The demand for becoming successful in the music industry has been increasing, with every player: artist, producers and record companies striving to ensure they attain a substantial market share. The Hit song science (HSS), could be valuable in making the three target markets to realize sustainable success in various aspects. From the three targets, polyphonic would mainly target the artist because they are the ones who determine the existence of the other two segments. If there is no artist, it means there is no record companies and also the producers will have no one to serve. Although targeting recording companies may also be important for HSS, the company should give the artists the highest priorities.
For HSS, this company may also opt to target record companies because they play they also they also seek to work with companies which will make them realize growth in their business. The reason why the company may not give a lot of attention on producers is that some of the artists are already producers and therefore it means they can be combined to form one segment.
For the artists segment,
The primary reason why polyphonic target this segment is that the growing demand for companies which can make the consumer to attain full satisfaction has been increasing and therefore it can make the company to realize sustainable growth. When the demand is too high and supply is too low, it implies that there is a gap that need to be filled and this may be a positive factor to HSS and other companies that operate in that niche.
From the case, the music industry is growing with different musicians who wish to have hit songs continuing to emerge. This means that as companies compete to get more clients, the artists also compete to make their music to become popular.
From the polyphonic HMI case, every company in this industry seeks to attain reputation through giving better services to the consumer. Although competition has remained a key challenge, proper marketing and operational strategies has remained fundamental in enabling the companies to stand out and retain their consumers.
Although many companies have emerged to offer music related services, each one of them is striving to ensure it becomes the most preferred by the customer through making their songs to hit. For the record companies, HSS will majorly target organizations which seek to make their clients’ become hit songs through the use of technology.
According to the polyphonic, recording companies have been competing to make their services be termed as the best. Some of these companies include BMG entertainment, EMI, Sony music, Universal Music Group, and warner music group. Analyzing the competitive strength of each, it is clear that they are well established and dedicated to ensure the different labels and publishing companies under their umbrellas are operates attains a competitive advantage. HSS will be fundamental for making the recording companies to attain competitive advantages because it will enable them to determine the hit songs.
Based on the polyphonic’s case, record companies have emerged and with the increase in the number of artists who look for better recording deals, there is a possibility that more will emerge in the future. Although some of the bigger companies such as BMG entertainment, EMI, Sony music and warner music have already dominated the market, they still require extensive marketing of their products to overcome the threat of new entrants.
Producers have become crucial in the music industry because every artist wishes to have those who offer the best production services in for their music. Because the services offered differ, there is a possibility that consumer will shift from one producer to the other.
Competition for consumers has become stiff as time goes one because every person wishes to dominate the biggest market share. For the producers, giving high quality services has remained one of the key factors for winning competition.
For the music industry, working with independent producers is fundamental, and this means the companies that deal with recording and other music related services need to work closely with them in order to attract as many artists as possible. Liaising with people who assist clients in various ways plays a key role in making an organization to succeed in a particular market.
Create a positioning statement for three potential targets (Artists, Record Companies, and Producers).
For HSS to thrive in the potential targets, it is fundamental to come up with positioning statements that will make the company to remain committed to providing the best services, and also to attract as many customers as possible. For the artists, the positioning statement will be, “dedicated to enabling the consumers realize the value for their money through ensuring top notch beat and sound.” For the record companies, it will be “premier in delivering value to all stakeholders,” and finally for the producers, it shall be “the leader in creating positive relationship between producers and artists.”
Choose the two targets you think have the strongest business case and briefly explain why. Your choice should be based in part on your analysis from questions 1 and 2
For the three target markets, producers and record companies are the most important targets for HSS because they are the ones who mostly determine whether the music will be a hit song or not. By being the highest determinants, it means they will be the in need of this technology and therefore it will make the company to realize a sustainable growth.
Design branding for the two target markets. Explain to Mike McCready and company how they might “ladder up”.
For the case of HSS, proper will enable it will enable its targets to different its services from those of its competitors. For producers, it is good to brand them depending on the role they play. For example, it can be branded as general producers, the engineers, the mentor, the musician, the artist, the golden ticket, and so forth. For the record companies, it is good to brand depending on their sizes. For example, they can be branded as majors, mini-majors and independents.
This type of branding will aid in laddering up because the criteria used can enable polyphonic to serve every segment to satisfaction. It will play a crucial role in assisting the company to identify the need of every segment and come up with better ways of serving it to satisfaction. Mike Mccready and company should understand that this type of branding will make the company to employ similar marketing strategies in all targets because the criteria is the same: branding based on the type of music or services offered.
