MARKETING PLAN

FOR A MUSIC
FESTIVAL
Student ID: 2006614
University of
Bedfordshire
MARKETING PLAN
FOR A MUSIC
FESTIVAL
Student ID: 2006614
University of
Bedfordshire
MARKETING PLAN FOR A MUSIC FESTIVAL

Student ID:

University of Bedfordshire
 The musical event call „Free again” is about creating the space and time for people to
enjoy latino music again after a period of restrictions and not seeing each other. The music
that i thought about is latino after seeing the number of numerous people from latino
countries coming in U.K. for working or for visiting and relaxing. Part of latino community is
formed through social platforms such as Facebook, Instagram, even Tik Tok and other part i
can see it on public squares looking to meet people of their kind. Most latino people has the
age between 35 and 50 but in the last period i saw numerous teenagers enjoying this kind of
relaxing but also entertaining music.

Objectives, porpose and mission

This corporation, Barbarissimo Inc. has the purpose to increase brand awareness to
our target segment (latino people ages 35 to 50)by exhibitng and participating in 5 upcoming
community events (August 6th, 13th, 20th, 27th and September 3th) in towns near London. In
the long term, this corporation has to organise 25% of the musical events held near London
and be seen as a corporation wich has good ties with responsability, vision and maximum
relaxation.
This musical event is set to achieve a public of 40.000 to 50.000 people and for this
objective to be achieved a local stadium, near London, was rent for managing also the costs
of this event. The cost of renting in London was 60.000£ and my choice is worth 20.000£
which can be compensating by selling 2.000 tickets of a medium value of 100£. The event
will be held usually in a Saturday as is the best income and expenditure report day in the
week. People after a 5 days of work tend to find a way for relaxing and enjoying the beautiful
moments of life and after Saturday they have also a free day Sunday, when they cand refill
with energy and prepare for another week of work.

Background Information of Barissimo Inc.

The company is recognized internationally and locally in the U.K, it manages,

promotes, and operates ticket sales concerning live entertainment events. Also, it manages the
careers of talented artists, and lastly, Barbarissimo Inc. owns and operates entertainment
venues. The role of Barbarissimo Inc. in the live entertainment industry cannot be
downplayed since live entertainment contributes largely to revenues realized by artists. In the
new millennium, unlike in the past, artists require other streams of revenues since
cases of piracy and illegal downloading of music have increased over time
(Hollenberg 2018, p. 4). Therefore, avenues such as live concerts, music
festivals, and events are the primary revenue earners for artists in the new millennium
(Hollenberg 2018, p. 4). As observed by Hollenberg in his research titled, 'Pricing Decisions
in a vertically Integrated Live Entertainment Industry,' in a span of nine years (1997-2005), it
can be observed that there has been an increase in realized revenues concerning the live
entertainment industry.

The revenue realized between this period increased from $1.2 billion to $3.2 billion,
whereas according to Yoshino (2007), as captured byHollenberg (2018), the average price of
tickets increased from $25 to $66 from 1995 to 2005. With these financial statistics, the role
of the live entertainment industry concerning Barbarissimo Inc. can be observed as being
crucial in generating revenues for artists, which contributes to the general
economy. Intending to increase its revenue base and compete favorably with other players in
the market, Barbarissimo Inc. has purchased and invested in other companies with a view of
streamlining its sources of revenue.

It is right to say that over time, realized revenues regarding Barbarissimo Inc. Has
increased; for instance, in 2018, the company boasted of revenue worth 1 million $, 2019 was
a great year since it recorded a 7% increase in its revenue and in 2019 an increase of 5 %.
Although, with the outbreak of Coronavirus, the company has been struggling financially,
as it can be observed in its published financial of 2020 that its revenue decreased by 84% and
also in 2021. The decrease in revenue resulted from the government measures and policies
put in place to curb the spread of the virus; therefore, outdoor activities such as
music festivals, concerts, and sporting activities were canceled.

Market research

This market research aims to identify a gap in a crowded market and direct resources
effectively and efficiently to satisfy the consumer’s preferences in the lexicon of
entertainment. Also, this market research will focus on identifying the right target audience
who will benefit from this outdoor event. Allocating resources without proper market
research can be compared to suicide. This might result in unbearable consequences
considering that the company is focused on recovering from its losses resulting from the
Coronavirus outbreak. Therefore, this market research has been conducted keenly, keeping in
mind that being commercially aware is required. Environmental scanning has played
a significant role in formulating this marketing plan. Occasions, patterns, and
trends have been documented through environmental scanning, and therefore deductive
information and data vital for decision making have been deduced. Scholarly sources and
institutional websites have been of the essence in providing information
concerning various trends, statistics, theories, strategies, and models, therefore highly
reliable as peer-reviewed articles and researches are authoritative, therefore reliable,
accurate, and relevant.

For instance, the financial statements of Barissimo Inc. have been beneficial in
assessing the revenues generated by the company in its operations. Through the financial
statements, performances and trends have been compared over time, postulating the crucial
role that Barissimo Inc. has played in the entertainment industry benefiting both the economy
and artists. This market research also focused on scrutinizing and evaluating the
consumer buying habits of people aged 35-50 years old. For instance, in the digitized
world, people prefer to purchase online purchases (Saraswathy 2016, p. 368). The primary
reason for online shopping among the people was saving time. Lining up in malls, stations,
and supermarkets can be time-consuming. Therefore, the people prefer online shopping
where they can purchase items such as clothes, tickets, and other items in the comfort of their
rooms.
 Cost and diferentiation

Even if we diferentiate from others with our ticket price fair low, we do not
compromise on professionalism, predictability and confidence. In a world full of different
problems such as Covid 19 or War, we tend to make people happy eventhough our revenues
are not as high as other companies that are in this business. We differentiate from others in
our unicity of building just latino music events in different parts of U.K. and be seen as a real
promoters of peace and entertainment.
This being said, we make little steps in our path of creating a big company of musical
events in London but not forgeting that the people in front of stages and people on stages are
the most important and the core values of our company.

Conclusion

In summary, the event is economically viable since revenues will be

realized. Also, Barissimo Inc. is consumer-oriented, therefore, bringing people together and
giving them a reason to celebrate in these challenging times. Music festivals such as this one
is vital in delivering social messages among the audience. The social message conveyed in
this event is that of hope. Through latino, there is hope. Also, economic benefits by the local
government will be realized, but the social benefits will supersede economic benefits in any
music festival.