Marketing and Promotion: Develop a Marketing - Business Plan Example

Marketing and Promotion: Develop a marketing plan Executive Summary ASD art gallery at NSW is going to organize a diversified live concert during Christmas Eve and New Year. An in-detailed and thorough professional marketing plan has been developed for the concert including the situation analysis, marketing objectives, action plans and review of the entire plan. First of all, mission. Vision and values of the organization has been mentioned in the plan in order to aware the stakeholders and shareholders about the description of the organization. Then a situation analysis has been developed using a SWOT framework in order to determine its internal strengths, weaknesses and external opportunities, threats. A SMART marketing objective has been developed in order to make the concert successful. 50 percent of the marketing budget is contra sponsored. And the rest amount will be collected from its shareholders and internal stakeholders. However, an action plan has been developed in which the marketing plan will propose six different valuable marketing strategies to make the concert successful. Lastly, an in-detailed time schedule of every promotional activity has been mentioned in the plan. It has followed by in-detailed marketing and promotional budget of all the intended campaigning activities. Finally, a review and assessment process of this marketing plan has been mentioned in order to determine whether the concert is successful or not. Mission, Vision and Values ASD is devoted to making the art a meaningful and vital part of public life. For this specific reason, the management of ASD creates exhilarating exhibitions, pulls together unparalleled collections and creates valuable engaging public programs. The organization has been guided by continuing commitment to foster innovation and creativity. In each and every endeavour, the management of ASD embraces new and innovative ways of seeing the globe. Vision of the ASD is to shape and augment the quality of life and entertainment for the local communities and visitors of the art exhibitions and to become a competitive leader in the particular industry through great audience values. Quality of the concerts and significant audience satisfaction are considered as the major values of ASD art gallery. The organization is committed to ensure great customer value through sustainable business operations. ASD art gallery is situated in New South Wales, which is popular tourist spot among global as well as local tourists who loves to experience quality art concerts. The art organization is trying to bring quality and popular artists to meet the satisfaction level of the audiences. Sustainability is the major element of ASD. The management of the organization always tries to ensure sustainable art events and concerts. Moreover, the organization always tries to enhance effective customer relationship management in order to develop effective relationship with the audiences. Last but not the least; it is the ethical marketing promotional activities that will maintain the sustainability of each and every business operation of the organization. Situation Analysis (SWOT Framework) SWOT analysis can be considered as an important strategies marketing tool that will help ASD to determine its internal strengths, weaknesses and external opportunities and threats. SWOT analytical framework is also known as an important situation analytical framework. Following is the SWOT analysis of ASD art gallery. Strengths Renowned global artists and high quality of the concerts. Effective financial supports from two sponsors. Good reputation and strong support from community and volunteers. Members have enormous knowledge in the diversity of arts. The gallery is centrally located in New South Wales. Weaknesses Lack of contemporary public relation and marketing activities. Lack of stakeholder engagement is decision making process is the major weakness. Lack of consistent financial support from the sponsors due to old and traditional marketing approaches. Limited concerts in recent times affected the brand engagement concept of the organization. Opportunities Increase in volunteer involvement in the awareness campaign to pull more number of audiences. Good relationship with local, state and federal level politicians and public authorities to improve the operation. Effective stakeholder engagement. It is important for the management of ASD to think beyond media promotions to enhance mass marketing and promotional strategy. Threats Recent financial crisis and global economic recession affected the purchasing power of consumers. Intense market competition is the major threat. Strict government regulations and public standards are the other forms of threats. Marketing Objectives It is highly important for each and every organization to develop effective marketing objectives to get expected outcome within the prepared marketing budget. ASD art gallery is going to host a festival for one long week including the performances of two visual artists, two concerts and two performance groups in the month of December. The organization has developed 15,000 dollars budget for this event. The organization has targeted 3,000 visitors for this event to justify budget. Therefore, a SMART marketing objective is necessary for the organization to enhance an effective marketing plan. Following is the SMART marketing objective for ASD art gallery regarding the hosting of the mentioned art event and concert. Specific Public relation activities and contemporary promotional campaigning should be enhanced within next 15 days. Moreover, the marketing managers are responsible for convincing the media sponsors to ensure financial support for the concert. Measurable 50 percent of total marketing budget should be arranged from the sponsors within next 15 days and 2000 passes should be sold within the next month. Assignable Campaigners, volunteers and customer relationship executives are responsible to create significant campaign awareness among target audiences within next month. Realistic The pull marketing strategy adopted by the campaigners should help the art gallery to sell out all the tickets that are mentioned in the budget plan 1 week before the Christmas Eve. Time-related The concert will start on 25th December. Therefore, the 15,000 dollars of marketing budget should be managed within November. Moreover, the concert shall break even within 15th December through advanced bookings and sponsorships. Action Plan It has been mentioned earlier that ASD art gallery is going to host an art exhibition and concert on 25th December. The duration of the concert is 1 week. Only two months have been left for the exhibition. Therefore, a proper action plan is required in order to meet marketing objective within the proposed marketing plan. First of all, six different and important marketing strategies have been developed for the art gallery in order to