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52-599: The Hannover Messe ( HM ; "Hanover Fair") is one of the world's largest trade fairs , dedicated to the topic of industry development. It is organized by Deutsche Messe AG and held on the Hanover Fairground in Hanover , Germany. The fair attracts typically 100.000-200.000 visitors per year. The Hannover Messe started in 1947 in an undamaged factory building in Laatzen , south of Hanover, by an arrangement of

104-633: A religious festival in order to benefit from the rush of the public. The tradition of fairs taking place in spring and autumn has been preserved in some cases until today. From the late eighteenth century, industrial exhibitions in Europe and North America became more common reflecting the technological dynamism of the Industrial Revolution . In the late 19th century, the concept of annual industry-wide trade shows gained traction, spreading from European manufacturing centers to North America. By

156-619: A business or organization. Any company that sells products or services to other businesses or organizations (vs. consumers) typically uses B2B marketing strategies. The 7 P's of B2B marketing are: product, price, place, promotion, people, process, and physical evidence. Some of the trends in B2B marketing include content such as podcasts, videos, and social media marketing campaigns. Examples of products sold through B2B marketing include: The four major categories of B2B product purchasers are: Business-to-consumer marketing, or B2C marketing, refers to

208-498: A competitive advantage". For instance, the Chartered Institute of Marketing defines marketing from a customer-centric perspective, focusing on "the management process responsible for identifying, anticipating and satisfying customer requirements profitably". In the past, marketing practice tended to be seen as a creative industry, which included advertising , distribution and selling , and even today many parts of

260-488: A concrete process that can be followed to create a marketing plan . The "marketing concept" proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. This concept originated from Adam Smith 's book The Wealth of Nations but would not become widely used until nearly 200 years later. Marketing and Marketing Concepts are directly related. Given

312-408: A managerial approach that covered analysis , consumer behavior , market research , market segmentation , and planning . Phillip Kotler , popularised this approach and helped spread the 4 Ps model. McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners. One of the limitations of the 4Ps approach is its emphasis on an inside-out view. An inside-out approach

364-412: A market. In addition, a great deal of advertising and promotion is designed to show how a given product's benefits meet the customer's needs, wants or expectations in a unique way. The two major segments of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing. B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards

416-424: A means of local economic development, as well as providing opportunities for local businesses to grow, and attract new businesses to come. Autumn session: October 15–19 (Phase 1); October 23–27 (Phase 2); October 31- November 4 (Phase 3). Marketer Marketing is the act of satisfying and retaining customers . It is one of the primary components of business management and commerce . Marketing

468-657: A model-building perspective, the 4 Ps has attracted a number of criticisms. Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" (general and informative communications such as public relations and corporate communications) and "promotion" (persuasive communications such as advertising and direct selling). Certain marketing activities, such as personal selling, may be classified as either promotion or as part of

520-416: A more consumer-orientated version of the 4 Ps that attempts to better fit the movement from mass marketing to niche marketing . Consumer (or client) The consumer refers to the person or group that will acquire the product. This aspect of the model focuses on fulfilling the wants or needs of the consumer. Cost Cost refers to what is exchanged in return for the product. Cost mainly consists of

572-479: A multiplicity of new markets. Market segmentation can be defined in terms of the STP acronym, meaning Segmentation, Targeting, and Positioning . Segmentation involves the initial splitting up of consumers into persons of like needs/wants/tastes. Commonly used criteria include: Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for them to service. The DAMP acronym

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624-432: A section to the marketing mix. The 4Ps refers to four broad categories of marketing decisions, namely: product , price , promotion , and place . The origins of the 4 Ps can be traced to the late 1940s. The first known mention has been attributed to a Professor of Marketing at Harvard University, James Culliton. The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within

676-416: A specific type of food (e.g. Got Milk? ), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to advertise the product, is affected by the environment surrounding

728-599: A technology innovation prize at the Hanover Fair since 2004. It is considered to be the most prestigious award in industrial R&D . The prize promotes the innovative ideas in the market-ready products and services for industry. The patrons of the award are the German Federal Ministry of Education and Research and the German State of Lower Saxony . Renowned German Professor Wolfgang Wahlster

780-490: Is a subset of marketing research. (Avoiding the word consumer, which shows up in both, market research is about distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce effectiveness). The stages of research include: Well-known academic journals in the field of marketing with the best rating in VHB-Jourqual and Academic Journal Guide, an impact factor of more than 5 in

832-422: Is conducted for two main purposes: better allocation of a firm's finite resources and to better serve the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of resources. Thus, it must make choices (and appreciate the related costs) in servicing specific groups of consumers. Moreover, with more diversity in the tastes of modern consumers, firms are noting the benefit of servicing

