How can developers of shopping centre projects ...

21st International Scientific Conference Economics and Management

HOW CAN DEVELOPERS OF SHOPPING CENTRE PROJECTS STIMULATE THE CUSTOMERS’ EXPERIENCES AT TRADE FAIRS? Dariusz Siemieniakoa*, Marcin Gębarowskib aBialystok University of Technology, Faculty of Management, ul. O. S. Tarasiuka 2, 16-001 Kleosin, Poland bRzeszów University of Technology, Faculty of Management, al. Powstańców Warszawy 10, 35-959 Rzeszów, Poland

Abstract Purpose of the article The objective of the paper is the identification of the trade fair activities oriented at customers’ experiences of retail real estate developers at diferent stages of the shopping centre project life cycle. Methodology/methods Multimethod qualitative research was chosen concerning retail real estate developers’ activity at trade fairs in Europe, including participant observation and a case study. The approach adopted by the authors of the paper can be called triangulation, since many qualitative research methods were applied in different periods of the research. Scientific aim The literature on trade fairs has not so far adopted an experiential perspective. So, there is a research gap, resulting from the lack of research on the evolution of the experiences, building through the trade fair performances in the long-term development project. Therefore, the scientific aim was to partially fill this gap by examining how the influence on the senses of trade fair partipants is changing, in the context of infant developers of retail real estate managing the projects. Findings Shopping centre development projects’ life cycle can be divided into the following stages: initiation, planning, preparatory execution, real execution and closure. In each of these stages the role of customers’ experiences is different, and the extent of trade fair activities oriented at customers’ experiences also differ. Special attention in the area of creating experiences requires second and third stages, when the booths should be places of integration, using sensory marketing, where exhibitors infuence all the senses of visitors in a coherent manner. Conclusions The paper fills the research gap, because so far scientists have occasionally addressed the experiences created during trade fairs. But the exploration of the phenomenon of using trade fairs to stimulate the visitors’ senses requires the realization of further studies. Keywords: customers’ experiences, experiential marketing, project management, retail real estate, trade fairs. JEL Classification: M31, R30

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Corresponding author. E-mail address: [email protected].

