Marketing Mix Future Music Festival

1994 words 8 pages
Market Analysis
Briefly discuss the background of the future music festival as well as what the business is focusing on in the market place today.
Future music festival is an outdoor music festival that has been running across 5 Australia cities since 2008. It runs each year in late February early March. The style of music witch is played by the majority of DJ’s and artist performing is electronic dance. The festival has been running strong since it started and is selling out shows with a capacity of 38000 people at some venues.
Future music festival offers lots of big name DJ’s local and international in the one day at the one venue. They Focus on securing popular DJ’s that are trending each year. They hope to offer state of the art
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They are held at different times of the year so they are not a direct threat and majority of festival goers attend all three of the festivals.
In the same month as futures there are many other festivals and events going on in all of the states especially Adelaide. They offer different types of entertainment but are aimed at the same target market. These other events and festivals are a threat to the Future Music Festival influencing it to start advertising early before the event encouraging people to buy early with discounted ticketed prices.
Identify and list at least 6 strength and 6 weaknesses, 6 opportunities and 6 threats for the organization.
Strengths
* Secure popular big name acts * Quality sound and lighting equipment * Tickets on sale for a large amount of time * Very well advertised on the radio, billboards, TV, internet, magazines, posters * Provide enough staff to cater for volume of customers’ needs * Reliable with acts and venue
Weaknesses
* Internal operation problems * Internal political problems * Limited management skills * Alliances with weak firms * Cash flow problems * Higher costs for wages
Opportunities
* Potential overseas markets. Expanding the festivals to more cities * Increased government support * Current trends in outdoor music events * Trend in dance music amount target market * With growth is smart phone as made reaching the target market easier *

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