Risk Management Strategies for New York Fashion Week

The report focuses on the New York Fashion Week event organizers' responsibility to manage risks, ensuring attendees' safety, and availability of necessary resources. It emphasizes the need for pre-event planning, budgeting, venue selection, and medical aid facilities.

Running head: UNDERSTANDING MARKETING AND EVENTS
Understanding Marketing and Events
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1UNDERSTANDING MARKETING AND EVENTS
Table of Contents
Introduction................................................................................................................................2
Findings and Analysis................................................................................................................2
Special Events: Defined and Classified.................................................................................2
Marketing Activities undertaken by New York Fashion Week.............................................3
Marketing Mix and how New York Fashion Week uses it....................................................4
Event Promotion and Risk Management Considerations.......................................................5
Event Promotion.................................................................................................................5
Risk Management Considerations......................................................................................6
Conclusion..................................................................................................................................7
References..................................................................................................................................8

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Introduction
Special events are the ones where a large number of people gather in groups to watch
or participate into something. It can be a function or say, occasion that aims to raise money
by entertaining the visitors. There are various events whose sole purpose is to raise money for
charitable works. Lavish and large occasions are generally out of the small consumer groups’
reach. Even in the partnerships with big event companies or sponsors, the small consumer
groups steer clear as they believe that too much integrity of their groups may get
compromised due to alliances (Berridge 2012). The purpose of this report is to discuss about
the New York Fashion Week and the role, events play within their overall marketing strategy.
In addition to this, the report throws light on the marketing mix used by the event series to
promote their brand. Furthermore, the report also highlights the risk management
considerations they should consider while planning the overall event.
Findings and Analysis
Special Events: Defined and Classified
A special event can be defined as some event in which a large number of visitors are
brought in together to participate or watch. Some of the characteristics of the special events
include, food services, involvement of entrepreneurs or promoters, usage of temporary stands
and others. There are various reasons why a special event is organized. Few of them are; to
raise funds, to gain more publicity and brand value, to raise awareness, to gain or improve
reputation or to recognize the people within the organization or say, successes. The special
events can be broadly classified into private events, public events, sporting events and lastly,
fairs and festivals (Bladen et al. 2012). However, within the special events category, there are
various sub categories as well.

3UNDERSTANDING MARKETING AND EVENTS
The private events include; parties and celebration, brand communication events,
charity or non-profit events. Examples of such events are anniversaries, birthday celebrations,
fashion shows, event launches or award ceremonies, bike rides, marathons and more. The
public events can be some national or community events, government events, parades or
mass participation events. Examples of these types of events typically include some national
events like Macy’s Thanksgiving Day parade, New Year’s Eve celebrations, royal weddings,
presidential inaugurations and more. Moreover, there are sports events as well which
typically includes, NFL Super Bowl, Formula 1 Monaco Grand Prix and more. Lastly, the
examples of fairs and festivals include; Conventions, Winter Wonderland Festival, Virgin’s
V Festival and more (Cerutti and Piva 2015).
Marketing Activities undertaken by New York Fashion Week
There are several marketing activities which the fashion events undertake in order to
promote the event on the large scale. The pre event page is the most crucial activity which
every marketer should keep into consideration. Majority of the event organizers forget to
create a page and try to make it live in order to capture the interests of the people. This is the
most common mistake made by the organizers. However, by creating a pre event page, the
marketers will have a central page for driving the people and capture leads as well as early
interest (Ferdinand and Wesner 2012).
The pre event marketing strategy will let the people know about the mission statement
of the event. Moreover, getting on the social media is very important for creating a
momentum for the event promotion, spreading the mission and building the community. In
addition to this, the event marketing partnerships will also play a crucial role into the success
of the event. The events play a major role within the marketing strategies undertaken by the
companies. Events are the ideal technique of nurturing known prospects and helps in moving
through the overall sales cycle. The marketing and communication department generates

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huge amount of content on the weekly basis and therefore, the events must cover that in their
blog posts and pre event page as well (Getz and Page 2016).
Marketing Mix and how New York Fashion Week uses it
The marketing mix is one of the significant tools which help in creating the right
strategy of marketing, through implementation of effective tactics. The overall assessment of
the roles of promotion, price, place and product plays a crucial part in the overall approach of
marketing.
Price: The pricing decisions are the ones related to the selling and communicating to the
potential consumers. On deciding the pricing strategies, the profit margins and probable
pricing response of the competitors are taken into consideration.
Promotion: The marketing tactics chosen by the fashion week include direct mail, email
marketing, direct social media marketing and phone calls. This will help in increasing brand
awareness, gaining popularity and encouraging RSVPs for the fashion show.
Place: This is associated with the distribution channels which serve the means of getting
connected with the target consumers. The distribution channels for the New York Week
include channel member selection, service levels and market coverage.
Product: The product can be referred to the physical products or services which are offered
to the target consumers. The products for New York Fashion Week are referred to the
services which are offered, like fashion shows, brand publicity and others (Masterman 2014).
The marketing mix helps in determining which strategy is correct for the organization
and which is not. It is the primary step before creating a marketing or business plan. The
typical reason for this is the decisions of marketing mix have always impacted the brand
positioning, segmentation and targeting decisions. One can make the segmentation and

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targeting decisions on the basis of the product positioning and pricing strategy (Goldblatt
2013).
(Figure: 4 P’s Marketing Mix
Source: Masterman 2014)
The New York Fashion Week uses the marketing mix in order to inform the
marketing strategy. It assists in determining their marketing strategy and the tactics which are
right for their organization. The overall assessment of the product, price, promotion and place
helps in setting the marketing approach (Rojek 2014). Moreover, the New York Fashion
Week uses it to segment and target their products, while the positioning depends on their
pricing strategy. In addition to this, these factors have a serious impact on the decisions made
regarding price and promotion.
The strategy of marketing mix goes hand in hand with the segmentation, positioning
and targeting. The elements which are included in the marketing mix as well as the extended
marketing mix have interaction with each other. Moreover, the New York Fashion Week uses

