Course Name:

Program:
EVMT 9690
Hospitality Management
Event and Attractions

Management

Type of Evaluation: Percentage Weight of Total

Semester: Winter 2024
Assignment # 3 Evaluation: 10%

Course Instructor: Due Date: 21 March 2024

Total Marks: 100
Pranav Dubey

Part 3 – Event Context (Chapter 11-18) - Week 11 Evaluation

Student Name: Sagar Aneja Email - sagar.aneja7333@nctorontostudents.ca

This assignment is graded out of 100 points and is worth 10% of your final grade.

Choose and discuss 3 out of the 7 questions (minimum of 400 words per question) APA Format.

Respond to the following questions

1. Why should event managers focus on the needs of their consumers, rather than the needs
of the event organizers?

There are many solid reasons that indicate that event managers should prioritize the
requirements of their attendees over those of the event planners, since this will have a direct
impact on the sustainability and efficacy of their events:

1. Superior Customer Experience: A better overall customer experience is ensured by

concentrating on the demands of the consumer. Event managers may improve the
reputation of their events and boost future attendance by anticipating and fulfilling the
 demands of their attendees and creating a great and memorable experience that they
will want to share with others.
2. Enhanced Customer Satisfaction and Loyalty: Higher levels of satisfaction are
achieved when participants' unique requirements and expectations are recognized and
met. Customers that are happy with an event have a higher tendency to return and refer
others to it, which builds loyalty and expands the audience.
3. Revenue Growth: Considering the demands of the customer first can result in higher
revenue and more sales. Attendee satisfaction increases the likelihood that they will
make more purchases, attend more events in the future, and choose premium options,
all of which will increase the event's financial success.
4. Develop Long-Term Relationships: Treating customers as collaborators instead of
merely guests encourages a feeling of inclusion and ownership in the event's
accomplishment. This cooperative strategy fosters continuous interaction and can result
in enduring connections that are advantageous to the organizers as well as the
attendees.
5. Excellent Word-of-Mouth and Reputation: Satisfied guests are more inclined to utilize
social media, friends, and family to tell others about their wonderful experiences. This
free advertising through word-of-mouth is priceless and can greatly improve the event's
reputation, drawing in more sponsors and participants.
6. Competitive Advantage: Setting an event apart from competition can be achieved by
providing a distinctive and customer-focused experience. Being able to differentiate
yourself in a crowded market by offering outstanding customer service might draw in
more customers and provide you a competitive edge.
7. Operational Efficiency: Event managers can prevent problems before they arise by
identifying and addressing customer needs, which results in more seamless event
execution. This preemptive strategy can lower the price of last-minute repairs and
increase event management's overall effectiveness.

In the final analysis, attendees have a more engaged and fulfilling experience when the
requirements of the consumer are prioritized over the financial or logistical needs of the event
organizers. This strategy helps the event succeed, be sustainable, and grow over time in
addition to benefiting the attendees.

2. Why should an event manager segment a market? What are the advantages?

Segmenting the market in event management has numerous benefits that can greatly improve
your event planning and marketing endeavors:

1. Segmented Marketing: By segmenting your broader audience into more defined groups, you
can develop focused marketing campaigns that directly address the interests and requirements of
each segment. This tailored strategy enhances the probability of contacting the appropriate
participants and stimulating ticket purchases

2. Enhanced Event Attendance and Engagement: By analyzing client behavior and preferences
through segmentation, you can customize the event experience to better suit their needs.
Attendees are more inclined to participate and actively engage in an event when they perceive
that it is in line with their interests.

3. Personalized Messaging: Segmentation allows you to create tailored communications for

distinct audience segments. Personalized marketing based on factors such as age, gender, or
other demographics has a stronger impact on potential attendees, resulting in increased response
rates

4 Increased Marketing ROI: By concentrating your marketing budget and promotional efforts on
certain segments, you can minimize the time and money spent on segments that are unlikely to
respond to your content. This results in a significantly greater return on investment (ROI) for
your marketing endeavors.

5. Identifying New Opportunities: Through the analysis of attendee data, you can discern novel
target markets that may not have been contemplated initially. This creates possibilities for
advancement and enlargement.

