Market Development and Digitalization Strategy amidst Covid-19 for the event management industry– A case on Twin city Catering and Event Management

Abstract

This project aims to create a marketing plan focused on the modern digitalization tools and techniques with reference to social media. In this era, the race of competition is very fast to survive due to weak social media presence, low product differentiation and poor market development strategies. It is of essential for companies to work on social media presence thus brand awareness among the customers for obtaining competitive advantage and maintaining a strong position in the market. Twin City Catering and Event Management is a small private company which is operating in F-11 Markaz Islamabad, Pakistan since 2012.When this company was relying on traditional ways of marketing it was a success story but since the advent of social media and due to the coronavirus pandemic, the company is unable to grab the full attention of customers in twin cities Rawalpindi and Islamabad due to lack of market development strategy and customer awareness. Twin City Catering and Event Management lags in the adequate marketing campaign in comparison to its competitors. The purpose of this study was to evaluate reasons of failure and how improving brand image can do wonders. Moreover, for evaluating the effectiveness and efficiency of the current marketing campaign of the company, a number of models are used such as Porter’s five forces, SWOT. This analysis helped in gaining a significant overview of the strengths, weaknesses, opportunities and threats which the company is obtaining from the existing campaign. For designing the suitable marketing strategies and Porter’s five model was implemented on the Twin City for evaluating the current trends of the market. On the basis of this analysis significant marketing campaign is suggested which includes promotion plan, strong social media presence, mobile marketing, idea of an app, transit and traditional methods of advertisement plan. This plan can help the company in improving market development and being on digital platforms thus customer awareness and brand image which in turn enhance the sales. The firm is planning to work on the proposed strategies as soon as possible. Based on our research, we proposed social media applications and digital marketing strategies to encounter the rapid global digitalization of almost all types of mediums as they are now going virtual since almost all brands have decided to make use of virtualization.