Marketing Planning for Live Music Event | Desklib

This marketing plan is prepared for a live concert event lasting five hours working for Live Nation. The report covers the objective, mission, situation analysis, SWOT analysis, STP analysis, tactics, and action plan.

Marketing planning

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Marketing plan............................................................................................................................1
CONCLUSION................................................................................................................................9
References:.....................................................................................................................................10

INTRODUCTION
The marketing plan is an document which sets company efforts of marketing for an
upcoming time period. This is related to strategy of marketing and sales promotion activities
which are planned for period. The major objective of developing marketing plan is to describe
company marketing goals along with mission and vision (Bonaparte, Y.L., 2019). In marketing
plan market share and brand awareness is created with the marketing strategies. The conception
of marketing plan also involves company position, target market discussion and marketing mix
that an company will use for attaining objectives of marketing. The plan is an formal document
in a flexible structure. This helps in identifying the customers needs through market research and
in what ways this needs are meet for getting return on investments. The report is based on
marketing plan for one day music event lasting five hours working for Live nation.
MAIN BODY
Marketing plan
In creating marketing plan SOSTAC model is used which demonstrates steps in the aim
of achieving plan objectives. This model was developed by PR smith in 1990 which is also
known as marketing model. The SOSTAC structure model is simple and logic that is based on
detail situation analysis and related to tactics, strategy.
Summary- The marketing plan is prepared for the live concert. The term concert defines
to live music performance showing to audience which is performed by single musician that is
sometimes called as recital, or musical ensemble like orchestra, band or choir. The Shows occur
in an assortment and size of settings, from private homes and little clubs, forte show lobbies,
amphitheatres and parks to enormous multi-reason structures like fields and arenas (Braun, and
et. al., 2017). Lobby shows in the biggest settings are now and then alluded to as field shows or
amphitheatre show. For the concert the informal names are gig ans show. The shows require live
occasion support with proficient sound gear. There are a few artists acting in enormous scenes or
a mass crowd through electronic media. The kind of show fluctuates relying upon the music
type, individual entertainers and scene. Shows by a little jazz combo or a little twang band can
have a similar request of program, disposition and volume, yet change in music and attire. In like
manner, a specific artist, band, or classification of music can draw in concert attendees with
comparable dress, hairdo, and conduct. The world's driving live amusement organization Live
1

Nation Entertainment (LNE) delivers more shows, sells more tickets and interfaces a greater
number of brands to music than any other individual on the planet. Live Nation Entertainment,
Inc. created north of 29,500 occasions in 40 nations over the previous year and is an organization
devoted to its guiding principle of expanding the live show insight.
Objective- The objective for performing the live concert is to make gathering of large
crowd so that level of human ambition and creative truthfulness could be promoted with
composition, music presentation and certification. The improvement of a logical, innovative and
natural comprehension of music as a social language (Cross, H., 2021). Improve the grounds and
the locale through shows, studios and other public occasions and deal understudies, teachers,
visitor craftsmen and individuals from the local area openings for conventional and
contemporary melodic articulation. The other goal is Promote program drives that assist with
fostering the crowd. Sometimes produce themed and celebration programs with expansive allure.
Mission- The mission is to carry concert with the great and unique quality entertainment
that is offered by music industry along with to meet the performance needs of artists through
professionalism and expertise. Te first-class business relationship is established with the every
owner of arena to make event profitable for everyone.
Situation analysis- This is related to methodologies of gathering that manager uses in
determination of internal and external environment of company in order to comprehend
capabilities, customers and business environment of company (Fabre Hernández, A., 2021). The
situation analysis involves examination of many methods like SWOT analysis and STP analysis.
This assists in identification of opportunities and challenges for the live concert internally and
externally performed in crowed area.
SWOT analysis- This defines to planning and management of strategic technique which
is used for knowing the organisation strength, weakness, opportunities and threats which are
connected to project planning or business competitiveness.
 Strength- For the live concert the strength is large number of small venues and concert
organisers, pronounced specialization in area of early music/ historical places of new
music. It has strength of diverse, high quality offering with dynamic market (high
rotation speed of ensembles / musicians, huge music academies NL) for live concerts.
 Weakness- This exist on the small venues vulnerability (financial, speed of rotation of
volunteers, limited professionalism), non-transparent organization of the cultural area
2