For polyphonic, the laddering up will start from defining the product features, then delivering functional benefits, emotional benefits, the brand essence, and finally meeting the customer needs.
For HSS, reputation will be one of the key factors that will deliver intagible value to the company. The company will ensure the producers get high quality services that will make their services to sell out and also to make the music they produce to become hit songs. For the recording companies, it will strive to ensure its services enables them to realize sustainable growth through recording as many hit songs as possible.
As time goes on, polyphonic will introduce other music development services such as video recording and directing. To enable audio and video recording to be oustanding, it shall consider using high quality equipment which will make the producers to realize high levels of satisfaction, and the record companies to attain sustainable growth.
Apart from high quality services which requires high prices, this company will come up low quality related services which will cater for the producers and record companies who cannot affort the cost for premium services. This strategy will play a key role in ensuring the company attracts clients of different levels of income.
As time goes on, the company will innovate other music related products such as different varieties of instruments. This will enable it to fiversify and attract large market share. It will also assist HSS to compete in wider range of products.
After attaining a substantial market share, the polyphonic’s marketing team will team up with other companies which offer music related products or services such as organizations which train artists, and also other organizations which deal with other music related aspects
Whether or not you think, laddering up is a good idea, explain how the laddering process for each brand could enhance the company’s positioning.
Laddering is a good idea for the positioning because it will assist the polyphonic’s management to drive growth and loyalty through striving to elevate the benefits of the services it offers to its target markets. It will also assist the HSS marketers to increase the services from technical, to functional and finally to emotional. Additionally, it will also aid it communicating the benefits of its services to the consumers based on the type of music which the artist deal with, or based on the size of the recording company. Laddering will also enable polyphonic to enhance the picture which the consumers hold concerning its HSS services, and this will play a role in the determining the success of its positioning strategy.
For your two target markets make pricing and channels decisions. Provide quantitative support where appropriate.
Pricing will play a key role in polyphonic’s consumer buying behavior because they like purchasing from organizations which strive to make them realize the value for their money. For this company to attain success, it should adopt a pricing strategy depending on the quality of services which it provides, and also depending on how it positions itself in the market. For instance, if it positions itself as premier, it should ensure the prices are higher than those of its competitors, and the quality of services are also outstanding.
To enable customer participation, polyphonic should use internet as one of the marketing channels because it will enable Producers and record companies to make channel decisions. It can also enable the producers and the record companies to link with each other and also access the HSS irrespective of their geographical locations. The use of online channel will also entail the use of e-commerce to enable the producers and record companies to transfer music while in different geographical locations.
For your two targets describe promotions that you would use to enhance brand equity and/or increase sales?
Promotions will play a key role in assisting polyphonic to attract customer loyalty. For the two targets: producers and record companies, one of the promotions that I would use is discounts. This will include reducing the basic prices for the HSS services. Using this strategy will lead to sale increase because consumers like purchasing from organizations where they attain much for less prices. I will also use personal selling as one of the methods of promotions to link with the targets. This strategy include personal contact between the company representative and those who make purchase decisions. For the polyphonic’s case, the people who make purchase decision will be producers and record companies.
The criteria that will be used for discounts will be based on the quantity or the money spend using the following strategy.
Amount spend – (X/100* amount spend)
In this case, amount spend will be the total amount of money which the consumer pay for the product/services,
X represents the discount percentage, and in this case it will be 10 percent for the premium packages and 5 percent for the other packages.
An example of calculating discount for the premium package will be:
5000 AED- (10/100*5000) =4500 AED
This means that for a product that should cost 5000 AED, the consumer will get a discount of 500 AED and get it at 4500 AED
For your two targets, how would you test and evaluate the success of your proposed tactics? (10 points)
Some of the strategies that I would use to test and evaluate the success of my proposed tactics include setting up marketing metrics identify the sales numbers, return on investment, and the nature of customer response. I would also measure the level of market expansion to identify if the tactics have enabled the company to attain a bigger share. Marketing matric will play a key role in enabling polyphonic to identify marketing achievements through evaluating the revenue attained, cost per lead, landing page conversion rates, the customer lifetime value and so forth.
Evaluating the success of established tactics will assist the HSS marketers to identify the effectiveness of their strategies. To attain accurate results on the success of my tactics, I will also use KPI (key performance indicator) technic in order to attain quantitative information concerning how the tactics will have performed. Some of the key factors that will be considered in the KPI will include the level of market share attained, customer satisfaction, the amount of revenue attained since the implementation of this tactics and the level of competitive advantage which the company would have attained.
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