Marketing Plan: Frost Productions - Assignment Example

Marketing plan of the Contents COMPANY 3 MISSION AND GOALS 3 CORE COMPETENCIES 4 SITUATIONAL ANALYSIS 4 PEST Analysis 4 TARGET MARKET 6 MARKETING MIX 6 BUDGET/ SCHEDULE/MONITORING 8 Reference List 10 COMPANY DESCRIPTION Top of the Rock or Frost productions is an event lighting company (Frost Productions, 2013a). The company is more than 40 years old and operates in various cities across the United Sates. The company is headquartered in New York (Frost Productions, 2013d). Started as a lighting company, the organization has now grown into many specialized and creative services like planning, designing and execution of various events across United States. At present, the event company is operating in five cities namely, New York, Chicago, Boston, Washington D.C. and Florida. At present, Frost productions is engaged in lightening, audio, video décor, staging, venue spot light and media services (Frost Productions, 2013b; Frost Productions, 2013c). MISSION AND GOALS Mission and goals are the building blocks of an organization. They guide the actions of an organization and define the goals and objectives. Whether an organization is big or small, having a mission is the first step for setting up a business. Frost production was established as a lighting company in New York. The company quickly expanded its base to other cities and very soon became a pioneer in event management. The mission of the company is to provide distinctive and unique event experience to the client. The company aims to provide excellent service in managing the overall execution of events. In the current scenario, the company aims to organize an international live music on the local grounds of Guam. The company has decided to bring in top performing artists on this island and with the participation of international companies and local vendors, make this a successful event (Ekeledo & Sivakumar, 2004). In the present situation, the company is concerned with finding a suitable fairground for organizing the event. The goal of the event company is to offer the best quality event at a reasonable cost for the general public. The event organization aims to host local as well as international programs for artists four times in a year, with the objective of gaining reputation and providing best choices for the islanders. Frost Productions aims to organize best food, refreshments and music available to the consumers. CORE COMPETENCIES Core competencies can be described as the strategic advantages or the main strengths of an organization or a business. Core competencies or core capabilities of an organization are the tangible and intangible resources which differentiates an organization from its competitors as well as the overall market (Courtney, Navarro & OHare, 2007, pp.34–46). Core competencies of an organization helps in establishing brand awareness and subsequent brand recognition (Cavalcante, Kesting & Ulhøi, 2011, pp.1327 - 1342). In case of Top of the Rock Productions, the technical competencies and human resources are the greatest strengths for the company. By providing a distinctive technical experience and excellent staff service, the company has carved a niche in this industry. SITUATIONAL ANALYSIS The event company is concerned with finding an appropriate spot for organization the event. The demographics and profiling of the place will help in understanding the success potential as well as the possible dangers in terms of organizing the event. For this, a proper situational analysis should be done followed by targeting the appropriate market and strategizing appropriate marketing mix for the event. PEST Analysis Pestle analysis is done to find out the socio cultural environment and the opportunities and roadblocks the event company can evaluate from the political, technological and economic culture. Political Guam is run by a governor and a 15 member team of legislators known as senators. The political effect of the government of Guam to the United States is very low, and most of the political and influential decisions have to come from the white house. The political spectrum of Guam is generally considered as conservative. However, in case of events and festivals, most of the decisions and acceptance orders are in the hands of the governor. Thus, to start a music festival in Guam, the event company will have to negotiate and get a clearance order from the governor as well as the Senates of the territory. Economical The primary source of Guam’s economy comes from tourism. The territory is free from income tax and excise tax and the territory receives transfer payments from the United States general treasury. The major places of attraction of the territory are pleasure island district, duty free shopper’s galleria, sandcastle, indoor aquarium and other entertainment and shopping venues. It has more than 20 large hotels and more than 1 million tourists visit the territory every year. Majority of tourists are from Japan, and