TERM PAPER

ON

CORPORATE ENTERTAINMENT

SUBMITTED TO:
MR. S.M. SALAMAT ULLAH BHUIYAN PROFESSOR DEPARTMENT OF MARKETING STUDIES & INTERNATIONAL MARKETING, UNIVERSITY OF CHITTAGONG.

SUBMITTED BY:
PUJAN SHACI DUTTA

DEPARTMENT OF MARKETING STUDIES AND INTERNATIONAL MARKETING, UNIVERSITY OF CHITTAGONG.

Letter Of Submission

September 15, 2012 To MR. S.M. Salamat Ullah Bhuiyan Professor, The Convener Industrial Tour & Term Paper Committee Department of Marketing Studies & International Marketing University of Chittagong. Sub: Submission of term paper. Dear Sir, It is pleasure on my part to submit my term paper report on CORPORATE ENTERTAINMENT MARKETING as a part of my BBA final examination. Though it is a new experience, I have tried my level best to gather relevant information through books, newspaper, journal and various websites from internet to write this report. Without sincere cooperation and proper guidance of you it was not possible for me to prepare this report. For this act of kindness I am grateful to you. My all effort will be succeeded only if it could satisfy you. I sincerely hope this report will receive my approval.

Thanking you.

Sincerely yours, PUJAN SHACI DUTTA Class roll : 5441 Exam. Roll: 2006/50 Session: 2005-2006 Department of Marketing Studies & International Marketing. University of Chittagong, Chittagong.

Preface
As a requirement of practical fulfillment of BBA (Hons) Program, I am assigned to complete my Term Paper on Corporate Entertainment Marketing.

In the short span of time I have tried to present the overall picture of corporate entertainment marketing, its types, advantages to organization and its marketing strategy which to be followed. . Yet I tried to make
the report effective, informative and representative.

I am a profound sense of gratitude to my teacher Mr. Salamat Ullah Bhuiyan, Professor, Department of Marketing Studies & International Marketing, University of Chittagong, whose potential guidance during the time of information collection for completing my report ,enable me to proceed for the compilation of this report. Finally, I would like to say that my untiring efforts would become successful when any interested person will find my report useful.

Acknowledgement

It is almighty Allah who has enabled me to successfully complete the term paper and make a report. Secondly, I would especially like to express my gratitude to my honorable teacher who has given me valuable suggestions and guidance for completing the term paper and making the report. It is to be confessed that without his active and cordial co-operation, the preparation of this report could not have been possible.

According to the requirement of class study and assignment as B.B.A. trainees every student must perform their assignment program within the specified period to reduce or recover the gap between the theoretical and practical knowledge.

From the very outset I would especially like to extend thank to our department guide honorable teacher Mr. Salamat Ullah Bhuiyan , Professor of Marketing Studies & International Marketing Department, whos enthusiastic and consideration during the entire phase of made it possible for me to prepare this report.

We have the immense pleasure & satisfaction in presenting report after termination of my term paper on Corporate Entertainment Marketing. The gain of this report depends on the contribution of many people, especially those who spare time to share their opinion and experiences, judging of merits, faults & suggestions.

EXECUTIVE SUMMARY
Entertaining clients or prospective clients to a great day or night out is a tried and tested method of boosting sales and retaining business. Corporate entertainment revolves around an activity or activities organization feels about his customers will enjoy, leaving them with positive feelings about the company. It can be easily confused with corporate hospitality, but theres an important difference. Corporate event entertainment is essentially active organization and its clients will be taking part in something, whereas corporate hospitality involves taking them for a day out to watch something such as a football match. Here is a description of corporate entertainment marketing which is highly required for the organizational growth and development of the company.

TABLE OF CONTENT
No.
1. Introduction..................................................................7 2. Corporate entertainment marketing............................8 3. Types of corporate entertainment................................8 4. Corporate entertainment business.12 5. Advantages of corporate entertainment to a company 6. How to manage corporate entertainment in business 15 7. Requisites to make it successful..................................17 8. Corporate policy.19 13

Page

in

entertainment

9. Corporate entertainment marketing strategy..............23 12. Conclusion..................................................................33

