Marketing of an Arts Event - Essay Example

Marketing of an Arts Event: Music Concert Affiliation Marketing of an Arts Event: Music Concert Introduction The event is designed for the introduction of a new act in the music industry. The new music artist has a high preference among teenagers and younger adults. The concert also functions as a business venture in which I seek to acquire profit in the highly potential market. However, the greatest challenge in the venture is that the new artist is not wildly known an increasing the number of attendants would be a challenge. The success of the event would be based on how effective the attendance would be. To ensure a marketing strategy would be required with a complete analysis of the market, competition, 4ps, 4cs, budget estimation and the evaluation of the strategies to be implemented. The Four Ps of Marketing In an argument by Bose (2010) the product, promotion, place and price analysis is mandatory. From this information, the marketing plan develops insights on the exact approach to the market in regards to selling the strategy. In terms of marketing a musical event, the four Ps of marketing would provide the target market with the accurate information to the product, the place to which the concert would be held, promotional approaches to be used and the price of tickets. Product The product in this regard is the music concert. The product in this place is a norm in this market (Kerin, 2012). For this reason, the main act would be accompanied by opening acts from already established artist. The opening acts should have the maximum preference of the target market. The event target teenagers and young adults. For this reason, the opening acts should have at least a minimum of 3-Year dominance in the music industry. To increase the relevance of the product, the main act should provide an analysis on what the audience may expect during the concert. The event main product is selling to the industry a new artist. Promotion The music industry is highly trendy considering the numerous shifts in market preferences. For this reason, the use of online modes of promotional would be appropriate. The event would use mega social sites for the promotion of the event. Specifically, the main and opening acts would use their social networks handles to increase the quantity of information provided to the market. The use of the conventional media would also be appropriate. This is based on that the approach offers a wider market reach. Evenson (2011) asserts that the success of promotional strategies is based on how well it achieves the objective of the product. In this case, the objective of the product is to provide a sold out event. Price The price of the event is directly influenced by the cost incurred in planning and execution of the plans (Schindler, 2011). Before setting the price, the cost incurred acquiring the venue, artists and putting in place desired strategies should be considered. However, the price should be based on how the comfortable the target audience would feel while acquiring the product (Schindler, 2011). Place The event targets a maximum of 2000 people. For this reason, the place for the event would be best fit if it in an open arena. The strategy would increase the ability to sell the safety and musical feeling of the event. The open arena should also be a common location for similar events to increase ease of accessibility and understanding the geography of the location. Krugman (2013) asserts that the selection of the place should be done in great considerations of the market’s ease of accessibility and acknowledgment. The Four Cs This refers to the customer, cost, convenience and communication. In this case, the customer targets an exceptional music experience in their desired setting. At the same time, the customer seeks for a new experience in live music with an additional touch of tested and successful music brand. The event satisfies this need by offering a new artist as the main act and using already established artist for the opening act. The full price of my offer is a musical experience and a successfully organized event with full consideration of the consumers desires. The offer provides music, security and social gathering to its target market. The convenience of the offer would increase the ease at which the target audience may access tickets, find information of both the event and artists and the ability to be able to provide information on their desired inclusions in the event. For instance, the market may be able to vote for their desired opening acts for the concert. The communication to the market should be done by the event promoter and organizers. The two parties would be the main content creators to the market. The use of conventional and social media should be used as the means of communication due to a wider reach (Krugman, 2013). Market Definition To effectively develop a marketing plan an understanding of the market is required. In an argument by Dacko (2008) the market definition provides information on the behaviour and expected shift in the behaviour. The author further asserts that the market definition provides the ability to understand approaches that may be used by competitors (Dacko, 2008). In this case, the market is the young music lovers seeking for trendy music. In additional the market seeks for relevant music that fits in their age and social groups. The market seeks exceptional offerings on an intangible product, art or music. The market is also dominated by the existence of brands that are renowned and preferred. For this reason, the decision of the market towards the preferred brands cannot be easily swayed. However, with proper communication and exceptional offering the success of the product can be assured (Kotler & Keller, 2012). Evidence of Research In developing the marketing market, I have reviewed numerous marketing plans as directed by their nature of the target market. Grewal & Levy (2014) assert that a marketing plan should be solely influenced by the nature of product and the objective of the producer of the product. The author further cites that the product dictates the four Ps of marketing while the objectives of the organization dictate the four Cs (Grewal & Levy, 2014). From this argument, it is evident that a marketing plan should be aligned based on product and marketing objectives. In reference to intangible products, the marketing plan should strive to influence the mentality of the target audience towards the desired preference (Bose, 2010; Robinson, 2009). The same applies to art and music where the preference of the market is not dormant and it could be swayed by proper communication strategies. However, the offering to market should surpass the set standards by existing brands and music artists. Budget Kotler & Armstrong (2010) point out that the existence of a budget allows for accurate implementation of the desired plans by the organizer. Consequently, budget estimation should be accurate and inclusive of minimal estimations, and cover all costs and revenues expected (Robinson, 2009). From the concert the budget would be designed with consideration of the expenses and revenues. The budgetary allocation of each factor would be determined by current market costs and revenues. Expenses Revenues Venue Gate Collection/ Ticket Sales Insurance Opening Acts Promoter Merchandise Sales Artists Fess Sponsorship MC and D.J Radio and Television Ticketing Evaluation The marketing plan addresses all the required considerations in marketing of the intangible product in offering. The plan considers the environmental factors that may influence the decision of the target market. In addition, the plan addresses the objectives required by the organizer in regards to reaching the maximum number of desired guests. Before making these conclusions, the market definition portrays the exact behaviour of the target market. In addition, the evidence on the effectiveness of marketing intangible products is used to determine the direction of the marketing plan. Most importantly, the plan has a budget that covers all the expected expenses and revenues expected from the event. This allows for proper and accurate planning. References Bose, C. 2010. Modern Marketing: Principles and Practice. New Delhi: PHI Learning Pvt. Ltd. Dacko, S. 2008. The advanced dictionary of marketing. Oxford: Oxford University Press. Evenson, R. 2011. Customer Service Training 101. New York: American Management Association. Grewal, D., & Levy, M. 2014. Marketing. New York, NY: McGraw-Hill/Irwin. Kerin, R. 2012. Marketing: The Core. New York: McGraw-Hill Ryerson. Kotler, P. & Armstrong, G. 2010. Principles of Marketing. New York: Prentice Hall. Kotler, P. & Keller, K. 2012. Marketing Management. New York: Pearson Education Limited. Krugman, E. 2013. Consumer Behaviour and Advertising Involvement. London: Routledge. Robinson, K. 2009. Responsible retailing: Regulating fair and ethical trade. Journal of International Development, 21, (7):1015–1026. Schindler, R. 2011. Pricing Strategies: A Marketing Approach. London: SAGE. Read More