Stakeholder and Account Management Report

This report focuses on stakeholder and account management within the context of event marketing. It identifies key stakeholder groups for Festival Republic, namely society and sponsors, and outlines a relationship-building approach using Knapp's model. The report details the marketing mix for a wireless event, including product, price, place, and promotion strategies. It also discusses the role of an event account manager in managing client relationships and aligning working practices with stakeholder expectations. The report concludes with a list of references used in the analysis.

Stakeholder and account
management

Table of Contents
PART B: RELATIONSHIP MARKETING ...................................................................................3
Choosing stakeholder group .......................................................................................................3
Outlining marketing mix ............................................................................................................3
Role of event account manager ..................................................................................................4
REFERENCES ...............................................................................................................................5

PART B: RELATIONSHIP MARKETING
Choosing stakeholder group
For the Festival Republic company, two most important group of stakeholders are society
and sponsors. This is because, they are directly affected by the activities of company (Shani and
Chalasani, 2013). Furthermore, these stakeholders can also hamper the smooth going work of
enterprise and thus it is essential for cited firm manager that he should give consideration to
given stakeholders. Herein, with an aim to develop relationship with respective stakeholder
manager of cited firm can use Knapp's relationship model. This model consists of number of
steps which are depicted in below: Initiation: At the first stage of building relationship with stakeholder, cited firm will have
to build favourable impression in the eyes of respective stakeholders. For example, firm
can use example of its previous event with an aim to build positive impression in its
stakeholder eyes. Experimentation: In this step, firm should assess expectation from its stakeholder
regarding the conducted event. Intensifying: In this phase, Festival Republic company should get more in-depth
information about its stakeholders such as society and sponsors. Integration: In the given step, firm climb the one step of building relationship with
stakeholder.
 Bonding: Finally, an effective bonding will be developed between stakeholder and
company (Hollensen, 2015).
Outlining marketing mix
Marketing mix for Festival Republic company is below: Product: The wireless event which firm is launching will be consider as product of firm. Price: For the above event, ticket will be sold as lower prices with an aim to attract as
many as people. Place: The ticket will be downloaded by buyers from company's website with an aim to
fulfil convenience related need of buyer. Promotion: For promotion purpose, social networking site will be used such as Facebook
and Twitter etc (Peck, H. and et.al., 2013).
Building relationship with stakeholders

 Society:By communicating that this event will not cause any negative impact on the
environment of their city, firm can build relationship with them.
 Sponsor: By making promise that they will surely make advertisement of their product
during the event, relationship with sponsor can be develop (Viio and Grönroos, 2013).
Role of event account manager
Being the account manager of event company, I major role is to manage relationship
between client and company. Herein, I will assess the expectation of stakeholders and according
direct the working practices of firm.

REFERENCES
Giannakis, D. and Harker, M.J., 2014. Strategic alignment between relationship marketing and
human resource management in financial services organizations. Journal of Strategic
Marketing, 22(5), pp.396-419.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Peck, H. and et.al., 2013. Relationship marketing. Taylor & Francis.
Shani, D. and Chalasani, S., 2013. Exploiting niches using relationship marketing. Journal of
Services Marketing.
Viio, P. and Grönroos, C., 2013. Value-based sales process adaptation: a relationship marketing
approach.