Marketing Plan For One-Day Music Event By Live Nation Essay. (70 Characters)

Marketing Plan for Artists Selection and Advertising Costs

Marketing plan is more significant for every organisation. It is important to have enough budget within the organisation or in event industry in order to sell conduct their activities and even if they are facing any loss so they can bear it in effective manner (Yu, Hu and Jiang, 2022). The present report is about one day music event which is in a new outdoor venue and it is organised by life nation. This report consisting of before 48 hours the event. The venue has given an unexpectedly extra 2000 tickets at the cost of £10 per ticket. So, this report will incorporate on the present music plan and how a researcher sells them and what will be the impact on the projected profit. These all things have been discussed within a given report.

Marketing Plan

Marketing plan is regarded as the defining in scheduling of the marketing aim and objective by gathering strategies in order to achieve the organisational goals and objectives. It consists of promotional strategies; budget allocation and the distribution channels are the main elements of the marketing planning. A marketing plan consists of various stages that helps marketing departments in conducting all the activities successfully. It involves certain activities like marketing goals, conducting marketing audit and research, analysing and evaluation of the result, identify and the target market, determining the budget, making marketing strategies and campaigns and implementation of those activities on the market or the competitors. While having effective market plan will result in gaining more opportunities for the company in attracting more customers as well. In relation with the live nation, one day music event, there is the cost-effective marketing plan which is scheduled by the organisers by having top artists in the music event to entertain the audience at the advanced level (Sharipov, Loukhovitski, and Loukhovitskaya, 2022).

This marketing plan consists of artists selection plan and the advertising and other cost. In this marketing plan, there are certain artist who will come in a particular music event like Ed Sheeran, Coldplay, Mabel, Hollywood vampires etc. These artists are having certain cost at which they are hired. These are about £35k, £30k, £16k, £15k for each artist. As there are total cost of hiring artists in this music event is about £124k which is like a decent cost for the organisers and they are satisfied within it. These artists will be having a good combination of the classic form, present and the nostalgic. There also two most expensive artists these are Coldplay and Ed Sheeran. Further, the venue hiring cost will be about £175 000 which includes parking, starting and the sitting cost. Also, there will be other insurance that is £1.24 ticket which will be around £31000 of £25000 tickets. The other costs like advertising which includes cinema, TV Google ads, shopping centres, National magazine, social media sector, the total advertising cost will include £249,100 which is most satisfied by the organisers (Yen, Cohen and Asaad, 2022). Also, if in the present report if venues are provided any extra tickets, then this will help the company in generating more profits and also it will be resulting in getting more sales about £20000 profits of the company.

Impact of the Extra Tickets on Projected Profits

This is a theory which is based on experimental knowledge and it is very common theory within selling of any product. According to this, target customer mind passes through the following stages such as attention getting, interest creating, desire stimulating, action inducing and satisfaction.

Attention getting: It is one of the first stage within AIDAS process, the main purpose is to put prospectus in the right statement of mind in order to continue the sales talk with the customer. In this marketing or selling person should have to convince the participate within a face-to-face interview. Right beginning of the conversation sets the stage of product and services. This could be applied by sale person with his Social And Psychological Skill in order to draw attention of the target customer (Jürgens, Ramalingam, and Yeshi, 2022). In this particular Live Nation, the organiser should have to create attention of new target customers who are not getting the tickets.

Interest creating: This is the next step in which is to create an attention of the customers that involves strong interest. In order to achieve this organiser should have to be enthusiastic about the ticket which are selling. The other method is to handover the ticket to the prospectus and let them handle it. Also, they have to make some brochures or visual aids in order to serve to the customers and make their interest. This will help in attracting and creating interest of customers effectively in the products.

Desire stimulating: After customers get attention and create interest the organiser should have to develop a strong desire of a ticket. This is referring to the ready to buy point. In this objection from any of the prospectus will have to be handled carefully at this stage. In this, time of a person is saved and chances of doing a sale is improving. If any of the objections are expected or answered before selling then they could be advance them (Santhakumar, and Whenish, 2022).

Action inducing: If the presentation is perfect, then prospectus is also ready to act that means to buy. But on the other hand, there can be some of the hesitations on this part of prospectus. In this stage, so for this sales person should have to be very carefully to handle this stage and try to deal with customers effectively. As once the customer ask salesperson to pack the product, then it is responsibility of a seller to assure them that their decision was correct. In case of present Live Nation, organisers should have to deal with the issues of customers and should handover their tickets to the customers more effectively and reassure them to conduct the event successfully.

Satisfaction: The buyer should leave with the impression that a seller helps in deciding. After the sale has made a seller should make sure that the customer should be satisfied with the product (Brilli, and Gemini, 2022). Also, the seller should sense with the prospectus mind and should brief his talks with them.