host the exhibition successfully and effectively. Marketing mix framework has been developed for the exhibition in order to enhance effective product, price, place and promotional marketing activities. After this, the marketing plan will develop a target market, conduct market segmentation and develop a positioning strategy for the upcoming concert. Lastly, a BCG matrix and Ansoff strategy will be developed in order to maintain efficiency of the concert. Then the action plan will be followed by timing schedule of the activities and marketing budget for each and every marketing activity. Marketing Strategies Six different marketing strategies have been developed in this part of the marketing plan in order to make the concert effective and successful according to the developed marketing plan. Marketing Mix (4Ps Framework) Marketing mix can be considered as an important strategic marketing tool that helps an organization to develop effective product, place, price and promotional marketing plan. Following is the recommended marketing mix framework for ASD art gallery. Product Product marketing can be considered as an important part of this marketing plan. Since this is live concert show, it is important for the management of the organization to maintain the quality of the concert and campaign them accordingly. First of all, the organization should ensure effective sound -quality of the concert, so that the audience can hear to the voice of the artists clearly and transparently. Apart from this, it is highly important for the organizers to install significant numbers of giant screen in the concert hall, so that the audience can see their favourite artists clearly and transparently. Price Pricing also can be considered as an important aspect. The management of the organization should try to implement cost leadership strategy. It will help the management of ASD to reduce overall business operation cost. This particular pricing strategy will help the organization to distribute passes to the target audiences and visitors at economic price level. It will help the audiences to back their affected purchasing power due to recent financial crisis and global economic recessions. Place (Distribution) Distribution marketing is important marketing tool for the management of ASD to make the concert successful according to the marketing plan. The management of the organization should try to implement decentralised distribution management process regarding the organization of this concert as the only two months are remaining. Decentralized distribution process will help the management of the organization to reduce the overall supply chain lead time. In this process, all the required resources will be sourced and distributed quickly and efficiently. Therefore, decentralization is highly required for ASD art gallery. Promotion Promotion can be considered as the most vital and effective marketing strategy for ASD art gallery in order to make the concert successful during the Christmas Eve and New Year. It has been mentioned earlier that the major weakness of the ASD art gallery is that the organization uses traditional promotional strategies and inadequate customer relationship management process in the campaigning of exhibitions or concerts. It is true that traditional promotional campaigns are useful for the organization. But, the management of the organization should also look for contemporary and innovative promotional strategy. Print media promotional campaigning can be considered as a vital traditional promotional approach. The organization should put advertisements on the newspapers, local youth magazines. Moreover, the organization can put advertisements on monthly college magazines to pull local youths and other target audiences. Brochure distribution in local communities also can be considered as a useful print media promotional campaigning for the concert. The management of the organization should hire extra number of volunteers to distribute the brochures in local communities, such as pubs, schools, colleges, sports academies and banquets. It can help the organization to ensure an effective and aggressive push marketing strategy. Emergence of digital media and social media also can be utilized by the management of the organization as effective promotional tools. First of all, the organization should hire a local advertising agency to enhance effective digital media promotional strategy. In this process, the organization should try to put advertisements in l0ocal television channels. First of all, it is highly important for the management of the organization that the youths, teen agers and young adults are the major target audiences for this concert. Therefore, putting advertisements in local cable and television channels will easily create significant brand awareness among the specified target customers. Moreover, radio jingles should be used as other form of digital media promotional platform for this specific concert. Last but not the least; social media networks are also need to be used by the marketing department of the organization. Emergence of social media network can help the target audiences to acquire knowledge about the upcoming concert in the city. Facebook, Twitter and You Tube should be used as major social media network platforms to promote the campaign. More importantly, growing number of social media users can indicate that the concept of social media marketing and promotional strategy will become fruitful for the organization regarding the hosting of this concert. Last but not the least; the existing volunteers should try to conduct a market research and collect the e-mail ids and cellular contact number of the local residents including people of all ages, income and racial backgrounds. SMS and e-mail notifications will help these volunteers to create significant awareness among the target customers. Market Segmentation Market segmentation can be considered as an important marketing strategy for ASD art gallery regarding the upcoming concert. It is highly important for the organization to segment its market effectively based on the above developed marketing mix framework. The ASD art gallery can adopt and implement three different market segmentation strategies to create a possible effective target market for this upcoming one week long concert. These three segments are demographic market segment, psychographic target segment and geographic target segment. In terms of demographic target segmentation, the marketing department of ASD art gallery should try to attract people aged between 12 and 35 as the young individuals would be major target audiences due to their available leisure time and passion for art and live concerts. Both males and females should be considered as the major target audiences. In addition to this, people of all income groups should be targeted as love and passion for music does not vary among the people of higher or middle or lower class income level. In terms of