsorship events and processes enable the firm to attain the best levels of brand equity and brand awareness through these events. The fact that some marathons and running events around the world are popular implies that there are some elements of marketing and promotion that is utilised in order to build an image and attain the maximum exposure. Hence, it can be said that the Hungary Marathon’s effectiveness to promote brand equity can be done through the promotion and exposure of the event to a larger market. A research is defined as a structured enquiry into a given phenomenon in order to draw logical conclusions and theories about a given matter (Kothari, 2012). Hence, it can be stated that a particular marketing approach and marketing system can be utilised to draw a plan for the proper marketing and promotion of Hungarian running contests and also enhance brand equity and brand awareness for sponsoring companies. Research Aims and Objectives The aim of the research is to identify the best method of promoting brand awareness and expanding the scope of the marketing of Hungarian marathons. In order to attain this end, the following objectives will be explored: 1. An analysis of the market environmental variables relating to the Hungarian marathon industry; 2. An examination of how brand exposure and brand awareness for products could be improved or enhanced; 3. An examination of consumer expectations and how they can be met by sponsoring entities to the Hungarian marathon; 4. A proposition of how best to create brand awareness for the Hungarian marathons can be carried out over the period in question Research Design The research will be conducted in four main sections. The next section of this paper will focus on a critical literature review that will focus on the main ideas and concepts that relate to the creation of brand awareness and how it can be utilised in order to attain the ends of this research. The literature review will cover other concepts and views that are used by authorities in the fields. The second section of the research will show the methodology for the conduct of a fieldwork that will be used in order to draw reasoned conclusion. This will be followed by the third section which will bring to the fore, the findings and discussions of the fieldwork that will be conducted in this study. Finally, the fourth part of the study will include the drawing of conclusions and provision of recommendations this will be used to draw the proposition for the creation of brand awareness for the Hungarian marathons. Literature Review This section of the research will involve a critical review and analysis of secondary sources in order to deduce various theories and concepts relevant to this study. This will bring out the main views and matters that can be used in forming the yardstick of the rest of the research. The literature review will make use of groundbreaking definitions and theories propounded by authorities in order to present ideas and concepts for discussions. Brand and Branding Authorities like David Aaker argue that a brand that is little known has a limited chance of survival and growth (Mullin, 2103). Brand awareness is therefore a process that enables firms to connect with consumers in order to build some kind of rapport and connection with consumers (Mullin, 2103). Other authorities view the concept of brand awareness from the angle of defining what a brand is. A brand is “a name, term, sign, symbol or design, or a combination of them, intended to define goods and services of one seller or group of sellers and to differentiate them from those of competitors” (Piotraschke, 2012, p. 3). This definition indicates that a brand is something that gives the essence of a given product or idea to consumers. Hence, brand is an important element that enables a firm to connect with consumers and also build an emotional connection with the product or service being sold by the producer. Brand Management and Brand Equity Brand equity is the management of a company’s brand assets and brand liabilities in order to create a positive differential of brand awareness and brand meaning in order to cause the customer to respond positively to the brand in question (Crane, 2012). Brand equity is about brand association, brand trust and brand loyalty for the positive association and connection with a given product (Glynn & Woodside, 2012). Brand equity is about the way a firm works to benefit and gain financial benefits from brand awareness and brand image in order to attain brand recognition and brand recall (Woodside, Megehee, & Ogle, 2013). This implies that brand equity is about cashing in on the benefits a firm gets from the brand knowledge and brand information that exists in an organisation. Brand image is seen as perceptions about a brand that is reflected by brand association that are held in the consumer’s memory (Woodside, Megehee, & Ogle, 2013). Aaker identifies five main themes that come together to define brand equity and they include: 1. Brand loyalty; 2. Brand awareness; 3. Perceived quality; 4. Brand associations and 5. Other proprietary assets (Glynn & Woodside, 2012). These five things come together to create various elements and aspects of brand equity which helps a firm to create a psychological and personal contact with a firm’s products. These important pointers must be identified and developed in order to create a strong marketing tool and system for products to be sold to consumers of a given company or entity. Environmental Analysis In order to evaluate the best methods and processes of creating brand equity, there is the need for a company to be sensitive to the elements of the environment within which it operates. This is because the external environment provides guidance on how to position itself and its products in order to come up with the right approaches and methods of presenting their products to consumers to attain optimum brand equity. The main tool that is used for environmental analysis is the PESTEL Analysis which involves the review of the Political, Economic, Sociological, Technological, Environmental and Legal matters that are relevant for the business environment within which the business operates (Bowhill, 2008). This includes the evaluation of the macro indicators that come together to define and provide explanations to the business environment, usually including the national, regional or global environment within which the business or industry operates within (Gorgenlander, 2011). Competitor/Industry Analysis After the general business