Q1.What are special events? Give example. What is meant by vision statement? What are the components of a good vision statement?
Answer: – Meaning of Special events- Special events help marketers build brand image and awareness for their products, as well as helping generate trade merchandising. Examples of special events include:
Example- Sponsorship (racing team, bat days, etc.) – can help achieve short-term business gains. The customer/consumer response is usually positive; however, no “ownership” is possible since several marketers are working with teams to provide special events. Brands must develop new and distinctive tie-ins to effectively compete as a sponsor.
Ownership (golf and tennis tournaments) – requires a brand to make a strategic decision to have the brand stand for the image or lifestyle of the event. The brand needs to integrate the event throughout its marketing plan via copy, public relations and promotion. Ownership requires a major dollar and staffing investment in addition to a minimum 2-3 years to build awareness among consumers.
Meaning of vision statement – A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning. What you are doing when creating a vision statement is articulating your dreams and hopes for your business. It reminds you of what you are trying to build. An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action. See also mission statement.
The components of a good vision statement:
- It is written in the present, not future tense. They describe what we will feel, hear, think, say and do as if we had reached our vision now.
- It is summarised with a powerful phrase. That phrase forms the first paragraph of the vision statement. The powerful phrase is repeated in whatever communication mediums you have to trigger memory of the longer statement. It is not a brand strap-line.
- It describes an outcome, the best outcome we can achieve. It does not confuse vision with the business goal and objectives for a particular period of time. A vision statement, therefore, does not provide numeric measures of success.
- It uses unequivocal language. It does not use business speak or words like maximise or minimise.
- It evokes emotion. It is obviously and unashamedly passionate. However, it separates the hard aspect of vision in what we see, hear and do from the soft aspect of vision in what we think and feel.
- It helps build a picture, the same picture, in people’s minds.
Build vision statement with these components and we run the risk of informing, inspiring and energising our people.
Q2.Every bidding document should have certain important information which is critical for the success of any bid. List such information or items that should be included in the bidding document. Describe the factors that the bid team should consider while working on the bidding process.
Answer:- Listing of information in bidding document — The list of contents of the Bidding Documents may be adjusted as necessary for the particular procurement. In addition, background or supplemental information, such as geo-technical reports and hydrological studies, may be provided to aid Bidders in the preparation of their bids but such reports are not part of the Bidding Documents