Corporate entertainment
Entertaining clients or prospective clients to a great day or night out is a tried and tested method of boosting sales and retaining business. Corporate entertainment revolves around an activity or activities organizations feel their customers will enjoy, leaving them with positive feelings about the company. It can be easily confused with corporate hospitality, but theres an important difference. Corporate event entertainment is essentially active the organization and its clients will be taking part in something, whereas corporate hospitality involves taking them for a day out to watch something such as a football match. Theres no participation on your side. It is related to private events held by corporations or businesses for their staff, clients or stakeholders. These events can be for large audiences such as conventions and conferences, or smaller events such as retreats, holiday parties or even private concerts. Corporate entertainment is the form of face-to-face marketing that assists in enhancing the relationship between an organization and its current and potential customers through interaction in a non-sales environment. It has also been described as 'free entertainment offered by a company to customers or trading partners... as a way of winning their favors. It is therefore used to 'enhance' already existing relationships as well as win the 'favors' of those being treated, whether they exist or prospective clients, suppliers or the media. However, corporate entertainment isn't just a sideline about occasionally promoting business, brand, place in the market; it's now seen by some as an essential part of a B2B marketing spend, and is sometimes even allocated a separate budget entirely. It is also commonly used to mean the corporate hospitality the process of entertaining guests at corporate events. The companies that provide corporate entertainment are called Corporate Event Planners or Corporate Booking Agencies. When a company wants to show its staff, clients, or stakeholders some appreciation, they put together a corporate entertainment event. These events are a great way to not only show appreciation for those involved with the company in some way, but it is also serves many other purposes. Some of these include: 1. They build morale among the staff in the company. When employees are able to get out of the work environment and have fun, they become friends and that increases
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morale within a company. Increasing morale does something else within a company as well. 2. It builds productivity and that is very important if a company wants to make money. When a company is productive, there is very little waste and the less waste there is the more profit there is. That is what makes corporate entertainment so good for a company. 3. It helps staff, clients and stakeholders network outside and within the companies. Some companies are so large that many employees do not even know each other. Corporate entertainment events can help employees who would have not known each other, network with each other. It also helps clients network with the people they do business with on a regular basis. Some private events that companies will hold include: Conventions Conferences Retreats Private Concerts Christmas Parties When a company holds these events, it helps the entire company and it helps those within a company get to know who they work with, who they do business with and who works for them. It is a perfect way for a company to build morale, productivity and more. In the end, something like a corporate entertainment event can be the best thing for a company that has become stale and stagnant over time.

Corporate entertainment marketing

The total activities involve in entertaining the clients, stalk holders or staffs of the organization to build up a sustainable and long lasting relationship with them to achieve its organizational goals and objectives more effectively and efficiently than it competitors do. Corporate entertainment is often utilized as a marketing tool, used by companies to deliver messages to clients, prospects and journalists in informal settings. It can prove an ideal vehicle for strengthening existing relationships, forging new ones or simply as a way of rewarding those clients who continually supply your business with their trade.

Types of corporate entertainment

There are various types of corporate events that make use of entertainment. An Opening General Session may include entertainment that adds excitement and presents the overall theme of the meeting. Mixers or pre-dinner parties many times use entertainment meant to provide a backdrop for conversation, perhaps an acoustic ensemble or prerecorded music. Awards or Gala events, usually the last event in a series of meetings, can make use of many options, from celebrity entertainers to exciting bands providing dance music or other options that will leave the attendees with a feeling of excitement and looking forward to the next meeting. There are many different types of corporate entertainment. Types are:

1. Business entertainment of clients

Organization provides an employee with expenses or benefits related to their business entertainment of clients. The same rules apply regardless of whether:

arrange and pay for the entertainment directly pay the supplier for entertainment arranged by employee reimburse employees entertainment costs

In general, entertainment counts as business-related if its purpose is to:

discuss a particular business project maintain an existing business connection form a new business connection

By contrast, entertainment of business acquaintances wont count as business-related if its purpose is really social even if theres some discussion of business topics in the course of the entertainment.

2. Non-business entertainment company arrange and pay

Organizations arrange and pay the supplier directly for non-business related entertainment of clients by an employee. In general, entertainment will be considered non-business related unless its purpose is to:

discuss a particular business project maintain an existing business connection form a new business connection

3. Non-business entertainment employee arranges, company pay

Employee arranges non-business related client entertainment, but company pay the supplier directly for it.

