Describe the pricing structure for this product or company.

This Milestone has 2 part(s):
1) Briefly describe the pricing structure for the product/company(in this milestone, focus on the EVENT not on CSUDH in general).
2) Is it appropriate for their target market(s)…Why?

****** PLEASE USE WHAT’S BELOW AS REFERENCE TO ANSWER MY MILESTONE ******

Milestone #1
1. The “Toro Back to the Future Festival” is a music, sports, and family event held at the CSUDH campus to promote the school. The festival will provide live music, sports activities such as soccer and basketball, and family fun such as games and carnival rides. CSUDH wishes to use the festival to promote their campus to aspiring students and their families. The CSUDH university offers multiple levels of higher education from bachelor’s degrees to master’s degrees and offers other opportunities such as athletics programs and many different clubs and organizations to join. CSUDH focuses their branding image on representing the voices of their students and remaining as authentic as can be. CSUDH wishes to utilize this festival as an opportunity to portray a fun, authentic branding image welcoming to everyone. The potential customer base are potential students and those who are looking for higher education, athletes, individuals looking for self-improvement, and people who are looking for networking opportunities.
2.
Strengths
The “Toro Back to the Future Festival” is backed by big donors.
The ability to tap into a unique market of students.
We can use the campus for various athletic activities and events.
Weaknesses
Limited parking for big events.
High noise levels may be a problem for neighbors.
Possibility of not enough staffing available.
The cost of providing all music, athletics, and family fun will be remarkably high.
Opportunities
Promoting CSUDH campus to prospective students.
Ask to borrow LA Galaxy’s stadium for main event since it’s adjacent to campus.
Opportunity to use farmers market and local food vendors to provide food services.
Live stream event to reach a broader audience.
Threats
Other colleges that have their own festivals will be competition.
Currently occurring music festivals will also compete for customers.
Families may prefer competitors with stronger family activity branding such as Disneyland.

Milestone 2
It would be smart to acquire some sponsorships so that we can gain more publicity for the event, build the event’s credibility, and it can help provide us with extra funding that can go towards making this the best event possible. We believe that many companies can benefit greatly by sponsoring our event since it is a college campus with thousands of students knowing about the event and being encouraged to spread the word through either social media or word of mouth. One sponsor could be Chick-fil-A since this establishment attracts a lot of business due to their solid food and customer satisfaction. There’s actually a Chick-fil-A restaurant opening 5 minutes away from campus by mid-July. What better way for the Chick-fil-A franchise to introduce themselves to the Carson community than sponsoring a University event in the local area. By having Chick-fil-A as a sponsor we offer them the opportunity to spread the word of their recently opened building in Carson and help them attract more business for the near future. The LA Galaxy, our next door neighbors, could also be an intriguing sponsor. As part of the entertainment we could set up soccer related games/booths around the event with the LA Galaxy logo on it and LA Galaxy related prizes. As well as, ask the team to loan any of their players to attend the event with their families, especially those with high social media influence such as Chicharito, Sebastian Lleget, and Jonathan Dos Santos. This sponsorship could benefit the LA Galaxy because they would be aligning themselves with a university from their local community which would be beneficial to their brand image. At this event we could promote their upcoming rival games, specifically against LAFC (the second LA soccer team) and encourage the audience to attend the game supporting the right team. In general, by acquiring sponsorships we have the opportunity to gain long-term relationships which could be beneficial for both parties in the short and long term.

MILESTONE #3
We would determine our sponsorship endeavors as successful by seeing a positive number of people turn out for the event. As well as, by how much foot traffic is at every game booth and food stop. For our sponsors, we could also take inventory of how much of their products we had to begin with and then take count of the inventory that’s left after the event is over. This way, we could provide our sponsors with a specific number of items related to their brand that were sold/won as prizes at the event and therefore, giving them an idea of how many customers they might have gained thanks to our event. We would determine our sponsorship endeavors as failures if our management strategy turns out to be poor and not able to align ourselves with our sponsor’s objectives. Also, we would see it as a failure if our sponsor doesn’t dedicate time to the event because in order for the event to be a success then it needs dedication from both sides in order to accomplish our business objectives. Lastly, we would consider it a failure if our sponsors weren’t able to gain some sort of increase on their side; whether it be in sales or social media influence.

MILESTONE #4
A good endorser for the event would be Jonathan Dos Santos. As an endorser one must represent the company/ event in a public manner while ensuring to deliver a message to the audience in order to promote the company. An endorser tends to form a sense of trust and awareness towards the audience and customers. The reason why Jonathan Dos Santos would make a good endorser for the event is because he demonstrates to have what our company/event image entitles to pursue and promote. The Back to the Future event image portrays a professional, fun, kind, and friendly environment. Someone as Jonathan Dos Santos would be a great endorser for our company because he demonstrates to have the qualities the event hopes to have for those who attend. Having an endorser that is well known by the audience can spread the word across potential customers and bring in a large crowd to the event.

MILESTONE #5
The Back to the Future event would segment the market based on demographic and graphic segmentation. Demographic segmentation incorporates the use of certain traits such as age, gender, family status, etc. On the other hand, Geographic segmentation includes segmenting the audience based on where they live and where they work. The purpose of Market segmentation is to divide individuals into groups as a means for the event to identify potential customers based on different characteristics. The event will include two target markets that will help attract potential customers. Demographic and Geographic segmentation are two great target markets that contain variables that can be used towards this event by targeting customers based on age, gender, and where they live. In knowing these characteristics the event can get an idea of how to target potential customers in a way that will attract them towards attending.

MILESTONE #6
Our IMC strategy for the “Toro Back to The Future Festival” will include advertising, direct marketing, and internet marketing. We will use social media to post about the event and have people share it so that it can gain internet exposure withing the campus community. Friends and family can reshare our post and the more views and shares we get it will help reaching a larger audience without speaking to everyone one by one. We will use direct marketing by making an event flyer and sharing it within the local community and campus as well. Our adds will have appealing and attractive colors so when someone sees it they will naturally want to look at it before throwing it away. Brand equity is the value we bring to our customers with our company’s branding. The way they feel about us and what comes to their head when they think of us. Our IMC will help establish that brand equity when we post anything online or advertise about our company. We need to make sure they think of postive thought and feelings when they see our brand.

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