884-420: Is diametrically opposed to the popular concept of B2C or Business- to- Consumer where the companies make goods and services available to the end consumers. In this type of business model, businesses profit from consumers' willingness to name their own price or contribute data or marketing to the company, while consumers benefit from flexibility, direct payment, or free or reduced-price products and services. One of

936-401: Is the traditional planning approach where the organization identifies its desired goals and objectives, which are often based around what has always been done. Marketing's task then becomes one of "selling" the organization's products and messages to the "outside" or external stakeholders. In contrast, an outside-in approach first seeks to understand the needs and wants of the consumer. From

988-531: Is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses ( B2B ) or directly to consumers ( B2C ). Sometimes tasks are contracted to dedicated marketing firms, like a media , market research , or advertising agency . Sometimes, a trade association or government agency (such as the Agricultural Marketing Service ) advertises on behalf of an entire industry or locality, often

1040-410: Is used as criteria to gauge the viability of a target market. The elements of DAMP are: The next step in the targeting process is the level of differentiation involved in a segment serving. Three modes of differentiation exist, which are commonly applied by firms. These are: Positioning concerns how to position a product in the minds of consumers and inform what attributes differentiate it from

1092-654: The Social Sciences Citation Index and an h-index of more than 130 in the SCImago Journal Rank are These are also designated as Premier AMA Journals by the American Marketing Association. Market segmentation consists of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. The process

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1144-695: The press , therefore trade shows are classified as either "public" or "trade only". A few shows are hybrids of the two; one example is the Frankfurt Book Fair , which is trade only for its first three days and open to the general public on its final two days. They are held on a continuing basis in virtually all markets and normally attract companies from around the globe. For example, in the U.S., there are currently over 10,000 trade shows held every year, and several online directories have been established to help organizers, attendees, and marketers identify appropriate events. Modern trade shows follow in

1196-515: The sales process engineering perspective, defines marketing as "a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction". Some definitions of marketing highlight marketing's ability to produce value to shareholders of the firm as well. In this context, marketing can be defined as "the management process that seeks to maximise returns to shareholders by developing relationships with valued customers and creating

1248-468: The 1980s, the growing information and telecommunication industry demanded the organizer Deutsche Messe AG to split the fair. CeBIT was a successful spin-off of the Hannover Messe. The Hanover Fair now covers all areas of industrial technology. The most recent Hanover Fair took place from April 22 to April 26, 2024, with Norway as the partner country. The "Hermes Award" has been presented as

1300-454: The 20th century, specialized companies came into existence simply to manage the trade-show industry, and permanent trade show grounds or convention centres were established as venues that featured a rotating calendar of trade shows. In the 21st century, with the rapid industrialization of Asia , trade shows and exhibitions are now commonplace throughout the Asian continent, with China dominating

1352-527: The British military government in order to boost the economic advancement of post-war Germany. The first fair was colloquially known as Fischbrötchenmesse ( Fischbrötchen fair, tr. fish sandwich) due to the exemptions in food rationing for the fair at this time. It proved hugely successful and was thence repeated on an annual basis, contributing largely to the success of the Hanover fairground in replacing

1404-423: The basis of "distinct needs, characteristics, or behaviors who might require separate products or marketing mixes." Needs-based segmentation (also known as benefit segmentation ) "places the customers' desires at the forefront of how a company designs and markets products or services." Although needs-based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment

1456-399: The case of services marketing . Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing. In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing mix model. Robert F. Lauterborn proposed a 4 Cs classification in 1990. His classification is

1508-404: The centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential: Marketing research , conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs . Customer needs are central to market segmentation which is concerned with dividing markets into distinct groups of buyers on

1560-428: The competitor's products. A firm often performs this by producing a perceptual map, which denotes similar products produced in the same industry according to how consumers perceive their price and quality. From a product's placing on the map, a firm would tailor its marketing communications to meld with the product's perception among consumers and its position among competitors' offering. The promotional mix outlines how

1612-408: The consumer to attain the product, thus making them more likely to do so. Communication Like "Promotion" in the 4Ps model, communication refers to how consumers find out about a product. Unlike promotion, communication not only refers to the one-way communication of advertising, but also the two-way communication available through social media. The term "marketing environment" relates to all of

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1664-534: The day there will be seminars for continuing education on matters relevant to the industry, like best practices, trends, and regulation. There will also be some shared meals with keynote speakers, and social events in the evenings. Booths range from simple tables to elaborate constructions. Trade shows often involve a considerable investment in time and money by participating companies. The planning includes arranging meetings with other attendees beforehand and resources to follow up on opportunities that are created at

1716-450: The definition of marketing has evolved over the years. The AMA reviews this definition and its definition for "marketing research" every three years. The interests of "society at large" were added into the definition in 2008. The development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version: "Marketing is the performance of business activities that direct