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In general, entertainment will be considered non-business related unless its purpose is to:

discuss a particular business project maintain an existing business connection form a new business connection

4. Non-business entertainment employee arranges and pays, company reimburse Employee arranges and pays for non-business related client entertainment, and company then reimburse them for it. In general, entertainment will be considered non-business related unless its purpose is to:

discuss a particular business project maintain an existing business connection form a new business connection

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Corporate entertainment in Business

The tool of corporate entertainment in not any ordinary tool just to enjoy the good party and its food and use the companys budget for it but it is the utmost requirement of todays business world. In order to forge the relationship of company with its customers which include the new as well as those customers who are loyal to the company from a long time period; the corporate entertainment based events play a vital role and it is a very known fact that the success of any company is judged on the basis on their customers volume. The spending on such event should not be considered as a less worth spending rather it should be included in the benefits list of the company because one can not underestimate a very important and known factor that is called networking and this networking is the basic theme of every corporate entertainment party. When the companys employers and employees spend some of their time with their old as well as new customers in a healthy environment so certainly the results of such an event are very pleasant which will eventually increase the know how and good will of the company among general public. In the todays world that is of competition the customer loyalty is the key of success for any company and success is eventually the breath to survive in this competitive world. This shows that how important is it to take care of the interests of your customer because it is the game of give and take, if you give them respect and take good care of them so eventually you will be getting similar results in response but if not then vice versa will be the case. The effective communication between the organization and its customers will certainly leave an excellent impression on the mind of customers hence they will be taking more interest in the offerings of the company as compared to the past and it will more broaden the span of your good relations with your customers. But to hire the expertise of the professionals for the arrangement of such entertainment parties is also very much important because the aim of entertaining your customers must be delivered to them in a delegate manner which is best possible if certain experts are hired to arrange these corporate events and make them memorable; Thus when the expertise of such experts is hired then it not only results in your tension relief but along with this it also ensures the conduction of this event with its desired objectives.

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Advantages of Corporate Entertainment to a Company

Corporate entertainment is not an excuse to have a good party on the company budget; it's an essential tool for any business in the modern world. Done correctly, and with the right levels of attention to detail, it is an opportunity to engage with new clients, reward the loyalty of current clients and forge relationships. Its advantages are: Corporate entertainment gives the company a chance to enjoy themselves while dealing with the stress of office rigors. Small companies may have an office party at the end of the year. Corporate entertainment goes far beyond that. A corporate comedian could be included in the launch of a product, service or major announcement on the company's mode of operation. A corporate entertainer can create excitement at a seminar, workshop or convention to invigorate the audience. When corporate entertainment takes place; just like team building, it provides for relaxation of tension that is usually evident in business settings. The deal with how a corporate entertainment event will help your company credit from the event. Corporate entertainment companies will have their corporate entertainer ensure that the event has enabled loyalty and cementing of client relationships. This will help the company gain the respect and loyalty of clients. This is done by the corporate entertainer by ensuring there is enough face to face time with the client. With the use of the controlled environment provided by the event, the corporate entertainer is able to secure new business. Controlled platform for product launches is another main reason why corporate entertainment is beneficial to a company. Internal staffs as well as distributors are able to get information on a new product. The company image is also highly enhanced by the events and the corporate entertainment will ensure that the event has highlighted the company's services better than the competition. The events can help build relationships at work as well as improve company performance through exposure. Overall, a solid corporate entertainment strategy has the potential to remarkably improve bottom line. It is an investment in people, and what those people can bring to business. Marketers can brand each event in their corporate colors, develop internal strategies, network and explore new ideas. In short, it is an essential tool for any organization.

Corporate events are not only for developing client relationships, though. They can also be used to improve the morale, loyalty and focus of company staff. A well timed event that has staff mingling with all corporate tiers and learning new things
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about themselves, and others, can have a profound impact on company. Happy staffs are productive staff and a well designed event can deliver superb results. An organization that boasts well trained staff and facilitators will ensure that any problems or mishaps are quickly dealt with and that all factors surrounding your event move to an exact timetable..

Developing loyalty in client base is particularly vital in the current economic climate. Prospective clients want to know that you will look after their interests and that your existing base is both loyal and steady, it gives an excellent impression. A well designed corporate event will facilitate communication and discussion between you and your clients so as to bring greater depth to your relationships.

Corporate entertainment is not an excuse to have a good party on the company budget; its an essential tool for any business in the modern world. Done correctly, and with the right levels of attention to detail, it is an opportunity to engage with new clients, reward the loyalty of current clients and forge relationships.

