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EVNT 155 Southwestern College Budget for Music Event Discussion

EVNT 155 Southwestern College Budget for Music Event Discussion

Question Description

I’m working on a hospitality question and need guidance to help me understand better.

All of our case studies are designed to help you focus on your goals based on the track you selected for the course.

Additionally, each case study may help you in your completion of your final Event Marketing Plan or Event Business Plan.

  • You may use portions of this case study, or even paste a link to your submission of this case study, in the relevant section(s) of your final business marketing plan.

Pricing is an important part of marketing.

  • Price too low and people may not believe you have a quality product or service (or in our case a quality event)
  • Price too low and you are assured to lose money on your event
  • Price too high and you will keep folks from being able to attend
  • Price high and people may think your event is of a high quality
    (but you run risks of you don’t actually deliver a high quality event)

Like Goldilocks & the Three Bears — when it comes to pricing: Everyone is trying to get it “Just Right.”

Many Factors
While there are many factors that go into pricing two of the most important ones are:

  • The economics of your event
    Meaning what will it actually cost you (all costs included) to offer the event as you are planning on delivering it
  • The Competitive Landscape
    Meaning what are other folks charging for any other event that is similar to yours, or offered at the same venue, etc.

—————

If you are track 1 follow instructions A. Track 2 should follow instructions B.

Instructions A (Track 1)

  • Create a budget for your event.
    • Your budget must make note of the legal capacity for the venue you are selecting; (time to pick an actual real venue if you haven’t yet)
    • Create in Google sheets and link to it.
    • In your post indicate the highlights.
  • Based on the legal capacity of venue calculate the cost you must charge for tickets for each of the following:
    • Selling out (all available capacity) where you break even (e.g., no profit)
    • Selling out 1/2 of the available capacity (where you break even (e.g, no profit)).
    • Selling out 3/4 of the capacity where you make a 15% profit (e.g., total cost ($) * 1.15)
  • Link to two events that are as similar as possible (given the circumstances).
    • LINK to their pricing page.
    • Indicate the prices for these two other events and compare with your own.

Instructions B (Track 2)

  • If you are looking for full time employment:
    • Detail the type of job you are seeking
    • Use online search tools to find three (3) examples of jobs offers that meet your requirements
      they most include salary offered (or a range).
      • Summarize each of the three jobs, including the salary and provide links to the jobs themselves.
      • In the case of employment indicate why you would be qualified
  • If you are offering gig, freelance, or professional services detail those in a short description
    • Using online sites find three examples of gigs or other offerings of services as close as possible to yours
      • Summarize each of the three jobs, including the salary and provide links to the competitive offers
      • In the case of gigs indicate why your offering would be equal or superior.

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