1768-547: The exhibitions industry in Asia, accounting for more than 55 per cent of all space sold in the region in 2011. Trade shows play important roles in marketing as well as business networking in market sectors that use them. People will seek to meet people and companies at their own level in the supply chain , as well as potential suppliers and potential buyers. Generally there will be a central trade show floor with booths where people exhibit their goods or services, and throughout

1820-457: The factors (whether internal, external, direct or indirect) that affect a firm's marketing decision-making/planning. A firm's marketing environment consists of three main areas, which are: Marketing research is a systematic process of analyzing data that involves conducting research to support marketing activities and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge

1872-723: The flow of goods, and services from producers to consumers". The newer definition highlights the increased prominence of other stakeholders in the new conception of marketing. Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange process", and in 2018 defined it as "the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return". A related definition, from

1924-415: The major benefit of this type of business model is that it offers a company a competitive advantage in the market. Customer to customer marketing or C2C marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and

1976-506: The marketing environment. To overcome the deficiencies of the 4P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's are often included in cases such as services marketing where unique characteristics (i.e. intangibility, perishability, heterogeneity and the inseparability of production and consumption) warrant additional consideration factors. Other extensions include "people", "process", and "physical evidence" and are often applied in

2028-418: The marketing process (e.g. product design , art director , brand management , advertising, inbound marketing, copywriting etc.) involve the use of the creative arts. However, because marketing makes extensive use of social sciences , psychology , sociology , mathematics , economics , anthropology and neuroscience , the profession is now widely recognized as a science. Marketing science has developed

2080-474: The monetary value of the product. Cost also refers to anything else the consumer must sacrifice to attain the product, such as time or money spent on transportation to acquire the product. Convenience Like "Place" in the 4Ps model, convenience refers to where the product will be sold. This, however, not only refers to physical stores but also whether the product is available in person or online. The convenience aspect emphasizes making it as easy as possible for

2132-421: The national stand and many other companies from this specific country attend as exhibitors. 52°19′37″N 9°48′33″E  /  52.3269°N 9.8092°E  / 52.3269; 9.8092 Trade fair In contrast to consumer shows, only some trade shows are open to the public, while others can only be attended by company representatives (members of the trade, e.g. professionals ) and members of

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2184-458: The nature of a firm's marketing environment and to attain information from suppliers. A distinction should be made between marketing research and market research. Market research involves gathering information about a particular target market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research

2236-417: The place (i.e., distribution) element. Some pricing tactics, such as promotional pricing, can be classified as price variables or promotional variables and, therefore, also exhibit some overlap. Other important criticisms include that the marketing mix lacks a strategic framework and is, therefore, unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of

2288-420: The precise nature of specific concepts that inform marketing practice, the most commonly cited orientations are as follows: A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes

2340-653: The product, the results of marketing research and market research , and the characteristics of the product's target market. Once these factors are determined, marketers must then decide what methods of promoting the product, including use of coupons and other price inducements. Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". However,

2392-530: The sharing economy. The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main differences in these markets are demand, purchasing volume, number of customers, customer concentration, distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional methods. A marketing orientation has been defined as a "philosophy of business management." or "a corporate state of mind" or as an "organizational culture." Although scholars continue to debate

2444-431: The show. Costs include space rental, booth design and construction of trade show displays, telecommunications, travel, accommodations, and promotional literature and items to give to attendees. In addition, costs are incurred at the show for services such as electrical, booth cleaning, internet services, and drayage (also known as material handling). This local spending on logistics leads cities to promote trade shows as

2496-460: The tactics and strategies in which a company promotes its products and services to individual people. Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently the term B2C refers to the online selling of consumer products.< Consumer-to-business marketing or C2B marketing is a business model where the end consumers create products and services which are consumed by businesses and organizations. It

2548-411: The then- East German city of Leipzig as the new major fair city for West Germany . The product portfolio includes building automation and technology, coating materials, air compressors, gas compressors, environmental technology, factory equipment, compressed air technology, micro-actuator systems, motors, scheduling software, refrigeration technology, robotics, and additive manufacturing systems. In

2600-528: The tradition of trade fairs established in late medieval Europe such as the Champagne fairs or the Skåne Market , in the era of merchant capitalism . In this era, produce and craft producers visited towns for trading fairs, to sell and showcase products. These markets were held annually or on several specific days a year, usually at geographically particularly favorable locations and in conjunction with

2652-423: The years, from a local trade fair into a global event. In the 2000s, a partner country model was introduced, so that a single country is the leading one during the certain year. At the official trade fair opening event, the partner country is responsible to present an extensive artistic performance connected to the country's history and culture. Apart for this, the partner country shows the selected, top innovations at

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2704-586: Was one of the initiators of the award and for many years was the Chairman of the Hermes Award Jury. The Hermes Creative Award is available to any individual people, small or large business, or nonprofit organization from any country worldwide. The competition acknowledges and rewards creative works in different categories, including print, marketing, public relations, digital media, advertising, and products and services. Hannover Messe has changed over

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