In the last decade, there has been number of changes in the music industry. The competitive force model for this industry has considerably changed. The bargaining powers of suppliers were very high as the…
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The artists have acquired more power as they have even started selling their music without the recording company. (Porter’s Five Forces- Strategic Management)
Building a successful profession requires network, money and resources. Money is required to invest into finance marketing and music videos. Network is also very essential in order to sell products, markets and advertisements. Contacts and networking are required at venues and concerts everywhere the artists perform. It is very difficult to be successful and receive sufficient market share especially for a new player. With the help of the internet, people have more contacts, networks and it has become easier to sell music online. (Porter’s Five Forces- Strategic Management)
Until some years back, there threat of substitutes was very low as the music was available in only one common channel. But in the recent past, there have been numerous cases of piracy which is becoming a major threat to the music industry and the recording company. (Porter’s Five Forces- Strategic Management)
The format by which music is made available, the channel and the source of the music are predetermined. There are no alternate sources available for the buyers to buy the music other than purchasing them at stores. But in the recent past, there have been several cases of music privacy which provides buyers to acquire the music through other channels paying very minimal amounts o nothing at all. Information regarding the artists, purchasing of song directly from iTunes can be made directly. The song video can also be viewed from YouTube. Online downloading of music has also been a major set back for the recording companies. Consumers now can download music for free with good quality instead of paying for the CD. This means that the recording companies need to reduce their prices and have different channels for promotion, advertising and sales. (Porter’s Five Forces- Strategic Management)
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The report has also analyzed the external business environment of USA, which is a necessary task while developing a marketing plan. The report has also conducted SWOT analysis for identifying the strengths, weaknesses and also the external threats & opportunities.
The company’s online presence is poor in comparison with the rest, and there were many factors responsible for it. The visual representation of the website of the company was also not attractive enough to capture user attention. So, strategies were recommended for a future marketing plan to uplift its presence in the e-marketing arena.
At Ann’s Pastry, quality products are served and the regular menu includes fresh fish and shellfish which is supplied to them by a local company. The other raw materials that are used are also of very fine quality to ensure customer satisfaction. Ann’s Pantry is a local business that has twenty-five employees.
In the context of e-marketing the PEST analysis has proven to be a flexible and easy to understand tool. The aim & objective of LEXUS is to reduce sales calls from $100 to $10 to $20 by using e-marketing plan. They want to make sales revenues of approximately $7505.9 during the fiscal year ended November 2007, an increase of 11.3% over 2006.3 As a Marketing Executive, before choosing strategy, it needs to consider the models and analyses.
Moreover, the financial projection of the organization has been focused by considering sales forecasting and budgeting plan for three years in the global business operations.
Marketing plan is an effective set of practices of
icated technological products like laptops, smart phones are changing the modes, in which organizations around the world increasingly carry out their daily operations and communicate with its employees as well as stakeholders like consumers, suppliers and manufacturers.
ails to request business, send ads, solicits donations, or sales, and is aimed at building loyalty, brand awareness or trust (Jelassi and Enders, 2005). Email marketing can generally be done to either current customer database or cold list of customers. In a broader sense,
ential for this to take place is greatly reduced; due in part to the fact that high initial startup costs in tandem with a heavy level of initial investment will ultimately decrease the amount of leeway that the firm might otherwise have with respect to setting a low-cost leader
These are also the point of difference of the organization in comparison to competitors. Moreover, in order to serve the customers effectively, the organization is required to segment the market effectively,
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