Dissertation: Trade Show Industry

Pages: 80 (31155 words)  ·  Bibliography Sources: 80  ·  Level: Doctorate  ·  Topic: Economics  ·  Buy This Paper

¶ … Trade Show Industry in Germany and South Korea

Trade as Marketing and Communication

Area of Study

Study Components

The History of Trade

History of Trade Shows

Patterns of Trade Shows

Marketing Theories

Trade Shows and Market Entry

Development of the Trade Show Industry

Contributions of the Trade Show Industry

Marketing Processes in the Trade Show Industry

Marketing Planning and Tactical Considerations in the Trade Show Industry

Qualitative vs. Quantitative Research

Data Analysis Plan

COMPARATIVE PERSPECTIVES OF THE TRADE SHOW INDUSTRY IN GERMANY AND SOUTH KOREA

The Global Trade Show Market

Components of German Trade Shows

German Government Policy Regarding Trade

Specialty for German Trade Shows

Trade Show Industry in Germany

The Contemporary German Trade Show

Germany's Trade Show Success

Leading Trade Shows in Germany

German Business Culture

South Korean Government Policy Regarding Trade

Economic Freedom in South Korea

Trade Show Industry in South Korea

South Korea's Trade Show Concepts

Destinations for Trade Shows in South Korea

Growth of the South Korean Trade Show Industry

South Korean Convention Centers

Trade Show Marketing between South Korea and Germany

Decision Makers of Trade Shows

Promotion Laws for Trade Shows in Germany

Future Participation in Trade Shows

German Trade Show Organizers: An Analysis of AUMA

92 CHAPTER V: ANALYSIS

96 CHAPTER VI: DISCUSSION, conclusion and recommendations

Conclusion

Recommendations

Hong Kong Trade Development Council.(2012). Overseas market profiles-Germany. Retrieved from http://www.hktdc.com/info/mi/a/mp/en/1x003ia8/1/market-profiles/germany.htm

The trade show industry plays a crucial role in the marketing success of any business firm. At the same time, the trade shows industry remains largely ignored in academic research. Germany is the global leader in the trade show industry because of the excellent quality of its infrastructure and professional standards. The strategic location and liberal economic policies of the country also contribute to its sustained success. The trade show industry can support a firm's marketing objectives by providing opportunities to make new customers, explore international markets, promote products, and obtain information about competitors. The South Korean trade show industry has also shown growth in recent years because of its economic success after the Asian financial crisis of 1997. The South Korean trade show has expectations of becoming one of the leading trade show destinations of the future. As the global trade show industry prepares for growth after the global economic crisis, industry participants are gearing up for intensifying competition between existing players and new entrants from Asia. The emphasis will be on increasing service quality for exhibitors and visitors. At the same time, there are increased opportunities for cooperation among trade show destinations for exchange of exhibitors and visitors.

Comparative Analysis of the Trade Show Industry in Germany and South Korea

CHAPTER I: Introduction

Trade as Marketing and Communication

To achieve the aims of local and international trade, it is vital to make use of the functions of marketing and communication. Trade involves the profitable exchange of value between seller and buyer. Both parties benefit from trade by obtaining goods, services, or satisfaction of some other need that would not have been possible without trade. This may be due to resource scarcity, inadequate means of production, limited technological expertise, and so on. This maximization of utility increases with reduced barriers to trade across countries. To increase the profitability of trade, traders need to find new buyers or markets for their goods and services. The search for markets becomes an even more sophisticated and strategic process when traders identify market needs and then source goods and services to satisfy those needs. The trader ensures that he is able to source the goods and services at the lowest possible cost to provide the best value and utility maximization to the buyer. In this way, marketing enables traders to increase the number of buyers, which results in an increase in revenues through lower economies of scale. It is essential to aggregate demand does not equal aggregate supply, but that demand and supply for each and every commodity will be equal (Hunt & Lautzenheiser, 2011, p. 138). To alleviate widespread poverty during the sixteenth century, the government of England established standards for production and marketing to increase trade.

While it is important to identify new buyers and markets to expand trade, it is also necessary for buyers to be aware of the availability of goods and services. Marketing communication plays an important role in informing the market and realizing the scope for trade. The quality, accuracy, and reach of marketing communications shape the perceptions and attitudes of the buyers regarding the goods and services and affect the volume of trade.

Area of Study

As discussed in the previous section, growth and expansion of trade depends on successful marketing and communication activities. The marketing and communication activities typically employed at the international level include meetings and conferences of the chambers of commerce of the countries involved and meetings between trade ministers. At the private level, trade shows have been a popular and effective means of finding new markets for trade and increasing awareness of the goods and services available. International trade shows such as world's fairs have been in existence for centuries and are also organized today. With globalization, competition has increased and trade shows are a good way to get close to the market and promote goods and services. For this reason, greater amounts are being invested in international trade shows. The Expo 2010 Shanghai trade fair was a much anticipated event and attracted 246 participants and 73 million tourists from all over the world (Expo 2010, 2010). Germany has been a star performer in the trade show industry and is known to be the global leader in the industry. Other countries are also expanding their trade show industries in line with their economic growth.

This study will focus on the trade show industry as a means of facilitating growth in trade through exploration of new international markets. In particular, the trade show industry in Germany and South Korea will be studied. The study will describe the state of the trade show industry in the two countries. The study will discuss the unique national economic environments in which the trade show industries have to work and flourish. The study will also discuss the historical evolution of the trade show industry in each country to account for the leading position held by Germany as well as South Korea's industry growth trends.

This study has been decided upon after reviewing the factors affecting trade internationally. With the advent of globalization and trade alliances like the WTO, European Union, and ASEAN, countries have become ever more dependent on one another economically. Developments in communication technologies have also made it easier for trade to take place between countries in increasing volumes. The extent and consequences of this interdependence are visible in the dramatic effects of the United States subprime mortgage crisis on the economies of countries all over the world. This shows that countries have to depend on markets beyond their national borders for their growth and trading opportunities.

Trade fairs have become more and more common as a means to access new markets internationally. Starting with the guild fairs of the medieval times, trade fairs have taken on a sophisticated form and have increased dramatically in scope. The trade show industry has also become specialized in recent years so that there are trade fairs pertaining to specific industries and sectors. Germany is the world leader in the trade fair industry. There are historical and political reasons for this as well as economical. The location of Germany at the crossroads of eastern and western Europe makes it an ideal meeting place for traders to display their ware. The economic leadership of the country after the Second World War has also made it an attractive market for international traders. Around 30% of companies exhibiting at German trade fairs intend to increase their budgets in 2012-2013 (Expodatabase, 2012). South Korea has also made great economic progress witnessed by the increase in the number of excellent manufacturing companies like Samsung, Daihatsu, and LG. As a result, the trade show industry there is also growing rapidly. The present study follows the growth of the industry in the two countries by using information from the trade industry associations of the two countries, economic data, and published research from online and print sources.

Significance of the Study

This study is significant because it sheds light on a very important contributor to local and international trade. Trade fairs have a long history in providing a meeting place for buyers and sellers. They are an important channel of communication for B2B buyers and sellers. This is a significant area for study because there are limited channels of communication between B2B buyers and sellers. The previous sections have diversified the importance of communication to trade. B2B buyers and sellers cannot use mass channels of communication such as television advertising or newspaper advertising. In this market usage of personal visits and demonstrations are the common channels of marketing and communication. The B2B selling and marketing activities are less highlighted in… [END OF PREVIEW]

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