MARKETING PLAN FOR A MUSIC FESTIVAL

ID: 1944655
Student name: SILVIA DIACONU
 Executive summary

Marketing mix is key significant factors while an organisation wants to increase

business size as well as consumers engagement for overall business sustainability. This report
has been prepared to analyse marketing mix strategy for future music events of Live Nation.
The Live Nation will be targeting the young generation as key stakeholders for accrued better
consumers element as well as will select more effective marketing tools such as social media
performed as well as enhanced consumers loyalty. Besides that, the music events will be also
performed demandable such as Latino music events in future to increase awareness about
music events.

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 Table of Contents
1. Introduction. overview of company.......................................................................................4

2. Overview of the event. Objectives, Smart details schedule of the event...............................4

3. Market Analysis.....................................................................................................................4

3.1 SWOT..............................................................................................................................4

3.2 Porter's 5 Forces...............................................................................................................5

3.3 STP (Segmentation, Targeting and Positioning) and gap analysis..................................6

3.4 Pen Portrait.......................................................................................................................7

4. Marketing mix strategy - Product, Price, Place, Promotion...................................................8

5. Marketing Communication in Company..............................................................................10

6. Conclusion............................................................................................................................10

Reference..................................................................................................................................12

Appendices...............................................................................................................................14

Appendix 1: Total costs of music event..............................................................................14

Appendix 2: Forecasted Income statement for Music event................................................15

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1. Introduction and overview of company

A marketing plan is a technique to increase brand value as well as consumer loyalty in

the market through targeting potential consumers. Live Nation is a UK-based music event
organisation performing music events for the last 5 years in different metro cities of the UK.
The company has performed music events and DJ Service in nearly 35 clubs as well as 26
parks in the UK. Live Nation has 5600 employees and wants to organise Latin music events
in the UK. In order to organise music events, the company will develop a marketing plan
through targeting as well as segmentation of specific groups of people.

2. Overview of the event. Objectives, Smart details schedule of the event

Music events are mainly organised by any organisation in order to entertain people by
observing the gap in the music industry and the demand for music in the market. The key
objective of the events is increased brand awareness as well as a market position of a
company in the music industry in the UK. Besides that, the overall objective of these events
is to increase consumer engagement in business to ensure better competitive advantages. The
music event consists of three popular music genres: pop music, Merengue and Trova ''
among three last two are Latino music which is highly demanded in the market. It is assumed
that fans will like Trova music more compared with the first two.
The music events will also be performed by other music events through consideration
of demand as well as entertainment of the young generation of the UK. “Merengue and
Trova” mainly belongs to Tropical subclass music. The event will be organised on 18
September in Edinburgh, the UK for five hours. The event will become a successful music
event as it will be organised on weekends. Besides that, the music will be organised in a
specific location in Edinburgh which is accessed by different locations as well as different
transportation modes.

3. Market Analysis

3.1 SWOT

Strengths Weakness

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 ● Having 2 million fans in the UK Suffered from loss in last two years
● Operate in 35 clubs as well as in Sold ticket through the third partner
more than 26 parks on a specific Not effective facility for consumers in a
occasion waiting room
● Organised 5000 to 8000events each
year

Opportunity Threats

● 7000+ entertainment companies

● £83 billion market worth of UK
already operate in the UK
entertainment industry
● The new music event organisation
● Increasing demand for virtual
has increased by 31% compared with
performance
last year's music event organiser.
● Increasing demand for Latino as well
●
as otter latest pop music in the UK

Table 1: SWOT analysis

(Source: Aksu and Bayar, 2019)

3.2 Porter's 5 Forces

Porter's five forces are those aspects that a business needs to be considered by a
business for developing an effective marketing strategy as well as acquiring better
competitive advantages and growth in future. The five forces are as follows which need to be
considered by Barbarissimo Inc.s to make decisions regarding marketing plans for music
events.

Buyers' bargaining power: Buyers are the pillar of any marketing plan as any business has
developed marketing techniques to attract more consumers as well as enhance satisfaction
levels in business. There are 26 million people in the UK who are interested in listening to
music as well as participants in music events. Live Nation will set the average price of tickets
which will be sold through different platforms.

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Rivalry among existing firms: according to Mehjabeen (2018), any industry has some
existing business organisation and it has existing firms that are competitive with each other to
become a strategic business in the industry. At the current time, there are 7000 small and
large music events organisations in the UK which will increase by 31% in 2022 from 2021.

Suppliers' power: the suppliers of different instruments as well as places in the UK have also
played an important role in the business of the company. Thus, it will be better for the
company to consider suppliers' power and select potential suppliers that are able to supply
different resources within a low period as well as provide a better credit facility.

The threat of new entry: Entry of new entertainment events in the industry will be a threat to
existing business as well as the performance of existing companies such as Live Nation may
be affected. Thus, Live Nation will be set at an affordable price for tickets to ensure optimum
satisfaction levels for different consumers.

