A brief study on- Market Innovation and Ideas Limited

Market Innovation & Ideas Limited (MIIL) is a fully-fledged and comprehensive event management Company. Market Innovation & Ideas Limited (MIIL) has been in existence since 01 September 2003. It is pioneered by Tamim Group. Tamim group is a largest importer and has agro based industry and developer. MIIL boasts of a dynamic team of creative, eager, flexible, well trained, experienced &specialized.

Market Innovation & Ideas Ltd. is a full service event management company specializing in all event marketing including corporate event, non corporate event and government event. With on-site fully integrated creative or production facilities and media planning or placement capabilities, we take strategic event management programs from conception to completion, on time and on budget.

Customers are very important for every business. Our customers are corporate clients. Event Management Company in Bangladesh has grown significantly as service-industry. My report is based on “Marketing Strategy of Event Management Company: A Study on Market Innovation & Ideas Limited.” In this report I tried to lift up a general condition of marketing strategy of Market Innovation & Ideas Limited, event Management Company that promised and delivered services to the customers.

The aim of the report will generate information on marketing strategies of Market Innovation & Ideas Limited. The company can utilize this information for exploring their market position. Also the MIIL can evaluate their positioning and promotional strategies. This report contains vision, mission, objectives, goals, segmentation, targeting and positioning of Market Innovation & Ideas Limited. It contains 4Ps of the company. All of them are helpful to evaluate the marketing strategy of Market Innovation & Ideas Limited.

The event management industry is the rising service sector in Bangladesh. This industry in our country is not expanding their business. There are few established event management firms in the country. But, the corporate market for event management has largely been unexplored. Although there is a demand for professional event management organizations, there is few such firms that cater exclusively to this demand. The advertising firms made the most of this situation, as they took up event management as a very lucrative side business.

The demand for professional event management firms has been strong and the number of events as well as the number of customers getting interested to look for professional help in arranging their events is increasing. The demand is growing at the rate of 16% every year. But, the supply is nowhere near to match the demand. This large gap between supply and demand presents an opportunity for the entrepreneurs in this sector.

In most cases, managers from different departments are brought together to form a committee to manage corporate events. This arrangement put extra pressure on the managers and sometimes results in lack of professionalism as managing an event professionally and cost efficiently require a good liaison with a number of suppliers. A manager responsible for other corporate activities usually cannot maintain this liaison. But, it is not financially feasible for organizations to recruit a manager solely for the purpose of managing the corporate events, which is not more than a few per year in numbers. Hence more and more organizations are looking for professional help in managing their events.

Non-corporate sector also presents opportunities for the potential event management firms. Even a decade ago family programs used to be organized by the family members. For example during any wedding, family members from all around the country used to come together to arrange the ceremony. But, with everyone spending more time in the workplaces, arrangements of family events like weddings by the family members are becoming increasingly difficult. Again people are looking for professional help in arranging family programs.

To be successful, a firm must do a better job than its competitors in satisfying target customers. That is why marketing plan must be geared to the needs of customers and also to the strategies of the competitors. An organization should constantly compare the value and customer satisfaction delivered by its products or services, prices, channels and promotion with those of its close competitors. In this way they can discern areas of advantage and disadvantage.