MARKETING PLAN

Introduction

Planning an event is a complex tack, as lots of factors need to be analysed to organise an event. Understanding marketing planning can be very useful as marketing plans can support business goals and help to establish a timeline before completing whole work. This study will explain all detailed factors of marketing plans.

1) First stage of marketing plan

Implementation of a marketing plan is consist of “detail research of market”, “correct decisions”, “correct products” and “promotions”. As stated by Yadav and Srivastava (2020), analysis of the market is the primary step of the market plan. In the context of this study success rate of concerts depends on the number of audiences. The correct age group of people needs to be identified to organise a concert. Correct types of guest identification are another key to making a concert successful. Correct pricing of tickets and correct promotion strategies are equally important in this regard. In the opinion of Bradley and Sahariah (2019), when a concert is organised in the UK, pricing strategies become important as organizers scale the pricing of tickets in an affordable range to attract a maximum number of audiences. Any company in entertainment industry can become successful by following the steps that are discussed. Understanding of entrainment market helps companies in this fills to improve success rate. Clarity of marketing plans can be very much beneficial to organise ca successful events.

2) Description of market

The main perspective of entertain industry is to entertain people through various types of content. The entertainment industry can be differentiated into many parts or types. According to Wu (2021), the main focus of this study is live events or concerts. Pricing strategies, identification of correct audience pool, and identification of current types of entails are the main factors of a live concert.

3) Customer profile

“Pestle analysis” helps to identify political, economical, social, technological, legal, and environmental factors.

Table 1: External factor analysis

(Sources: Created by STATISTA, 2022)

Swot analysis

Table 2: Internal factor analysis

(Sources: Created by Author)

Presences of new channel has supported customer to watch live concerts without visiting that concert.

Porter’s five forces

Table 3: Porter five forces

(Sources: Created by Author)

Threats by new entrant

Threats by new entrants are very high in entertainment industry. Entertainment industry is not at all stable. Almost every day new plates enter in market and earn a position in market by providing quality content.

Suppliers bargaining power

Event managers and events planners are known as suppliers in Entertainment industry. When demands are high suppliers' bargaining powers is automatically increase but, when demand decreases bargaining power of suppliers automatically decreases. The bargaining power of suppliers is not stable.

Buyer’s bargaining power

The bargaining power of buyers is very much similar to the bargaining power of suppliers. Buy’s bargaining power is not stable in the Entertainment industry, this power changes according to market demands.

Substitute’s threat

Substitutes threats are very much high in the Entertainment industry. Any particular party can be replaced by another party in the Entertainment industry at any moment.

Competitor's rivalry

The rivalry of competitors is very high in the Entertainment industry. Sometimes many parties feed the same types of content to audiences. Uniqueness and efforts are the main two components to becoming successful in the Entertainment industry.

4) Objectives

• To identify all factors that can actively create an impact on a concert that will be organized in the UK
• To calculate the total length of this concert, which will be five hours and the total possible cost for this concert will be 175000 euro
• To identify some key ideas to sell s2500 tickets and attracted audiences

5) Marketing strategy

In this scenario, it has been witnessed that the help of marketing strategy would help in better planning of all steps and requirements that are needed to conduct a one-day music event successfully.

Product - In this scenario, the manager of the Live Nation Company is intending to arrange for a live event so that music is enjoyed by people through this live event. As mentioned by Alonso et al. (2019), it has been observed that the majority of people enjoying live music are from America, European countries and Central Asian countries. Therefore, the manager of Live Nation needs to target a place from America, European countries and Asian countries 

and need to arrange for concerts that people of the targeted place prefer so that the live event becomes successful. Initially the Live Nation manager is going to focus on the people of the UK and people of this place prefers to hear all kinds of music and therefore live events of any renowned artist can become a hit in this place.

Place- Place plays a key role in 4P as based on place marketing strategy is formulated, in this scenario the manager of Live Nation has selected UK’s people as the ultimate targeted market. In the opinion of Seddighi et al. (2021), choosing this place is going to be beneficial for both the artist and the manager of Live Nation. The UK's crowd prefers to enjoy music and live events and henceforth this place is going to help this firm Live Nation to earn a huge amount of revenue as the show is going to be successful.

