BUS 410 Events Management and Marketing: Lit Music Festival
This task requires you to develop a 3-year strategic marketing plan for a fictitious event of your choice (e.g. sporting event, conference, festival, parade, theatrical event).
Your assignment should commence with an overview of the event and its existing market, followed by an analysis of its marketing environment. The market(s) that the event will be targeting need to be discussed along with marketing objectives (and sub-objectives as appropriate). Next, the strategy(ies) and marketing mix elements that will be employed to achieve the objectives need to be articulated. Your plan will conclude with a brief discussion of how you would monitor, control and evaluate the marketing plan, with metrics to evaluate its success.
An effort should be made to make your plan as realistic as possible (e.g. the event's promotional budget should be aligned with its scale and likely availability of financial resources). Insights derived from similar events/event marketing case studies will be particularly useful in this regard.
Answer:
Marketing objectives:
Selection of comprehensive marketing objective is one of the major activities of promoting any product or services in the market (Andrews 2017). There are almost 5000 visitors of Lit Music Festival. The fundamental aim of promoting an event is to make the number of visitors around 10,000 on annual basis. In addition to that, the event also intends to attain more than 70 % of the return visitors. Selection of long term marketing objectives plays a crucial role in promoting sustainable growth of business. The long term marketing objectives of this event promotion is to increase the statistics of sales of the ticket. The basic objective of promoting an event is to reach to a new market and thereby accelerate the statistics of profit.
It is imperative to set SMART objectives to promote Lit Music Festival in a timely and cost effective manner. The SMART objectives is as follows:
|
Specific |
To arrange the event in Olympic park to gather wide range of visitors |
|
Measurable |
Increasing the rate of online ticket selling by £5,000 |
|
Actionable |
Promoting the event online in order to increase the rate of visitors |
|
Relevant |
To compete with wide range of music festivals |
|
Time bound |
To arrange the event within Friday 24 Nov 6pm - midnight; Sat 25 Nov 9am - midnight |
Table 1: SMART Objectives of promoting Lit Music Festival
(Source: Author)
Marketing strategies:
In the contemporary business environment appropriate promotion of business is an important factor for strengthening the position of the event. This assignment will present the strategies that are needed to be implemented in order to promote an event namely Lit Music Festival- one of the biggest music concerts in Australia. One of most significant aspects of this event is alignment of both local and international performers. Such fine alignment has enabled the event to catch multiple base of viewers.
Implementation of appropriate marketing strategy is a significant factor of promoting an event with utmost efficiency. Product differentiation strategy can be chosen in terms of promoting Lit Music Festival. As the sea festival is the ongoing trend in Sydney, it is imperative to promote the event in this festival. This festival comprises of wide range of events such as basket weaving and ethnic beats. This is one of the most lucrative festivals in the entire nation. Thus, Lit Music Festival can be promoted in this nation to gather wide range of visitors. Lovelock and Patterson (2015) commented that with the assistance of product differentiation strategy, the company can align a complementary business. Market penetration is one of the major ways, through which such product differentiation strategy can be implemented. They can implement a system of registration. Through this system, the people have to make online registration in order to get the ticket of Lit Music Festival. Market development is also a great way, through which, sustainable growth of the music festival can be promoted. As Opera Australia is one of the most emerging trend in the country, the organizers of Lit Music Festival should arrange the opera music show.
Market differentiation strategy can also be executed in terms of catching the attention of the customers (Andrews and Shimp 2017). The organizers of Lit Music Festival can add something interesting in their conventional event. As wood folk is a major aspect of Australian culture, the organizers can arrange some folk music event in the music concert in order to catch additional base of customer. It is the prime responsibility of the organizers of Lit Music Festival to add a unique theme in their conventional event. This is the way, through which they can make the event much more lucrative among the viewers. As the Australian Wooden Boat festival a major event throughout the nation, the event can be promoted in this festival. It is true that, the young stars are much more tech savvy. Therefore, the behavior of them should be analyzed and design the festival accordingly to generate attention among them (Van der Wagen and White 2018).
References:
Andrews, J.C. and Shimp, T.A., 2017. Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education.
Jones, M.L., 2017. Sustainable event management: A practical guide. Routledge.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Van der Wagen, L. and White, L., 2018. Event management: For tourism, cultural, business and sporting events. Cengage AU.
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