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21st International Scientific Conference Economics and Management Introduction Retail real estate developers implement the development projects of modern retail facilities. Their customers are tenants of retail space, who are intrested in renting space in future shopping centres. The most important tenants of shopping centres are, above all, international enterprises and domestic companies, originating from the national markets, which create retail trade chains and offer their own popular and strong brands, which attract purchasers. Owing to the peculiarity of the commercialisation of a shopping centre under construction, it is required, first of all, to catch the interest of anchor tenants, and then to conclude agreements and enable them to launch their retail shops on the date of the grand opening of that facility. Only when a proper level of lease is ensured (about 30% of the lease area) by some anchor tenants can the commercialisation of a retail real estate under construction be finalised – which means that other, smaller tenants can be contracted. The present situation in the retail real estate industry – including mainly an aversion to risk and a crisis in trust – makes it even more necessary to build credibility and relationships based on trust and loyalty among entities. This fact is particularly important in the activity of developers which give promises about implementing new retail projects in a highly uncertain market more and more saturated with modern retail space. Currently, it has changed the negotiating power with regard to developers and tenants, which gives the latter a strong advantage over the former. That results directly from an excess supply of new development projects, which is connected with a decline in the tenants’ demand for new retail space. The actual situation in the industry has an impact on the conditions of, and the requirements for, developers’ effective relationship management with tenants in a trade fair activity oriented at the stimulation of positive experiences of tenants and other types of customers. Trade fairs deliver a lot of possibilities for influencing customers’ experiences using sensory marketing and interactive marketing. Customers’ previous experiences with a particular developer should also be taken into consideration. Therefore, the objective of the paper is the identification of the trade fair activities oriented at customers’ experiences of retail real estate developers in diferent stages of the shopping centre project life cycle. Participant observation and case study research methods were used. 1 Literature review 1.1 Contemporary understanding of customer’s experience During recent years, experience has become a topical issue in the marketing world. However, there is still confusion in business terminology, and clear definitions of experience are absent in marketing literature (Same, 2012). The term ‘experience’ can be understood in different ways, because in English it is both a noun and a verb, and it is used variously to convey the process itself, participation in the activity, the affect or way in which an object, thought or emotion is felt through the senses or the mind, and even the outcome of an experience by way of a skill or learning, for example (Tynan & McKechnie, 2009). A customer’s experience is an interaction between an organization and a customer. It is a blend of an organization’s physical performance, the senses stimulated, and emotions evoked, each intuitively measured against customer expectations across all moments of contact (Shaw, 2005). In the context of experiential marketing, but also project management and trade fairs, it can be assumed that experience is a subjective, internal consumer (visitor) response (sensations, feelings, and cognitions), and a behavioral response evoked by project-related stimuli (Brakus, Schmitt, & Zarantonello, 2009). It is often not self-generated (as some thoughts and cognitions) but induced (Schmitt & Zarantonello, 2013). The environment, full of stimuli affecting the human senses, is created by contemporary trade fairs. Experiences provided by exhibitors at trade fair organisers are based on offering visitors the chance, first, to see and examine products, and, second, to interact with booth personnel in either professional or social contexts (Rinallo, Borghini, & Golfetto, 2010). In marketing, it can be assumed that a brand is the sum of the customer’s experiences with the product or company. It is transmitted in every interaction with the customer over the lifetime of the relationship (Hogan, Almquist, & Glynn, 2005). Therefore, each of an organization’s interactions with its customers (and every customers’ experience) will either strengthen or weaken the relationship with them (Schmitt, 2002). There are also important previous experiences with a company’s offerings and its marketing activities. Customers instinctively compare each new experience, positive or otherwise, with their previous ones and judge it accordingly (Meyer & Schwager, 2007). Previous experiences thus have the possibility of affecting future experiences (Lipkin & Heinonen, 2014). Interactive marketing is inextricably linked with trade fairs. The term ‘interactive’ points to two features of communication: the ability to address an individual, and the ability to gather and remember the response (experience) of that individual. These two features make possible a third: the ability to address the individual

