The promotion of intangible products with event marketing Research Paper - 1

The promotion of intangible products with event marketing - Research Paper Example Consumers are seeking for more intangible value, while the banking sector is looking for greater, more productive means to market their intangible products/services to customers. This pursuit leads the banking sector to the path of event marketing, which is a very valuable, needs-based method to satisfy customers’ intangible needs and demands. Event marketing is derived from the observation of the behavior of customers through thorough data examination. These customer patterns may embody a time of need of a customer, which, once identified in a prompt way, tenders a vast prospect to provide intangible products/services to that customer (Harrison, 2000). An increasing number of banking organizations are already generating substantial returns from investing on event marketing activities. Numerous other financial organizations perform analytic oriented targeting or also referred to as ‘triggered marketing’ and could even apply the same terms (Mayar & Uffenheimer, 200 7). The capability to keep in touch or communicate with each customer promptly or relevantly entails a basis of significant information that is novel and is connected directly and routinely to service and sales channels (Mayar & Uffenheimer, 2007). This is the setting that motivates the biggest profits. The banking sector understands that their most valuable advantage is their customers. It is much profitable or gainful to strengthen the bond with present customers and prevent deficiency, in contrast to attracting new customers (Ennew & Waite, 2006). This essay will discuss the promotion of intangible products/services, such as those of the banking sector, through event marketing. Promoting Intangible Products through Event Marketing Intangible products, such as information, are a very extensive concept. Situated in the current terminology, a primary point of similarity in the marketing of tangibles and intangibles gravitate around the extent of intangibility innate in both forms (G ummesson, 2002). Marketing is focused on drawing the attention and sustaining customers. The intangibility level of product has its biggest impact in the goal of attracting customers. When it concerns keeping customers, intangible products come across quite specific setbacks (Kitchen & De Pelsmacker, 2004). However, these setbacks are minimized through event marketing. Event marketing is rooted in regularly and methodically monitoring full customer behavior and patters to determine those times where there is a chance to improve a rapport or when a customer is most prepared to reach a choice of intangible product/service purchase (Gummesson, 2002). The objective of event marketing is to facilitate communication in an appropriate and prompt way with customers and to develop services, marketing, and sales around their particular requirements. Event marketing normally makes use of the database and capably rakes through the customer folders to choose the customers with the recognized tri ggers (Mayar & Uffenheimer, 2007). Triggers, in marketing, are employed to routinely communicate suggestions, offers, relevant messages, or other

Critical Issues in Abandoned Information Systems Development Projects Essay

Critical Issues in Abandoned Information Systems Development Projects - Essay Example   Delegating these projects to lower-level managers or generic staff members would likely allow for IS projects to be mismanaged or certain issues to be overlooked. If the senior manager is unaware of what the project team is doing at all critical stages in the information systems project, there is likely to be poor communication between project team members and lack of focus on meeting specific deadlines for project stage completion. Lack of technical understanding about complex projects, also, can involve creating a project team with members who really are not capable of performing the necessary tasks to achieve the project goal. In many ways, this would seem to go hand-in-hand with lack of senior management oversight as when developing a project team there should be a well-coordinated effort to ensure that all members have the expertise necessary to understand project goals and also ensure they are implemented successfully. Again, as pointed out by Ewusi-Mensah, often failures in these projects are not recognized until they come to the crisis stage and the project costs have already escalated out of control. The conceptual nature of IS projects, additionally, poses problems for companies such as those described in the case study. For an organization such as Intrico Consortium, which was looking to create a rather unparalleled reservation system IS project, failure to create a solid outline of project stage expectations prior to selecting project team members and role responsibilities is likely what led to years of cost overruns and the other disputes involving senior-level management.