few others from Philippines, South Korea, Taiwan and United States. United airlines in the single private sector in Guam and the economy of Gual are stable. Socio- Cultural- Demographic Majority of population in Guam fall in the age group of 15-64. The major ethnic groups in the territory are Camorra and Phillipo and the major religion followed is Roman Catholic. The place also inhabits Koreans, Chinese and Japanese because of their ancestral inhibitory (Guam Visitors Bureau, 2013a). Guam is dominated by pre-Hispanic and Mexican culture. The culture of Guam is manifested in music, dance, language, cuisine, fishing, sea navigation, games, songs and fashion. As it is very clear that the major economy comes from tourism, most of the work is related to tourism. People in the territory have a respect and pride for their culture, strict if following orders and respect the elders and follow their legacy. However, due to the foreign influence of countries like Japan, Spain and United States, a mix of culture can also be found in the territory. Overall, the territory boasts a rich culture, favoring music and life. These culture and associations make the territory a hot destination for events and other music festivals. Technological Since the territory is dominated by tourism industry, most of the jobs associates with the industry are non-technical. However, the territory has many large stadiums and sports associations (Guam Visitors Bureau, 2013b). Many films have been shot in this place and the territory also has experienced its own film making. Thus, with the help of these associations, the event company can find out the right sources and technical equipments required for executing the event. Those equipments and processes which are not available in the territory will have to be transported from United States. TARGET MARKET Since it is a live music event, the primary target market will be individuals of age group 15-40. The primary target market was chosen looking at the demographic profile of the territory. Majority of population of Guam fall under the above mentioned age group. To attract this primary target market, the company will opt for appropriate designing of the stage, matching the perceptions of the target demographics. The lighting and decorations will be according the genre of music and the artists invited for the event. The primary target market is again subdivided into teenagers and adults. Few known artists popular among teenagers will also be invited. Apart from that, some alcoholic beverages will also be provided for adults above 21, which will increase their overall experience. MARKETING MIX From the above situation analysis, it was found out that the social, cultural and demographic profile of the inhabitants of Guam will accept and appreciate the Music event to be organized. Since, Guam is a music territory and most of the individuals living there are music lovers, a live music event will be heartly accepted. The major issues which the event company faces are finding a suitable ground for organizing the event and sorting out the technical assistance from the territory. A proper marketing mix has been formulated in order to determine the promotions, distribution and overall execution of the event (Martin, 2009, pp.391-403) Product The main product for the event will be the music shows. Frost productions have decided to execute the event as a mix of traditional as well as international event. For this, the company will call best island music artists from United Stated and if possible, international artists also. The major objective for this event is to provide a unique and top of mind experience for the residents of Guam (Hakala & Zsuzsanna, 2012, pp.439 – 451). Apart from the music, the crown will be supported with other facilities such as food; space for hangout and chilling, kids plays zone and a nice landscape (Banerjee, 2007). The music will give an exposure to international trends and music and the local music will provide an opportunity the rekindle the culture and history of the place. Price Frost production has decided that the pricing will be affordable. The main costs which the visitors will have to pay will be tickets for the event and other service changes such as food, play zones and any other private stalls introduced in the ground, supporting the event. The event company will try to keep the price of the ticker affordable so that most of the people in the territory can enjoy the event. The objective of the company is to satisfy the customers by providing the best quality food, music and refreshments available at affordable pricing (Guilding, Drury &Tayles, 2005, pp.125 – 137). Place The place selected for hosting the event was the Guam National Football Stadium. It is the national football stadium located in the village of Hagåtña in the territory of Guam. The stadium is a multi utility ground and is the biggest open air ground in the territory of Guam. The place will provide ample space for designing the main stage as