MAR0022: Marketing Plan for Live Nation's One-Day Music Event

This report presents a marketing plan for Live Nation, an American global entertainment company, focusing on a new outdoor one-day music event at the Royal Albert Hall in London. The plan includes a market analysis emphasizing the venue's capacity and accessibility, a defined target market consisting of music enthusiasts and young adults aged 16-26, and a detailed cost analysis covering expenses such as artist fees, venue hire, insurance, and social media marketing. The report also considers the impact of selling additional tickets, assessing the resulting profit increase. The marketing strategy prioritizes social media promotion to maximize event awareness and ticket sales, with the goal of creating a successful and profitable music event for Live Nation. Desklib provides a platform for students to access this and other solved assignments.

Marketing Planning
MAR0022

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Understanding of market place...................................................................................................3
Target market..............................................................................................................................3
Cost chart and other cost.............................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Marketing plan is being defined as document which outlines the efforts relating to
marketing of the business for the future period of time. For the success of the business it is
necessary that proper marketing is being undertaken so that people comes to know about the
services of company. the current marketing plan is based on company Live Nation which is an
American global entertainment company founded in 2010. Currently the company is planning for
a new outdoor one- day music event. The present report will discuss the target market and the
cost of organizing the event.
MAIN BODY
Understanding of market place
For the success of the event, the most essential aspect is to analyse the proper market
place. This is necessary because of the reason that in case the market place will not be good then
more people will not be coming to the event. Hence, this will result in loss for the event and
people will not be liking the same. So for Live Nation it is necessary that they must evaluate the
crowded place to hold the event. Along with this, the place must also be the one which is easily
approachable by the people so that more people can come within the event. the crowded place
selected for the organizing of event is the Royal Albert Hall in London (Royal Albert Hall,
2022). This venue is being selected because it is the largest concert fall and is having the
capacity of 5500 audiences. Thus, this will be beneficial as more people can be assimilated at a
single time. The construction cost at that time was £199748 and the first brick was laid on
November 1867. Also, this hall is having a spectacular dome made of glass and iron. Moreover,
since the inception this hall has hosted around 150000 events.
Target market
For the organising of event in successful manner it is necessary that all the decision is
being taken in advance especially the decision relating to target market. This is necessary
because of the reason that in case the target market is not clearly set then this will be affecting
the working to a great extent. the reason behind this fact is that target market assist the business
in focusing on that particular group and try to satisfy their need and preferences (Morgan and
et.al., 2019). Thus, in order to make the music event successful the major target majorly involves
every type of consumer with a special focus on music enthusiasts and concert lover. Along with

this, the other segment of target consumer involves people belonging to the age group of 16- 26
involving older teenager and the young adults. This target is being selected for the reason that the
music is generally being liked by people belonging to this age group. Hence, this will increase
the sales of event and as a result of this it will become successful.
As per the views of Mothersbaugh and et.al., (2020) the setting up of target is very
essential because it provides a guidance to the company that how they have to attract the target
market. This model of STP is very important to be applied because it provides for better decision
making relating to the target and focus on those target only. Hence, this was assistive in order to
set the target in better and effective manner because it will improve the performance. here the
performance relates with the fact that more people will come to the event and as a result of this,
event will become successful.
In against of this, Varadarajan (2020) argued that not only setting up of target but
deciding for the marketing strategies is also very essential. The reason pertaining to the fact is
that in case proper marketing strategy and tools will not be used then people will not become
aware about the event and may not come. Thus, the use of marketing strategy is also very
essential to be implemented. For the successful promotion of the event the use of social media
marketing will be focused (Olson and et.al., 2018). The reason underlying this fact is that
currently the use of social media is very trending and this will attract more of the consumers.
Hence, this will result in more number of people coming to the event resulting in increase in
sales of the event.
Cost chart and other cost
For earning profits, it is necessary that the cost is being assessed in proper and effective
manner. The reason behind this fact is that in case the cost will be more than the income then this
will be affecting the working efficiency and profitability of the business. Thus, the estimated cost
for the organizing of the music event is as follows-
Particular Details Amount (in £)
Ticket sold 25000 @ 14 per ticket 300000
Joy Division £15000 per hour (for 5 hour) 80000
Venue hire 175000
Insurances 620*50 31000