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21st International Scientific Conference Economics and Management once more in a way that takes into account his or her unique response (Deighton, 1996). Mainela and Ulkuniemi (2013) indicated three levels of personal interaction which constitute the components of relationship management in business projects. The first level concerns person-to-person interactions, which entail building trust, applying tactical knowledge, and drawing special attention to social values. The role of the second level of personal interactions in existing relationships is distance reduction with regard to the planning and implementation of a project, the selling of ideas, and the management of sleeping relationships, i.e. using the knowledge gained during previously completed projects. The third level of personal interactions includes social and informational networks within the community sphere, in which existing, potential and sleeping relationships exist. It can be assumed that trade fair performance is reflected at those three levels of interaction. 1.2 Sensory marketing, touchpoints and customer experience management An immanent feature of trade fairs is the ability to interact with all five human senses. Marketing that engages the consumers’ senses and affects their perception, judgment and behaviour is called sensory marketing (Krishna, 2012). Because of the range of the interactions which occur in the so-called ‘touchpoints’, contemporary companies should recognize the need to build holistic experiences through the management of them. Touchpoints are all different ways that an organization interacts with and makes an impression on customers, but also employees and other stakeholders (Davis & Longoria, 2003). Customer experience management (CEM) is a strategy to engineer the customer’s experience in such a way as to create value, both to the customer and the firm (Verhoef et al., 2009). The management of experiences is closely related to the bonding of relationships, which has been confirmed empirically (Cantone & Risitano, 2011). CEM places a greater emphasis on every interaction, thus leading to the creation of the experience, to the delivery of those promised relationships, and to the desired target customers. This approach is useful to promote an equal relationship between customers with the company, which helps to improve and strengthen the quality and length of the relationships (Das & Hota, 2014). 1.3 Trade fair activity as a tool of building relationships Building and maintaining long-term customer relationships is the key to successful project management (Pinto & Rouhiainen, 2001). As has already been mentioned, the maintenance of these relationships depends on the delivered experiences, which must be managed in the whole project life cycle. In construction project relationship management Meng (2012) indicated project partnering, which represents short-term collaborative relationships, and strategic project partnering, which describes long-term collaborative relationships. Key elements of successful construction partnering are: trust, commitment to a win-win attitude, mutual objectives, clear definition of responsibilities, timely communication, effective problem solving, and regular monitoring of the partnering process (Hellard, 1995; Chan et al., 2004). Trade fairs enable the exhibitors to control those key elements and, by monitoring of visitors’ experiences, manage their participation more effectively (Rinallo et al., 2010). Trade fair activity management can have a powerful impact on project partnering, since exhibition events represent an important context of interaction and a relevant instrument for relationship marketing (Sarmento, Farhangmehr, & Simões, 2015a). Relationships between customers and suppliers frequently begin or continue at trade fairs (Rice, 1992). Moreover, exhibition events provide opportunities for initiating and building relationships with key accounts (Blythe, 2002). The management of trade fair activity can be understood from the point of view of the whole marketing activities performed by one exhibitor during many events. Such an approach includes the long-term utilisation of exhibit marketing in order to effectively achieve the goals of an organisation. Consequently, participation in particular trade fairs is not accidental, and serves as a complementary element of the activities carried out during other trade fair performances (Siemieniako & Gębarowski, 2014). Trade fairs are relevant to develop a relationship marketing strategy that involves interactions and networking with a multitude of players (Sarmento et al., 2015a). The typical atmosphere of the B2B trade fair setting encourages socializing behaviours useful to generate bonds and commitment and, ultimately, enhances the relationship quality (Sarmento, Simões, & Farhangmehr, 2015b). Trade fairs immerse industrial buyers in a physical and cognitive experience that requires their active and interactive participation. Under such circumstances, industrial marketers who employ experiential marketing techniques are likely to increase their trade fair performances. By deploying ‘experience providers’ firms can create a competitive advantage in terms of product differentiation, brand image, customer satisfaction and loyalty (Rinallo et al., 2010). In the real estate business experiential marketing has also become an important link in the process of improving customer satisfaction and brand loyalty (Zhao & Zhang, 2009).

