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Trade fair and the benefits of attending trade fairs

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Bài thảo luận tiếng anh chuyên ngành marketing lOMoARcPSD|9797480 lOMoARcPSD|9797480 lOMoARcPSD|9797480 THUONG MAI UNIVERSITY  DISCUSSION ENGLISH FOR SPECIAL PURPOSE Topic Trade fair and the benefits of attending trade fairs Instructor Vu Thi Hanh Class code section 2215ENTI1012 Team number 3 Hanoi, 42022 Contents Introduction 3 I Trade fair 4 1 What is trade fair 4 2 The history of trade fairs 4 3 Types of trade fairs 4 II Benefits of attending the trade fairs 6 1 Product lunch 7 2 Brand aw. lOMoARcPSD|9797 480 THUONG MAI UNIVERSITY - - DISCUSSION ENGLISH FOR SPECIAL PURPOSE Topic: Trade fair and the benefits of attending trade fairs Instructor: Vu Thi Hanh Class code section: 2215ENTI1012 Team number: Hanoi, 4/2022 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Contents Downloaded by luat le (leluat12a2@gmail.com)2 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Introduction Today's socio-economic development, along with the need for trade between manufacturing industries, requires a centralized place to introduce and exchange products of enterprises That is one of the main reasons why trade fairs were born So why should businesses participate in exhibitions? The group's work will give benefits of trade fairs when businesses participate Group consists of members that are Trương Công Minh, Hoàng Thị Mơ, Nguyễn Hoàng Trà My, Phạm Thị Thanh Ngân, Đỗ Thị Hồng Ngọc, Soukhavixai Oiy, Hà Thị Tuyết The presentation is in main sections: Part is the basics of the trade fair This section is intended to explain to us what is trade fair The history of the trade fairs And what types of trade fairs are there? Part covers the benefits of participating in a trade show and gives examples so that people can better understand the trade fair Downloaded by luat le (leluat12a2@gmail.com)3 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 I Trade fair What is trade fair According to Wikimedia, A trade fair, also known as a trade show, a trade exhibition, or trade exposition, is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products and services, meet with industry partners, and customers, study activities of rivals, and examine recent market trends and opportunities The history of trade fairs Modern trade fairs follow the tradition of trade fairs established in late medieval Europe such as the Champagne fairs, in the era of merchant capitalism In this era, produce and craft producers visited towns for trading fairs, to sell and showcase products 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 the 20th century, specialized companies came into existence simply to manage the tradeshow industry, and permanent trade show grounds or convention centers 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 the exhibitions industry in Asia, accounting for more than 55 percent of all space sold in the region in 2011 Types of trade fairs According to the Export Marketing Handbook, trade fairs can be divided into several different types These include: General fairs or specialized industry fairs Downloaded by luat le (leluat12a2@gmail.com)4 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 General fairs This is the type of fair that allows a lot of items from different fields to participate One of the largest fairs is the Hanover fair in West Germany, held every April where all the domestic industries, most of the large enterprises from Western Europe, and those from North The US and Japan can both participate Thanks to participating in the fair, many businesses can set up representative offices and distributors in European countries The Hanover Fair is considered one of the largest industrial fairs in the world There are also a number of other general fairs such as the Leipzig fair in Germany, the Canton fair in China, and the Milan fair in Italy… Specialized industry fairs This type of fair brings together customers belonging to a certain segment, group of users, or products in a certain sector, such as transportation, construction, aviation, and construction machinery,… After the fair is over, more goods are sold than in the general trade fair This type of fair can be held every year or every few years Some famous industrial fairs in the world are the annual sweet fair of Koln, West Germany, focusing on confectionery and other confectionery products, and the Acoma fair on chemistry Held every years also in Germany, the annual aviation fair in the UK, France National, regional or international fairs Trade fairs are divided by the scope of the organization National fairs can be mentioned such as the exhibition honoring Vietnamese goods, the fair on high-quality Vietnamese goods, Regional fairs such as the Asia-Pacific food fair International fair: Cario International book fair, Customer electronics show Fairs open either to the trade or general public only In contrast to consumer fairs, only some trade fairs are open to the public, while others can only be attended by company representatives (members of the trade, e.g professionals) and members of the press, therefore trade shows are classified as either "public" or "trade only" A few fairs are hybrids of the two; one example is the Frankfurt Book Fair, which is traded 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 Downloaded by luat le (leluat12a2@gmail.com)5 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 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 Special event fairs or permanent exhibitions A special event fair is held to celebrate a certain event For example, the 2017 Quang Tri trade and