The threat of substitute: Substitute refers to this product and service which is appropriate as
well as considered by consumers instead of the current product which is consumed by
consumers. As argued by Oliveira (2022), the company should consider music such as
“Merengue and Trova '' for future music events which will reduce the threat of substitutes
and Live Nation will be able to attract the highest numbers of people in music events.

3.3 STP (Segmentation, Targeting and Positioning) and gap analysis

Segmentation
As argued by Bakir et al. (2019), the segmentation technique is considered by an
organisation to promote the product as well as service in the market. The company will select
two social media platforms and 5 channels from each social media platform to promote their
event. Besides that, two cinema halls and a national magazine will be also considered by the
company to promote their ticket and event in future which ensures bitter consumer
engagement and awareness about the event in future.
Targeting
From the point of view of Thomas and George (2021), targeting is the term which is
considered by different marketing analysts as well as companies to promote their services
among a group of people and consumers. The company will be mainly focused on the young
generation to promote events. The company will also consider and select couples, and family
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groups people who like to listen to music as well as watch cinema and films on weekends
with their family to promote their event.
Positioning
According to Islam (2022), the position is a technique to develop a product as well as
service through analysed details collected on different potential consumers to ensure a unique
or satisfactory product for ideal consumers of the company. The company will select different
music such as Latino music like “Merengue and Trova '' for music events. Which will make
effective positioning among different events organised in the UK.
Gap analysis
From the point of view of Adeola (2019), the company has also analysed gaps as well
as the demand of consumers in the music event industry in the UK. The company will also
organise a Latino music event which is highly demanded and preferable in the UK compared
with other pop and traditional music events. Latino music is a combination of Latin America,
Spain and other countries which gives better satisfaction to consumers of entertainment
events in the UK. line nation will also provide virtual events pass on the purchase of tickets
for physical events. As suggested by Timotius and Sukapto (2020), this technique of the
company will also make a better position in consumers' memory as well as lifestyle. This
offer will also give a positive impact on consumers' memory and ensure a better position in
the market in terms of physical as well as virtual.

3.4 Pen Portrait

According to Sitorus and Fontana (2021), pen portraits are a process to acquire
strategic and important information about potential consumers for targeting as well as
designing a marketing mix. The company will develop a pen portrait of 50000 people living
in the UK for targeting. The people will be divided into different categories such as single
married unmarried and have a joint family.

Smith, 35 years old Believes in diversity

Married Enjoys outside events such as picnics and

wandering

2 kids Enjoy wine instead of bear

Lives in Edinburgh of UK Fan of music event’s organiser

Non-Vegetarian Wants to listen to different music

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 Work as a full time Prefers traditional festivals to Edinburgh

Concerned about the social events Prefers exercise as well as gym

Degree in MBA Engaged in social work

Bothered about celebrity culture Go to church on the weekend

Prefers public transportation instead of Acquired knowledge from books

private cars

I like to listen to music Interested to invest in the stock market

Watch a new romance as well as an action Participant in new music events

movie
Table 2: Pen Portrait of man
(Source: Self-Created)
Smith is a 35 years old father having two kids and enjoys different outdoor events as well as
music programmes on weekends. Smith has also enjoyed new music events as well as films
with family. He also believes in diversity as well as learned different types of books for
improving knowledge as well as knowing nature in better ways. My favourite books are the
psychology of money and the film is bull and bear. Favour tourist destinations in the seaside
and Germany and Norway.

Claudia, 30 years old Prefers to help needful people

Unmarried Prefers social work such as tree plantation

Wants to enjoy different tourist place Enjoys outdoor games such as trees

Watch new movies Complete degree with PhD in Economics

Listen to the radio every day Work in MNC as a full time

Interested to listen Latin Pop of Latino Believes in modern lifestyle

music
Table 3: Pen Portrait of a woman
(Source: Self-Created)
Claudia is a 30 years old single girl who believes in diversity and enjoys outdoor games. She
likes playing different games at school and performing social work to become an ideal person
in society. She has continued her professional life working in MNC for the past three years.
She believes in diversity and enjoys current modern life with her parents in London. Her

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favourite books are why nature is beautiful and fusion as a favourite movie. She has spent her
idle time with children as well as in church.

4. Marketing mix strategy - Product, Price, Place, Promotion

Product
Product will play a significant role to promote business growth as well as increasing brand
value among existing consumers. The company will select Latino music for organised music
events as well as provide another DJ service to their friends for increasing fan following in
the UK as well as the global level to ensure better consumer loyalty.