Promotion- Promotional methods play a crucial role in marketing plans and in this scenario, it has been observed that UK’s people are invested in using social media platforms. As commented by Battaglia et al. (2018), Live Nation’s manager has to make people aware of events through online platforms. Posters and short videos of artists and live events can be shared on social media platforms to entice UK people.

Price- People across this globe always prefer to enjoy music and it is often observed that people tend to enjoy music in concerts or live events. Over all these years people have enjoyed music over concerts and renowned artists prefer to hold concerts and perform music in front of the crowd as it is enjoyed by people. As commented by Wang et al. (2019), it is the responsibility of the manager of Live Nation to keep ticket prices affordable so that the majority of people in the UK get the chance to enjoy the live nation. Keeping the process of tickets affordable is going to captivate the attention of a larger section of the audience and entice them to join the live event thus ultimately making the event successful and bringing profit to this company.

6) Budget

Table 4: Budget

(Sources: Created by Author)

The budget for this concert is very much fixed. Organisers can spend £175000 euro an including providing facilities such as staffing, parking, seating and toilets. Total number of trinkets need to be distributed is £25000. Management team need to sell each ticket at 60 euro. Although three different pricing sets is for tickets need to be printed. Three different pricing for tickets would be 60 euro for the premium one and the rest should be sold at 50 and 40 euro

Conclusion

The event management team needs to gather correct information regarding the marketing plans. All basic concepts of marketing plans need to identify to arrange a concert in the UK. Knowledge of different tools is also important to read between the lines of the market. All information that is provided in this study can help to organise a successful concert in the UK.

References

Alonso, S.G., de la Torre Díez, I. and Zapiraín, B.G., (2019). Predictive, personalized, preventive and participatory (4P) medicine applied to telemedicine and eHealth in the literature. Journal of medical systems, 43(5), pp.1-10.

Battaglia, A., Calhoun, A.R., Lortz, A. and Carey, J.C., (2018). Risk of hepatic neoplasms in Wolf–Hirschhorn syndrome (4p‐): Four new cases and review of the literature. American Journal of Medical Genetics Part A, 176(11), pp.2389-2394.

Bradley, T. and Sahariah, S., (2019). Tales of suffering and strength: women's experiences of working in Nepal's informal entertainment industry. International Journal of Gender Studies in Developing Societies, 3(1), pp.20-36.

CLIENTEARTH  (2020), The UK Environment Act - what's happening now? .Available at: https://www.clientearth.org/latest/latest-updates/news/why-the-uk-environment-bill-matters/ [Accessed on: 10.04.2022] 

Seddighi, H., Seddighi, S., Salmani, I. and Sedeh, M.S., (2021). Public-private-people partnerships (4P) for improving the response to COVID-19 in Iran. Disaster Medicine and Public Health Preparedness, 15(1), pp.e44-e49.

STATISTA, (2022). Annual inflation rate of the Consumer Price Index in the United Kingdom from 2000 to 2026. Available at:https://www.statista.com/statistics/306720/cpi-rate-forecast-uk/ [Accessed on: 10.04.2022] 

STATISTA, (2022).Annual unemployment rate in the United Kingdom from 2000 to 2026. Available at:https://www.statista.com/statistics/374800/unemployment-rate-forecast/#:~:text=In%202022%2C%20the%20unemployment%20rate,level%20throughout%20the%20mid%202020s [Accessed on: 10.04.2022] 

Wang, G., Annaberdiyev, A., Melton, C.A., Bennett, M.C., Shulenburger, L. and Mitas, L., (2019). A new generation of effective core potentials from correlated calculations: 4s and 4p main group elements and first row additions. The Journal of Chemical Physics, 151(14), p.144110.

Wu, J., (2021). Research on TMT Diversity for Enterprise Innovation in Entertainment Industry. Accounting and Corporate Management, 3(1), pp.26-30.

Yadav, M.A.M.T.A. and Srivastava, D.M.K., (2020). A study of changing consumer trends in the entertainment industry. Iconic Research and Engineering Journals, 4(4), pp.9-16.