Marketing Mix Future Music Festival Essay

1986 Words8 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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A huge 71 per cent of respondent’s survey stated this as a primary goal.’’ ‘’The next most common reason for using the internet during the decision-making process was searching for product information, which was cited by 54 per cent of respondents.’’ (EXA 2012)
Future music have a majority of their tickets sales coming from online purchases. They have a strong online presence with a good functioning website and app that allows customers to get information on the artists attending, venue and date information, view blogs, view photos from past festivals, and purchase tickets.
Economic influences
‘’According to a recent Credit Suisse report, Australians are the world's wealthiest people on a median basis Australia's relative financial comfort means more money to spend on entertainment.’’ (Billboard 2011)
This means for Future Music that the market is in growth, and they can alter their business plans to cash in on this.
Demographic influences
The age with the largest number of people in Australia is 25 with 340,000. (ABS 2012) ‘’Employed people either full time or pat-time made up 63% of the people that attended music concerts in Australia’’. (ABS 2010)
‘’The all employees total average earnings is $1047.20’’ (ABS AWA 2012)
These facts show that even though Australia has an aging population at the moment it is not effecting Future Music yet and that majority of people attending are working and have disposable income to spend.
Competitive influences

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