well as the stalls and other shops and resting areas for visitors. Promotion The event company is planning for local as well as international promotions. Since the company will be bringing tourists from United States and other overseas countries, the territory will be expecting huge numbers of event visitor’s form outside. The various promotional strategies followed will be; Outdoor Advertising Billboards and hoarding will be placed in the major traffic areas. The placing of hoardings is critical. Apart from these attractive and informative advertisements boards will also be kept near the major hangout places of the territory as well as other target places in the United States. The organization can also opt for distributing pamphlets about the event, in the major public spots around the territory. Radio Announcements Since Guam is a small island having few radio stations, making radio announcements about the event will be an appropriate method for promoting and making people aware of the upcoming event. BUDGET/ SCHEDULE/MONITORING Budget Budgeting in an extremely important aspect in event management (Smith, 2010, pp.238-243). The total budget decided for the event will be 5 million dollars. The budget will include payments for the artists, engineering costs, technical equipments, designing of stage, rent to the ground, food and other service charges, flight charges and service payments. Looking at the number of artists, it has been estimated that overall 20 percent of the total budget will be dedicated to the payments to these artists only. Another major area of investment will be the technical equipments and designing of the stage. Since it is an international live music festival, the company will have to ensure that the international standards are maintained and all the advanced technical equipments are available. Schedule The event will be a one night gala program. The company has scheduled to finish all the technical and designing necessities 2 days prior to the event. The artists are expecting to arrive one day prior to the event, for rehearsals. The event itself will be rehearsed minimum two times before the actual action. The event is scheduled to start by 6 pm and is expected to run till 1 am in the mid night. Monitoring Strict monitoring and inspection will be administered during the entire execution of the live event. Since the event involved international artists and many important government officials, security will be the first and topmost priority. Strict security will be provided to all artists during their entire stay in the territory. The stage will be secure will advanced technical equipments to detect any nuisances or unauthorized belongings. Security personals will be escorted to the artists as well the important government officials. The entire fairground will be provided with a security fence to protect the families and visitors from outsiders. Keeping unwanted intruders out of the show will provide peace and security to the families as well as the visitors gathered in the area. Reference List Banerjee, S. B. (2007). Corporate social responsibility: The good, the bad and the ugly. Glouscester: Edward Elgar Publishing. Cavalcante, S., Kesting, P. & Ulhøi, J. (2011). Business model dynamics and innovation: (re)establishing the missing linkages. Management Decision, 49(8), 1327 - 1342. Courtney, H. S., Navarro, E. & OHare, C. A. (2007). The Dynamic Organic Transformational (D.O.T.) team model for high-performance knowledge-worker teams. Team Performance Management, 13(1), 34 – 46. Ekeledo, I. & Sivakumar, K., (2004). International market entry mode strategies of manufacturing firms and service firms: A resource-based perspective. International Marketing Review, 21(1) 68 - 101 Frost Productions. (2013a). About Frost. Retrieved from http://frostproductions.biz/. Frost Productions. (2013b). Lighting Gallery. Retrieved from http://frostproductions.biz/lighting-gallery/#1. Frost Productions. (2013c). Top of the Rock. Retrieved from http://frostproductions.biz/top-of-the-rock/#1. Frost Productions. (2013d). Contact. Retrieved from http://frostproductions.biz/contact/. Guam Visitors Bureau. (2013a). Culture and community. Retrieved from http://www.visitguam.org/destination/culture-and-community. Guam Visitors Bureau. (2013b). Sports and Events. Retrieved from http://www.visitguam.org/destination/sports-and-events. Guilding, C., Drury, C. & Tayles, M., (2005). An empirical investigation of the importance of cost-plus pricing. Managerial Auditing Journal, 20(2), 125 – 137 Hakala, S. & Zsuzsanna. V. (2012). Consumer-based brand equity and top-of-mind awareness: a cross-country analysis. Journal of Product & Brand Management. 21, 439 – 451 Martin, D.M. (2009). The entrepreneurial marketing mix. Qualitative Market Research: An International Journal, 12(4), 391 – 403. Smith, W.W. (2010). Setting parameters: operational budget size and allocation of resources. International Journal of Event and Festival Management, 1(3), 238 – 243. Read More