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How to manage the corporate entertainment

In todays corporate structure, everyone is trying to get an edge. Companies want to wow their customers, their stakeholders and even their employees so their brand and their message stay relevant and meaningful in the current marketplace. How can companies get that edge? By using live communication and entertainment tools in a strategic way, by taking calculated risks and by putting the human element back into every experience the company promotes. Realize that bombarding people with fact after fact whether at an annual convention, at the weekly sales meeting or in an advertising campaign numbs peoples brains. Todays audiences need to feel, need to laugh, need to applaud, and need an ahha experience. For example, years commercials during the Super Bowl, which is a traditional advertising venue. Ads today are more human and humor-based than ever before. Why? Because the messaging and the way the message is delivered is whats important to audiences. This concept applies whether youre a small business with less than ten employees or a multi-national corporation. As a result of this trend, businesses are scrambling to capture both the mind-share and heart-share of their audiences. This is important, because mind-share plus heartshare equals productivity-share. So whether theyre trying to motivate their sales team at the weekly meeting, engage customers with a thoughtful marketing campaign. Using strategic entertainment and live communication tools can be extremely effective, yet it takes confidence, and unfortunately, many companies are leery of trying something new. But realize that the people and companies that get results are the ones willing to stick their necks out and try new things. Remember, too, that building a brand that sticks or crafting a message that triggers action isnt easy. Todays new brand may be tomorrows old news. Thats why you need to constantly communicate in a way that engages them and captures their hearts and minds. In order for to use strategic entertainment in a way that advances your message, consider the following points. Take the traditional blinders off: Talk to a creative advisor about companys objectives for next sales meeting, adverting campaign, convention, etc., and allow the discovery process to occur. If company willing to put yourself back into the classroom, so to speak, and be open to learning about new ideas and concepts, then over time can develop the confidence to try something new. In the long run, whether embark on a new
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direction by using strategic entertainment or continue the companys existing direction, decision and selection process will be better, thus causing results to be better, simply because they are willing explore a new concept rather than keep a closed mind. Have a clear picture of the meeting, event or marketing message: Often, people planning a meeting, event or branding initiative dont have enough information to make an informed decision. Have to set some time aside and think the meeting, event, or message through, even if company only going to be communicating with a small group of in-house employees. Inspire the salespeople to buy the products. Focus on creative concepts and ideas: Most people have an idea for their meeting, event or branding message and think that one idea is the only option. But planning one that uses strategic entertainment is much like writingusually the first thing write down is not the final product print. There need to have a talking point or a starting point in terms of what they think ,want but then they have to go deeper and share ideas with others. Throw some concepts on the table, create a storyboard of ideas, and then see if the original idea has stayed the same. Its all about keeping an open mind. Clearly communicate needs, concerns and feelings to those responsible for the meeting, event or message: Unfortunately, the human aspect is missing in corporate America today. Technology has replaced many human interactions and conversations. While e-mail and instant messenger are great for relaying information to others, company can get much better results when you actually interact with someone, whether on the phone or face-to-face. During these interactions, involve and engage people by talking about the needs, concerns and feelings you have about your meeting, event, or message Want and Get the Return Strategically: Being able to connect with target customer is paramount in todays corporate environment. To stay ahead of competition, must be innovative and constantly trying to reach forwardtrying to do better than last year. Thats where strategic entertainment will give you the edge.

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Requisites to make corporate entertainment successful

So how do corporate entertainment successfully? The following requisites should prove useful: 1. Understanding the objectives Before selecting an event, or even deciding who to invite, the objectives should be determined, understood and kept in mind throughout. Deciding what org. would like to achieve is paramount. Objectives may include: an increase in sales or motivation, increasing brand awareness, securing new custom or encouraging prospects, encouraging existing customers, or simply saying thank to loyal customers. 2. Understand and research the target customer and other Researching the target customer (and consequently selecting the function) is vitally important for maximizing any kind of return on the organized event.. 3. Choose the right event An effective hospitality event is one that sticks in the minds of those who attend. Consequently, the heat is on when it comes to sourcing the right place for the right people. Getting it wrong could have drastic consequences for the figures and reputation; not only dissuading prospects from having anything to do with org., but even discouraging existing clients from continuing an active relationship. There must have different event to entertain different clients, stakeholders or advisors of the company. 4. Money matters Entertainment has come a long way - from being the first thing to be cut out of a company budget, to being allocated its own budget entirely, as previously mentioned. However, a large budget isn't necessarily the main constituent of successful corporate entertainment. Budget is very important there. Budget should be prepared as company limitation. It must be well defined and access able . 5. Selecting the word

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Word selection is very important in invitation to the guest of corporate entertainment. Because there may be important guest who to respect. So language and selecting word is very important.