Social media 500*7 3500
Shopping Centre poster
campaign 2000*1 2000
Total cost 291500
Total profit 8500
With the help of the above cost budget it is clear that the total cost in order to organize
the event of music is £280000. This implies that approximately the company will have to incur
this much of cost in case they will organize the event (Li, Larimo and Leonidou, 2021). In case
of insurance, it is charged 620 per 500 ticket sold. The total allowed ticket to be sold is 25000 so
insurance will be 620* (25000/500) which is £31000. Further with respect to the social media it
is assumed that for 7 days the social media marketing will take place. So total social media
marketing cost will be 500*7 that is £3500. Moreover, in case of shopping center poster
campaign it is assumed that it will be done for 1 months so the total cost was 2000*1 that is
£2000.
In case the venue has unexpectedly provided with an extra 2000 tickets at the cost of £10
each then the impact of project profit is as follows-
In case 2000 more tickets are sold @ 10
Particular Details Amount in £
total revenue 25000@14 per ticket 300000
Add: additional ticket sold 2000 * 10 20000
Total revenue 320000
Cost
Joy Division £15000 per hour 80000
Venue hire 175000
Insurances 620*54 33480
Social media 500*7 3500
Shopping Centre poster campaign 2000*1 2000
Total cost 293980
Total profit 26020

Earlier the profit generated by the event was £8500 and in case the additional of 2000
tickets are being sold then the profit is increased to £23341.6. The reason pertaining to the fact is
that now additional 2000 tickets are being sold at 10 which increases the revenue by £20000. But
in addition to this the cost is also increased for the insurance. This is particularly the insurance
was charged by £620 per 500 tickets sold. Not the total tickets sold is 25000 + 2000 that is
27000. So the total insurance charged will be 620 * (27000/500) that is 33480. The impact of the
additional 2000 tickets over the projected profit is positive as the profit has increased. The reason
pertaining to the fact is that in case the additional tickets will be sold then this will increase the
profit as only the insurance cost will be increased and not any others. So that project profit will
be increased by £17520 and this is good for Live Nation. Further these tickets will be sold with
the facility of both online and offline. This is necessary because of the reason that in case the
ticket will not be sold properly then the profit will not be generated. Hence, the facility of both
offline and online is provided so that visitors can buy the ticket according to their convenience.
CONCLUSION
In the end, it can be concluded that having a good marketing plan is essential for the
company in order to get successful. Thus, this will assist the company in improving and
successfully implementing the business in proper and effective manner. The above marketing
plan was related with organising the music event in Royal Albert hall. The estimated cost in
organizing the event is approximately £280000. Moreover, as per the scenario provided the new
profit after selling of 2000 additional ticket is £26020.

REFERENCES
Books and Journals
Li, F., Larimo, J. and Leonidou, L. C., 2021. Social media marketing strategy: definition,
conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of
Marketing Science. 49(1). pp.51-70.
Morgan, N. A., and et.al., 2019. Research in marketing strategy. Journal of the Academy of
Marketing Science. 47(1). pp.4-29.
Mothersbaugh, D. L., and et.al., 2020. Consumer behavior: Building marketing strategy.
McGraw-Hill Education.
Olson, E. M., and et.al., 2018. The application of human resource management policies within
the marketing organization: The impact on business and marketing strategy
implementation. Industrial Marketing Management. 69. pp.62-73.
Varadarajan, R., 2020. Customer information resources advantage, marketing strategy and
business performance: A market resources based view. Industrial Marketing
Management. 89. pp.89-97.
Online
Royal Albert Hall. 2022. [Online]. Available through:
<https://www.emporis.com/buildings/305703/royal-albert-hall-london-united-kingdom>