6UNDERSTANDING MARKETING AND EVENTS
the marketing mix strategy as a significant tool in creating the correct strategy and
implements it via effective techniques. In addition to this, promotion is highly important as
fashion events need worldwide promotional tactics. The New York Fashion event organizers
use all modes of advertising, including personal invitation, in order to make the target
audiences aware of the event series (Newsfeed.time.com 2018).
Event Promotion and Risk Management Considerations
Event Promotion
The New York Fashion Week is planning to organize an outdoor event in order to
promote their brand. It is important for the organizers to plan this event in such a way, so that
the visitors’ comfort does not get compromised, as the event is going to be held outside.
Special focus must be given on the weather; if it’s too hot or cold or windy, necessary steps
must be taken beforehand. In addition to this, permission for the location must be taken from
the local government officials. The event staffs must be present on the grounds and take care
of the guests (Tara-Lunga 2012).
The market segmentation, targeting and positioning are the most crucial factors,
which the organizers must take into consideration. The market segmentation is a two step
procedure that involves naming the product and segmenting them into the market for
selecting the target audiences. Firstly, the marketer should define the generic as well as
product markets. A generic market can be defined as the one consisting of consumers having
similar needs and desires. However, the segmentation criteria depend on various
demographics like age, income, marital status, education, family size and others. The annual
revenue of the audiences also plays a major role in this (Weidenfeld and Leask 2013).
In addition to this, the current market strategy and positioning also determines the
product class attributes in order to improve consumer satisfaction. However, the New York

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Fashion event organizers should segment the market at first. The event is mainly attended by
celebrities, models, fashion designers and members from the elite class (Rojek 2014).
Therefore, the event must be organized on the basis of their preferences.
Risk Management Considerations
There are several risks in an event and failure in the risk assessment can mar the entire
image of the organization. Failure to assess the risks can result into the loss of reputation,
financial loss, damage to the facilities, loss of equipments and many more. The primary step
for planning an outside event is to conduct a general study on the feasibility of the venue and
to identify the risks and benefits associated with it. The risks to health as well as safety
associated with the fashion event should include several factors. The surfaces must not be
slippery or have potholes which may cause the participants, spectators or guests to fall, slip or
trip. The equipments which will be used in the show must be in good condition so that it does
not cause any damage, during the event (Cerutti and Piva 2015).
In addition to this, proper care must be taken regarding hygiene, food, beverages and
sanitation. The event organizers must identify the risks beforehand in order to put some
reasonable strategies. Moreover, accidents resulting in injuries are very common in fashion
events and the event organizers are held responsible for it. Therefore, necessary steps must be
taken in order to mitigate the risks. In simpler terms, the event organizing teams should do a
reasonable job in order to manage the risks. Moreover, medical aid and facilities must be
available at the spot (Pernecky and Luck 2012). In addition to this, the resources must be
available in the sufficient amount which also includes equipments, facilities, finances and
man power.

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Conclusion
To conclude, special events are the occasions which aim to raise funds, generate
money, gain publicity, raise awareness, or to improve reputation and recognize the successes.
The report discusses about the different types of events which are broadly classified into
various categories and sub categories. The event organizers must focus on the market
segmentation, target audience and brand positioning. A successful event yields better result
and the brand reputation also increases. Therefore, the New York Fashion Week event
organizers must take care of certain factors, which will increase its brand value, as American
Fashion did not get much limelight. In addition to this, the event organizers should also take
care of the risk management procedures so that it does not mar the image of the event series.
The process should involve a pre event stage as well, as important discussions, related to
budget, venue selection and others, occurs at this stage only.

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References
Berridge, G., 2012. Designing event experiences. 2012). The Routledge Handbook of Events.
Oxford, UK: Routledge.
Bladen, C., Kennell, J., Abson, E. and Wilde, N., 2012. Events management: An introduction.
Routledge.
Cerutti, S. and Piva, E., 2015. Religious tourism and event management: An opportunity for
local tourism development. International Journal of Religious Tourism and Pilgrimage, 3(1),
p.8.
Ferdinand, N. and Wesner, S., 2012. The international events environment. Events
management: an international approach, pp.23-48.
Getz, D. and Page, S.J., 2016. Event studies: Theory, research and policy for planned events.
Routledge.
Goldblatt, J., 2013. Special events: Creating and sustaining a new world for celebration.
Wiley Global Education.
Masterman, G., 2014. Strategic sports event management. Routledge.
Newsfeed.time.com, E. (2018). A Brief History of New York Fashion Week. [online]
TIME.com. Available at: http://newsfeed.time.com/2012/02/09/a-brief-history-of-new-york-
fashion-week/ [Accessed 19 Mar. 2018].
Pernecky, T. and Luck, M., 2012. Events in the age of sustainability. Events, society and
sustainability: Critical and contemporary approaches, p.1.
Rojek, C., 2014. Global event management: A critique. Leisure Studies, 33(1), pp.32-47.

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Tara-Lunga, M.O., 2012. Major special events: an interpretative literature
review. Management & Marketing, 7(4), p.759.
Weidenfeld, A. and Leask, A., 2013. Exploring the relationship between visitor attractions
and events: definitions and management factors. Current Issues in Tourism, 16(6), pp.552-
569.