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21st International Scientific Conference Economics and Management 1.4 Trade fair performance as a touchpoint For many companies trade fairs are important touchpoints in the pre-purchase phase, apart from, e.g. websites, service centres, seminars, email and advertising (Buttle & Maklan, 2003; Lederman, 2007). Owing to face-to-face meetings trade fairs belong in the two-way communication category. This form of communication is mostly focused on sharing experiences with specific target groups, giving them a personal encounter, letting them experience the brand, and encouraging emotional appeals. In this context, direct, personal interaction between the company and the target group is instrumental in engendering unique and lasting memories (Kirchgeorg, Springer, & Kästner 2009; Kellezi, 2013). The literature on trade fairs has not so far adopted an experiential perspective (Rinallo et al., 2010). Among other things there is a research gap, resulting from the lack of research on the evolution of the experiences building through the trade fair performances in the long-term development project. 2 Research method A multimethod qualitative research method was chosen concerning retail real estate developers’ activity at trade fairs in Europe, including participant observation and a case study. The field research was conducted by one of the authors of the paper. The approach adopted by the authors can be called triangulation, since many qualitative research methods were applied in different periods of the research (Woodside & Wilson, 2003). The duration of the participant observation research was about two and a half years – from September 2011 to February 2014. It covered 7 consecutive cyclical exhibit events devoted to the retail real estate market, including the world’s two biggest retail real estate trade fairs, MAPIC, organised in Cannes (France), as well as the five biggest trade fairs held in Poland and East-Central Europe, Shopping Center Forum (abbreviated SCF) – 3 autumn and 2 winter fairs. Participation in the cyclical trade fairs enabled the observation of the changes that occurred in developers’ retail real estate project managemet and marketing trade fair activity oriented at customers’ experiences of 6 developers serving as research units. Enterprises developing new (medium- or largesized) shopping centres in Polish cities were chosen, with gross leasable areas (GLA) of 25,000 to 50,000 sq.m, with different level of project life cycle advancement. The longitudinal research concerned those 6 enterprises with Polish capital, which were new or infant in a retail real estate development business. The representatives of the developers under research, such us: project managers, board members and leasing specialists, were the subjects of the research and were present during the most of the trade fair events, in which the researcher also took part. In participant observation research, a few other qualitative methods have been used, such as unstructured interview, opinion poll, and analysis of secondary materials. The longitudinal case study research was another research method concerning the developer implementing a project of a new large shopping centre in Poland. The research was conducting over 5 years (2009-2014). The results of the case study presented in that paper relate to trade fair activity, oriented at customers’ experiences, during different stages of the project’s life cycle of the developer under research. The researched developer orginised a trade fair presentation once, with their own booth at the retail real estate trade fair SCF, which was held in September 2013 in Warsaw, Poland. 3 Results The analysis of the data allowed us to better understand the role of customers’ experiences in different stages of shopping centre projects’ life cycle, such us: initiation, planning, preparatory execution, real execution and closure (Westland, 2006). It also showed the retail real estate trade fair activities of developers oriented at customers’ experiences in all stages of the project’s life cycle. In Table 1 is presented the extent and the methods of trade fair activities oriented at customers’ experiences in different stages of the shopping centre project’s life cycle amongst three types of customers. These three types of customers are:  tenants – the leasing agreement with developers is signed,  prospects – advanced in negotiations on a leasing agreement with developers,  leads – considering renting a space in particular shopping centre project; this type of customer had not started negotiations on a leasing agreement. A three-level scale of the extent of customers’ experience activities was distinguished: low, medium and high. The number and the intensiveness of forms and actions conducted at trade fairs which influenced customers’ experiences are the criteria for defining the particular level of the scale.

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21st International Scientific Conference Economics and Management Table 1 The extent and methods of trade fair customers’ experience activieties in different stages of a shopping centre project’s life cycle amongst three types of customers. The stages of a shopping centre development project’s life cycle

The duration of a stage

The most important type(s) of customers in stimulation the experiences

The extent of trade fair activities oriented at customers’ experiences

Methods of customers’ experience stimulation at trade fairs

1. Project initiation

1 year

Leads

Low extent

Interactive marketing; image, credibility and financial stability of the developer / investor

2. Project planning

1.5-3 years

Leads, prospects and tenants

At the beginning of this stage low and some time later high extent

Sensory marketing; interactive marketing; image, credibility and financial stability of the developer / investor; previous experiences in the relationship

3. Preparatory execution

1.5-2 years

Leads, prospects and tenants

Medium or high extent

Interactive marketing; previous experiences in the relationship; sensory marketing

