Rock Steady Records Marketing Plan
This is an essay i wrote for business studies a little while ago, just reading it again as i have been doing another one on similar topic. Which is on the company “virgin blue”
anyway have a little read if you can be bothered.
Synopsis
This report will provide Rock steady records with a structured marketing plan. This report will contain information on the marketing planning process which includes the situation analysis and how to establish market objectives, identify target markets, develop market strategies and implementation, monitor and control.
Market planning process
The marketing planning process is basically an executive summary/overview of the planning process of marketing. The are several stages of this process and they are all important in determining how you can market your new band successfully.
1. The Situation Analysis
A situation analysis is made up of four different sections.
(A)Marketing analysis- the business environment affects how successful the marketing plan will be and a number of issues must be considered first. This is very relevant in the music industry, a record company must be aware of all changes in the market.
THE EXTERNAL INFLUENCES
General economic conditions: The current economy is experiencing a recession and this may affect the amount of money people spend on entertainment. It will be necessary to look at research that shows the amount of spending taking place in the industry of entertainment.
Government policy and regulations: You need to make yourself aware of any current legislation regarding the music industry. The NSW government for example is restricting licenses in some areas and this may influence the venue selection for your band. Overseas influences: Australians are always supportive of local artists. This should not be a concern. That is, Overseas competition.
demographic patterns: It is important to understand the demographics of your selected market. What is the age group, sex etc that the band will be marketed too.
technological change:
changing consumer attitudes: Make yourself award of trends in the music industry at the moment. What genres are getting the bigger share of the market.
THE INTERNAL INFLUENCES
Financial resources: Have all balance sheets, revenue statements and cash flow statements up to date. Marketing will need funding and the financial institutions that you will be talking to will want to see your long term vability.
Human resources: Do you have employement structures in place to deal with the marketing and management of this band.
Production facilities: The market demands that quality is high. Do you have these facilities?
The second section is called production analysis. This involves examining various issues relating to the different goods and services provided by the business. As an example when “Rock steady records” is dealing with a band, they would have to review the product being the band and seeing where they are in the product life cycle.
The main feature of the product analysis is product life cycle. There are four stages to the product life cycle, introduction, growth, maturity and post maturity. This displays how the product is going in its sales and its competition.
The third analysis is the competitor analysis which is working out the competitors objectives which gives the business a good idea of their current strategies and suggests what they might do in the future. This is very important in the music business these days as there is a lot of competition and it is good to know ones competitors. Just like the saying “keep your friends close and your enemies closer”
The final analysis is the SWOT analysis which presents the strengths, weakness’s, opportunities and threats of the business and their competitors. This is a great tool to use as a business and one that would be a great help if in the music business. As a record company you would want to know what your competition is doing, what is their new idea’s, who are there new bands? e.t.c
One way of establishing the marketing objectives is using the acronym SMART.
S- specific
M- measurable
A- achievable
R- realistic
T- timed
By using this objective plan, it will give a more specific example rather than a general objective.
In identifying the business’s target market there are five marketing targets one could look at………
Undifferentiated marketing: When a business tries to provide one product for the whole market, it is taking an undifferentiated marketing, or “mass market” approach. This business provide a standard product for everybody in the marketplace. The one marketing mix is used for all customers. Basic utilities such as water, electricity and gas are good examples.
Differentiated marketing: Car manufactures such as ford try to provide motor vehicles for a wide variety of customers. They group their customers according to age, income level, family size, desire for image and prestige.
Concentrated marketing: Some business’s select one part of the business such as Rolls royce aim for a high income level.
nice market: Some business’s select one part of the business such as Rolls royce aim for a high income level.
When developing marketing strategies a business must use the marketing mix which involves …..
Product- all the different goods and services offered to customers, the range of style, colours and features available, the reputation, brand name and image of the product.
Price- the cost of the product in the marketplace which includes setting the base price of the product, deciding on discounts, credit terms and conditions and other price tactics.
Promote- the different methods used to let customers know about the product ad to persuade them to buy it, more than just once. Methods such as media advertising, shop displays, free samples and competitions are all ways of promoting the product.
Place- the methods and channels that can be used to get the product to the market place. This involves things such as transportation and storage of the product, as well as what type of stores will sell the product.
Conclusion
This report provided Rock steady records with a structured marketing plan. This report contained information on the marketing planning process which included the situation analysis and how to establish market objectives, identify target markets, develop market strategies and implementation, monitor and control.
3 years ago | Tags: Business studies