6. Timing is everything The timing of a hospitality event can prove essential. it should be well timed as the guest want. Because we need them so time must be maintained to get them. 7. Following up If corporate hospitality is to be used as a specific strategy, it should be followed-up in some way. This could involve gathering feedback from the audience who attended, either informally or by using something as formal as a questionnaire. However, the appropriateness of the technique needs to be considered in relation to how formal or informal the hospitality has been organized throughout. 8. Frequency Likewise, an event should not just be an annual occasion that proves to be the only contact you have with a client, and hence the only chance of receiving feedback. Comments running good, regular, transparent reviews with clients is an excellent way to gain feedback, almost on a daily basis - you shouldn't be reliant on a specific event to make sure your clients are happy. Hospitality, therefore, can be utilized as more of an ongoing review process, rather than a one-off event that needs to be formally measured.

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Corporate entertainment policy

Definition
Corporate entertainment and hospitality occurs when meals and/or entertainment is provided that that is more than light meals / refreshments associated with a business related activity. For the purposes Hospitality of this Policy, Corporate Entertainment and

Expenditure does not include: Expenditure on meals/refreshments which are incidental to business related meetings, conferences, seminars, or workshops, including incidental expenditure for non-business colleagues.

Expenditure on an individuals meals, etc which the individual incurs whilst travelling on business.

Corporate entertainment and hospitality expenditure cover the following: corporate tables at industry or other functions where customers and stakeholders are invited. Entertainment and hospitality expenditure where the prime purpose is for customers and stakeholders and interest groups. Entertainment and hospitality expenditure for business visitors, including interstate and overseas visitors. Entertainment and hospitality expenditure for employees (including spouses and accompanying persons).

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Participants
The following guidance applies to participants and guests at corporate entertainment and hospitality events. Customers, Stakeholders and Interest Groups Representatives of key customers and stakeholders may be entertained at the expense of where there is a perceived business benefit, or in reciprocation of hospitality where that is perceived as being important to the business relationship. For such events, it is expected that the invited guests would comprise a significant majority of the total attendees. Entertainment and hospitality expenditure can also be incurred for interstate and overseas visitors to as part of business relationship building. Employees and Directors Entertainment and hospitality expenditure on employees/directors is acceptable, provided that the purpose of the expenditure is to contribute to Overall business goals. and appropriate to the circumstances.

Employee/Director Spouse and Accompanying Persons Entertainment and hospitality provided to a directors/employees spouse, partner or accompanying persons attending a business activity/function should be restricted to situations where their presence enhances the activity, or is relevant to the protocol of the activity. In such circumstances, prior approval by the Chief Executive or Executive Leadership Team member is required if a directors/employees spouse,

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partner or accompanying person will be attending.

Approval Delegations
When planning and approving entertainment and hospitality, managers should have due regard to the cost per head for those attending, the quantum of the expenditure and the potential business benefits. Whilst the delegations table below shows expenditure cutoff amounts which apply for approvals purposes, it is expected that, based on consideration of expected business benefits, many events will involve expenditures well below the cutoff amounts.

Supporting Documentation
In approving corporate entertainment and hospitality in accordance with this Policy, the financial delegate must ensure sufficient supporting documentation is provided, including: Documentation of the business purpose and potential benefits. Details of invitees and attendees (internal, external and accompanying persons). However, whilst attendees details for open invitation events are not required, a profile of the expected attendees should be provided. Budgeted and actual expenditure for the event, including any judgments/justifications of the appropriateness of the expenditure. Relevant approvals. Tax invoices Any other information that may be considered relevant for audit or
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verification purposes.

