Essay:

Essay details:

  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

Text preview of this essay:

This page is a preview - download the full version of this essay above.

A product is a good or service offered or performed by an organization or individual, which is capable of satisfying customer needs. Music Festivals are service products because they're intangible. (Jobber, 2010, p. 303). The depth of the product depends on company's resources and what competitors have to offer and product line is a term to describe the group of brands that are closely related in terms of their functions and the benefits they provide (Jobber, 2010, p.303). For example, Glastonbury Festival 2019 will have approximately 100 stages to set over 2,000 live performances, whereas its event program adds depth to the product and also product line. Though it is not said that the festivals with the largest amount of stages would be the most successful one. People attend to music festivals to satisfy their personal needs, which makes them consumer products (Dibb, Simkin, Pride, Ferrell, 2016, p. 299)

Specialty product is defined as something, that a significant group of buyers is willing to expend considerable effort to obtain, because the product has one or more unique characteristics (Dibb, Simkin, Pride, Ferrell, 2016, p. 300). Glastonbury festival 2019 sold out approximately 150,000 tickets in 36 minutes, which makes their product a specialty product. Music festivals often fall in to the group of specialty products, because buying a ticket might involve a substantial effort and even though variety of festivals is wide, most people do find one that serves their needs and most times would not be willing to negotiate on going to another one.

Palmer (1994) defines that the core service represents the core benefit – the offer should be developed, produce and managed with consumers' benefit in mind in such a way that they perceive being successful in satisfying their needs and wants. The actual product composites several factors: brand name, features, quality/durability, design/styling, packaging and capabilities (Dibb, S., Simkin, L., Pride, W.M., Ferrell, O.C., 2016, p. 303). Augmented product is a term meaning the support aspects for the product such as customer service, warranty, delivery and credit, personnel, installation and after-sales support. Download Festival's core product would be to offer a festival experience to the fans of hard rock and heavy metal. The festival is branded and well known in the target audience, who expects to get a weekend filled with rock music and be surrounded by people sharing the same interests. Tickets are sold online which is a convenience for customers. Venue is decorated and propped in a way that fits the brand and personnel trained to meet the customer service expectations.  All the three levels of product are considered when planning on the festival.  

A product line is a group of brands that are closely related in terms of their functions and the benefits they provide (Jobber, 2010, p.303). All the products that company makes available to consumers are called a product mix. Music festivals offer an experience but to add some tangibility event marketers also put out event merchandise, promotional posters, event programs or compact discs of the artists' work (Allen, O'Toole, Harris, McDonnel, 2011, p. 261).

Branding is an important part of events marketing. A brand is a name, term, sign, symbol or design, or a combination of these, that identifies the marker or seller of a product or service (Kotler, Armstrong, 2001, p.301). Branding is an important part of the product and successful branding can add value to a product.  For music festivals marketers branding is the most important part of the marketing process, because unbranded festival will not exist for a long time. Usually it takes a few years to build up the brand identity. Allen, O'Toole, McDonnel and Harris (2011) say that branding is particularly important for intangible leisure experiences as it reassures potential consumers that the service will deliver the benefits promised. Music festivals like Glastonbury, Reading and Leeds, Latitude, and Wireless could be said to carry a strong brand just by being recognized anywhere in the UK and identifies each of them as their own.

Brand equity gives company many competitive advantages and powerful brand has high brand equity. According to Kotler and Armstrong (2001, p.302) the brands have higher brand equity to the extent that they have higher brand loyalty, name awareness, perceived quality, strong brand associations, and other assets such as patents, trademarks, and channel relationships. Reading and Leeds festival have a high brand equity because it enjoys a high level of consumer brand awareness – most people in the UK would recognize the festival by its name.

Price

References:

Jobber, D. (2010) Principles and Practice of Marketing. 6th edition. Berkshire: McGraw-Hill Education.

Dibb, S., Simkin, L., Pride, W.M., Ferrell, O.C. (2016) Marketing: Concepts and Strategies. 7th Edition. Hampshire: Cengage Learning EMEA

Palmer, A. (1994) Principles of Services Marketing. Berkshire: McGraw-Hill Book Company Europe.FIND THE PAGE

Allen, I., O'Toole, W., McDonnel, I., Harris, R. (2011) Festival and special event management. 5th Edition. Milton, Australia: John Wiley & Sons Australia Ltd.

Kotler, P., Armstrong, G. (2001) Principles of Marketing. 9th Edition. New Jersey, USA: Prentice-Hall Inc.

Reading & leeds

TRNSMT

Latitude

Creamfields

Boomtown

Lovebox

Parklife

Wireless

...(download the rest of the essay above)

About this essay:

This essay was submitted to us by a student in order to help you with your studies.

If you use part of this page in your own work, you need to provide a citation, as follows:

Essay Sauce, . Available from:< https://www.essaysauce.com/essays/marketing/2018-10-26-1540556122.php > [Accessed 20.10.19].