framework is identified, there is the need for a business analyst to evaluate the main elements and approaches of competition in a given industry that an organisation operates within. This is because the firm will need to identify the risks that it faces in the industry and how this can change over the next five to ten years. Hence, there is the need for some analysis and reviews to be made in order to identify the main issues and matters in the industry within which a firm operates. In the analysis of the industry and competitors, there is the need for the utilisation of the Porter’s Five Forces which provides an insight into the existence of competition and entrance of new competitors in the industry (Porter, 2008). The five forces include: 1. Threat of Buyers; 2. Threat of Suppliers; 3. Threat of Substitutes; 4. Threats of New Entrants; 5. Competitive Rivalry (Ahlstrom & Bruton, 2010; Hill & Gareth, 2009) These different threats define the main issues and matters that an organisation or firm will need to be sensitive to. Based on these threats, a firm can develop its products and brands in order to position itself and its portfolio in a way and manner that will help the firm to attain the best and most optimal results. The Marketing Mix 4Ps A final component of the attainment of the best results in the marketing and presentation of products to consumers is the presentation of important variables and components that work together in order to create links and relationships with consumers in order to build brand equity. The four Ps are mainly ideas and concepts that come together to define the relationship between product marketing and product presentation to consumers who might use their product. The 4Ps form the marketing mix that can be put together to attain optimal brand equity and brand awareness (Shaw, 2013). These pointers include: 1. Product 2. Price 3. Promotion 4. Place (Gummesson, 2012). The product refers to the value that the business expects to give to consumers by way of giving them some kind of product or service offering that helps them to meet a particular need (Shaw, 2013). The price is about the best and most optimal price that the product is offered to the consumers in order to exchange consideration for the product or service on sale to consumers. Promotion is about the communication system and communication media that is used by the firm to present their products to consumers (Gummesson, 2012). Place refers to the location and place through which the product or service of a company will be offered to consumers in order to undergo a commercial exchange for the product (Shaw, 2013). Gaps in Research The study identifies that brand awareness is not a simple concept that can be examined and view in isolation. Authorities like David Aaker identify that brand awareness is part of a broader scope for brand equity which comes together to define the way a firm makes money through branding (Mullin, 2103). Brand equity brings together brand awareness and brand image which creates an emotional and mental connection between a consumer and a product offered by a firm. In order to attain brand equity, there are numerous elements of marketing that come together to define the way and manner in which a firm carries out its positioning as an entity and the positioning of its products. Positioning of an organisation involves the analysis of the external and macro environmental variables in order to find the challenges and opportunities that are available. Secondly, there is the need to evaluate competitors and evaluate them in order to find the best method and the best system for the presentation of products and services of the company. Positioning of products involves the use of various techniques to position a product in a way and manner in which brand awareness can be put together in order to come up with the best way of giving products to consumers. This include the identification of the right price, place, packaging of product and promotion in order to deal with various consumers’ needs in the best way and the best manner for the sale and building of brand equity with consumers. Therefore brand awareness can be done by bringing together a good and positive marketing strategy that can be utilised in dealing with a given product or organisation. Methodology This section of the essay will present the methods of conducting the fieldwork in order to identify the best way of building brand awareness for entities and products that sponsor Hungarian marathons. This will be done by the presentation of various elements of collecting data and evaluating this data in order to formulate a conclusion on how the brand awareness can be attained. Field Work Design The fieldwork will be done in three main phases, which will all culminate in the gathering of data, analysis of the data and drawing inferences in these phases. The main phases for the study include: 1. Evaluation of the Marketing Environment for Hungarian marathons; 2. Analysis of the event sponsorship terrain for various sponsoring firms; 3. Examination of Event Details These three different approaches will be examined in a way and manner to provide the best approach and system for the analysis of the best way of creating brand awareness for the Hungarian marathons. The different phases will guide the various activities on the field and help to create the right balance in the creation of the best brand awareness for the Hungarian Marathon. Data Collection The evaluation of the marketing environment will be done through the analysis and review of the environment within which the Hungarian Marathon operates. Through this, the study will be done by conducting a critical review of current sources including newspapers, journals and websites in order to conduct PESTEL analysis of Hungary and a Porters Five Force analysis of the Hungarian athletic industry. This will show the current position of Hungarian marathon and what its opportunities and threats are for firms that market their products by sponsoring the event. The second phase will identify a more technical aspect of the athletic industry of Hungary and this will include the evaluation and analysis of an expert’s opinion and view of Hungary’s marathons. This will be done through a semi-structured interview that will be conducted with an expert who has in-depth knowledge of the Hungarian marathon industry. The details of the framework of the semi-structured interview are presented in Appendix 1 below. The third aspect of the data collection will involve the evaluation of information