Reporting
The Guidelines require a GOC to: Document in the Statement of Corporate Intent (SCI): oAnnual corporate entertainment and hospitality expenditure budget. oDetails of individual commitments over $5,000. Include in Quarterly reports to shareholding Ministers: oActual corporate entertainment and hospitality expenditure. o Details of individual events over $5,000 and the benefits. o Significant changes in corporate entertainment and hospitality commitments as presented in the SCI. As such, the Executive Leadership Team members must ensure and monitor compliance with this Policy, and report quarterly to the Chief Financial Officer on the actual corporate entertainment and hospitality expenditure and details of individual events over $5,000 and their benefits.

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Corporate Entertainment Marketing Strategy

One of the most essential things that will be a factor towards the longterm sustainable success of Corporate Entertainment is setting out and implementing a successful Corporate Entertainment marketing strategy. Despite this, most Corporate Entertainer do not have set out their Corporate Entertainment marketing strategy or, even if they do, it is not followed and implemented comprehensively. Corporate Entertainment businesses that have the vision to create a vibrant, customer-focused marketing strategy, and the resolve to implement it, will have a real opportunity to do something wonderful with their business. If an organization set out their Corporate Entertainment marketing strategy properly it will create the 'buzz' that will set its apart from its competitors.

Having a Corporate Entertainment marketing strategy It is different to having a marketing plan. A marketing strategy involves choosing a realistic, measurable and ambitious goal that an organization think its Corporate Entertainment business can achieve on a sustainable basis. Each marketing tactic use should be 100% focused on reaching and surpassing that overall goal. A marketing plan includes all of the tactics and actions that are designed to achieve the overall strategic goal, and a timetable for their implementation. In other words, the plan will detail what you will do to make the strategy happen. The vast majority of businesses in all sectors market themselves the same way as their competitors, with supply-driven marketing messages based on product features, unappealing websites and bland strap lines and statements about what their Corporate Entertainment business does.
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They do this because it is easy. Corporate Entertainer know their products and services better than anyone else. As a result, they promote themselves in terms that they understand but their customers don't. They also do it because they look at what their competitors are doing and fall into the trap of doing the same things, instead of differentiating themselves and creating a unique selling proposition (USP) that give them a real competitive edge.

Choosing strategy

the

right

Corporate

Entertainment

marketing

Competitive advantage can be achieved by choosing a marketing strategy that will provide the edge that sets an organizations Corporate Entertainment business apart from everyone else. There is no magic formula for doing this. Just import or implant an off-theshelf strategy into a business. It is down to marketers to choose and define their Corporate Entertainment marketing strategy in their own business situation. There are a number of key principles you can follow to help marketers to choose the right strategy:

Knowing exactly who the customers or target prospects are and where they are located. Understanding exactly what is the target customers want and need, why they need it, how they need it and when they need it. Being confident enough to develop or create a USP that can offer to fulfill the customers' needs completely. Refining the strategy based on what learn while testing the proposition in chosen market. Implementing USP and ensuring that it is articulated in all of marketing messages, campaigns and sales channels. Recognizing when proposition is working and marketing it fast, first and aggressively in sector to achieve an unassailable lead over competitors.

Deciding on strategic goals

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Every Corporate Entertainment will have different strategic objectives for its own specific situation. No matter how high marketers set their sights, Corporate Entertainment marketing strategy will drive everything that marketers Corporate Entertainment business does to achieve that objective. Whether they are aiming to double turnover in 12 months, maximize the value of their business in 3 years in order to sell it, or to double their market share in 6 months, you will improve your chances of achieving these goals by implementing a well thought-out marketing strategy. With your business' marketing efforts accurately aimed and completely focused on the needs of the target market, marketers are far more likely to succeed. Getting market strategy right In the early 2000s, everyone spoke about the importance of being market-led. But today market conditions change much faster due to technology, fashions and media influences, as well as customers' tastes. The 21st-century marketer who wants to succeed will do so only by making the right choice of target market, and then focusing everything the Corporate Entertainment business does on providing unique value and benefits to meet the needs of that chosen market better than the competition. How long should retain the strategy Corporate Entertainment business and Corporate Entertainment marketing strategy cannot stand still. What is unique today is widespread tomorrow and unwanted the day after that. So the vital ingredient in a truly dynamic marketing strategy is to strive continually to discover new and better ways to add value to customers, and keep your proposition unique in chosen market. Every single time marketers put their strategy into action they will learn something new about their customers' needs and whether their proposition is right for them. The implementation of their Corporate Entertainment marketing strategy should be a continuous process of
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creating a proposition to satisfy their customers. This involves testing it and learning from it by recognizing what is right and doing more of it, or changing what is wrong as soon as you realize it isn't working.

