Market connection
| Market connection |
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| See also |
Market connection informs about level of acceptance of the brand or company on the market. Companies strive for high market connection. It can be improved thanks to working with customers and business partners. The process is based on marketing efforts related to chosen brand or company names.
Connection with the market informs about the level of acceptance of the brand or company on the market. Each company should constantly monitor what is happening in its environment so that it can function efficiently. The combination helps you to meet the needs of the environment, gain support for your activities, build trust and ultimately achieve the company's goals and mission.
Forms
Most common forms of improving market connection are:
- sponsorship of events
John L. Crompton say: „Sponsorship investment by companies have grown exponentially in the past decade, so that by 1992 it was estimated that 4500 companies spent $3.3 billion on event sponsorship." [1]
There are always two sides in sponsorship: a sponsor - it is usually an entrepreneur or a private person interested in promoting themselves or their products and incurring certain costs, and sponsored - a person or institution that benefits from the service.
Sponsored events are a form of promotion. The sponsor's sign most often accompanies the events or operation of sponsored institutions. An important argument for the use of sponsoring is also the growing interest in mass entertainment and the increase of social awareness.
- contribution to culture
Cultural activities include: museums, libraries, art, including film, cultural tourism and kosides. Cultural activities do not, however, include: sport and gambling. Regeneration is the transformation of a residential place or an open one which manifested symptoms of social or economic environmental degradation. This process has been described as: vitality in a sick community and breathing new life. It brings long-term and lasting improvements to the local quality of life.
- Sports and athletic events
A central part of an emerging global culture are Sports and athletic events. Famous people wear clothes with the logo of the company organizing the events.
- offering activities when people can meet
During company events, it is possible to meet clients and suppliers. Customers can get to know the form of doing business, suppliers can make contact with potential recipients.The organizers of the meeting can get to know the clients' needs. Such meetings are a pleasant form of warming the company's image.
- advertisement
Advertising is the basic form of market communication with the environment. It can be used in the form of:
- radio advertisement
- TV advertisement
- internet advertisement
- advertisement baners and posters
- leaflets
Other forms of improving market connection are:
- offering business networking
- lectures on universities or colleges
- inviting certain groups of people to visit the company
The method should be chosen in accordance with objectives of market connection improvement program. If the aim is finding new employees, cooperation with universities or inviting students can be a good idea. If the aim is finding new business partners, choose offering business events.
References
- Graeme Evans and Phyllida Shaw, (2004) The Contribution of Culture to Regeneration in the UK: a reviev of evidence, 2004 The Contribution of Culture to Regeneration in the UK: a reviev of evidence
- Slater, S. F., Mohr, J. J., & Sengupta, S. (2010). Market orientation Wiley International Encyclopedia of Marketing.
- Spence L. Wise and Morgan P. Miles Georgia Southern University, Statesboro, Georgia, USA, Corporate sponsorship of events and tax implications: is there an opportunity for global co-ordination? Corporate sponsorship of events and tax implications: is there an opportunity for global co-ordination?.
Footnotes
- ↑ John L. Crompton. Department of Recreation page: 97-101
Author: Magdalena Pawłowska