(too many duplicates), insufficient awareness of international opportunities, lacklustre
image of classical music are some weakness.
 Opportunities- During a live show, the conceivable outcomes of collaboration, program
coordination, network arrangement, combination, expanding and working on the
advertising of forte regions (centre around USP), expanded market elements, full
opportunities for new drives (advancement), full opportunities for new drives
(development), New media, new types of show, expanding crowd because of the
maturing populace (Ferré Belda, C., 2021).
 Threats- In the live show the threats are high strain to professionalize the volunteers,
spending fund cuts, pattern situated government strategy (change of bureau/clerical
obligation), expansion in worldwide contest (quality), diminished obligation to the class,
more significance than send out, rivalry from media outlets, multicultural impacts,
experience culture.
STP analysis- This model refers to segmentation, targeting and positioning which is
valued strategic technique in present marketing. In marketing practice it is broadly used with
marketing managers attributing to effective streamlined conversation. STP Marketing has some
expertise in business adequacy, settling on the most extreme precious sections for an
organization, and growing a publicizing mix and item situating strategy for each portion.
 Segmentation- It figures out the target market with fine requirements, locates new
customers, and turns in almighty advertising messages. The segmentation can be dome on
the basis of demographics, psycho-graphics, geographic and lifestyle behaviour. It will
comprise of ticketing, advertising (Lakmali, R., 2021).
 Targeting- In the premise of standard size it evaluates capability and selects regions to
have target audiences. In the concert the goal will be to target long time of 18 and 54
which represent organisation important for tracking customers and live performance
going. The modern and maximum heart-breaking talent is sold by attaining 18-34 years
old. For our 35-54 organization we can advertise our older and as a replacement
unnoticed artist, whom this age organization from the sixties to eighties from their school
/ university days in connection with the alternative R&B artists understands and the route
that delight them.
3

 Positioning- For getting maximum people attention the performance of live concert is
required to maintain its social media and online platforms in order to have improvement
in marketing channels by traditional media, banners.
Tactics- This defines to set of strategic methods or activity which aim sin promoting the
organisation products and fatalities. The objective is of maximising sales by maintaining
competitive edge. The tactics involves analysis of marketing mix (Luitel, K.P and et.al., 2021).
Marketing mix- This conception is related to actions which is used by an organisation in
order of promoting the brand or product in market. It involves 4Ps marketing mix which are as
follows-
 Product- This is not considered as an tangible product in the strategy of marketing but to
customer it offers as source of value. To the customers the value of music concert is
delivered in several ways such as though word of mouth, convenient availability, physical
product etc. The customer needs are determined by carrying the market and customer
research so that they can meet its existing and acquired resources by music concert
(Perkins, R and et.al., 2021). on the basis of value proposition the product is developed
which customers looks for music concert and offers. In product design and testing the key
considerations are value proposition, regulatory requirements, capabilities and resources
for music concert, opportunities for differentiating profits and positioning.
 Price- This is an high complex activity covering limited aspect of price decisions. The
customer is willing to pay the maximum price of perceived value for music concert in
competitive environment. The strategy might not be feasible with dynamic pricing in
high competitive strategy (Poore, C.A., 2021). In music concert the cost-based pricing
figures out what it requites to produce product and markup based on profit is set it wants.
The pricing strategy of value base is depended on consumer perception of value which
offers an clear understanding of demand elasticity and competitive pressure. The music
concert is making focus on attaining competitive prices and reduction of operating costs
as to upsurge profits.
 Place- This is also known as distribution channel an series of procedure by which music
concert is offers its performance to customers. Several purposes are fulfil by marketing
and sales channels like logistics, offering quality assurance of product, purchase
opportunities are created for individual customers, installation & after sales-services. This
4