AIDAS Process for Selling Tickets

Within a current live nation, there are various other cost which are included in the investment that is on marketing campaigns which is done through door leaflets, Google ads, National TV, radio, cinemas, regional tv, all these need a greater budget to conduct effectively. For all these campaigns company has provided £40 per ticket that is finalized with the help of 4 Ps of marketing mix. It has been found that total cost of complete will be £455,228 in order to organise the event, hire artist, for doing a marketing campaign at various platforms. In against of this, total investment by the company, the organisers will be been gain total profit of about £544,774. This is done by providing £40 per ticket and for these 25000 sitting capacities will be there.

But according to the given report before 48 hours of the event, the venue has unpredictably given the organisers has extra 2000 tickets that could be sold at a cost of £10 Euro per ticket. So, if company will provide £10 per ticket, then they could be able to generate profit.

While selling these 2000 tickets, it will help the company in creating more revenues because they also do not have to more work on advertising cost or the other types of cost because it is already done but it will result in creating more profits by doing reduction in the cost (Ford, 2022). As the profitability of company will be measured is about £554,774 by scolding £40 per ticket but on the other hand if their tickets if they sell 2000 tickets at the rate of £10 per ticket then it may increase up to very high. This will help the company in generating more revenues and gaining more profits and also by this customer will be more satisfied with the event it in front of them.

This is a theory which was given by Howard by using stimulus response model and also by using of large number of findings from the behaviour research. This is a theory that explains about the buying behaviour and relation of purchasing decision process which is viewed as a learning process phase and includes four essential elements within learning process. This learning process include for response model that are cues, drive, response and reinforcement.

• Drive is the most important inner incentives that compel purchaser response (Childs, 2022). This is an innate drive stem that is from the psychological wants and the learning drives like striving for the status of the social approval.
• Cues are regarded as the week stimuli because they determine when a purchaser is responding. Triggering of the cues activates the decision-making process on the other side new triggering cues also impact the decision-making process.
• Response is the one what a purchaser does on a particular product which is sold to them (Li, 2022).
• The reinforcement is like an event that makes strengthen on the buyer's propensity in order to make a specific response.

Conclusion

From the above report, it has been concluded that the marketing plan of one day music has been organised by live nation which is explained in the given report but for the better audience reach it is important to have effective marketing plan that should have proper budget and resources. In the given report, the tickets are sold at lower price by getting extra 2000 and expectedly. So, for this company has made certain changes in marketing plan for the advertising budgets so that they could cover the loss and there could be reduction in losses. Further, by selling these two thousand tickets will resulting in loss of the organisers but company is working on those losses through reducing operation cost and advertising cost of the live nation one day music event which could help them in selling the tickets more and reduction in losses. 

References

Books and Journals

Brilli, S. and Gemini, L., 2022. Trailers as mediatized performances: Investigating the use of promotional videos among Italian contemporary theatre artists. Journal of Italian Cinema & Media Studies, 10(1).

Childs, B., 2022. Interviews with American Composers: Barney Childs in Conversation. University of Illinois Press.

Ford, M., 2022. An Agile Musicology: Improvisation in Corporate Management and Lean Startups (Doctoral dissertation, Columbia University).

Jürgens, C., Ramalingam, A., Zarembski, R., Harima, A. and Yeshi, T., 2022. Relational Dynamics within Refugee Business Incubators: Bridging Refugee Entrepreneurs to the Host-Country Entrepreneurial Ecosystem. In Disadvantaged Entrepreneurship and the Entrepreneurial Ecosystem. Emerald Publishing Limited.

Li, J., 2022. Innovation of English Course Network Learning Model Based on Literature Data Mining Technology. In International Conference on Cognitive based Information Processing and Applications (CIPA 2021) (pp. 842-849). Springer, Singapore.

Santhakumar, G. and Whenish, R., 2022. Internet of Vehicles. In E-Mobility (pp. 259-281). Springer, Cham.

Sharipov, A.S., Loukhovitski, B.I. and Loukhovitskaya, E.E., 2022. Energy Levels and State-Specific Electric Properties. In Influence of Internal Degrees of Freedom on Electric and Related Molecular Properties (pp. 23-56). Springer, Cham.

Yen, D., Cohen, G., Wei, L. and Asaad, Y., 2022. Towards a framework of healthy aging practices. Journal of Business Research, 142, pp.176-187.

Yu, D., Hu, Y., Zhang, G., Li, W. and Jiang, Y., 2022. Theoretical studies on the two-photon absorption of II–VI semiconductor nano clusters. Scientific Reports, 12(1), pp.1-9.