2 Be able to produce a marketing strategy for a music product or event
Marketing strategy: analysis of product/event; identification of selling points; identification of target
audience; type of publicity materials; placement/distribution/broadcast of publicity materials
Marketing strategy: analysis of product/event; identification of selling points; identification of target
audience; type of publicity materials; placement/distribution/broadcast of publicity materials
Marketing strategy
By definition - is the fundamental goal of increasing sales and achieving a sustainable competitive advantage
A strategy is a long term plan to achieve goals you have set. So that means that a marketing strategy a plan that has been put together to achieve gals in marketing. For example, one marketing goal that a company might have set themselves is to become market leader in the industry in pleasing the customers who buy the product. The plan will be put together through research. This will be the job of the market researchers at the company.
The four Ps
Product
The product is very important because without a good product you cannot expect anybody to buy it. If the product is really rubbish then its not going to sell. Where as if the product is god and people like it then it will be easy to sell with a good marketing method.
In a lot of cases the product that is required has not been made yet. This means that in order to sell the product, they have to design and manufacture it first. In other cases, the company that wants to sell the product knows what product they want to sell and simply buys the product in large quantity to sell on and make a profit. Another way that you can make sure your product is a viable product to sell is to go to the market that you want to pitch your product to and ask them: what product do you feel like you need in this market. That is primary research and it will help you to make user your product will sell.
Price
Price is very important. Because there is a fine line between a product being well priced and it being overpriced and not as many people will buy the product if it is overpriced or they can get it cheaper elsewhere.
When setting a price for your product, it is advisable that you look at outer products in your market that are similar to the product. You should look at the price of the products your product will be competing against. The pricing of you product also depends on what market/ age group you are pitching it to. If the product is priced slightly higher than the outer products that our smiler to it, it could be seen as a luxury product. Luxury products do have a big appeal to them and people do buy them because they think they will be better than the lower range products. On the other hand, you could make your product cheaper than the outer products and hope that your market buy it because it has a good price on it.
Placement
Putting the product in the right place is very important. You want you product to be in the place where the target audience are. The reason that you want to do this is because obviously the target audience are the people who are going to buy your product.
when you are thinking about product placement, the first thing there is to think about is, where will your buyers (target audience) look for or buy your product. There could be a lot of different distribution channels. Places like the supermarket or specialist shops, and of cores on-line stores.
Another great point i think about where to place your product is to look at what your opponents selling slimier products have done and see whether or not it has been successful.
Promotion
Promoting your product is a very important thing too. The reason for this is that the promoting is how people are going to hear about your product. People are going to find out about it though the methods you use to promote it. So you need to put up the posters and flyers in the right places and promote your product to the target audiences.
When thinking about promoting your product there are a lot of things to take into consideration. Things like when and where are you going to get across your message to your target market. It is also important to think about the methods of advertising there are to use. Things like advertisements in the press, on the radio, flyers, posters, billboards, TV adverts, ect. As well as these forms of more physical advertising, it is very important to have a on-line campaign too. Because in the day and age that we live in, so much happens on the internet, and when advertising you should take full advantage of that.
Another good thing to have in you mind is, think about the best time in the day to promote your product to your target audience. So when will the people that your product is being pitched to see be most lightly to see your advertisement. When is the best time to promote your product seasonally is another important thing to think about. So for example: if it is a summer product then your hardly going to advertise during the winter.
The product is very important because without a good product you cannot expect anybody to buy it. If the product is really rubbish then its not going to sell. Where as if the product is god and people like it then it will be easy to sell with a good marketing method.
In a lot of cases the product that is required has not been made yet. This means that in order to sell the product, they have to design and manufacture it first. In other cases, the company that wants to sell the product knows what product they want to sell and simply buys the product in large quantity to sell on and make a profit. Another way that you can make sure your product is a viable product to sell is to go to the market that you want to pitch your product to and ask them: what product do you feel like you need in this market. That is primary research and it will help you to make user your product will sell.
Price
Price is very important. Because there is a fine line between a product being well priced and it being overpriced and not as many people will buy the product if it is overpriced or they can get it cheaper elsewhere.