4. Real execution

1.5-2 years

Prospects and tenants

Medium extent

Interactive marketing; previous experiences in the relationship

5. Project closure

3-6 months

Tenants

Low extent

Previous experiences in the relationship; interactive marketing

Source: authors’ own elaboration Interviews conducted during participant observation and the case study showed that the main objective of the developers under research of using trade fair activities oriented at customers’ experiences was relationship development with all types of customers. In a transactional sense it meant transforming lead customers into prospective ones, and prospective customers into tenants. It also meant increasing the relationship value with tenants, meaning maximizing benefits and minimizing costs. At each stage of the shopping centre development project’s life cycle the role of customers’ experiences is different, and the extent of trade fair activities oriented at customers’ experiences also differ. The Initiation of the shopping centre project development in stage 1 began in the researched developers from identifying a development project as a strategic option to verifying the project as an attractive market opportunity for investors. One of the enterprises under research was developing two shopping facilities simultaneously, and the remaining companies were implementing one investment project. Some of those developers had before run manufacturing activity in the buildings located on the premises of the shopping centres to be developed. When the attractiveness of the land increased, its administrators and owners decided to carry out a development project related to shopping activity. Contrary to the above case, the other enterprises, which represented diverse businesses (such as housing development services), purchased the rights to real estates in order to develop a shopping centre. The duration of stage 1 was very different but it lasted at least 1 year. During that stage developers’ representatives took part in trade fairs mainly for information-gathering purposes and for testing the ideas of the initial concepts of shopping centre projects amongst lead customers. The level of developers’ personel competencies in conducting person-to-person interactions and their project management’s knowledge was the most important method of creating lead customers’ experiences. The attractiveness of the preliminary concept of the shopping centre, presented in promotional paper materials, were the only sensory stimulators of the customers’ experiences at this stage. The additional stimulators of lead customers’ experiences were their perception of an image, and the credibility and financial stability of the researched developers (which were at the same time investors implementing shopping centre projects) which entered the retail real estate development industry. Developers’ representatives were asked about the business background of the researched investors. The project planning at stage 2 of the project’s life cycle may be defined in terms of processes as started from the investor’s decision about commencing the project planning to obtaining a positive appraisal of project execution conditions. Direct observations of developers’ trade fair activities and the interveewes representatives of the developers under research opinions showed very clearly that the extent of trade fair activities oriented at customers’ experiences increased rapidly from low to high, while developers decided that the level of advancement of shopping centre project management is enough to create positive experiences amongst all kinds of customers, especially amongst leads and prospectives. The majority of the researched developers, when

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21st International Scientific Conference Economics and Management deciding to conduct the trade fair presentation, had concluded rental agreements with a few anchor tenants that sell grocery items or house and garden furnishings, making the credibility of the project higher. Data analysis showed that undertaking the first trade fair presentation with their own booth by the researched infant developers was treated as the official launching the project on the retail real estate market. The main task for person-to-person interactions was to support the general promise about successfully shopping centre development in a timely and efficiently manner. It was important and used all three levels of personal interactions proposed by Mainela and Ulkuniemi (2013). In their trade fair presentation the developers under research used a multitude of sensory marketing tools, influencing all the visitors’ senses, to make a deep impression on customers, stimulating their experiences. Examples are: multimedia presentations, exhibiting a shopping centre mock-up, music and special sounds, and exhibiting and offering snacks, drinks and specially selected fragrances. The importance of the implementation of sensory marketing tools resulted from the intangibility of the developers’ proposition. The majority of the researched developers conducted trade fair presentations with their own booth in the planning stage, and they offered rental space in a non-existant shopping centre. The developers thus presented some kind of an idea of planned retail facilities and made promises that they would be constructed. That is why they were focused on conducting a trade fair performance in an attractive way. They presented what such a shopping centre would look like, and they tried to convince customers that a particular developer and its project was attractive and credible. The third stage, which is preparatory execution, comprise the project management processes, starting from taking on the first considerable financial obligations (e.g. placing an order for the preparation of an architectural design) to declaring a readiness to order the main construction works. Different levels of the extent of trade fair activities oriented at customers’ experiences were indentified, from medium to high. They were dependent on the size of the shopping centre project and the progress of commercialization in the project planning stage. The second trade fair performance was conducted by those developers under research whose shopping centre projects were bigger – they had greater budgets for promotion, and whose level of commercialization was below expectations. In the preparatory execution stage the financial and sometimes construction involvement of developers was more visible than in the planning stage, so it was not so important to stimulate customers’ experiences at trade fairs by sensory marketing, especially in the second half of that stage. Developers’ propositions were more tangible. Prospectives and tenants were much more focused at that stage on personal interactions during trade fairs with the researched developers’ representatives. Customers’ experiences were shaped by promise keeping, because during the development of retail real estate projects, prospectives and tenants devote special attention to the monitoring of the process of promise keeping by developers, with regard, among other things, to the accomplishment of milestones in a timely manner, treating the way of executing that process as confirmation of the credibility of promise making. In influencing current customers’ experiences it is important to take into consideration the previous experiences, especially of prospectives and tenants, which could be positive or negative. Coherence in stimulating customers’ experiences is important. The real execution stage was defined as starting from ordering main construction works to receiving a certificate of occupancy. The extent of trade fair activities oriented at customers’ experiences can be assumed as medium at that stage. The most important method of customers’ experience stimulation at trade fairs was interactive marketing in terms of personal interactions related to key issues of the project’s execution, such us: timetable, level of commercialization, financing, construction processes, and tenants’ technical coordination. Although those issues were discused outside the trade fairs, the researched developers attended trade fairs as participants to meet several prospectives or tenants in one place at one time. Trade fairs as a touchpont between developers and customers created an occasion to stimulate positive experiences for all partners involved with project management. The project closure stage was perceived as much less important in terms of trade fair activities oriented at customers’ experiences. That stage might be defined as started from opening the shopping centre to finishing the processes of execution, commercialisation and financing. The most important type of customers here were tenants, and the factors which influenced their experiences were previous experiences in business relationships during all shopping centre project management. 4 Discussion Contemporary trade fairs, despite the spread of modern forms of communication, are still an important marketing tool in the B2B market (Wiedmann, Kassubek, & Langner, 2009; Gopalakrishna & Lilien, 2012). The uniqueness of exhibition events is due to the enabling of face-to-face meetings and presenting exhibitors’ offers ‘in reality’. Therefore, it is unlikely that trade fairs will ever disappear, because of the need to form relationships and to network with industry members, to touch and feel products, and to sense the atmosphere and vitality that

