please answer my problem ASAP Who are examples of your main competitors? (one or
ID: 2811834 • Letter: P
Question
please answer my problem ASAP
Who are examples of your main competitors? (one or two)
What, therefore, is your positioning statement?
Thank you.
Purpose Better understand marketing concepts covered in class by applying them to a simplified but realistic marketing scenario. Scenario In the last step, you completed a strategic marketing plan, your choices were summarized and sent to you by email. Most companies update their strategic plan annually, looking out about five years. So, while the plan is strategic, it also provides guidance on what to be doing this year and the following years, to reach the five-year goal. Using your strategic plan summary email as a starting place, you'll now make some more detailed decisions (and even updates to the strategy) that will guide your friend through the next year and prepare for longer-range success. In other news, you have found an investor (yay!) who, assuming you can present a sound plan (get it? "sound" plan), is willing to front the venture $50,000 in exchange for 25 percent of the company Since you have no capital, this seems like a good deal, but you'll have to make the case you can provide a good return. In appreciation for all your work, and in return for a viable business plan that will get the S50,000 investment, your friend will give you 10 percent ownership in the company In this step, you are going to decide on a target market segment. The investor says to focus and not try and conquer the music world in one year. So, picking one segment makes sense. But which one? Step 02 Segmentation, Targeting, and Positioning Segmentation is about breaking the entire market into subsets of people who have similar needs and wants. This allows the company, you and your friend, to focus your efforts on the segment for which you are most able to meet their needs and, therefore, creating value for them. But, it's not so simple. Because your friend can write and perform several different musical genres, you could pick from several different segments each of which like a different genre. Your strategic plan already specified (or it should have) which genre you felt was best based on the market, i.e., the Whale report and the size of the segments. But, good news, another friend of yours works in marketing research (MR) and has obtained additional data from Last.fim and Spotify and compiled it in a table below. This can give you more details on who likes what kinds of music. And, better still, it includes music enjoyed by a new segment: either gender, by age group But, again, it's not so simple. As you might expect, the largest, most popular segments have the highest number of competitors. Your friend the marketing research guru we'll call Mr. MR-has included an estimate of how competitive each segment is and also estimated the percent of people in each segment that are “suspects" (people we think would give your music a chance-in that genre but may or may not be willing to pay for it). You ask Mr. MR if he can get more specifics about who might actually pay, and he says he'll try. But, he's headed to Costa Rica to surf so it will be a couple of weeks before he can give that to you. In the meantime, you have a deadlineExplanation / Answer
Answer ) The current senerio , and given detaled data by Mr MR , the segment H could be the best target for the company . The segment of Either gender with age group 35-44 with annual expanses of $108.55 with chances of suspect is 75%. The music inductry has many supply point like live peformance, session performance , Music CD , Music display and broad casting .
The competitors in the field are SONY ,Universal Music group ,EMI groups and many more.
My positioning statement will be , "Music for All in alone " , as generally smooth music will be preferred at time of peace and loneliness.
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