When setting a price for your product, it is advisable that you look at outer products in your market that are similar to the product. You should look at the price of the products your product will be competing against. The pricing of you product also depends on what market/ age group you are pitching it to. If the product is priced slightly higher than the outer products that our smiler to it, it could be seen as a luxury product. Luxury products do have a big appeal to them and people do buy them because they think they will be better than the lower range products. On the other hand, you could make your product cheaper than the outer products and hope that your market buy it because it has a good price on it.
Placement
Putting the product in the right place is very important. You want you product to be in the place where the target audience are. The reason that you want to do this is because obviously the target audience are the people who are going to buy your product.
when you are thinking about product placement, the first thing there is to think about is, where will your buyers (target audience) look for or buy your product. There could be a lot of different distribution channels. Places like the supermarket or specialist shops, and of cores on-line stores.
Another great point i think about where to place your product is to look at what your opponents selling slimier products have done and see whether or not it has been successful.
Promotion
Promoting your product is a very important thing too. The reason for this is that the promoting is how people are going to hear about your product. People are going to find out about it though the methods you use to promote it. So you need to put up the posters and flyers in the right places and promote your product to the target audiences.
When thinking about promoting your product there are a lot of things to take into consideration. Things like when and where are you going to get across your message to your target market. It is also important to think about the methods of advertising there are to use. Things like advertisements in the press, on the radio, flyers, posters, billboards, TV adverts, ect. As well as these forms of more physical advertising, it is very important to have a on-line campaign too. Because in the day and age that we live in, so much happens on the internet, and when advertising you should take full advantage of that.
Another good thing to have in you mind is, think about the best time in the day to promote your product to your target audience. So when will the people that your product is being pitched to see be most lightly to see your advertisement. When is the best time to promote your product seasonally is another important thing to think about. So for example: if it is a summer product then your hardly going to advertise during the winter.
Swot analysis
What is SWOT?
SWOT is basically the acronym for; Strengths, Weaknesses, Opportunities, and Threats. It is a very effective tool used in the business industry to form strategies. You take the data from internal factors to find out your strengths and weaknesses. You use the external factors to identify the threats and opportunities.
Strengths
The strengths are things like the characteristics of the businesses or the product that gives it a edge or and advantage over other smiler products that could be found in the same market that do the same kind of thing.
Weaknesses
The weaknesses are the things that put the business at a slight disadvantage to the other competitors in the market. They can be all sorts of things but when they have been identified by using the SWOT method then it is a lot easier to know what it is that you have to go to fix the problems so that you are no longer at a disadvantage to your competitors.
Opportunity's
The opportunity are the elements that the project could use and exploit to there advantage. The opportunity's can come in all sorts of forms. For example there could be a gap in the market for a product that you are trying to sell. By making the product do what the outer products in the market do, you are exploiting the gaps in the market.
Threats
The threats are the things that could potentially go wrong. They are that things that put the project at risk of not working the way that intended. There are all sorts of things that could cause that kind of trouble, but by identifying them in the SWOT analysis, it is a lot easer to make sure you don let things go wrong.
The strengths are things like the characteristics of the businesses or the product that gives it a edge or and advantage over other smiler products that could be found in the same market that do the same kind of thing.
Weaknesses
The weaknesses are the things that put the business at a slight disadvantage to the other competitors in the market. They can be all sorts of things but when they have been identified by using the SWOT method then it is a lot easier to know what it is that you have to go to fix the problems so that you are no longer at a disadvantage to your competitors.
Opportunity's
The opportunity are the elements that the project could use and exploit to there advantage. The opportunity's can come in all sorts of forms. For example there could be a gap in the market for a product that you are trying to sell. By making the product do what the outer products in the market do, you are exploiting the gaps in the market.
Threats
The threats are the things that could potentially go wrong. They are that things that put the project at risk of not working the way that intended. There are all sorts of things that could cause that kind of trouble, but by identifying them in the SWOT analysis, it is a lot easer to make sure you don let things go wrong.
analysis of product/event
Analysis of product/event
My product/event - Ep launch / show
The product that I would like to analyse to sell in the music industry is a a 4 track EP launch show.
A four track EP is a product that is sold a lot in the music industry. They are a very important part of establishing yourself as an artists. EP stands for extended play. A extended play album is anything from one track to half a hour. They can be distributed in lots of ways, eg. on-line and hard copies.
The launch show will be a live music event that the band who is releasing the EP album headline, the aim of the launch show is to get as many people to listen to the music of the EP and share it with there friends and maybe buy hard copies of the EP and buy merchandise.
