Abstract:
The purpose of this study was to determine selective bidder demographics and effective marketing strategies for a university managed and produced horse auction. Like many colleges and universities, operational funds are generated by the auction of horses for the University of Arkansas' D.E. King Equine Program. The annual Razorback Roundup Horse Auction utilizes this fund raising strategy and has to date raised $235,303.00. An 81% response rate of registered bidders was obtained for this two-year study. Data revealed that respondents were 40% more likely to purchase a horse privately than through an auction, and 69% had attended fewer than six horse auctions in the five years preceding the University of Arkansas' Razorback Roundup Horse Auction. Over half of the registered bidders were supporters of other D.E. King Equine Program sponsored events, and 46.5% were affiliated with the University of Arkansas. Data revealed that 44% of respondents learned of the auction through word of mouth and the D.E. King Equine Program website. Only 5% of respondents learned of the auction through state and weekly newspapers.
Keywords:
marketing strategies, university horse auction, student-managed, bidder demographics
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