also provides product availability for end consumers, provision of customer information
on the products etc.
 Promotion- It is also called as Integrated marketing communication strategy in different
mixture of advertising material that is provided by music concerts. It involves the
promotional techniques of advertising, sales promotion, in-person sales, public relations,
and direct marketing (Rosenbaum-Elliott, R., 2021). Through the help of this promotion
methods music concert is able to let the customers know regrading the product existence,
its pricing, place form where they can have enjoyment of live music performance.
Action plan- For achieving the goals action plans are simple lists of all tasks that differs
from to-do lists by focusing on single goal to achieve. For the live music concert it covers cost
and budget marketing plan. For ensuring the growth of company it comprises several sources of
reserves. In command to bear financial expenditure and outflow, the organisation is obliged for
recording all financial materials so that monetary position can be improved. It is essential to have
budget for amply conducting financial operations so that full record of reserves and expenses can
help company in keeping all operations and understanding of funds quickly (Ullevig, S.L and
et.al., 2021).
Costs for acts
Billie Eilish = £ 17K per 45 min set
£ 34K per 90 min
Dojacat = £ 16K per 1 hour set
Cold play = £ 18K per 30 min set
Tom Jones = £ 37K per 1 hour set
ABC = £ 37K per 1 hour set
Total cost of acts for 5 hours = 34 + 16 + 18 + 37 + 37 = £ 142
Other costs,
Venue cost = £ 175000
Capacity of venue = 25000 tickets
Cost of insurance = 620* 25000 /500 = £ 31000
Various marketing costs
Activity Cost Ticket
sold
Cost Result Revenue
5

Google
AdWords
£3 per click
thru
1800 10000
clicks
30000 £40 per ticket
18 sales per
100 click thrus
72000
Shopping
centre
poster
campaign
£2,000 per 4
calendar
weeks
1250 1250 4000 £40 per ticket
5% of centre
footfall
50000
Through
the door
leaflets
£3,000 for
leaflets
dropped
through
10,000 doors
3750 3750 3000 £40 per ticket
375 tickets
sold
150000
National
TV
campaign
See Regional
TV for costs
of making the
commercial
£100,000 for a
peak time
campaign in 3
prime slots
per day, any
commercial
TV channel of
your choice
including
YouTube for
14 days
6580 100000 £60 per ticket
470 sales per
day
394800
Cinema See Regional
TV for costs
of making the
2850 1500 £60 per ticket
95 sales per
day
171000
6

commercial
£1500 for 1
cinema for 1
month
National
daily
newspap
er
£2500 per half
page,
circulation
200,000
8770 2500 £25 per ticket
5% of
circulation
219250
Total 25000 141000 1057050
Review the results that can be obtained by selling the tickets from the above sales methods-
Selling through Google awards
After calculating above, it is preferable to set the price at 40, which would be most
beneficial for the company. They are expected to be able to sell around 1800 tickets through this
platform as people are really active in digital media today. For that they would need 10,000
clicks in exchange, of which her worldwide sale of 1,800 tickets. This would cost around 30,000
and generate around 72,000 in revenue.
Selling through Shopping centre poster campaign by assuming that 25000 people will enter
there
7

It is expected that 25,000 people would enter the mall in 8 weeks, which means the
billboard campaign would cost them 4,000. According to the calculations made above, it is
preferable to sell the ticket at 40. For this, 5% tickets would have to be sold.
Selling through the door leaflets
It is expected that 3750 tickets could be sold through door leaflets by setting the price to be £ 40.
Price = 40 * 3750 = £ 150000
Cost of leaflets dropped through 10,000 doors = £ 3000
Selling through National TV campaign
For the team this would be beneficial to sell their tickets for 60 where they could sell 470 tickets
a day and earn the maximum amount. The number of tickets sold would be 470 * 14 = 6580
Selling through Cinema
8