about the preferences and views of businesses that are either active advertisers or potential customers of the Hungarian marathon and other running contests. Samples are taken from Hungary, Europe and around the world. The details of the research questions are presented in Appendix 2 below. This will be an open ended set of questions that will be presented in an online survey to businesses and entities that are either sponsors, past sponsors and/or potential sponsors of the event. Data Analysis The findings of the first phase will be summarized and presented to show the actual dynamics and worth of the Hungarian marathon system. This will include the presentation of findings on the marathon’s focus, strategy and other dynamics in order to show worth of the market and the elements of success in the creation of brand awareness. The second phase’s findings will be evaluated on the basis of the summarization of the findings of the expert’s views and opinions on the marketing worth of the Hungarian marathons and how firms could position themselves and present their marketing through the marathons. Finally, the findings of the survey will be collated and presented in order to provide dominant trends and patterns. This will be put together in order to create various ends and various findings in order to show the dominant aspects and processes of the Hungarian marathons. Theorization Dominant trends and processes will be put together in the form of theories and concepts. This will come together to provide important conclusions about how firms can attain brand awareness in the best way possible. The findings will also be used as the basis for the formulation of a set of recommendation for firms that seek to attain brand awareness through Hungarian marathons. Findings & Discussions This section will involve the presentation of the main findings and summaries and collations that were done in the fieldwork. This section provides the raw findings and dominant trends that were discovered. This section lays the foundations for critical reviews and discussions that form the basis of the conclusions and recommendations. Section 1: Hungarian Marathon Market Analysis Section 2: Expert Opinion on the Economic Worth of Hungarian Marathons Section 3: Business Preferences for Corporate Sponsors Environmental Analysis Competitor Analysis Brand Awareness Provisions Positioning of Products (4Ps) The evaluation of the marketing environment will be done through the analysis and review of the environment within which the Hungarian Marathon operates. Through this, the study will be done by conducting a critical review of current sources including newspapers, journals and websites in order to conduct PESTEL analysis of Hungary and a Porters Five Force analysis of the Hungarian athletic industry. This will show the current position of Hungarian marathon and what its opportunities and threats are for firms that market their products by sponsoring the event. The second phase will identify a more technical aspect of the athletic industry of Hungary and this will include the evaluation and analysis of an expert’s opinion and view of Hungary’s marathons. This will be done through a semi-structured interview that will be conducted with an expert who has in-depth knowledge of the Hungarian marathon industry. The details of the framework of the semi-structured interview are presented in Appendix 1 below. The third aspect of the data collection will involve the evaluation of information about the preferences and views of businesses that are either active advertisers or potential customers of the Hungarian marathon and other running contests. Samples are taken from Hungary, Europe and around the world. The details of the research questions are presented in Appendix 2 below. This will be an open ended set of questions that will be presented in an online survey to businesses and entities that are either sponsors, past sponsors and/or potential sponsors of the event. Conclusions & Recommendations My thesis will focuse on specific Hungarian runinng contests, therefore this paper should concentrate on the theoritical side as the rest of the paper will be built around this with my findings (interviews, questionnaires and numbers). It would be ideal to have some literature review too Appendix 1: Semi Structured Interview Dear Sir, As part of my studies, I am conducting an investigation into the best way through which Hungarian running contests can be promoted through brand awareness. In line with this, I will like to take submissions from you about some important trends about the Hungarian running industry How do you describe the Hungarian Running Industry? What are the main motivations and essence of Hungarian running contests and who are the targeted consumers? How do you compare the current market connected to Hungarian running contests with European contests? How do you compare the Hungarian running industry’s markets with the markets of other globally recognised contests? Do you think that agglomeration of these events under one entity will help in marketing? What is the biggest influence on consumers in taking decisions about participation in Hungarian running contests? Which firms stand to attain the best results in terms of brand awareness in marketing through the Hungarian marathons? What should a firm do in order to attain brand awareness at the maximum levels in these events? What are the likely changes to occur in these Hungarian marathons? Appendix 2: Online Survey As part of my studies, I am conducting a study on how firms can attain optimum brand awareness through advertising on Hungarian marathons and other running contests. What best describes you? [Active Participant of Marathons] [Potential Participant] What is your Geographical Location? [Hungary] [Central Europe] [Rest of Europe] [Rest of the World] Who should a firm target through Hungary’s marathons? What type of clients? What is the main communication method and processes that can be used to attain the best results in Hungary’s marathons? What is the corporate social worth of the Hungarian marathons and other runniugn contests? What is the best way of attaining brand recognition in the Hungarian marathon? What is the best brand image that can attain the best and most appropriate recognition? Do you think Hungary’s marathon will serve a better purpose if it is presented as a specialized marathon that focuses on Central Europe only? Do you think Hungary’s marathons will be better marketing stages if they are presented as European or global events? Read More