Corporate Entertainment marketing strategy

It is important to determine how the business is going to achieve its objectives by improving the product, increasing promotion, implementing a new pricing strategy. This should be clear and realistic, reflecting the practical implications behind the business' marketing objectives.

Marketing Budget - This will be delegated to the should be detailed. Marketing Action Plan each strategy, e.g. the campaign, delegation of market research.

should contain detail of resources that marketing activity. Areas of major cost An action plan should be compiled for selection of media for a promotional resources for product development and

If clear objectives and activities are set, results can be easily monitored.

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Creating

Corporate Entertainment marketing strategy

Any Corporate Entertainment business that wants to succeed and develop must have a strategy that can give a perspective of where the business will be at any given point in time. In other words a strategy is aimed at driving the business forward. But what does a strategy involve?

The strategy should involve the people who work in the Corporate Entertainment business, because without them there is no business. Many managers fall down because they are not capable of understanding how best to use the people within the Corporate Entertainment business. The staff should be the first to be consulted because they know what is going on in their section of the business and how it can be improved so that even those at the bottom of the ladder e.g. cleaner, know what the business is about, where it is going and how she can have an input. After all, the cleaner usually hears what is going on in the various departments. Think through the consequences of your marketing strategy to make sure it's realistic. For example, there is no point in a strategy based on rapid growth if you won't be able to produce enough goods. The best strategy will reflect your own strengths and weaknesses.

Key elements of a successful Corporate Entertainment marketing strategy could see you start by looking for new customers similar to the ones already have. When reviewing existing customers need to consider:

How will the marketers target the right people?

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How can marketer promote your products? Options might include advertising, direct marketing, exhibiting at trade fairs, PR or marketing on the web. What is the best way of distributing and selling marketers products? For example, marketer might aim to sell directly to a few key business customers, or to sell to the general public through retailers.

Improving customer service Better customer service can be a low-cost way of keeping customers, boosting sales and building a good reputation. Making marketing effective: A small-scale trial can be a good way of testing a marketing strategy without committing to excessive costs. And don't forget that your marketing strategy document needs to be constantly reviewed and updated or replaced when necessary - Just like your own products or services. The strategy must take account of how Corporate Entertainment business' strengths and weaknesses will affect marketing. Understanding own strengths and weaknesses are key elements of a successful marketing strategy.

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Corporate entertainments reflecting to market place: As Corporate Entertainment businesses pass from small to medium sized, there is quite often a tendency for some of the strengths and weaknesses to diminish. Whatever size business is must still be honest with yourself and whether any of the weaknesses still apply to Corporate Entertainment business? It would help if made a list own business' strengths and weaknesses, getting input from all staff including management as many of employees as possible. Compare the strengths and weaknesses with those of main competitors. Check whether need to take corrective action to minimize weaknesses and identify where can exploit strengths that competitors don't have. There is a tendency for the marketing activity of smaller businesses to be short term, ad-hoc, and reactive leading to a fire-fighting culture. This can cost time and more importantly money, because resources are not optimally deployed as a result of not considering the fuller, longer-term picture. However, a balance is needed. The ability of the smaller business to be flexible and respond rapidly to market changes is a major strength in the right direction. This is particularly the case in fast moving markets and when in competition with larger businesses who are far less likely to be able to respond as quickly. In order to avoid short-term knee-jerk reactions whilst maintaining flexibility, you need an overall strategy for your activities to fit into. If you check whether your response to market situations is consistent with your overall strategy you can decide whether a particular course of action is appropriate. . Once marketers have their objectives and a strategy, you are well on the way to having a marketing plan. You may well have this in their head, but it's much better to write it down so that they have something to keep their on track and to show to others in their Corporate Entertainment business.

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Adopting a focused strategy allows you to avoid the shotgun effect. Avoid trying to aim too widely with your marketing because your resources will be spread far too thinly to be effective. The word focus should be the key word for small businesses.

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Focus on a niche Focusing on a market niche is a particularly appropriate competitive Corporate Entertainment marketing strategy for small Corporate Entertainment businesses.