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21st International Scientific Conference Economics and Management exhibiting events generate (Fill, 2009). For this reason, for many companies nowadays trade fairs, with proper preparation of presentation, can be an important touchpoint in the process of creating holistic experiences. It is critical to analyze which touchpoints will have the greatest impact, both positive and negative, on customer behaviour and brand loyalty, and then to reallocate investments to those few key touchpoints (Hogan et. al, 2005). The results of the research conducted by the authors confirmed the importance of trade fairs as a touchpoint in the retail real estate industry. In creating a cohesive, authentic and sense-stimulating total customer experience that resonates, pleases, communicates effectively and differentiates the organization from the competition, an organization requires an emotional connection with customers . Emotions evoke customer commitment and lead organizations to a customer experience plan that builds loyalty (Berry & Carbone, 2007). The results of participant observation and case studies also confirm this. So far, scientific articles are occasionally concerned with the experiences created during trade fairs (Rinallo et al., 2010). In addition, the authors did not link trade fair activity with the evolution of experiences that are evoked among customers by entities implementing long-term projects. A small number of publications also relate to the use of sensory marketing in the real estate market (Zhao & Zhang, 2009). Therefore, there is a need to carry out studies on this phenomenon. The first attempt was made by the research whose results are presented in this paper. Conclusion The obtained results showed that during the implementation of a long-term project, at various stages developers try to induce different customer experiences. During the second and third stages of a shopping centre development project’s life cycle (planning and preparatory execution) exhibitors present intangible offers – objects that do not yet exist. At those moments it is thus not possible to establish interactions with the product. Therefore, it is necessary to prepare such trade fair presentations that interact strongly with all the human senses and present the developers’ offers attractively. This is particularly important in the case of infant developers who do not have a recognizable brand or extensive networks of business contacts. During the second and third indicated stages booths should be places of integration, using sensory marketing, where exhibitors infuence all the senses of visitors in a coherent manner. To do this, exhibitors most frequently use: printed advertising materials (sight), shopping centre mock-ups (sight), multimedia presentations (sight and hearing), unconventional lighting (sight), original musical background (hearing), tastings (taste), and distribution of samples of goods (sight and touch). An important supplement to the tools of sensory marketing is interactive marketing, including mainly verbal presentations during face-to-face meetings. During such meetings exhibitors can use figurative language and indicate precisely the unique features of their offers. In the next stages of the project the offers materialize, and the experiences which are deliverd to customers have a different character. First of all, exhibitors present existing facilities, focusing on their physical attributes. Therefore, there is no need for extensive use of the tools of sensory marketing to create an atmosphere of something that does not yet exist. From the conducted research emerges the final ascertainment, suggesting that the use of trade fairs as a place to stimulate customers’ senses is critical during two stages of the development project of modern retail facilities – project planning and preparatory execution. Wherein, this statement refers to infant developers. But the exploration of the phenomenon of using trade fairs to stimulate the senses requires the realization of further research which will take into account the marketing activities of other entities – both operating in the retail real estate market and in other industries. References Berry, L. L., & Carbone L. P. (2007). Build Loyalty Through Experience Management. Quality Progress, 40(9), 26-32. Blythe, J. (2002). Using Trade Fairs in Key Account Management. Industrial Marketing Management, 31(7), 627-635. doi: 10.1016/S0019-8501(02)00183-9 Brakus, J. J., Schmitt, B. H., & Zarantonello, L. (2009). Brand Experience: What Is It? How Is It Measured? Does It Affect Loyalty?. Journal of Marketing, 73(3), 52-68. doi: 10.1509/jmkg.73.3.52 Buttle, F., & Maklan, S. (2003). Customer Relationship Management: Concepts and Technologies. Abingdon: Routledge. Cantone, L., & Risitano, M. (2011). Building consumer-brand relationships for the customer experience management. Proceedings from 10th International Marketing Trends Conference. Paris, 1-33.