This would be really beneficial for the organization to sell their tickets for 60 as it could arrange
a maximum amount by selling only 95 * 30 = 2850 tickets.
Selling through National daily newspaper with circulation 200,000
Remaining tickets = 25000 – 1800 – 1250 – 3750 – 6580 – 2850 = 8770 tickets
From the above calculations, the price to sell the total remaining 8770 tickets is estimated at 25.
It brings an income of 8770 * 25 = 219250
Total Cost = 141000 + 142 + 175000 + 31000 = £ 347142
Total Revenue = £ 1057050
Profit = 1057050 – 347142 = £ 709908
Controlling plan- In the marketing plan this is an final stage where efforts of marketing
are monitored and to reflect the changes in marketing plan the marketing mix is adjusted. For
direct8ing the marketing efforts it need four management functions such are analysis, planning,
implementation, and control for directing the efforts of marketing and achieving business
objectives and goals. The live concert will take use of benchmarking and key performance
indicator for evaluating performance (Voronov, A.A and et.al., 2022).
Media consumption map
9

Figure 1Media consumption trends, 2022
Gantt chart
10

11

CONCLUSION
From above it has been concluded that marketing plan is an essential document which is
drawn by managers and top management that works on creating new company for collecting and
planning actions which is desired in company. The marketing plan is expected to help our
customer in beginning another business by obviously introducing the strategies of marketing and
plans. The strategies of marketing have been executed to expand benefit and usefulness. Creating
promoting procedures in marking and showcasing blend techniques empowers live shows to
associate with ideal interest groups and make an upper hand that separates the organization from
its rivals.
12

References:
Books and Journals
Bonaparte, Y.L., 2019. Sustainable outcomes of an experiential learning project in a principles of
marketing course. Journal of Global Scholars of Marketing Science, 29(1), pp.7-14.
Braun, and et. al., 2017. How do different types of customer engagement affect important
relationship marketing outcomes? An empirical analysis. Journal of Customer
Behaviour, 16(2), pp.111-144.
Cross, H., 2021. Challenging quota market efficiencies: A case-study of Scotland (United
Kingdom). Marine Policy, 126, p.104384.
Fabre Hernández, A., 2021. Plan de marketing para la productora audiovisual Atzavara.
Ferré Belda, C., 2021. Plan de marketing para BocPlastic SL utilizando la metodología
Benchmarking en economía circular (Doctoral dissertation, Universitat Politècnica de
València).
Lakmali, R., 2021. Various Marketing Strategies Implementing by Different Industrial Sectors in
Srilankan and Global Context: with Special Reference Visual Merchandising, Price
Premium and Ethnocentrism. Price Premium and Ethnocentrism (November 4, 2021).
Luitel, K.P and et.al., 2021. Economics and marketing understanding irrigated cotton producer’s
crop insurance coverage level choices under the 2014 farm bill. Journal of Cotton
Science, 25(1), pp.31-44.
Perkins, R and et.al., 2021. Collaboration in marketing regional tourism destinations:
Constructing a business cluster formation framework through participatory action
research. Journal of Hospitality and Tourism Management, 46, pp.347-359.
Poore, C.A., 2021. Strategic Impact: A Leader’s Three-Step Framework for the Customized Vital
Strategic Plan. Greenleaf Book Group.
Rosenbaum-Elliott, R., 2021. Strategic advertising management. Oxford University Press.
Ullevig, S.L and et.al., 2021. Establishing a campus garden and food pantry to address food
insecurity: Lessons learned. Journal of American College Health, 69(6), pp.684-688.
Voronov, A.A and et.al., 2022. Role of Social and Ethical Marketing in Improving Sustainable
Business Development. In Сooperation and Sustainable Development (pp. 1249-1255).
Springer, Cham.
13