If marketers face heavy competition in a mass market, particularly from larger Corporate Entertainment businesses, it takes a lot of resources to compete, and for smaller Corporate Entertainment businesses, your size can also make you less credible. Take a look at market and identify whether there are any market segments that are not being adequately served. Look at ways in which you can make an offering to fit their particular needs. Of course it has to make good business sense before go along this path, and it is not without risks in itself. There is no guarantee that larger Corporate Entertainment business won't see what you are doing and achieving and start to concentrate their own assets on your niche, especially if it looks profitable. Marketers always need to monitor the market and be prepared to move to another strategy if necessary.

Focus on a particular segment:

Corporate Entertainment business, may find it beneficial to consider focusing even further within a niche or market segment to become a specialist. Small Corporate Entertainment businesses have greater credibility as specialists and there is the advantage that you will develop a very deep knowledge and expertise within your market as you pursue this route. The disadvantage to this strategy is the risk associated with total reliance on a small market sub-segment. You will need to monitor the market regularly so that you can be ready to target an alternative market if necessary.

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Adopting lower risk strategies: When you are operating with limited resources, it makes sense to look at lower risk strategies first.

Avoid moving into new markets too rapidly: Far too many small Corporate Entertainment businesses get carried away with the excitement of new horizons and forget to fully exploit their existing markets before moving on. You may have a very good reason for looking at new markets if your existing market has dried up or has undergone a down-turn, but remember that the further you move away from your existing market, the risk and cost of marketing increases. This is because you know far more about your existing market and have far more information upon which to base your decisions. Your production, systems and procedures are also geared up to your existing market. This is illustrated by these simple growth strategies that increase in risk as you go down the list: Selling more of your existing products to existing markets Selling modifications of your existing products/services to existing markets Selling new products to existing markets (totally new products or associated with existing products) Selling your existing products/services to new markets Moving into completely different markets with different products

Check the need to increase customer base:

In many cases micro and some small Corporate Entertainment businesses are operating with a customer base that is far too small. This imposes undue risk, because the sales from one customer can account for a substantial proportion of total revenue. Consequently, the loss of a customer could have a major impact on your business, and in some cases result in its demise.
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Ask yourself whether you are in a high-risk situation. This can be done by taking a common sense view by calculating the percentage of your total revenue accounted for by each customer, and for each, ask yourself what the impact on your business would be if you lost that customer and whether you would survive.

If the answer is no to any of them, then you need to take steps to increase your customer base.

Make an estimate of how many customers you need in order to reduce to an acceptable level the percentage of your total revenue accounted for by each customer. Set this number of customers as your target. Then identify how you are going to obtain these extra customers and over what time period. Draw up a mini plan for this as you are unlikely to be able to develop new customers overnight, and so the sooner you start planning to do this the better, but remember not to neglect your existing customers while you do this.

Retaining employees: There is a distinct cost advantage to retaining employees because it costs a lot to recruit and train a new employee, and in the early days they are less productive. As with customers, you need to make sure that your employees are satisfied in order to retain them. You are also unlikely to have satisfied customers if your employees aren't satisfied. These are two good reasons for making sure that you keep your employees but how good are you at this? Consider if you have:

An employee satisfaction program? Knowledge what your employees' needs are in order to ensure that they are satisfied? Taken steps to find out what motivates each of them? A selection process and training program adequate for each employee role?
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Now look at your Corporate Entertainment marketing strategy and identify how it actually applies to your business or business idea.

Choose the right market for your product. The most important aspect of any Corporate Entertainment marketing strategy is ensuring you have chosen the right market at which to aim your products and services. No matter how convincing your sales messages and advertising copy, or how good you are at selling and articulating the benefits of your service, you will almost certainly fail if you haven't selected the right target audience in the first place, or haven't understood what that audience needs. By selecting the market with the right profile of consumers who have a propensity to buy your products or service, you will be able to aim your proposition and the benefits it brings directly at them. Keep up to date with changes in customer preferences and buying patterns, and the seemingly relentless changes in technology and other external forces. If you do not make the effort to move forward constantly, your competitors will steal your market share, your biggest customers, or your intended new market before you have a chance to do anything about it. Keep your eye on the marketing ball. The market focus of your business ensures you are continuing to provide the unique value and benefit your customers need and expect from your service.

Conclusion Corporate entertainment marketing is booming and its popularity seems likely to continue, as it is now a key component of corporate sales and marketing strategy. so to speak, if an organization want to increase its growth and development, effective and efficient managing of corporate entertainment is required.

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