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21st International Scientific Conference Economics and Management Verhoef, P. C., Lemon, K. N., Parasuraman, A., Roggeveen, A., Tsiros, M., & Schlesinger, L. A. (2009). Customer Experience Creation: Determinants, Dynamics and Management Strategies. Journal of Retailing, 85(1), 31-41. doi: 10.1016/j.jretai.2008.11.001 Westland, J. (2006). The Project Management Life Cycle: Complete Step-by-Step Methodology for Initiating, Planning, Executing & Closing a Project Successfully. London: Kogan Page. Wiedmann, K.-P., Kassubek, M., & Langner, S. (2009). Trade Show Performance: Exploring Interpersonal and Non-Personal Interaction Dimensions. Proceedings from The 14th Biennial World Marketing Congress, Marketing in Transition: Scarcity, Globalism, & Sustainability. Academy of Marketing Science. Oslo. 423. Woodside, A. G., & Wilson, E. J. (2003). Case study research methods for theory building. Journal of Business and Industrial Marketing, 18(6/7), 493-508. doi: 10.1108/08858620310492374 Zhao, Z., & Zhang, Ch. (2009). The Application of Experiential Marketing in China’s Real Estate. International Journal of Business and Management, 4(5), 222-225. doi: 10.5539/ijbm.v4n5p222

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Smart and Efficient Economy: Preparation for the Future Innovative Economy 21st International Scientific Conference

Proceeding of Selected Papers

May 19–20, 2016 Brno, Czech Republic

All papers were peer reviewed.

Proceeding of Selected Papers of the 21st International Scientific Conference May 19–20, 2016 Smart and Efficient Economy: Preparation for the Future Innovative Economy

Edited by: Iveta Simberova, Frantisek Milichovsky, Ondrej Zizlavsky Cover design: Pavel Mracek Conference Organising Committee Address: Brno University of Technology, Faculty of Business and Management, Kolejní 2906/4, 612 00 Brno, Czech Republic Online (pdf) on website: http://www.icem.lt/index.php/icem/pages/view/Archive

Edition: 1st Number of Pages: 746 ISBN 978-80-214-5413-2

Smart and Efficient Economy: Preparation for the Future Innovative Economy Proceeding of Selected Papers st

21 International Scientific Conference Brno University of Technology Faculty of Business and Management May 19 - 20, 2016, Brno, Czech Republic

ISBN 978-80-214-5413-2 © Brno University of Technology, Faculty of Business and Management, 2016

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