psychographic segmentation, the management should try to create awareness of the concert among art and music lovers. People, who have passion for live concerts, visual music live shows and exhibitions, will definitely come to experience the concert if the organization ensures effective promotion for the people of this particular segment. Geographic segmentation is important as the success of live concerts always depends upon the location advantages. Youths of NSW as well as entire Australia love to experience these concerts. Therefore, local promotional campaigning will be effective to attract these audiences. The organization can consider social media promotional strategies and e-mail marketing strategies to attract international tourists. Targeting It is highly important for the ASD art gallery to develop significant target market for the upcoming concert according to the nature of segmented market. It is clear from above segmentation part that, youths, teen agers, young college goers and young adults of both the genders are the major target customers for this concert. Kids and children are also can be considered as effective target audiences as the organization is going to feature the programme of two reputed visual artists. This specific art ingredient will make the event and concert more colourful. It is true that middle aged people and old aged people are least interested to experience these events as the visitors need enthusiasm and energy to watch the concert. Therefore, availability of renowned performance groups, quality and energetic concerts, and work of visual artists will attract more number of youths and young adults. Therefore, it can be stated that the organization should target young males and females as the major target audience for this concert. Positioning The management of the organization should position the concert based on the nature of target market and market segmentation. Following perceptual mind map will help to determine the market position of the concert. It is clear from the above perceptual mind map that the organization will position the concert as a concert of high quality that will entertain the audience quite expertly. On the other hand, it is low priced for the audiences. The organization is desperately trying to maintain the price of the passes comparatively low in order to attract the target customers according to the planned numbers. The implementation of cost leadership business level strategy will help the organization to offer passes at economic price to the visitors. BCG Matrix BCG matrix is also recognized as growth-share matrix. It will help ASD art gallery to analyze the market possible market share of the upcoming event. There are four elements of this matrix, such as star, cash cow, sleeping dog and question mark. This upcoming concert should be put into the star segment due to its high market share and high growth prospect. In this stage, it is recommended that the organization should try to maintain effective marketing budget and time-schedule for the activities in order to run the concert smoothly. This process will also help to increase cash flows in near future. Ansoff Strategy Ansoff matrix can be categorized into four parts, such as market development, market penetration, product development and diversification. These all are discussed below with respect to upcoming concert. Market Penetration In this strategy, the organization will try to use local promotional campaigning strategy to increase its market share in local community under the current competitive market scenario. Market Development In this strategy, the organization will use their newly hired volunteers and external advertising agency to communicate with the people of new markets through existing campaigning strategies. It will help the organization to expand its market place and market share. Product Development In this strategy, the organization will try to create new customer services and install new products that can enhance the good experience of the audiences and visitors during and after the concert. Diversification Diversification can be considered as the major consideration within the Ansoff strategy as each and every organization needs to diversify its services or products in order to maintain core competency in the competitive market place. Diversified, shows, concerts and exhibitions during the week time will help the audiences to taste different experiences of the concerts during one long week. Timing- Schedule of Activities Only two months left for the concert. Following table is the timing-schedule of different promotional activities before the concert. Activities Duration Brochure Distribution 7 Days Print Media Promotion 10 Days E-mail and SMS marketing & Promotion 5 Days Social Media Promotion 18 Days Digital Media Promotion 20 Days Marketing Budget It has been mentioned in the instruction that the total marketing budget is 15,000 dollars. On the other hand, the management of the organization is expecting 3,000 visitors for the concert. The concert will be continuing for i long week. It will start on 25th December and will close on 31st January. Following is the marketing budget for each and every promotional activity. Activities Budget Hiring external advertising agency 3000 dollars Hiring volunteers for brochure distribution 1500 dollars Brochure distribution 500 dollars Print Media promotion 4500 dollars E-mail and SMS marketing & Promotion 500 dollars Social Media Promotion 1500 dollars Digital Media Promotion 3500 dollars Review and Assessment After the completion of the concert, critical review and assessment is required in order to determine the success of the concert. First of all, it is important for the marketing department of the organization that whether the concert has able to double the money of entire marketing budget. This assessment will determine whether the concert is successful or not. Following measurement system will help the management of the organization Systems of Measurement It has been mentioned earlier that the marketing as well as managing department is expecting total 3,000 visitors in the week concert. Although, the ASD art gallery has the ability to support a crowd of 5,000 audiences in a week long concert. It has been decided from a boot strapping analysis that at least 3,000 visitors will experience the high quality differentiated concert and exhibitions during the Christmas Eve and New Year. The management is offering each pass at 150 dollars, which is quite economic comparing to other programmes that are organized by other art galleries across Australia. According to the calculation, it will make money of 45,000 dollars. It is triple to the marketing budget. The concert will break even at 24,000 dollars. It means that the concert will help the organization to art near about 50 percent profit. This number can be considered as an effective and impressive figure for the ASD art gallery regarding the one week long concert. Read More