A four track EP is a product that is sold a lot in the music industry. They are a very important part of establishing yourself as an artists. EP stands for extended play. A extended play album is anything from one track to half a hour. They can be distributed in lots of ways, eg. on-line and hard copies.
The launch show will be a live music event that the band who is releasing the EP album headline, the aim of the launch show is to get as many people to listen to the music of the EP and share it with there friends and maybe buy hard copies of the EP and buy merchandise.
I have attended lot of EP launch shows before. I have seen what made some of them successful and i have seen what made some of them unsuccessful. Just from going to the EP launch party's I have learned that it is important to to be over ambitious and book a enormous venue is there is no way tat the band can fill it. It is far better to book a smaller venue and pack it that book a big venue and hardly fill it.
In regards to selling merchandise at the EP launch shows, I have learned that it is important to have a professional looking merchandise stand and to have good looking products at a reasonable price. Because for example with T-Shirts. They will sell themselves. If one person buys a Shirt and puts it on and goes and shows there friends then there friends will want to buy a shits too.
In regards to selling merchandise at the EP launch shows, I have learned that it is important to have a professional looking merchandise stand and to have good looking products at a reasonable price. Because for example with T-Shirts. They will sell themselves. If one person buys a Shirt and puts it on and goes and shows there friends then there friends will want to buy a shits too.
Ep / product - deciding a price
I have been thinking hard about the price of the product and how i am going to sell it. The reason that this is tricky to sell is that the music is all available for digital download for free on the bands website. This means that people will already have the product for free.
I have developed a selling point that nobody else can. I am going to sell sighed hard copies at the show. I think that this will make my product more unique. Because the only place you can buy a hard copy will be at the show. The product will be £5. |
Identification of selling points
The selling points of my product/event is that the band will be there debuting the materiel from there new EP in a live performance. The only place that people will be able to see this is at the venue. I will also be working on getting outer well known bands in the local scean to come and be the support act for the night.
The selling points of my product/event is that the band will be there debuting the materiel from there new EP in a live performance. The only place that people will be able to see this is at the venue. I will also be working on getting outer well known bands in the local scean to come and be the support act for the night.
Target audience
The target audience will be the young people in the two, ranging from 16 to 25. The reason that these are the audience i think that will respond best to this is because the band is a young up and coming band ant they use social media and have a large following of young people. Nobody below 16 will be aloud in the venue. Looking at it realistically the bands target audiences are teenage girls. The reason for this is that when the girls go to shows and get interested in a certain band then the boys and boyfriends will soon follow.
The target audience will be the young people in the two, ranging from 16 to 25. The reason that these are the audience i think that will respond best to this is because the band is a young up and coming band ant they use social media and have a large following of young people. Nobody below 16 will be aloud in the venue. Looking at it realistically the bands target audiences are teenage girls. The reason for this is that when the girls go to shows and get interested in a certain band then the boys and boyfriends will soon follow.
Type of publicity materials;
The publicity materials that i ill be using are mainly online. I will promote the event and the release of the EP using social media sites such as twitter and Facebook. As well as making posters and putting them up in good places to promote the event.
The publicity materials that i ill be using are mainly online. I will promote the event and the release of the EP using social media sites such as twitter and Facebook. As well as making posters and putting them up in good places to promote the event.
Placement
Putting the product in the right place is very important. You want you product to be in the place where the target audience are. The reason that you want to do this is because obviously the target audience are the people who are going to buy your product.
Distribution
I going to distributed my product that the live event. I am going to get all of the members of the band to walk around and sell the EP to the people at the show. I am also going to get someone to stand outside the front of the venue by the que and sell the cds to people waiting to come in.
broadcast of publicity materials
I want to try and get some of the songs from the ep put on the local radio stations. There is a very good local radio station called Mix 96 witch would be delighted to play new local music.
Putting the product in the right place is very important. You want you product to be in the place where the target audience are. The reason that you want to do this is because obviously the target audience are the people who are going to buy your product.
Distribution
I going to distributed my product that the live event. I am going to get all of the members of the band to walk around and sell the EP to the people at the show. I am also going to get someone to stand outside the front of the venue by the que and sell the cds to people waiting to come in.
broadcast of publicity materials
I want to try and get some of the songs from the ep put on the local radio stations. There is a very good local radio station called Mix 96 witch would be delighted to play new local music.