6.Decreased Marketing Expenditure: By implementing audience segmentation, you may

optimize resource allocation, avoiding a one-size-fits-all strategy. You can focus your efforts on
areas that are most important, thereby minimizing unnecessary expenditures.

3. Outline an example of an event’s IMC. Explain why you consider it to be both effective and
efficient from the information available to you.

4. What is the difference between looking at event sponsorships as philanthropy rather than as
a business relationship?

5. Define the term risk in event management.

1. Event Risk Definition: Event risk pertains to the potential for unforeseen or unexpected
incidents that might have an adverse effect on a company, industry, or security, leading to
financial losses for investors or other stakeholders. These events can vary and may encompass
factors such as corporate activities, credit crises, natural disasters, legislative changes, or other
risks. While many risks can be mitigated through hedging or insurance, there are always other
hazards that are intrinsically unpredictable.

There are two categories of event risk.

- Corporate reorganizations, such as bond buybacks or restructuring, have the potential to impact
stock market prices.
- Acquisitions and Consolidations Corporate takeovers, mergers, or leveraged buyouts entail the
introduction of novel risks.
- Risks related to the CEO or product: Unexpected death of the CEO, recalls of products,
investigations, or volatility in input prices.
- Regulatory Changes: Implementation of new legislation that directly affects the operational
frameworks of various business types.
- Market Price Volatility: Drastic fluctuations resulting from significant news events or trading
activities outside of regular trade hours.
- Bond issuer defaults occur when they fail to make coupon payments as a result of unforeseen
events, which increases the likelihood of credit risk.

3. Risk Mitigation:
- Insurance: Companies can protect themselves against specific dangers, such as fire or theft, by
obtaining insurance.
- Credit Derivatives: Credit default swaps can be used to mitigate the risk of credit events.
- Business Continuity Planning: Anticipating and preparing for disruptions caused by unexpected
events.
Diversification is the practice of distributing investments among several assets in order to
minimize risk.
Scenario analysis involves evaluating possible risks and creating backup plans to address them.

6. Briefly explain why managing risk in event settings can be a very complex task.

7. Identify an event in your area with which you are familiar. Identify and list the purposes that
the event might have in undertaking a post-event evaluation.

Sources

Complete Crewing. (2022, August 26). The importance of customer service in event
management. https://completecrewing.com/customer-service-event-management/

https://www.educba.com/benefits-of-market-segmentation/

The benefits of customer segmentation for event marketing. (n.d.). The Benefits of Customer
Segmentation for Event Marketing. https://abmatic.ai/blog/benefits-of-customer-segmentation-
for-event-marketing

Event Risk: Meaning, Examples, How to Minimize (investopedia.com)

Event Risk (Definition) | Top 4 Types of Event Risks with Examples (wallstreetmojo.com)
 Assignment Rubric

Category Excellent Very Fair Needs Did Not

Good Work Submit/Present

5 Marks 4 Marks 3 Marks 1 Mark 0 Mark

Introduction Excellent introduction Very Good Basic Weak or no Did not submit
of Topic – that grabs the interest of introduction that is introduction that introduction of
Case Study reader and clearly states interesting and states topic but topic.
Summary topic. states topic. lacks interest. The topic is
The topic is clearly The topic is unclear.
Introduction to topic is communicated. somewhat
exceptionally clear and clear.
well developed.

Answers to Answered questions Articulated a Articulated a Lack of Did not present

questions competently to strong good moderate understanding
demonstrate an excellent understanding of understanding on topic, no
understanding of the the topic through of the topic flow of
topic. answering through topic.
questions. answering
questions.

Writing, All answers are clear and Most answers and Many ideas and Group Work Did not submit
Spelling, relevant, with no ideas are written research on the does not meet
Grammar grammatical, punctuation clearly with only topic require the criteria for
and and spelling errors – minor grammatical clarification. the
Punctuation polished and and/or spelling Many assignment
in professional. errors. grammatical (too short or
Assignment and/or spellings incomplete.
errors
throughout the
assignment.

Max Marks: 100