Event Planning and Risk Management

The assignment examines the role of internet conferences in connecting with customers and understanding their needs through market segmentation, targeting, and positioning. It delves into the importance of effective event promotion using posters and advertisements. Furthermore, it emphasizes the significance of risk management in event planning, outlining potential risks such as participant injury or financial challenges and suggesting mitigation strategies like smart decision-makers, clear policies, and a dedicated risk committee.

Understanding Marketing
and Events

Table of Contents
MAIN BODY...................................................................................................................................3
1. Definition of special events and their classification..............................................................3
2. Key marketing activities and the role of events in the marketing strategy of Red Bull..........3
3. Role of marketing mix............................................................................................................4
4A. Outdoor event planning done by the Red Bull company.....................................................5
4B Risk management considerations while planning this event.................................................5
REFERENCES................................................................................................................................7

MAIN BODY
1. Definition of special events and their classification
Special events can be defined as a noteworthy moment of time which is celebrated as a
public occasion to attract more number of individuals. It is one of the marketing skill used by the
managers to globalize their business. It is organised infrequently out of the normal activities of
an organisation. It gives an opportunity to customers as well as to the mangers to have a social
and cultural experience to understand the likings of the people. This will help the organisation to
manufacture the products as per the need of the community. Also, they can interact with the
people efficiently with the help of this. Significant amount of media presence is there to explore
the business schemes for the sake of the people.
Depending upon the prevailing situations, the managers organise such events. They may
be classified in different ways. They are as follows:
 Conferences and meetings: Various video conferences, internet conferences, seminars,
workshops are organised by the marketing managers to attract more customers.
 Trade show and expositions: Several industrial, scientific and consumer shows are held
for this.
 Ceremony and spectacles: Number of public events (such as, sporting events, concerts,
etc.) and private events (incentive events, product launching event, etc.) are conducted for
this.
2. Key marketing activities and the role of events in the marketing strategy of Red Bull
Red bull is an energy drink sold by the Austrian company. Its market share among all the
energy drinks is highest in the world since it has sold 6.06 billions cans as estimated in year
2016. In order to globalize the business, various marketing activities are accomplished by the
organisation. For example, cold calling method is adopted by the managers where they simply
call the current customers on phone to offer them services. Newsletters and articles are also
published by the company. Search engine optimization is done with the help of well-designed
sites (Ryan, 2016).
Events are also playing a vital role to market the product efficiently. For example, the
managers have organised various trade shows for business marketing by purchasing the space
ans sell some units to the retailers or general people. This helped the mangers to convince
retailers to stock the product in the future. Company has also invested in online services, where

online game players often notice the products while playing. This will hep to attract more
number of customers. Hence, they are planned while making marketing strategies.
3. Role of marketing mix
Marketing mix can be defined as the strategy to put right product at right time and the
right place (Salmon, 2016). For this every factor influencing the organisation have to be
considered. This is adopted by Red Bull also to satisfy the needs of the costumers. The company
has taken the help of 7P's model to expand the business efficiently. This is described below:
 People: They are important for the successful business organisation. One has to discover
whether there are enough customers in the market place for the products they are
manufacturing. One has to recruit right people to deliver efficient services. Customer
services can be improved by implementing advance technologies, like online services,
etc.
 Process: There must be a systematic management of the pay system, distribution system,
manufacturing processes etc. to deliver best services.
 Physical environment: The way in which the product is perceived by the customers plays
an important role. The managers have to make strategies in such a way that the value of
the product can be established in the market.
 Place: The retail and wholesale store have to be managed efficiently to increase the sales.
With the help of direct sales or internet services also one can do the same.
 Price: While pricing the same, customer's affordability have to be kept in mind.
Psychological factors have to be considered.
 Product: Design, quality, packaging, warranties, etc. have to be kept in mind while
manufacturing the product to beat the competitors.
 Promotion: One has to promote the products by providing special offers, posters, free
gifts, leaflets, etc. to attract more number of customers.
Hence , this model will help to understand the prevailing condition of the target market in a
better way to manufacture the product as per the requirement. The Red Bull company is also
considering all the above factors to balance the demand and supply as per the market condition.
4A. Outdoor event planning done by the Red Bull company
Since the events plays a significant role to market the products, several outdoor events
are planned by the organisation to globalize the business. For this various trade shows and

exhibitions are held by the managers of the company. Marketing segmentation is also carried out
by the managers, in which based on some shared characteristics (like, needs, interests, lifestyles,
similar demographic profiles, etc.) the consumers are divided into various segments. This is done
to identify the high yield segments to ameliorate them. This will help to increase the sales of the
company (Eaton and et.al., 2015). By organising events at different places the managers are
trying to understand the needs of the customers and to other retailers and the wholesalers they are
marketing the same report to grab more number of high yielding customers.
Similarly, Targeting and the positioning is done by the managers. Targeting helps to
evaluate the most significant customers from the segmentation stage and positioning is the final
process where business orientation is done at the places where it can gain competitive advantage.
To have a proper understanding of the consumer's psychology about the products various internet
conferences are held by the company to interact with more number of customers. With the help
of posters and advertisement the managers can let the event been known to the people so that
more number of them can take part in the event to make it successful. This way the company can
provide the services according to the needs of the customers. In this way, the company is
planning to explore its business.
4B Risk management considerations while planning this event
The events are planned to make business activities more favourable. The marketing
managers put efforts to make it successful. But risk factors are also associated with these. The
managers have to consider the same while planning an event. While planning an event for market
segmentation, targeting and positioning, various risks factors are also considered by the
managers to manage the same in case of any occurrence. There may be a risk of participants or
employees being injured which can damage the reputation of the organisation if not handled in a
proper way (Ahmad and Saber, 2015).
Risk of financial challenges may also arise. To cope up with all these risk management
have to be considered. Proper event management is done by the mangers from inception to close.
Outlining of policies and procedures is done appropriately to understand the dos and don't s of
planning an event. Smart decision makers are hired by the managers to assist in the case of need.
From the management to the support process complete commitment is assured. In this ways, the
chances of risks can be minimised while planning any event. Checklists can also help the
organisation to understand the associated risks and to make the informed risk management if

required. Consent can be taken from other senior managers to have a successful risk management
(Clark and Misener, 2015). Event risk committee will be also
helpful to identify the risk and to develop a stream line approach to deal with the same.

REFERENCES
Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital
generation. Kogan Page Publishers.
Salmon, C.A., 2016. Understanding marketing costs and effectiveness at Church on the Ridge.
Biola University.
Eaton, J. and et.al., 2015. The Role of Spectators’ Attitudes Toward Commercialization on the
Effectiveness of Corporate Sponsorhip of Sporting Events. In New Meanings for
Marketing in a New Millennium (pp. 263-263). Springer, Cham.
Ahmad, S.Z. and Saber, H., 2015. Understanding marketing strategies with particular reference
to small-and medium-sized hotel businesses in the United Arab Emirates. Tourism and
Hospitality Research. 15(2). pp.115-129.
Clark, R. and Misener, L., 2015. Understanding urban development through a sport events
portfolio: A case study of London, Ontario. Journal of sport management. 29(1). pp.11-
26.