tourism promotion fair was held on the occasion of the 45th anniversary of the liberation of Quang Tri province on May (1972-2017) and the 42nd anniversary of the complete liberation of the South, Reunification April 30 (1975 -2017) Permanent exhibitions are held periodically once a year or every two years for example Vietnam expo This is a general trade fair with a long tradition and the largest scale in Vietnam held annually This year is the 31st year, the fair takes place with the message "Accompanying businesses in the digital era" from April 13 to April 16 This event is considered one of the important trade promotion activities of the industry and trade industry, making a great contribution to the chain of cooperation programs, promoting import-export trade and investment in Vietnam II Benefits of attending the trade fairs A study published by AUMA - the German Fair Trade Industry Association published by KANTAR TNS indicates that: - Ninety-nine percent of the exhibitors surveyed consider personal contact and the opportunity for direct networking to be significant advantages of exhibitions - Ninety-five percent see an advantage in the opportunity to advise potential customers directly through company employees with a wide range of expertise - Eighty-two percent of companies surveyed see the ability to address all five senses in authentic product presentations to be a significant advantage of exhibitions over digital formats - Nearly 50% of exhibitors consider it important that products can be tested at trade fairs with no obligation to purchase them Downloaded by luat le (leluat12a2@gmail.com)6 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 - And 62% see a sustainable positive effect for their companies if they can create experiences for trade visitors Survey results as evidence that most companies clearly recognize how exhibitions can distinguish them from competitors who rely primarily on digital communications The “AUMA MesseTrend 2019” study is based on a survey of 500 representative German companies that exhibit at fairs with a focus on trade visitors The study also presents results on questions about the general significance of exhibitions in communication portfolios, the development of the respective budgets, and the goals of exhibition participation Therefore, we will focus on analyzing the following main benefits: Downloaded by luat le (leluat12a2@gmail.com)7 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Product lunch Trade shows are a good place to introduce a new product or service Being able to explain your offering in person and answer questions is ideal if your product is innovative Thanks to the wide coverage of newspapers, radio, and visitors, your products will have the opportunity to “shine” and be known by more people This is one of the main reasons why businesses participate in trade fairs Remember when Vinfast - the first electric car manufacturer of VietNam brought their product to CES (Consumer Electronics Show) - one of the third technology trade fairs in the world, besides the Mobile World Congress (which annually takes place in February, Barcelona) and IFA (takes place in September, Germany) in … At this trade fair, Vinfast has a big opportunity to show special features of their electronic car, including voice control, intelligent virtual assistant, connecting e-commerce applications, and more Potential customers also have a chance to see how Vinfast’s model operates in reality Picture Vinfast at CES The photos above are pictures of cars that Vinfast brought to the fair: three models debuted in the A-B-C segments, VF (segment A), VF (segment B), and VF (segment C); and two models VF e35 and VF e36 in the D and E segments (launched at the 2021 LA Auto Show) now renamed as VF and VF All five impressive Downloaded by luat le (leluat12a2@gmail.com)8 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 electric vehicles were designed by Pininfarina and Torino Design which is a worldrenowned Italian design firm The initial prices for the VF are 41,000 USD in the US; 36,133 EUR in Europe; and 961 million VND (over 42,200 USD) in Vietnam The figures for the VF are 56,000 USD; 49,280 EUR; and 1.312 billion VND Brand awareness A trade show is a great opportunity to raise brand awareness among industry professionals and the key decision-makers that matter It can be difficult for start-ups to get a foothold in the industry in which they operate Raising brand awareness at a trade show is a relatively simple process Some suggestions to attract customers to your booth and increase brand awareness are: - Create eye-catching graphics that engage the audience Place your brand name, logo, and message strategically throughout the space for maximum impact - Include social media information for potential buyers to find you online The key to a trade show is achieving residual sales well after the doors of the exhibition have closed - Booking your booth in advance will enhance your brand as it gives attendees the impression that you are one of the industry leaders It also has the built-in benefit of a steady flow of foot traffic Still in the case of Vinfast We all know that Vinfast is a big company in VietNam, but when it comes to the world, this company is just a small manufacturer in a big industry And sometimes, for brand new businesses like this, introducing products or finding customers is not the main purpose when participating in trade fairs So why they have to that? Raising brand awareness is the reason and it is perfectly true with Vinfast On average, statistics show that there are 180.000- 200.000 people - who share their love of technology coming to CES each year And with the participation of