Marketing Plan for Live Nation Event: Costing and Profit Analysis

This report presents a comprehensive marketing plan developed for a Live Nation event, focusing on a five-hour outdoor music festival. The plan emphasizes the importance of a well-defined marketing strategy to enhance business development and profitability. It includes key elements such as market segmentation, targeting youth as the primary audience, and strategic positioning by selecting Westminster in London as the event location. The report details costing and profit analysis, considering expenses like hiring the band Linkin Park, and suggests using marketing surveys to determine optimal ticket prices. The marketing plan also outlines stages of development, implementation, assessment, evaluation, and feedback, leveraging social media and internet marketing to reach a broader audience. This document, available on Desklib, offers students a valuable resource, along with a wealth of past papers and solved assignments.

Marketing planning

Table of Contents
Marketing plan and its dimensions..................................................................................................3
Costing and profit analysis of an event at Live Nation...............................................................4
REFERENCES................................................................................................................................6

Marketing plan and its dimensions
The marketing plan is considered as key approach which is beneficial for increasing
business development and strength of a company (Raji, 2019). It is essential for an individual to
focus on development of marketplace in order to lead the marketplace within short span of time.
All major companies in the international and national marketplace focus on marketing mix to
develop effective measures related to marketing plan for focused development approach. In this
section, a marketing plan is prepared by marketing manager of Live Nation for a major outdoor
one day music which is lasting for five hours. In the marketplace, it is crucial role of marketing
management of Live Nation to focus on development of a major marketing plan with the help
and support of digital technology. In the event ticket selling, no tickets will be sold on the door in
order to prevent disappointment (Nagra, 2017). All major companies in the in international and
national marketplace focus on development of marketing plan to facilitate increase in revenue
and profitability.
The new marketing plan will include costs chart of a product which will calculate cost
associated with the business operations. In order to organise event management in a well defined
manner, it is important for the business to calculate cost associated with the project. The
application of marketing plan will also include following elements of marketing:
 Segmentation- Segmentation is considered as key approach which is helpful for a
business in dividing marketplace. This is performed to reach the targeted and
approachable groups who are segmented on the basis of needs, priorities , common
interest, demographics and many more.
 Targeting- The act of targeting in market planning includes key focus on increasing
company's operations in a set period of time (Ferrell, Hartline, and Hochstein, 2021).
Targeting also covers key concepts and approaches which are helpful in selling of a
product to target customers. The main target customers for Live Nation will be youth and
the event will develop a target based approach to provide best services related to event
 Positioning- Positioning is considered as a major tool and technique which is helpful for
increasing sales and revenue of a company. The positioning is considered as a major tool
in which Live Nation has to select most suitable place for the event. Chosen location for
business is Westminster in London City. It is also one of the key role of marketing
management to select optimum place for the event in order to develop effective results.

Costing and profit analysis of an event at Live Nation
The target market chosen for this business is related to youth and the genre selected for
the event will be current music. It is essential for the business entity to focus on target
marketplace and its different dimensions. The band which will be hired on paid basis is Linkin
park which is liked by youth population. Linkin Park band will cost 30K GBP per 1 hour set and
GBP 21K per 30 min set. It is main role of the Live Nation to set costs(ticket price)related to the
services for performing systematic operations and increase profitability. The Ticket price will be
set by conducting a marketing survey and deep research for attracting large number of customers
(Chaffey, and Smith, 2017).
Marketing plan
The marketing plan for Live Nation event is mentioned below:
 Developing key perspectives and plan- In this stage, marketing department will include
planning perspectives and plans which are helpful for focused growth. The planning
related to whole event will be done under this stage related to Live Nation event for
successful development.
 Implementation of marketing plan- This is the secondary requirement of marketing
plan in which the whole plan is implemented with key supervision and control. It is also
one of the main role of Live Nation event's marketing management to implement its plan
and take necessary actions (Lidstone, and MacLennan, 2017). Also the Live Nation event
will focus on using its social media marketing strategy and internet based marketing to
reach large number of customers.
 Assessment and evaluation- This is the third stage of marketing plan which includes,
evaluation and assessment of marketing plan which helps in development of a company.
The assessment is performed in a precise manner, which counts all marketing plan based
activities are implemented in a precise manner or not.
 Feedback of marketing plan- Taking feedback from key stakeholders is considered as
major approach which is helpful in systematic growth. This is also one of the major role
of a company to focus on marketing plan's feedback to develop necessary modifications
for future initiatives (Minton, and Krszjzaniek, 2021). The marketing plan for Live
Nation event will take feed back from all audience to get ready for modification of key
events.

REFERENCES
Books and Journals
Nagra, K.A., 2017. Developing a strategic marketing plan for academic library e-resources to
optimize return on investment. Community & Junior College Libraries, 23(3-4), pp.115-128.
Raji, S.J., 2019. Introducing 5P’s Methodology as Healthcare Marketing Plan: Using 5P’s
Healthcare Marketing Plan in Diabetic Foot Care Management. Indian Journal of Public Health
Research & Development, 10(6).
Ferrell, O.C., Hartline, M. and Hochstein, B.W., 2021. Marketing strategy. Cengage Learning.
Chaffey, D. and Smith, P.R., 2017. Digital marketing excellence: planning, optimizing and
integrating online marketing. Routledge.
Lidstone, J. and MacLennan, J., 2017. Marketing planning for the pharmaceutical industry.
Routledge.
Minton, E.A. and Krszjzaniek, E.J., 2021. Enhancing marketing research learning outcomes
using the outdoors. Marketing Education Review, 31(2), pp.93-98.
Fine, S.H., 2017. Introduction to social marketing. In Marketing the Public Sector (pp. 1-12).
Routledge.