Bentley College Marketing- Honors

This blog is for MK 402-H01 and the greater Bentley College population.

Monday, April 24, 2006

Mo' Money, Mo' Problems

In, Mo’ Money, Mo’ Problems: Bryant Park, an archived blog posting by Katherine Stone, she discusses the issues of the Bryant Park in New York City. It has gone through many renovations and is now a popular sport for corporately sponsored events. In fact, many residents around Bryant Park are complaining that there are too many events now. The park no longer feels like a public space. Since the park is no longer publicly funded, the corporate user fees for hosting events such as Fashion Week are partially the reason that Bryant Park has been able to be revitalized. The blog discusses the balance between having a park that is pretty and clean and renovated, and a park that is no longer a public place but rather just a venue for corporate sponsored events.

This blog was extremely interesting. I have always thought of corporate sponsored events has helping the surrounding areas. They bring in publicity to the area and tourist or other people who are most likely to spend money in the area. However, I had never before contemplated the limit of corporate sponsorships. If an area is always the host of large scale events, there is less opportunity for the surrounding area to enjoy the park in the manner that it was originally set up for. Katherine Stone brings up the point that there is a limit of how many events should be in an area. Additionally, she talks about how there needs to be an appreciation for the surrounding area’s community and members. From her personal experience, she knows that when a company is planning a corporate event, it is often extremely busy. The company is trying to make sure that the event will run smoothly, that the correct people will be there including press, and that all necessary items will be on hand. There are so many things that need to be looked at for the event that often the person or company planning the event does not have any time to think of anything else. Therefore, they may sometimes forget to take into account the surrounding community and the affect the event will have on those people.

Mo’ Money, Mo’ Problems: Bryant Park informs marketing in a few different ways. Corporations often do sponsored events to get their names out and draw attention to their company. However, it is important for those companies to pay attention to the community that they are hosting the event in. If they work with community groups, then they are more likely to be sure that there event will be well received by the surrounding community. Also, not only should companies pay attention to community groups when they are hosting an event, but also at other times. It is important for companies to know that they are reaching their target market in manner that is appropriate and beneficial for both the consumer and the company. Community groups can help to tell companies when they are communicating in a beneficial manner for that specific area of the country. Community groups can be used as a tool to really understand the issues facing one’s target market and how to best meet those needs.

Lastly, the blog posting by Katherine Stone was interesting and put the corporate events in another viewpoint for my own information. However, Katherine Stone did not talk about how companies can really focus on the community, other than suggesting that they work with community groups. Also, she did not discuss whether the options she brought up for helping with the problem of event overload in Bryant Park, would actually work in that community. Finally, it would be interesting if Katherine Stone did a follow up piece on this topic. It has been a few months since she first raised this issue. I would be interested to hear whether any changes have been made in order to limit the number of events in the park. It is a difficult balance between having money to have a great park and getting so much money from user fees that the community no longer has the ability to use the park as a public space.

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