more than 7.500 media units Downloaded by luat le (leluat12a2@gmail.com)9 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Picture Visitors in CES Thinking about new electronic car manufacturing, especially one that comes from Vietnam - a developing country and not the common name such as America, Germany, Japan, or any other developed countries in the world This company will bring their car to CES, a place that is natural for giant manufacturers including BMW, Ford, Nissan, and Toyota…Only this news can blow up the press both locally and internationally And therefore, regardless of the product quality, the name Vinfast definitely will be on the first page of many newspapers and will be brought to the discussion of famous TV shows during this event Just like that, it’s already successful This has great significance in raising the level of brand recognition in the hearts of the public When consumers are curious about the business, they will learn and make a buying decision faster if the product quality meets their expected requirements Company network When attending a trade show, the companies will have the chance to interact with both prospective customers and prospective vendors This makes a trade show more than just an opportunity to expand your distribution, but a chance to expand your supply chain 10 Downloaded by luat le (leluat12a2@gmail.com)10 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Vinamilk is an example of finding partners through trade fairs Vinamilk has successfully signed a dairy export contract worth up to US$20 million with Middle Eastern partners when participating in the Gulfood Dubai international fair 2020 Gulfood Dubai has been held since 1987 So far it has become one of the three largest fairs in the world and is the leading show in this region for agricultural products, food, and beverages in volume transactions amounting to billions of dollars Gulfood Dubai 2020 has the participation of businesses from 193 countries and territories, with a display area of nearly 120,000 m2, and over 5000 booths, expected to attract nearly 98,000 concerns to visit, trade, and contract On the scene, export activities are facing difficulties due to the impact of the COVID-19 virus epidemics Gulfood is an opportunity for businesses to find new partners and diversify export markets As the largest dairy company in Vietnam, come to Gulfood, Vinamilk focuses on introducing strong products such as condensed milk, baby milk powder, and baby nutrition powder, especially the organic product line to high-end customers in the Middle East market In addition to traditional products, Vinamilk also brings to Gulfood Dubai 100% Organic Fresh Milk to introduce to potential partners Picture Vinamilk at Gulfood Dubai 2020 11 Downloaded by luat le (leluat12a2@gmail.com)11 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Dubai is considered a hub for global trade, and the food industry Gulfood's reputation makes businesses and distributors in this area, including Vinamilk, come here to find potential suppliers At the fair, there is often the participation of hundreds of national pavilions of many global food powers such as France, Italy, Spain, Germany, the United States, Canada, Australia, and other countries from Asia such as Japan, Korea, India, etc Mr Mai Hoai Anh - Managing Director of International Business of Vinamilk added: “Gulfood Dubai is an international fair with famous worldwide brands, participating businesses also have famous names and prestige This is not only where businesses come to learn about products, but also where they find real business partners Therefore, Vinamilk always invests in image and brand, as well as brings here key products with high competitiveness A sales team ready to negotiate and sign contracts with partners at the fair.” Vinamilk's success is a lesson for Vietnamese businesses that need to be carefully prepared when participating in international trade fairs to be able to find and sign contracts with foreign partners It can be seen that Vinamilk in particular and Vietnamese businesses in general, are making efforts and actively participating in international trade fairs Trade fairs give opportunities for participating businesses to connect, find and cooperate with trading partners to provide input materials for manufacturing enterprises or cooperate to export products to the new market Trade fairs are great opportunities to find business partners Better connection with customers One of the greatest advantages of exhibiting at a trade show is that it allows you to meet and connect with prospective customers in person instead of communicating with them over the phone, email, or Internet Customers visiting the fair include existing customers, potential customers, and application providers, so during the time that businesses participate every day, the company can reach a lot of customers Although some prospective customers will buy your product or service on the trade show floor, many won’t Trade fairs allow the company to introduce products directly to customers, allowing customers to experience products, learn needs, and evaluate customers' products to make appropriate improvements This is a way to help businesses find potential customers 12 Downloaded by luat le (leluat12a2@gmail.com)12 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 From the end of 2021, Vinamilk has reappeared continuously at major international fairs, especially bringing many unique products to find new potential customers and expand the market Vinamilk's organic fresh milk was launched at China's leading trade show-Shanghai Global Food Trade Show (FHC) Vinamilk, through this trade fair, aims to promote