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In this sense, government and entrepreneurs with an interest in the festival business must be mindful of a critical set of factors before embarking on this volatile terrain. Firstly, there has to be a clear sense of why the festival is being developed. This requires that the organisers must make clear distinctions between the festival s economic, socio-cultural and environmental bene?ts. In terms of economic bene?ts, there must be an understanding that festivals have an appetite for public funds. Moreover, it is becoming more di?cult for local and national governments to ?nd or to justify the use of these funds from a shrinking public purse. As a result, festival owners must assess the Return On Investment (ROI) as well as estimate the expected attendance and direct job creation. In addition, they must give a full statement of costs, inclusive of their operating costs, and the value of public services invested in the event. This includes services such as security and police, tra?c control, waste management and damage to public property.
Many festivals have had to re-group after the loss of a sponsor. For instance, after the CLICO Group withdrew The its sponsorship from Tobago Plymouth Jazz Festival (PJF) in 2009, the festival was suspended for one year. organisers were unable to a?ord the top-tier foreign artists such as Stevie Wonder, Elton John and Diana Ross that had become the PJF s unique selling point. Subsequently, the festival was re-purposed and rebranded with a focus on a roster of middle tier artists with stronger local and regional inputs. Another consideration is sustainability as the festival space is very dynamic and festivals come and go with unceasing regularity. This trend suggests that organisers have to keep a pace with fast-changing audience preferences, de?ne and understand the competition and maintain good relationships with sponsors. Therefore, it is important that the festival life cycle is understood to ensure the event remains relevant by tweaking the mix of product o?erings, pricing and promotional strategies. For example, the Essence Music Festival (EMF) in New
Marketing must also be considered, as this is how a festival keeps its core audience while growing new segments. The most important marketing function i ??????????????????????????%????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????Q????????????????????????????????????????????????????%????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????M????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????()=??????????????????????????????????????????????????????????????5?????????????????????????????????????????????????????????????????????????????????????????H????????????????9????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????%????????????????????????????????????????????????????????????????????????????????UL??????????????????????????????????????????????? ???????????5????????????????????????????????????????????????????????????
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