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Marketing Plan for Rockness Festival - Essay Example

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The paper "Marketing Plan for Rockness Festival" highlights that investing in rockness festival is worthy; return on investment is positive with the generation of enough revenue. Marketing strategy analysis is essential for every business so as to make investment decisions that will ensure returns…
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Marketing Plan for Rockness Festival
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Extract of sample "Marketing Plan for Rockness Festival"

Download file to see previous pages Rockness can be able to know the return on marketing investment (ROMI) by calculating using this formula: ROMI = (increment in revenue located for marketing × margin contribution (%) market expense)/ (market expenses)
In short-term form, Rockness has used simple index measurement on the amount of revenue that it can be generated for every unit spent on marketing. It has considered spending the amount of money in the advertising plan when calculated will get 500% on return on marketing investment taking target incremental contribution margin as 60%. Rockness has taken target margin and multiplied with return on marketing investment making the expenses on marketing 300%. Therefore, returns will be approximately 200%. This means that for every unit Rockness invest in the advertisement, gains added will be about 200%.
Long term plan functions are to create market awareness. When Rockness festival becomes known to many people, it will lead to an increase in its market value. Commonly known as brand awareness, advertisements create a situation where the value of long-term marketing activities and short-term revenue can be determined (Doyle, 1998). Rockness have used brand valuation technique to evaluate how a brand name can be build when it spends more on marketing and see what value it has on the balance sheet.
Rockness festival has a short-term form as a tool to assist in identifying less productive activities and invest more in the activities which are more productive. Measurable marketing has been measured together with marketing objectives, which are working towards increasing revenue and increasing brand awareness (Solomon, 2003). Rockness has also redirected investment to well-performing activities from the funds it pulled away from those activities that were underperforming.
Rockness has scanned and analyzed the political environment of the area where it is carrying out its activities. ...Download file to see next pages Read More
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