trade and connect with potential customers in the high-end segment of the Chinese market Currently, the Chinese market is the second-largest dairy market in the world (after the US market) with per capita consumption of dairy products continuously increasing while this market only meets 75% of the milk demand domestic This is a potential market for Vinamilk Actively participating in the fair helps Vinamilk connect with potential customers, and learn about customers' needs in order to provide the best products for this market Picture Vinamilk at FHC 2021 Lessons from competitors In the world of business, competition is inevitable and each competitor's actions can affect a company's business Therefore, the company always has to update information about competitors Exhibiting at a trade show allows you to observe what your competitors are doing right and apply their tactics to your own business Is there a particular competitor in your industry that seems to be growing at a rapid pace? While your sales team uses the trade show as an opportunity to meet existing customers and connect with prospective ones, spend a moment looking at the other exhibitors to see what they’re doing differently from you 13 Downloaded by luat le (leluat12a2@gmail.com)13 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Great businesses are aware of their competitors, and trade shows are one of the best opportunities to connect with competitors and understand their sales strategy, their pricing, and the reasons for their success For example, IFA or Internationale Funkausstellung Berlin is Europe’s largest show for consumer electronics and household appliances, organized annually in Berlin, Germany, usually in September All important dealers, retailers, buyers, and experts from the industry and the media meet here IFA Berlin gathers nearly 2,000 exhibitors from 49 countries and almost 240,000 attendees from 133 countries in a 285,000 square meters area At the IFA, visitors can get access to offers of many of the latest products and innovations including electronic devices, IT hardware, and software, home entertainment, The event gives companies a great opportunity to connect to customers, and investors and discover new trends and technologies around the world In 2018, Korea’s two leading household electronics manufacturers and two direct competitors, Samsung Electronics Co and LG Electronics Inc introduced high-end televisions and products using artificial intelligence (AI) technology to improve the user’s quality of life LG is seen as a technology "tycoon" and it is no coincidence that it has such a great influence As expected, at the annual technology conference IFA 2018, LG launched the world's first 8K OLED TV, also the world's first 8K OLED TV, is the pinnacle of technological achievement and a new breakthrough for the display industry, constantly improving to affirm its position in the market Now, users can take the experience to another level LG’s OLED quality has led their TVs to become famous for producing perfect blacks, precise colors, and high contrast and resolution From the highlights of the most advanced display technology on the market, Samsung can research and develop TVs based on OLED technology to help bring more vivid picture quality, thereby improving the user experience On the other hand, Samsung has also considered a technology company with breakthrough and impressive innovations at the international technology exhibition, which LG can observe and learn from their competitor Back at IFA 2018, through presentations showcasing its latest TVs, displays, appliances, soundbars, and more, Samsung demonstrated how its advancements in AI, IoT, and 5G technologies are helping to turn that vision into a reality Samsung is a company pioneering the deployment of next-generation networks through the company's active role in setting 14 Downloaded by luat le (leluat12a2@gmail.com)14 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 the 5G standard and is expected to launch a 5G gigabit-enabled broadband service That is why LG needs to pay more attention to these technologies so as not to leave them behind Moreover, the new QLED 8K, as well as Samsung’s cutting-edge Micro LED screen, was launched at a reasonable price to help users take a close look at innovation and transformation Whereas, OLED TVs have high production costs and lack variety in models and sizes, so they are not suitable for everyone to access Therefore, LG may expand its QLED product lines to reach a wider audience 15 Downloaded by luat le (leluat12a2@gmail.com)15 lOMoARcPSD|9797 480l OMoARcPSD| 9797480 Conclusion The above presentation helps us have a somewhat more general view of the trade fair and the benefits of participating in the fair And participating in fairs and exhibitions will help us find good and potential products, find good product suppliers and introduce products and services Assess the market landscape, providing us with the latest information on the market 16 Downloaded by luat le (leluat12a2@gmail.com)16 ... Tuyết The presentation is in main sections: Part is the basics of the trade fair This section is intended to explain to us what is trade fair The history of the trade fairs And what types of trade. .. trade fairs Modern trade fairs follow the tradition of trade fairs established in late medieval Europe such as the Champagne fairs, in the era of merchant capitalism In this era, produce and craft... also a number of other general fairs such as the Leipzig fair in Germany, the Canton fair in China, and the Milan fair in Italy… Specialized industry fairs This type of fair brings together customers
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