Price

Figure 1: 4P segmentation
(Source: Sudari et al. 2019)
The company will set an appropriate and affordable price which is equal to or nearly
valued ticket for a cinema as well as other similar and common music events in the UK. The
price will be for the event at £49.99 per ticket which is the average fare for any music event
management. As stated by Sudari et al. (2019), the price of any product has played a
significant role to attract consumers as well as maintain optimum satisfaction levels.
Justification for select price
The company will select £49.99 as the ticket price as it is the standard price as an
affordable price for different categories of people in terms of age and income. Besides that,
the average price of different music events has been ascertained at £ 28 to £60. This is the
key reason for selecting this price level in the future for tickets. Besides that, the company
will generate a profit of £1,428,625.00 from this price of the level of the ticket as well as the
marketing mix [Referred to appendix 2].

Place

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 The company has selected Eden work to host music events which exist by different
transportation modes as well as having a better environment and natural status. From the
point of view of Mahmoud (2018), the place is a strategic factor for the marketing mix which
will play an important role in the success as well as popularity of products and services. Live
Nation will also perform demandable music in different clubs as well as parks in the UK. as
these places are strategic locations for different music events.
Promotion
According to Dost et al. (2019), promotion technique has also affected product price
as well as popularity in the market. The company will select social media as well as other
digital marketing techniques to promote in the market. As suggested by Neger and Uddin
(2020), the promotion technique has not had a negative impact on the price of tickets and
attracts a large population of consumers for future events of the company. Among different
promotion strategies, Facebook and Instagram platforms will give a better impact on ticket
sales of music events.

5. Marketing Communication in Company

Marketing communication refers to communicating with different stick holders and

customers to acquire different resources as well as technology to perform music events.
Communication is a key pillar in the service industry as the satisfaction level of customers is
depends on communication tools. Effective communication told not only assists the
organisation to identify different issues and challenges of consumers' neighbour the less also
properly guide them to mitigate those issue and challenges faced by consumers.
Apart from this, employees of an organisation also need to communicate between
them effectively in order to organise and manage better and more innovative features for their
consumers to provide optimum satisfaction. In the current time difference business industry
has focused on digital communication tools such as cloud-based CRM management as well
as having organisational websites for supporting consumers. As suggested by Klepek and
Starzyczná (2018), the company will also develop a support team 24x7 to get their consumers
as well as employees who will perform specific and significant roles in event management.
Besides that, the company has also selected other social media platforms as well as email and
telephone calling communication tool for attracting potential consumers of entertainment
industries 2000 engaged in other organisations.
The company will also offer different kinds of benefits such as giving one extra
virtual pass with a current event ticket in order to ensure a better position on consumers'
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social media platforms. As stated by Krizanova et al. (2019), the company will need to use
AI technology as well as big data which is developed through important techniques in order
to develop an effective digital communication environment which is better for the satisfaction
of consumers. In the current time, different organisations have developed digital auto-
communication tools for response to queries and questions of clients and consumers 2019 in
different types of business entities.

6. Conclusion

It will be concluded that the marketing plan of the company will be a success in future
as the company has selected effective marketing tool and target potential consumers. The
current report also consists of marketing mix techniques which will need to be considered by
the Live Nation in order to enhance consumer loyalty and make a better position in the
consumer's mind. As the company will also need to perform virtual music events on different
social media platforms, it is necessary to develop the national channels to increase its brand
value and consumer engagement in the organisation. The marketing plan will also develop
through Porter's 5 forces as well as a short analysis of the UK as these both technically play
an important role to consider specific aspects of the marketing mix such as the economical
and consumer behaviour of existing industries.

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References

Journals

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 12. Dost, F., Phieler, U., Haenlein, M. and Libai, B., 2019. Seeding as part of the
marketing mix: word-of-mouth program interactions for fast-moving consumer
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Appendices

Appendix 1: Total costs of music event

Total costs for Three

marcomms activity
Marcomms activity 1: Cinema
Costs of 1 cinema for 1 month £ 1,500.00
Total Cinema costs (For 3 Cinema) £ 4,500.00
Total Ticket sold 12600
   
Marcomms activity 2: National magazine
Costs of 1 magzine for 14 days £ 7,000.00
Total Ticket sold 12600
   
Marcomms activity 3: Social Media
Costs of 2 Social media platform per days
@ 180 per day £ 360.00
Costs of 5 social media channel £ 3,600.00
Costs for 7 days advertisement £ 25,200.00
Ticket sold through social media 9800
   
Total Ticket sold 35000
 
Total Marcomms activity costs £ 36,700.00

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Appendix 2: Forecasted Income statement for Music event

Income statement for Music event

     
Income sales of Ticket £ 1,725,000.00  
Total income   £ 1,725,000.00
     
Costs    
Venue costs £ 195,000.00  
Insurances costs £ 39,675.00  
Theming costs £ 25,000.00  
MarComms costs £ 36,700.00  
Total costs   £ 296,375.00

     
Actual income from music event   £ 1,428,625.00

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