MI607 Activity 6 International Trade Fairs Shows

Global Marketing

Student’s Name

Institutional Affiliation

The marketing industry

The marketing industry can be defined as an activity or institutions that involve the creation, communicating, delivery and exchanging of goods and services that have value with the customers, clients, and partners and between companies (Kalafsky & Gress, 2013). The main aim of marketing is to communicate to consumers the various offerings that a particular company has. Marketing helps in the creation of the gaps that exist between customers and companies. Since the main aim of marketing is communication to the consumers of the available goods and services by a company, industries are increasingly coming up with newer ways in which this goal can be achieved. One of the ways that have proved to be effective in the passing of information is through trade fare shows. The US marketing industry has continuously used trade fair exhibition as a way to attract both local and international traders to their markets (Sarmento, Farhangmehr & Simões, 2015). In this regard, the marketing organizes annual schedules of trade fairs to help in the marketing process. The table below shows some of the trade shows that have been lined between now and April 2020.

List of trade fair shows in the US marketing industry

The costs for organizing the events are indicated in the spreadsheet. The costs were made of several factors which included the cost of the venues, the cost of buying the items for exhibition and payment for the individuals manning the booth. This gave the total cost of organizing the event. This total cost was then used to determine the amount each individual would pay to attend the show. The main objective was to get a minimum of 50 percent profit. In this connection the total cost of attending per every individual visiting the show was calculated as with consideration with to the 50 percent profit goal. The approximate number of individuals attending the show was approximately 500, a figure that was also used in the calculation of the cost of attending the show.

Given an opportunity to advertise at half the number of shows identified in the spreadsheets above, there are various factors that would be put into consideration. These include the cost of hiring the venue, the number of people likely to attend the show, the proximity to the venue, the restrictions within the venue and the suitability of the area to the items on offer.

Cost of hiring the venue

Despite the fact that main aim of the trade fair is to communicate to the potential customers of the possible gods and services available, there is also need to make profit from the activities of the day and replace the monies consumed in the organization of the event. In this regard, the choice of the show to attend would depend on the cost of hiring the venue.

The popularity of the show

From the spreadsheet, it is evident that all the shows are annual and thus are likely to be known widely. The more popular a show, the higher the number of people attracted to attend. This in return increases the chances of the advertisers earning a higher profit. This is therefore a factor to consider while selecting the shows to attend.

The proximity of the venue

The main goal of every organization is to cut down on the costs of organizing events. In this regard, a company would want to choose a venue where they spend less to access the venue.

References

KALAFSKY, R., & GRESS, D. (2013). Trade Fairs as an Export Marketing and Research Strategy: Results from a Study of Korean Advanced Machinery Firms. Geographical Research, 51(3), 304-317. doi: 10.1111/1745-5871.12019

Sarmento, M., Farhangmehr, M., & Simões, C. (2015). A relationship marketing perspective to trade fairs: insights from participants. Journal Of Business & Industrial Marketing, 30(5), 584-593. doi: 10.1108/jbim-01-2013-0024